While this has helped make BCH the #25 crypto by market cap, Bitcoin Cash is still a highly volatile asset capable of major price swings in a single day.
Just take a look at today's BCH price of $212.65, which is significantly up from yesterday's trading price of $203.35. Bitcoin Cash's seen a decrease of -52% over the past year.
So before you buy Bitcoin Cash, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Bitcoin Cash in the US.
To buy BCH, all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
If this is your first time buying cryptocurrency look for a platform that accepts US dollars, like Public or SoFi.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not USD.
If you want to buy Bitcoin Cash %} with US dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in the US and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Once you've set up your account, you'll need to deposit funds to buy Bitcoin Cash %} with. We've listed some popular ways to buy BCH and what you should know about each payment method.
Most exchanges let you buy as little as $5 worth of BCH, if not less. Just type in how much you want to spend in USD and let the exchange work out the rest.
Some platforms only offer 1 way to buy Bitcoin Cash, while others provide several choices. The 2 most common ways to buy BCH are on the spot market or with an "instant buy" feature.
If it's your first time buying Bitcoin Cash, this will be the fastest method – but also the least cost-effective.
The instant buy section is usually located under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of Bitcoin Cash you want to buy or US dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on BCH's market rate in exchange for the convenience.
If you see colorful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for BCH on the open market. It's usually the cheapest way to buy Bitcoin Cash because it lets traders set their own prices.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
There are dozens of different trading platforms to choose from when buying Bitcoin Cash in the US, so to help you find your best option, keep these factors in mind:
Crypto exchanges founded and based in the US are required to register with the Financial Crimes Enforcement Network (FinCEN), a division of the US Department of the Treasury. This bureau safeguards the US financial system by working to prevent money laundering, terrorist-financing activity and other financial crimes.
FinCEN-registered exchanges contribute to a more secure financial system in the US and provide you with better consumer protections compared to exchanges based in other countries.
Other reasons for using a FinCEN-registered exchange may include the following:
You shouldn't invest in any asset, including BCH, without doing plenty of research first. Before you buy Bitcoin Cash, make sure you understand and weigh up these risks:
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Compare today's price of Bitcoin Cash ($212.65 USD) against its all-time high (ATH) price of $3,785.82 USD on December 19, 2017. The closer the bar is to 100%, the closer BCH is to reaching its ATH again.
If you hold Bitcoin Cash as an investment, you'll be taxed on any capital gains you make when you sell it — which includes spending it on goods and/or services. In the US, tax obligations also apply to mining, professional Bitcoin Cash trading and in a range of other scenarios, so make sure you're fully aware of what you need to report to the IRS.
Use our round-up of the best crypto tax software to make tax reporting easier.
If you want to buy Bitcoin Cash, start by comparing a range of crypto brokers and exchanges available in the US. Look at their features, fees, security and overall reputation to decide which platform is right for you. Use an exchange registered with FinCEN for added peace of mind.
Remember that owning and using Bitcoin Cash is not without its risks. Carefully consider investing in BCH as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some BCH, think about your short and long-term goals. This will help you decide whether to keep it on an exchange or move it to your own wallet.
Disclaimer: Cryptocurrencies, including Bitcoin Cash, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BCH is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Bitcoin Cash or any other cryptocurrency discussed.
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