Before getting started with cryptocurrency ATMs, you need a few things. Since cryptocurrency exchanges can be made online, you may not be familiar with in-person options such as cryptocurrency ATMs. Instead of using your traditional bank account information, you can use your digital wallet and ID to access these machines and complete transactions. Whether you’re looking to buy or sell, you’ll want to have these essentials to get started.
To create a digital wallet, set one up online. Take note of your wallet address and QR code, as you will use these details to complete your transactions. You can then utilize online locators to find cryptocurrency ATM locations near you. Be sure to verify that the hours of operation work with your schedule and that the operator and company are reliable.
While the interface on cryptocurrency ATMs is user-friendly, familiarizing yourself with the process for buying and selling can get you situated beforehand. Additional fees may be applied to your transactions, up to 20% or more. For more information on what to know before using a crypto ATM for the first time, continue reading below.
Before Using A Crypto ATM
Locating Reliable Options
It is important to verify that the crypto ATM you’re considering using is safe and secure. Verify that the machine operator and company are complying with Registration and Licensing, Anti-Money Laundering, and Know Your Customer. U.S. crypto ATM machines are required to register with FinCEN as MSBs. Additional state regulations may apply.
The Transaction Steps
To purchase, select the “buy” option on the crypto ATM and then enter your cash or card to proceed. You’ll then be prompted to scan your wallet QR code to confirm the information and wait for confirmation. To sell, choose the “sell” option, enter how much you plan to sell, and then scan the QR code and confirm the details. From there, you will receive cash dispensed from the crypto ATM or have it sent to your card.
Verifying Your ID And Covering Fees
You may be asked to verify your identity using a government-issued ID, so be prepared with this information ahead of time. There may be fees and transaction limits that are specific to the crypto ATM in use, so be prepared with these specifics ahead of time.
Proof Of Exchange Or Purchase
Make sure to save your receipt as a means of proof of purchase. Verify that your purchase has been deposited into your digital wallet. You can expect to receive your purchase amount in 10-60 minutes on average. The speed of transfer varies. Using online locators, you may gather information on the operating hours and transaction timelines of machines near you.
Making Sure You’re Prepared
Before using a crypto ATM for the first time, make sure you’re prepared. A valid I.D., your digital wallet, and an understanding of the transaction process are critical for successful transactions. Use the above suggestions to make sure you’re prepared for your first attempt at using a crypto ATM near you.
