How to Use a Cryptocurrency ATM
Using a cryptocurrency ATM to buy or sell cryptocurrency can be an intimidating process if you’ve never done it. But cryptocurrency ATM companies like CoinFlip are making the experience easy, even for the uninitiated. The key to using a cryptocurrency ATM like CoinFlip’s is to be prepared. That means having your wallet (more on that later) set up, knowing what currency you need to select, and whether you’re planning to buy or sell your selected cryptocurrency.
It’s important to note that not all cryptocurrency ATMs (also known as “terminals”) support the same range of cryptocurrencies. For example, at CoinFlip ATMs, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Tron (TRX), Komodo (KMD), and Binance (BNB) are supported. With that in mind, let’s walk through the steps you’ll need to take and factors to consider so you can make the most out of your cryptocurrency ATM experience.
First Things First: Finding It!
Although cryptocurrency ATMs are on the rise, they’re not quite as popular as traditional ATMs quite yet. As a result, it can be important to locate an ATM before you go out, instead of hoping there’s one near you. For example, CoinFlip customers can to go here to find the closest CoinFlip Bitcoin ATM. Type in your zip code or address to find the closest CoinFlip Bitcoin ATM.
Buying or Selling?
Whether you’re using a CoinFlip ATM or any other brand, you should know ahead of time if you need to buy or sell cryptocurrency. While cryptocurrency ATMs will allow you to buy whichever cryptocurrencies they support, not every machine will be a two-way machine. If it’s a one-way ATM, you’ll only be able to purchase cryptocurrency. So if you need to buy and sell, make sure that whichever ATM you visit is a two-way terminal.
Set Up a Digital Wallet
When you’re buying and selling cryptocurrency, you’ll need a place to store it. That’s where the digital wallet comes in. There are plenty of wallet applications that you can download. CoinFlip recommends BRD and Paxful wallets, which store different cryptocurrencies in a single wallet. When you go to a cryptocurrency ATM, you’ll be asked to scan your wallet’s QR code. Then, once you insert your cash and purchase whatever crypto you’re buying, the currency will be sent to your wallet.
Know Your Limits
Cryptocurrency ATMs like CoinFlip must set limits on the amount of cryptocurrency you can withdraw in one day. For example, at CoinFlip, you can buy up $900 of crypto a day with SMS and name verification, $3000 of crypto a day with ID verification, and $8000 of crypto a day with enhanced verification requiring social security number and talk with their compliance (with limits resetting at midnight local time). If you need to buy more, you’ll need to provide additional information to verify your identity. We do $900 a day with SMS and name verification, $3000 a day with ID verification, $8000 with enhanced verification requiring social security number and talk with our compliance.
Bring Your Phone
Many ATMs will need to scan QR codes from your phone to get information about your digital wallet. Moreover, if you’re planning on selling cryptocurrency of any kind, you’ll need to print out a voucher with a QR code that you scan with your phone. Plus, you’ll need to provide your phone number, so it’s always a good practice to have your phone on you at a crypto ATM.
Final Reminder: Find an ATM That Fits Your Needs
CoinFlip provides cryptocurrency ATMs that allow you to buy and sell a wide variety of cryptocurrencies. But not all ATMs do! So make sure that the ATM you plan on using supports the cryptocurrency you want to use and that it will allow you to sell if you need to.