Hello Friends,
I live in NYC and it has been very difficult for me to buy cryptocurrencies through exchanges. I wanted to use Binance and Bybit for trading but most exchanges won’t even let me use them in New York requiring them to have bit license.
The only exchanges I have been able to successfully use is Coinbase, coinbase pro, and gemini. I have difficulty getting many of the altcoins due to them not being available. If anybody has any recommendations I would greatly appreciate it.
Hey @axiomatictor. I’m not from NYC so I don’t really know any centralize exchanges you can use. But if you really want to buy altcoins you can use decentralized exchanges like UNISWAP. You just need to buy ether from your coinbase account and swap them with any altcoin that you want at UNISWAP. The only disadvantage is the gas fee which could be very high most of the times. So you should wait until there are not so many transactions so wont be needing more gas for your swap.
Thank you for your advice! I have been looking into this and made a meta mask wallet and will put some ether in it to swap for altcoins using uniswap. My question is how are the altcoins stored? Does it go to the metamask wallet no matter what altcoin it is? I know you must have the appropriate wallet to store different cryptos.
If I try to do swaps on the centralized exchanges they ban my ability to do it based on my location data because my state does not allow it. I know I could probably use a VPN but do not want to deal with the potential tax implications. When you swap crytocurency it is considered a taxable event.
Hi @axiomatictor. It’s good that you already have a metamask wallet. Watch this link:
https://www.youtube.com/watch?v=gKFY_RdOkLA
so that you can make the best of your metamask and UNISWAP interactions.
To answer your questions:
How are the altcoins stored?
All altcoins with ERC20 standard can be stored in your metamask wallet by just adding the token (altcoins) that you want. Watch this video to see how to add tokens in your metamask wallet.
https://www.youtube.com/watch?v=hds6t0SKFO8
Does it go to the metamask wallet no matter what altcoin it is?
To be honest, I’m not really sure if all altcoins (including those not ERC20 standard) can be stored in your metamask. But I’m sure that you can store NFTs in your metamask wallet. My advise is that, you should add the token that you want first on your metamask wallet before doing any swap. Check this video to have a clearer understanding of what I mean.
https://www.youtube.com/watch?v=et869E5uoNs
I hope this helps. Just ask if you still have questions and always do your own research before risking any money.
Zai
Hey Axiomatictor,
How are you? Have you been able to find any workarounds for the Binance Smart Chain versus Ethereum dexs in New York? I have tried everything I can think of. Thank you! Cheers to NYC~
You can add the Binance smart chain to your metamask wallet. There is a good video on YouTube which walks you through adding it to your web browser extension.