Crypto ATMs let you easily buy and sell digital currencies right from your neighborhood using nothing more than some cash and a smartphone. These automated teller machines make cryptocurrency more accessible to the average person.
They achieve this by allowing quick, in-person transactions without all the technical knowledge normally needed for digital crypto stuff. In this article we’ll answer some common questions about crypto ATMs to help you get a better sense of how they function. We’ll also address the pertinent question of, “how do I find a crypto ATM near me“?
1) Can Anyone Use A Crypto ATM?
While crypto ATMs aim to simplify getting into cryptocurrency, there are still a few things you should know before doing transactions right away.
First-timers will want to download a crypto wallet app to their phone since that’s where purchased coins will be sent. From there, it’s simply a matter of finding a crypto ATM location, having some cash on hand to trade it for Bitcoin or other coins. No lengthy verification is required unlike centralized exchanges.
2) What Are The Fees for Using A Crypto ATM?
Like most other financial services, crypto ATM operators charge transaction fees. However, they tend to be reasonable given the convenience offered. Buying cryptocurrency typically comes with a 4-6% premium above market price to account for the machine, tech support, and other costs.
Selling is slightly cheaper with fees around 2-4%. Overall fees are still competitive compared to bank wires or waiting days for an online exchange transfer. It’s a small price to pay for instantly accessing your cryptocurrency funds.
3) How Safe Is It to Use A Crypto ATM?
Like any financial transaction, there are some security best practices to follow at crypto ATMs. Only conduct business at machines located inside existing stores where cameras are present. Verify the ATM brand is reputable as well. As with traditional banking, avoid leaving extra cash exposed.
And of course, take standard mobile wallet precautions such as strong passwords and biometric login on your crypto app. Proper safety starts with using trusted, public ATM locations during normal business hours just as you would a normal ATM.
4) What Cryptocurrencies Can I Purchase at A Crypto ATM?
While the earliest and largest crypto ATMs solely offered Bitcoin, modern machines increasingly support a wide array of the most popular digital currencies. Along with BTC, common options include Ethereum, Litecoin, Bitcoin Polygon, and Dogecoin.
The exact coins available can vary between ATM operators, so checking their website beforehand helps.
5) How Do I Find A Crypto ATM Near Me?
Finding a local cryptocurrency ATM has never been more straightforward. Most major ATM operators have maps on their websites and applications that allow you to easily search for the nearest machine by entering your city, zip code or address.
You can typically discover ATM locations at well-known shops in high-traffic community areas like fueling stations, pharmacies and convenience stores. A quick search for “crypto ATM near me” will show you options for cryptocurrency ATMs too.
Crypto ATMs provide an easy way for getting involved with cryptocurrency without many of the hassles of online exchanges or relying on bank wires. Their physical presence in locations all across major population areas shows growing mainstream adoption of digital currencies.