Platform Name: Bitcoin of America
Platform URL: https://www.bitcoinofamerica.org/
Location: Illinois, USA
Address: 55E, Monroe Street, Suite 3800, Chicago IL 60603
License: FinCEN MSB Reg. 31000166901939
Bitcoin of America, as the name suggests is a regulated cryptocurrency exchange operating out of the USA. It offers a quick and easy way to purchase cryptocurrencies, with an experience quite similar to making a purchase on an ecommerce website or an ATM withdrawal. Apart from the crypto exchange service, Bitcoin of America also provides B2B services like crypto payment gateways, Bitcoin ATMs, white-labeled solutions, and more.
It is all about convenience
Buying Bitcoin or any other cryptocurrency for the first time can be a daunting task, especially for those who are new to it and apprehensive about making such transactions on any random platform that offers such services. Bitcoin of America alleviates these concerns by offering a user-friendly, regulated, and flexible crypto exchange platform where anyone can buy or sell virtual currencies. It has a straightforward signup and exchange process with support for widely used payment options designed to meet the needs of both existing crypto owners and newbies alike. Its network of Bitcoin ATMs spread across the USA makes it possible for users to make instant crypto purchases with cash.
Almost everyone has an email account these days, making them familiar with the sign-up process at the time of account creation. Registering on the Bitcoin of America is almost similar, but with a few extra steps which are in line with the KYC and AML requirements prescribed by the government. To create an account, users will have to enter their email address, phone number, and set a password. They will receive an OTP on the submitted phone number, to be entered for verification purposes and complete the registration process.
However, following the account creation, new users will have to complete their KYC by submitting proof of identity, address, etc. before being able to carry out any transaction.
BSA/AML and KYC
Bitcoin of America is a regulated cryptocurrency exchange platform registered as a Money Services Business (MSB) under the Banking Secrecy Act by the United States Financial Crimes Enforcement Network (FinCEN). Accordingly, the platform ensures compliance will all the requirements stipulated by the financial regulator.
The implementation of BSA/AML and KYC helps safeguard the interests of Bitcoin of America’s users by ensuring the legitimacy of all financial transactions carried out on the platform. Users will have to provide their email address, mobile number, full legal name, home address, SSN (for US customers), proof of address like utility bills (for non-US customers only), date of birth, proof of identity, etc. The submitted information gets verified and approved in under 6 hours through an optimized process, allowing users to buy and sell crypto as quickly as possible.
It also offers instant KYC confirmation for Bitcoin ATM users, allowing users to submit minimal essential documentation at the kiosks for each transaction. Apart from entering personal information, users should scan a copy of their driving license and verify phone number using a code they receive on the device.
Buy and Sell Crypto
Bitcoin of America offers a blend of online and offline crypto exchange services through its website and a vast network of Bitcoin ATMs and Tablets. Online purchases can be made by creating an order for the amount of crypto one wishes to purchase and making payment in the currency of choice through wire transfer or credit cards (for orders less than $599). Bitcoin of America also supports ACH withdrawal as a payment mode for crypto purchase.
If one prefers to buy bitcoin with cash, then users can walk to any of the Bitcoin ATMs or Bitcoin Tablet locations and complete the KYC requirement, scan their crypto wallet on which they would wish to receive bitcoin and insert cash into the Bitcoin ATM. Upon making the cash deposit, they will receive an equivalent in BTC minus the transaction fees into their wallet.
Selling crypto on Bitcoin of America is supported only on its website. Verified account users will have to first enter the amount of Bitcoin they wish to sell, enter the receiving address where they want the funds to be transferred. Once these steps are completed, they will be presented with a wallet address for making the crypto transfer. Users can opt to receive fiat proceeds from the sale into their bank account through wire transfer, PayPal account, or on their prepaid debit card accounts.
Online merchants can accept Bitcoin with the Bitcoin of America payment gateway integration. Available as easy-to-integrate plugins for Magento, Shopify, WooCommerce, OpenCart, WHMS, Zen Cart and other platforms, the Bitcoin of America merchant services allows businesses to sell their goods and services against crypto payments, which will be settled in USD to their bank accounts. By doing so, the platform enables businesses to cater to the crypto community without having to worry about volatility and crypto-to-fiat conversion process.
Physical businesses can choose to become part of the Bitcoin of America ATM and Tablet network by signing up with the platform. As a network partner, retailers will be eligible to receive commissions on transactions conducted over the host machines.
The customer support team at Bitcoin of America can be reached at any time over email, or by filling the contact page available on the website. All queries regarding technical and transactions are addressed by a highly competent team, ensuring satisfactory resolution of issues.
Bitcoin of America is a platform that makes cryptocurrencies accessible to all. As a regulated entity it ensures the safety of user funds, making it one of the trustworthy places to purchase cryptocurrencies. However, the current offering on the platform is limited to Bitcoin and Litecoin which forces those looking for other cryptocurrencies to purchase BTC or LTC on Bitcoin of America and using another crypto-crypto platform to exchange for further conversion.