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How to buy cryptocurrency in Alaska

Buying cryptocurrency in Alaska doesn't have to be tricky — compare 11+ licensed platforms.

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By

Bethany Hickey

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Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

In Alaska, there are multiple exchanges to choose from to buy coins like Waves (WAVES), Uniswap (UNI) and Cardano (ADA). Alaska also has 10 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being . The most popular coin in Alaska in 2021 was Cardano, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Alaska's most popular coin will be next year.

How to buy cryptocurrency in Alaska

With a personal per-capita income of $62,806 in Alaska, choosing the right exchange and coin to purchase is a big decision. The average person in Alaska earns the equivalent of roughly 2.24 BTC or 35.59 ETH per year. Follow these steps to buy the crypto of your choice:

Step 1: Compare exchanges.

Exchanges vary in what coins they list and wallets they support. For example, SoFi Invest Crypto lists over 30 cryptocurrencies and eToro USA LLC Cryptocurrency Trading lists 50. Exchanges can also vary in deposit methods and fees. Confirm the platform supports any specific coins you're interested in before signing up.

Gemini Cryptocurrency Exchange
Read review

Our top pick: Gemini Cryptocurrency Exchange

$0
Minimum Deposit
112
Cryptocurrencies
7
Fiat Currencies
  • Wide range of exchangeable currencies
  • User friendly
  • Newcomer incentives
  • Insurance on currency balances up to $250k
  • Balances can earn interest
  • High fees on mobile app
  • Missing some notable top 20 currencies
  • No linked debit cards available
Gemini is a cryptocurrency exchange with a simple UI that's user-friendly and accommodating to newcomers and experienced traders. Gemini's strongest point is its Gemini Earn program, which allows users to earn up to 7.4% interest on specified cryptocurrency balances. Gemini has a wide selection of cryptos available for exchange on the platform. However, some notable entries from the top 20 by market cap are missing, such as Cardano and Solana.
Deposit Methods Bank transfer (ACH)
Cryptocurrency
Debit card
PayPal
Apple Pay
Google Pay
SWIFT
Deposit Fees Cryptocurrency: None
Bank transfer (ACH): None, bank fees may apply
Wire Transfer: Determined by your bank
Debit Card: 3.49% + Trading Fees
Paypal: 2.50% of total deposit amount + Trading Fees
Withdrawal Fees Cryptocurrency: None (for 10 withdrawals and below per month)
Others: None (for 10 withdrawals and below per month)
Trading Fees ≤ $10.00: $0.99
> $10.00 but ≤ $25.00: $1.49
> $25.00 but ≤ $50.00: $1.99
> $50.00 but ≤ $200.00: $2.99
> $200.00: 1.49% of your Web Order value

No matter what exchange you choose, it's important to verify that it's available in Alaska. Some states have strict requirements, while others simply require a money transmitter license. Once you've settled on an exchange, you're required to complete "know your consumer" (KYC) requirements, which involves your name and proof of identification. You may also need to prove your address by uploading something like a utility bill, a credit card statement or a government benefits statement.

General steps to signing up with an exchange include:

  1. Create an account
  2. Verify your identity, usually with government-issue ID
  3. Connect a digital wallet
  4. Deposit funds

Step 2: Choose a digital wallet.

A crypto wallet, often called a digital wallet, is where you store your crypto assets, like coins and tokens. Digital wallets fall into roughly two types:
  • Software. Downloadable, Internet-connected programs stored on your computer or device.
  • Hardware. External, offline physical devices you plug into your computer or device to access your digital assets. Also called cold storage.
Online digital wallets typically require steps that include:
  1. Create an account
  2. Record generated seed phrase — or master password
  3. Connect a debit card, credit card or bank account
  4. Connect wallet to network required by the marketplace

Popular online wallets include Ledger, Trust Connect, MetaMask and Coinbase.

Step 3: Research coins.

You've heard of crypto staples Bitcoin (BTC) and Ether (ETH), but there are literally thousands of altcoins available to invest in, with more created all the time. Other recently popular coins include Radiant Capital (RDNT), Hop Protocol (HOP), Camelot Token (GRAIL) and Optimism (OP). Cryptocurrency is a speculative investment. Costs can vary greatly among coins and fluctuate daily, leaving room for dramatic gains and losses. Investing in the big-name coins still doesn't come with any guarantee of profit. Despite the lack of guarantee, you can still narrow down a coin that fits your needs by researching elements that include:
  • Node count. Nodes are how many participants there are in a blockchain network. Nodes all work together to verify transactions — the more nodes, the better.
  • Reputation. Learn about who backs the coin, and read about the issues they plan to resolve in white papers, peer-reviewed studies and the news.
  • Security. Since cryptocurrency is under the umbrella of digital assets, there is a chance that issues could be in its coding. A coin on a secure blockchain could mean a higher value.

Where do I buy crypto in Alaska?

To buy crypto in Alaska, look for a crypto exchange that fits your needs. Consider using:

SoFi Invest Crypto

Finder rating 4.5 / 5 ★★★★★

Go to site Read review
Founded in 2011, this popular fintech offers multiple options for investing, including crypto. Lists 21 cryptocurrencies that include BTC, ETH, DOGE, LTC, SOL and ADA. No account minimum, and free financial counseling. Charges 1.25% markup on crypto transactions, supporting purchases of $10 to $50,000, with limits on select coins. You can't transfer crypto to external wallets or accounts.

eToro USA LLC Cryptocurrency Trading

Finder rating 4 / 5 ★★★★★

Go to site Read review

Paybis Cryptocurrency Exchange

Go to site Read review
Paybis is a global cryptocurrency broker based out of the UK, founded in 2014. It's supported in over 180 countries, supports 42 fiat currencies and lists over 30 cryptocurrencies. While you have hundreds of buying options, you can only sell BTC on the platform. For payment, the fees vary, and there are high fees for fiat transactions. Paybis is known for its responsive customer service and supports nine different languages. It may be best suited for beginner traders looking to buy crypto with fiat currency, but it's not supported in all U.S. states.

CEX.IO Cryptocurrency Exchange

Go to site Read review
Marketplace founded in 2013, extending from London to the US in 2019. Cex.io allows you to fund an account with ACH, credit cards, wire deposits. It lists 18 cryptocurrencies that include BTC, BCH, ETH and DOGE.

Robinhood Crypto

Finder rating 4 / 5 ★★★★★

Go to site Read review
Founded in 2013 as a traditional investment app, you can now buy up to seven cryptocurrencies through Robinhood, including BTC, ETH, LTC and DOGE. No fees to buy and sell crypto and no account minimum. But you can't withdraw crypto funds from your Robinhood account.

Can I buy Waves (WAVES) in Alaska?

Yes, you can buy Waves in Alaska using an exchange like Crypto.com, Paybis or Webull. We recommend exploring a list of exchanges that support Waves and taking a deeper dive into how to buy Waves.

Can I buy Uniswap (UNI) in Alaska?

Yes, you can buy Uniswap in Alaska using an exchange like eToro, SoFi or Robinhood. We recommend exploring a list of exchanges that support Uniswap and taking a deeper dive into how to buy Uniswap.

Can I buy Cardano (ADA) in Alaska?

Yes, you can buy Cardano in Alaska using an exchange like Crypto.com, eToro or Gemini. We recommend exploring a list of exchanges that support Cardano and taking a deeper dive into how to buy Cardano.

Regulations around cryptocurrency in Alaska

States also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.

Alaska's regulations according to Bloomberg Law

Alaska Stat. § 06.55.990(15) defines money services as, “selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission.” The Alaska Division of Banking and Securities states, “[c]ompanies dealing with fiat and virtual currencies (cryptocurrencies) must apply for a money transmitter license, then enter into a Limited Licensing Agreement (LLA) with the State of Alaska.”
Source: Bloomberg Law
Exchanges must also obtain a money transmitter license to operate in states. The Anti-Money Laundering Act of 2020 requires exchanges to get money transmitter licenses, since cryptocurrency is considered a digital currency.

Know before you buy crypto

Cryptocurrency is decentralized finance, so there isn't an authoritative entity out there looking out for you. While exchanges and digital wallets can do their best to keep things secure, you can proactively protect yourself with our top tips:
  • Secure your wallet. One of the most important things you can do to protect yourself from theft or hacking is by keeping your digital wallet's keys safe. If someone gets access, you could lose your assets without much hope for recovery.
  • Read the fine print. Marketplaces and exchanges often aren't liable if bad actors get access to your digital wallet or assets. Learn about the security measures in place to prevent access to your money.
  • Watch out for phishing scams. No exchange will ask you to confirm the password to your wallet or keys through email or by phone. Call the company directly to ask about suspicious contacts or anything else you're not sure about.
  • Reputable exchanges require ID. Signing up with a reputable exchange site typically requires you to submit such personal information as your address, SSN and email. This step is often called KYC and is required. If you skip this step, there may be legal consequences – especially if you skip it to use a non-licensed exchange.
  • Cryptocurrency is volatile. Don't invest more than you can afford to lose. The value of any coin can change in a matter of seconds, spelling major losses or gains that depend on interest and how much you invest. Learn more about the fundamentals of cryptocurrency to better equip yourself in this volatile market.
  1. Favorite crypto by state - FinanceBuzz
  2. State regulations - Bloomberg Law
  3. GDP data - Wikipedia
  4. Bitcoin ATM locations - CoinAtmRader

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