How to buy crypto in Florida

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.

Florida doesn’t impose statewide restrictions on specific coins or crypto-based businesses like New York or other states in the US do. This is good news for crypto investors, because you’re not limited to a short list of exchanges to choose from.

How to buy crypto in Florida

You can buy cryptocurrency in Florida in three general steps and with a basic understanding on how crypto works.

Step 1: Choose a coin.

New investors are generally advised to look into established coins like Bitcoin (BTC) or Ether (ETH).

Though with thousands of crypto coins to choose from, you might want to broaden your horizons to these popular coins:

Cryptocurrency is a speculative investment, with values that can wildly fluctuate by the second. While there’s no guarantee you’ll make a profit, you can narrow down a coin that fits your needs by researching elements that include:

• • • Market capitalization. Our in-depth coin guides include details on how a coin ranks in market value, its availability and the max number of coins expected to be issued.
    • Long-term performance. Look for stability or patterns you think you can trade on. Large drops may indicate waning demand.
    • 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.

Investment strategies are something to consider as well. Trading, holding for as long as possible or flipping coins are common tactics. Dollar cost averaging is a popular investment strategy as well, which involves adding a fixed amount to a specific stock or your portfolio at regular intervals, regardless of the value of that asset, market movements or share prices. By using this strategy, your investment isn’t as impacted by volatility – and cryptocurrency is highly volatile.

But remember that nearly every transaction involving digital assets is final, and refunds generally aren’t an option.

Step 2: Compare exchanges.

Similar to coins, you have many exchanges to choose from to buy and sell crypto. Florida requires you use a US-licensed exchange — meaning one that has it’s Money Transmitter license in Florida. This license allows the holder to transmit currency and use payment utilities (wire, electronic transfer, Internet, and more).

With most exchanges, you must create an account, verify your identity with a government-issued ID, connect a digital wallet and deposit fiat or crypto currency before you can buy Bitcoin or altcoins.

Popular exchanges with millions of users among them include:

The exchange you choose largely comes down to your personal preferences. Compare its methods for payment and deposit, and the coins it can list.

Go to site Read review

Our top pick: Kraken Cryptocurrency Exchange

N/A
Minimum Deposit

235
Cryptocurrencies

6
Fiat Currencies

• Pros and Cons
• More Info
• Details

• Established crypto exchange that's served customers for over a decade
• Supports over 200 crypto assets
• Provides resources for both beginner and advanced traders
• Registered as a Money Service Business (MSB) and is FinCEN compliant
• Offers futures contracts and margin for trades

• Not available to residents of New York and Washington state
• No longer offers its staking service to US residents

Kraken is an established cryptocurrency exchange that offers features for beginner and advanced crypto investors alike.

If you're new to crypto investing, Kraken's simple and intuitive user interface makes it easy for you to open an account and make your first crypto purchase. And Kraken's Learn center helps you better understand the complex terminology that surrounds crypto.

If you're a seasoned crypto investor, you'll benefit from using Kraken Pro — the exchange's advanced trading platform, which lets you trade over 200 crypto assets with low trading fees and a customizable trading interface. Kraken Pro also offers futures contracts as well as up to 5x leverage for trades.

Deposit Methods	Bank transfer Credit card Cryptocurrency Debit card Apple Pay Google Pay SWIFT ACH online banking
Deposit Fees	ACH deposit - Fees vary ($10 minimum deposit) Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free
Withdrawal Fees	FedWire withdrawal - $4-$35 Crypto - Fees vary depending on coin or token
Trading Fees	Maker: 0-0.16% Taker: 0.1-0.26%

Step 3: Choose a digital wallet.

A digital wallet is software or an external tool that stores your digital assets, including cryptocurrency and NFTs. Exchanges and marketplaces vary in the wallets they support, with some requiring their own proprietary wallet.

Types of wallets you’ll encounter include:

• • • Hot wallet. Downloadable app or browser extension that’s always on.
    • Cold wallet. External hardware that’s offline unless connected to a computer and turned on. They often resemble a thumb drive or storage device.
    • Custodial wallet. Keeps track of your wallet’s keys — or master passwords — or you.
    • Noncustodial wallet. Leaves you in sole control of your wallet’s keys.

Widely accepted wallets in Florida include ZenGo, Ledger, MetaMask, Trust Connect and Atomic Wallet.

Where can I buy crypto in Florida?

Because cryptocurrency isn’t heavily regulated in Florida, you can choose from a wide range of exchanges and marketplaces. If you have a specific coin in mind, make sure it’s available on the exchange and to US residents. Here are some popular exchanges to check out, in alphabetical order.

Florida laws and regulations around crypto

The IRS treats cryptocurrency as property that’s subject to capital gains tax each time you buy or sell it. The amount of time you’ve owned the asset, and the gains —or losses — you realized largely determines how much tax you’ll pay.

Crypto tax software is designed to keep track of crypto transactions, including the price at which a cryptocurrency was originally purchased. This helps you to calculate capital gains or losses for reporting on your tax return.

Speak to a certified tax professional who specializes in cryptocurrency with any questions or concerns around reporting.

Can I use Binance in Florida?

Yes, you can use Binance.us in Florida.

The exchange Binance is not legal in the states, but the branch Binance.us is available to Florida residents.

Know before you buy crypto

Cryptocurrency is decentralized finance, so there isn’t a government body 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 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 nonlicensed exchange.
    • Cryptocurrency is volatile. Don’t invest more than you can afford to lose. Any coin’s value can change in a matter of seconds, spelling major losses or gains that depend on interest and how much you invest.

How many people own Bitcoin in Florida?

9% of respondents living in Florida currently own Bitcoin, according to an online Google survey of 1,418 people conducted across December 13-January 10, 2022. However, an additional 7% said they don’t own Bitcoin yet but plan to buy some in 2022, meaning Bitcoin adoption in Florida could hit 16% by the end of the year.

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Ownership by gender

Men in Florida are more likely to own Bitcoin than women. 12% of men own Bitcoin compared to 6% of women. Men that don’t own Bitcoin are also more likely to have plans to buy some this year than women – 8% compared to 6%. If they follow through with their plans that means the gap could be 3 percentage points by the end of the year.

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Ownership by age

Currently, those aged 35-44 and 45-54 are the most likely to have Bitcoin in Florida, followed by 18-24 years of age, 25-34 years of age, 54-64 years of age and over 65. Those aged 25-34 who don’t yet own Bitcoin are most likely to buy some this year while those 55-64 and 65+ are the least likely to have plans to buy Bitcoin.

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Methodology

Our data is based on a Google survey of 1,418 people conducted online from December 13, 2022, to January 10, 2022. Respondents identified that they live in Florida. We asked respondents if they currently own Bitcoin and, if not, whether they plan to buy Bitcoin in 2022.