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How to buy crypto in Florida

It’s legal to buy cryptocurrency in the Sunshine State through many exchanges.

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.

SoFi Invest Crypto
Go to site Read review

Our top pick: SoFi Invest Crypto

$10
Minimum Deposit
30
Cryptocurrencies
1
Fiat Currency
  • Fees are transparent
  • Well-suited for beginners
  • 30 coins listed
  • Lots of educational materials
  • 1.25% crypto fee
  • Limited in altcoins
  • Limited customer support
  • $10 minimum crypto investment
SoFi — founded in 2011 — isn't a traditional cryptocurrency exchange, but instead functions as a brokerage. It utilizes Coinbase to make its crypto transactions on users' behalf. SoFi requires a $10 minimum deposit for crypto, many educational materials, a 1.25% crypto trading fee, and lists 30 cryptocurrencies including BTC and ETH. SoFi's investors can help users when investing, and if you get a membership, there are extra perks.
Deposit Methods Bank transfer (ACH)
Cash
Debit card
Wire transfer
Rollover or personal check
Deposit Fees N/A
Withdrawal Fees N/A
Trading Fees 1.25%

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.

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. It lists 21 cryptocurrencies that include ADA, BTC, DOGE, ETH, LTC and SOL. There's no account minimum, and free financial counseling. SoFi 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.

Bitstamp Cryptocurrency Exchange

Go to site Read review

Founded in 2011, Bitstamp is the first nationally licensed Bitcoin exchange in the world. It supports 45 cryptocurrencies that include BTC, ETH and LTC. It also allows for multiple deposit methods, but with trading, deposit and withdrawal fees that depend on the method. Bitstamp accepts USD, CHF, EUR and GBP.

Kraken Cryptocurrency Exchange

Finder Rating: 5 / 5 ★★★★★

Go to site Read review

Founded in 2011, this US-based exchange boasts more than 6 million clients in nearly 190 countries. It lists 87 cryptocurrencies that include ADA, BTC, DOGE and ETH. Potential fees include a 0.9% fee for buying stablecoins with another stablecoin or USD, a processing fee of $0.25 plus 3.75% of your transaction for card purchases and digital wallet payments and a 0.5% online banking processing fee. The Buy Crypto Widget incurs a 1.5% fee per transaction, though you might find lower fees with Kraken Pro.

Coinbase Digital Currency Exchange

Finder Rating: 4 / 5 ★★★★★

Read Review

Founded in 2012, Coinbase lists more than 50 coins that include BTC, ETH and DOGE. Its conversion fee ranges from 0.50% to 2.0% and is calculated based on when you place your order, your payment method and market conditions, according to Coinbase's pricing and fee disclosures. You must have at least $2 in your account to buy.

Gemini Cryptocurrency Exchange

Finder Rating: 4 / 5 ★★★★★

Read Review

Founded in 2014, Gemini lists more than 50 coins that include BTC, DOGE, ETH and SUSHI. Transaction fees depend on your transaction amount, starting at $0.99 for a transaction of up to $10. No deposit fees apply to crypto or wire transfers, though you'll pay 3.49% of your total purchase amount with a debit card transfer, according to Gemini. There's no account minimum.

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.

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.

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.

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.

  1. Florida Trend, “Bitcoin and Florida Law”, Aug 8, 2021
  2. Bloomberg, “DeSantis to Let Florida Businesses Pay Fees With Crypto”, Dec 9, 2021
  3. Division of Consumer Services, “Cryptocurrency”
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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