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How to buy cryptocurrency in Georgia
Buying cryptocurrency in Georgia doesn't have to be tricky — compare 7+ licensed platforms.
In Georgia, there are multiple exchanges to choose from to buy coins like Bitcoin (BTC), Dogecoin (DOGE) and Bitcoin (BTC). Georgia also has 1317 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Atlanta (954 ATMs), Savannah (98 ATMs) and Macon (62 ATMs). The most popular coin in Georgia in 2021 was Dogecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Georgia's most popular coin will be next year.
How to buy cryptocurrency in Georgia
With a personal per-capita income of $48,236 in Georgia, choosing the right exchange and coin to purchase is a big decision. The average person in Georgia earns the equivalent of roughly 1.74 BTC or 27.75 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, eToro USA LLC Cryptocurrency Trading lists over 51 cryptocurrencies and KuCoin Cryptocurrency Exchange lists 730. Exchanges can also vary in deposit methods and fees. Confirm the platform supports any specific coins you're interested in before signing up.
Our top pick: Gemini Cryptocurrency Exchange
- 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
|Deposit Methods||Bank transfer (ACH)
|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 Georgia. 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 government benefits statement, a credit card statement or a utility bill.
General steps to signing up with an exchange include:
- Create an account
- Verify your identity, usually with government-issue ID
- Connect a digital wallet
- 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.
- Create an account
- Record generated seed phrase — or master password
- Connect a debit card, credit card or bank account
- 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 Arbitrum (ARB), SPACE ID (ID), ZigZag (ZZ) and tomiNet (TOMI). 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:
- 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.
- Supply and scarcity. Crypto coins have limited supply, which can influence their value. Classic supply and demand.
Where do I buy crypto in Georgia?
To buy crypto in Georgia, look for a crypto exchange that fits your needs. Consider using:
SoFi Invest Crypto
Finder rating 4.5 / 5 ★★★★★
- $0 account minimum
- 20+ coins available
- Reputable exchange
- Can't transfer crypto out of SoFi
- 1.25% markup fee
CEX.IO Cryptocurrency Exchange
- Accepts credit cards
- 18 coins available
- No reported sitewide hacks
- Customers report poor customer service
- Verification process may take days or weeks
Gemini Cryptocurrency Exchange
Finder rating 4 / 5 ★★★★★
Gemini's fees are somewhat higher than those charged on other exchanges. The platform charges as much as 1.49% on transactions over $200.
- Available to US residents in all 50 states. Gemini is one of the few crypto exchanges that’s available to all US residents.
- Crypto rewards credit card. You can earn up to 3% on some crypto purchases with the Gemini credit card.
- Some fees as high as 3.49%
- Digital assets lent through Gemini’s Earn/Grow platform are not insured
- Limited customer service
Finder rating 4 / 5 ★★★★★
- Crypto debit card. You can spend your fiat or your crypto with your Crypto.com debit card and receive rewards in Crypto.com’s Cronos token (CRO).
- App fees. Fees on the app are not clearly listed until a purchase is made. Social media users have reported that they suspect a spread – similar to a hidden fee – is charged when buying and selling on the app.
Webull Cryptocurrency Exchange
- Well-suited for beginners
- User-friendly mobile app
- Positive app store ratings
- $0 account minimums
- Only 11 currencies available
- Can't transfer crypto out of app
- Not accredited with BBB and F rating
How to buy Bitcoin (BTC) in Georgia?
To buy Bitcoin in Georgia, you will first need to sign up for an exchange like Kraken, SoFi or Paxful. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Bitcoin which covers how to pick an exchange, payment methods, wallets and more.
How to buy Dogecoin (DOGE) in Georgia?
To buy Dogecoin in Georgia, you will first need to sign up for an exchange like Kraken, Uphold or Gemini. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Dogecoin which covers how to pick an exchange, payment methods, wallets and more.
Can I buy Bitcoin (BTC) in Georgia?
Yes, you can buy Bitcoin in Georgia using an exchange like Paxful, SoFi or Webull. We recommend exploring a list of exchanges that support Bitcoin and taking a deeper dive into how to buy Bitcoin.
Regulations around cryptocurrency in GeorgiaStates also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.
Georgia's regulations according to Bloomberg LawGeorgia’s money transmission laws define “money transmission” as receiving or transmitting “monetary value,” and “virtual currency” is specifically defined as “a digital representation of monetary value.” O.C.G.A. §7-1-680(13), (26). Therefore, a license is required under O.C.G.A. §7-1-681, and Georgia regulators have the power to enact virtual currency-specific rules. O.C.G.A. §7-1-690. See also Georgia Department of Banking and Finance, “Money Transmission and the Sale of Payment Instruments“ ; cf. “Department of Banking and Finance Orders CampBX, Bitcoin Trading Platform, to Cease and Desist“ (July 26, 2018)
Source: Bloomberg Law
Know before you buy cryptoCryptocurrency 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.
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