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In Illinois, there are multiple exchanges to choose from to buy coins like Basic Attention (BAT), Chainlink (LINK) and Polkadot (DOT). Illinois also has 1615 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Springfield (56 ATMs), Springfield, IL (30 ATMs) and Chicago (28 ATMs). The most popular coin in Illinois in 2021 was Litecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Illinois's most popular coin will be next year.
How to buy cryptocurrency in Illinois
With a personal per-capita income of $58,764 in Illinois, choosing the right exchange and coin to purchase is a big decision. The average person in Illinois earns the equivalent of roughly 0.89 BTC or 18.49 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, Robinhood Crypto lists over 14 cryptocurrencies and CEX.IO Cryptocurrency Exchange lists 29. Exchanges can also vary in deposit methods and fees. Confirm the platform supports any specific coins you're interested in before signing up.
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%
No matter what exchange you choose, it's important to verify that it's available in Illinois. 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 mortgage statement, a credit card statement or an insurance 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.
Online digital wallets typically require steps that include:
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 GALA (GALA), Gamium (GMM), Pixels (PIXEL) and Pepe (PEPE).
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.
Celebrity endorsements. Some coins are sought after by celebrities, which can increase their value.
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 Illinois?
To buy crypto in Illinois, look for a crypto exchange that fits your needs. Consider using:
Tiered membership benefits. You obtain different benefits on eToro by keeping different dollar amounts of fiat currency plus equity on the platform. Benefits include access to customer success agents and a subscription to The Wall Street Journal, among others.
Cons
Crypto on eToro is not insured. The crypto that you leave in eToro’s custody isn’t insured. This means that if eToro goes insolvent or is hacked, you will have little recourse to retrieve your digital assets.
Deposit method
Bank transfer,Debit card,PayPal,Wire transfer
Deposit Fees
None. Minimum deposit amount is $10.
Withdrawal Fees
None
Trading Fee
1% fee for buying or selling cryptoassets
Pros
Tiered membership benefits. You obtain different benefits on eToro by keeping different dollar amounts of fiat currency plus equity on the platform. Benefits include access to customer success agents and a subscription to The Wall Street Journal, among others.
Cons
Crypto on eToro is not insured. The crypto that you leave in eToro’s custody isn’t insured. This means that if eToro goes insolvent or is hacked, you will have little recourse to retrieve your digital assets.
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.
Pros
Accepts credit cards
18 coins available
No reported sitewide hacks
Cons
Customers report poor customer service
Verification process may take days or weeks
Deposit method
Bank transfer,Credit card,Cryptocurrency,SEPA,Faster Payments (FPS),SWIFT
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.
Yes, you can buy Basic Attention in Illinois using an exchange like Gemini, Public or Coinmama. We recommend exploring a list of exchanges that support Basic Attention and taking a deeper dive into how to buy Basic Attention.
Can I buy Chainlink (LINK) in Illinois?
Yes, you can buy Chainlink in Illinois using an exchange like Gemini, Public or Coinmama. We recommend exploring a list of exchanges that support Chainlink and taking a deeper dive into how to buy Chainlink.
Can I buy Polkadot (DOT) in Illinois?
Yes, you can buy Polkadot in Illinois using an exchange like Gemini, Public or Coinmama. We recommend exploring a list of exchanges that support Polkadot and taking a deeper dive into how to buy Polkadot.
Regulations around cryptocurrency in Illinois
States also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.
Illinois's regulations according to Bloomberg Law
The definition of “money transmitter” in 205 ILCS 657/5 does not expressly mention digital assets; however, the Department of
Financial and Professional Regulation released guidance as to when a
digital currency business must register as a money transmitter. See Digital Currency Regulatory Guidance (June 13, 2017) .
The Division of Financial Institutions regularly issues “non-binding
statements” to virtual currency businesses ruling on whether the businesses
must be licensed. These statements can be found on the Department of Finance’s web site. 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.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Bethany Hickey is a personal finance writer at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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