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How to buy cryptocurrency in Kentucky

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

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 Kentucky, there are multiple exchanges to choose from to buy coins like Bitcoin (BTC), KuCoin (KCS) and Holo (HOT). Kentucky also has 462 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Bowling Green (58 ATMs), Paducah (8 ATMs) and Ashland (7 ATMs). The most popular coin in Kentucky in 2021 was Binance USD, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Kentucky's most popular coin will be next year.

How to buy cryptocurrency in Kentucky

With a personal per-capita income of $43,770 in Kentucky, choosing the right exchange and coin to purchase is a big decision. The average person in Kentucky earns the equivalent of roughly 2.18 BTC or 38.74 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 Cryptocurrency Exchange lists over 21 cryptocurrencies and Uphold Digital Money Platform lists 125. 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

$0
Minimum Deposit
117
Cryptocurrencies
8
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)
Debit card
Wire transfer
Deposit Fees Cryptocurrency: None
Wire transfer: None
Bank transfer (ACH): None, bank fees may apply
Debit card transfer: 3.49%
Withdrawal Fees Cryptocurrency: None for first 10 withdrawals of each month
Other: None for first 10 withdrawals of each month
Trading Fees Order amount below USD 200: USD 0.99 - USD 2.99
Order amount over USD 200: 1.49%
Convenience fee: 0.50%

No matter what exchange you choose, it's important to verify that it's available in Kentucky. Some states have strict requirements, while others simply require a money transmitter license. FTX US is not available in Kentucky, so watch out for that. 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 Beldex (BDX), LCX (LCX), Terra (LUNA) and Umee (UMEE). 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:
  • Supply and scarcity. Crypto coins have limited supply, which can influence their value. Classic supply and 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.
  • Utility and accessibility. A well-known coin that is listed on multiple exchanges, or used for crypto applications like play-to-earn games, may have more value if demand is high.

Where do I buy crypto in Kentucky?

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

CEX.IO Cryptocurrency Exchange

arketplace 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.

Coinbase Digital Currency Exchange

Started in 2012, Coinbase aims to build the crypto-economy with its beginner friendly platform. Over 70 million users from over 100 countries use Coinbase.

Coinbase has over 80 cryptocurrencies available, including Dogecoin (DOGE) and Shiba Inu (SHIB). Transaction fees are calculated using a combination of factors, including your payment method, the order size and varying market conditions, like volatility.

Coinmama Cryptocurrency Marketplace

Founded in 2013, Coinmama is a crypto broker exchange based out of Israel. Traders can buy 10 cryptocurrencies, but can only sell Bitcoin on the platform. There are no wallets on the platform, so any purchase is sent directly to the user's wallet address of choice. Coinmama accepts a variety of deposit methods, but is known for high fees. It has a few notable cryptocurrencies such as BTC and ETH, but is missing top currencies such as SOL, DOT and LTC.

Crypto.com App

Crypto.com bills itself as the world's fastest-growing app and includes a large selection of cryptocurrencies. The exchange launched under the name Monaco in 2016 and changed to crypto.com in 2018. Its native token, Crypto.com Coin (CRO), can be used to lower fees on the exchange.

Crypto.com charges maker and taker fees for cryptocurrency trades. The fees vary depending on customer tier levels. Tiers are adjusted daily and are based on a customer's individual trading volumes incurred over the past 30 days.

eToro Cryptocurrency Trading

eToro is a multi-asset investment platform. Started in 2007, the platform is built on social collaboration and lets customers copy the trades of popular investors. The exchange offers a range of cryptocurrencies, including Polkadot (DOT) and Filecoin (FIL). Users can also trade with a demo account, allowing them to learn the platform and practice crypto-trading strategies without risking real money.

The eToro exchange charges 'round-trip' spreads when buying crypto assets. The spread covers the buy-and-sell side of the transaction and varies based on the asset being purchased. Current spreads vary between .75% and 2.90%

How to buy Bitcoin (BTC) in Kentucky?

To buy Bitcoin in Kentucky, you will first need to sign up for an exchange like Gemini, Crypto.com or Paybis. 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.

Can I buy KuCoin (KCS) in Kentucky?

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

How to buy Holo (HOT) in Kentucky?

To buy Holo in Kentucky, you will first need to sign up for an exchange like SoFi, Coinmama or Webull. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Holo which covers how to pick an exchange, payment methods, wallets and more.

Regulations around cryptocurrency in Kentucky

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

Kentucky's regulations according to Bloomberg Law

KRS 286.11-003 defines money transmission as “receiving money or monetary value to transmit…money or monetary value to another location inside or outside the United States by any and all means” which does not expressly include or exclude digital currency. Digital currency dealers such as Coinbase have obtained money services licenses from the Department of Financial Institutions.
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.

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