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How to buy cryptocurrency in Kentucky
Buying cryptocurrency in Kentucky doesn't have to be tricky — compare 11+ licensed platforms.
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
- 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
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:
- 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 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
- Accepts credit cards
18 coins available
No reported sitewide hacks
- Customers report poor customer service
Verification process may take days or weeks
Coinbase Digital Currency Exchange
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.
- Large selection of cryptocurrencies
Offline crypto storage
Strong customer reviews
- Transaction fees vary
Minimum balances apply
Customer service ratings remain poor in platform reviews
Coinmama Cryptocurrency Marketplace
- Easy to use and navigate
Variety of deposit methods
Six fiat currencies accepted
- High fees
Only 10 cryptocurrencies available
Can only sell BTC
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.
- Large selection of crypto
Staking for rewards available
- Can be difficult to navigate
Customer service could be more responsive
Expensive withdrawal fees
|Fiat currencies||No supported|
eToro Cryptocurrency Trading
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%
- Multi-asset exchange
Social trading features
Demo account available
- Fewer cryptocurrencies available than some exchanges
$10 account minimum
Fees vary by asset
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 KentuckyStates 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 LawKRS 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
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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