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How to buy cryptocurrency in Maryland
Buying cryptocurrency in Maryland doesn't have to be tricky — compare 7+ licensed platforms.
In Maryland, there are multiple exchanges to choose from to buy coins like VeChain (VET), Cardano (ADA) and Polkadot (DOT). Maryland also has 437 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Silver Spring (30 ATMs), Salisbury (8 ATMs) and Baltimore (6 ATMs). The most popular coin in Maryland in 2021 was Tether, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Maryland's most popular coin will be next year.
How to buy cryptocurrency in Maryland
With a personal per-capita income of $64,640 in Maryland, choosing the right exchange and coin to purchase is a big decision. The average person in Maryland earns the equivalent of roughly 3.35 BTC or 60.87 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 Maryland. Some states have strict requirements, while others simply require a money transmitter license. CEX.io is not available in Maryland, 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 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.
- 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 Voyager VGX (VGX), MBD Financials (MBD), Moonbeam (GLMR) and Evmos (EVMOS). 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:
- 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.
- 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 Maryland?
To buy crypto in Maryland, look for a crypto exchange that fits your needs. Consider using:
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
Gemini Cryptocurrency Exchange
Gemini's fees are somewhat higher than those charged on other exchanges. The platform charges as much as 1.49% on transactions over $200.
- Highly regulated
All crypto held in the exchange wallet is insured
- Higher fees than other exchanges
Limited trading pairs
Limited deposit options
Kraken Cryptocurrency Exchange
- 0.9% fee for buying stablecoins with another stablecoin or USD
- Processing fee of $0.25+3.75% fee for card purchases and digital wallet payments
- 0.5% online banking processing fee.
- Has never had a sitewide hack
Lists 80+ cryptocurrencies
Years of experience
- High fees with instant buy
Texas can't buy EUR or EUR pairs
Can't use a credit card
Requires $10 account minimum
Paxful P2P Cryptocurrency Marketplace
- Multiple deposit and payment methods
No buyer transfer fee
- Only three cryptocurrencies listed
Sellers can chose their exchange rates
Can I buy VeChain (VET) in Maryland?
Yes, you can buy VeChain in Maryland using an exchange like Gemini, Kraken or Paxful. We recommend exploring a list of exchanges that support VeChain and taking a deeper dive into how to buy VeChain.
Can I buy Cardano (ADA) in Maryland?
Yes, you can buy Cardano in Maryland using an exchange like eToro, Gemini or Webull. We recommend exploring a list of exchanges that support Cardano and taking a deeper dive into how to buy Cardano.
Can I buy Polkadot (DOT) in Maryland?
Yes, you can buy Polkadot in Maryland using an exchange like Robinhood, Crypto.com or Webull. We recommend exploring a list of exchanges that support Polkadot and taking a deeper dive into how to buy Polkadot.
Regulations around cryptocurrency in MarylandStates also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.
Maryland's regulations according to Bloomberg LawAs of October 1, 2021, the definition of “money transmission” in Md. Code, Fin. Inst. § 12-401(n)(1) includes “receiving…other value that substitutes for currency” (“currency” having the definition under 31 C.F.R. § 1010.100(m) as fiat currency) and transmitting it. According to guidance on the Maryland Office of the Commissioner of Financial Regulation website , “an administrator or exchanger that accepts and transmits a convertible virtual currency or buys or sells convertible virtual currency for any reason is a money transmitter under federal regulations.” The Office also states on its regulated industries page that its regulation of money transmission is “including transmission of virtual currency.” Digital currency businesses such as Binance and Coinbase currently maintain Maryland money transmitter licenses.
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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