How to buy cryptocurrency in Maryland

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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 2.37 BTC or 34.48 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, CEX.IO Cryptocurrency Exchange lists over 44 cryptocurrencies and SoFi Invest Crypto lists 27. Exchanges can also vary in deposit methods and fees. Confirm the platform supports any specific coins you're interested in before signing up.

Read review

Our top pick: Gemini Cryptocurrency Exchange

$0
Minimum Deposit

102
Cryptocurrencies

7
Fiat Currencies

• Pros and Cons
• More Info
• Details

• 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) Cryptocurrency Debit card PayPal Apple Pay Google Pay SWIFT
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	ActiveTrader: Taker fee - 0.03-0.4% Maker fee - 0-0.2%

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. partner 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 government benefits statement, a bank statement or an insurance bill.

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 Pepe (PEPE), Sui (SUI), inSure DeFi (SURE) and Pink BNB (PNB). 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:

• 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.
• 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.
• Supply and scarcity. Crypto coins have limited supply, which can influence their value. Classic supply and demand.

Where do I buy crypto in Maryland?

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

• Compare more platforms that operate in Maryland

Regulations around cryptocurrency in Maryland

States 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 Law

As 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

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.