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How to buy cryptocurrency in Michigan

Buying cryptocurrency in Michigan doesn't have to be tricky — compare 12+ 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 Michigan, there are multiple exchanges to choose from to buy coins like VeChain (VET), Basic Attention (BAT) and Cronos (CRO). Michigan also has 1137 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Detroit (820 ATMs), Detroit (820 ATMs) and Grand Rapids (96 ATMs). The most popular coin in Michigan in 2021 was Dogecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Michigan's most popular coin will be next year.

How to buy cryptocurrency in Michigan

With a personal per-capita income of $49,228 in Michigan, choosing the right exchange and coin to purchase is a big decision. The average person in Michigan earns the equivalent of roughly 2.45 BTC or 44.11 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 Michigan. Some states have strict requirements, while others simply require a money transmitter license. eToro is not available in Michigan, 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 lease 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 TerraClassicUSD (USTC), Terra (LUNA), SpiceUSD (USDS) and BOSAGORA (BOA). 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.
  • Celebrity endorsements. Some coins are sought after by celebrities, which can increase their value.
  • Supply and scarcity. Crypto coins have limited supply, which can influence their value. Classic supply and demand.

Where do I buy crypto in Michigan?

To buy crypto in Michigan, 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.

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.

FTX.US Cryptocurrency Exchange

An international crypto exchange that launched in 2019. FTX, or FTX.US for U.S. residents, is known for its multiple deposit methods, low fees and easy-to-use platform. FTX supports over 30 cryptocurrencies, multiple fiat currencies for deposits, and also has its own NFT marketplace. FTX is well-suited for both beginners and experts. However, it has a smaller selection of coins compared to larger exchanges.

Gemini Cryptocurrency Exchange

Gemini was founded in 2015 and operates as a global digital asset exchange and New York trust company. The platform is available in all 50 states and boasts a number of security features, including insurance against exchange hacks. Gemini carries over 90 cryptocurrencies. Some altcoins available are Cosmos (ATOM), Maker (MKR) and Dogecoin (DOGE).

Gemini's fees are somewhat higher than those charged on other exchanges. The platform charges as much as 1.49% on transactions over $200.

Can I buy VeChain (VET) in Michigan?

Yes, you can buy VeChain in Michigan using an exchange like Paybis, Kraken or Robinhood. We recommend exploring a list of exchanges that support VeChain and taking a deeper dive into how to buy VeChain.

Can I buy Basic Attention (BAT) in Michigan?

Yes, you can buy Basic Attention in Michigan using an exchange like Okcoin, FTX US or Paxful. 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 Cronos (CRO) in Michigan?

Yes, you can buy Cronos in Michigan using an exchange like Kraken, Crypto.com or SoFi. We recommend exploring a list of exchanges that support Cronos and taking a deeper dive into how to buy Cronos.

Regulations around cryptocurrency in Michigan

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

Michigan's regulations according to Bloomberg Law

MCL 487.1003(c) defines “money transmission” as “selling or issuing payment instruments or stored value devices or receiving money or monetary value for transmission.” Michigan’s Department of Insurance and Financial Services FAQs states that holding funds in an “e-wallet” is money transmission requiring a license. 2019 guidance for consumers and industry states that if federal regulators would require an “administrator or exchanger” to get a money transmission license, one is required under Michigan law. Virtual currency exchanges such as Binance and Coinbase maintain Michigan money transmission 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.

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