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How to buy cryptocurrency in Michigan
Buying cryptocurrency in Michigan doesn't have to be tricky — compare -1+ licensed platforms.
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 1.76 BTC or 27.54 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, Robinhood Crypto lists over 17 cryptocurrencies and CEX.IO Cryptocurrency Exchange lists 44. 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
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||≤ $10.00: $0.99
> $10.00 but ≤ $25.00: $1.49
> $25.00 but ≤ $50.00: $1.99
> $50.00 but ≤ $200.00: $2.99
> $200.00: 1.49% of your Web Order value
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. partner 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 credit card statement, a bank 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 Arbitrum (ARB), Radiant Capital (RDNT), inSure DeFi (SURE) and JOE (JOE). 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.
- 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 Michigan?
To buy crypto in Michigan, look for a crypto exchange that fits your needs. Consider using:
eToro USA LLC Cryptocurrency Trading
Finder rating 4 / 5 ★★★★★
- Tiered membership benefits. You obtain different benefits on eToro by keeping different dollar amounts of fiat currency plus equity on the platform. Benefits include access to customer success agents and a subscription to The Wall Street Journal, among others.
- Crypto on eToro is not insured. The crypto that you leave in eToro’s custody isn’t insured. This means that if eToro goes insolvent or is hacked, you will have little recourse to retrieve your digital assets.
Finder rating 4 / 5 ★★★★★
- Reputable investment app
- $0 fees to buy and sell
- No account minimum
- 7 coins available only
- Can't withdraw crypto directly from app
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
SoFi Invest Crypto
Finder rating 4.5 / 5 ★★★★★
- $0 account minimum
- 20+ coins available
- Reputable exchange
- Can't transfer crypto out of SoFi
- 1.25% markup fee
Paybis Cryptocurrency Exchange
- Lists 36 cryptocurrencies
- Multiple fiat currencies supported
- Five deposit methods
- 24/7 customer support
- Fees high and vary
- Can only sell BTC
- No supported crypto pairs
- Unavailable in New York and Hawaii
Can I buy VeChain (VET) in Michigan?
Yes, you can buy VeChain in Michigan using an exchange like Coinmama, SoFi or CEX.IO. 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 Coinmama, SoFi or CEX.IO. 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 Coinmama, SoFi or CEX.IO. We recommend exploring a list of exchanges that support Cronos and taking a deeper dive into how to buy Cronos.
Regulations around cryptocurrency in MichiganStates 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 LawMCL 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
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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