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How to buy cryptocurrency in Minnesota

Buying cryptocurrency in Minnesota doesn't have to be tricky — compare 10+ licensed platforms.

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By

Bethany Hickey

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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 Minnesota, there are multiple exchanges to choose from to buy coins like Bitcoin (BTC), Cronos (CRO) and Shiba Inu (SHIB). Minnesota also has 520 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Minneapolis (441 ATMs), Duluth (21 ATMs) and Albertville (6 ATMs). The most popular coin in Minnesota in 2021 was Dogecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Minnesota's most popular coin will be next year.

How to buy cryptocurrency in Minnesota

With a personal per-capita income of $58,834 in Minnesota, choosing the right exchange and coin to purchase is a big decision. The average person in Minnesota earns the equivalent of roughly 2.08 BTC or 32.46 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, Kraken Cryptocurrency Exchange lists over 186 cryptocurrencies and Uphold - Digital Asset Platform lists 244. Exchanges can also vary in deposit methods and fees. Confirm the platform supports any specific coins you're interested in before signing up.

Gemini Cryptocurrency Exchange
Read review

Our top pick: Gemini Cryptocurrency Exchange

$0
Minimum Deposit
102
Cryptocurrencies
7
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)
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 ≤ $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 Minnesota. Some states have strict requirements, while others simply require a money transmitter license. partner is not available in Minnesota, 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 bank statement or a government benefits statement.

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 Arbitrum (ARB), SPACE ID (ID), ZigZag (ZZ) and tomiNet (TOMI). 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.
  • Long-term performance. Look for stability or patterns you think you can trade on. Large drops may indicate waning demand.
  • 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 Minnesota?

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

SoFi Invest Crypto

Finder rating 4.5 / 5 ★★★★★

Go to site Read review
Founded in 2011, this popular fintech offers multiple options for investing, including crypto. Lists 21 cryptocurrencies that include BTC, ETH, DOGE, LTC, SOL and ADA. No account minimum, and free financial counseling. Charges 1.25% markup on crypto transactions, supporting purchases of $10 to $50,000, with limits on select coins. You can't transfer crypto to external wallets or accounts.

eToro USA LLC Cryptocurrency Trading

Finder rating 4 / 5 ★★★★★

Go to site Read review

Paybis Cryptocurrency Exchange

Go to site Read review
Paybis is a global cryptocurrency broker based out of the UK, founded in 2014. It's supported in over 180 countries, supports 42 fiat currencies and lists over 30 cryptocurrencies. While you have hundreds of buying options, you can only sell BTC on the platform. For payment, the fees vary, and there are high fees for fiat transactions. Paybis is known for its responsive customer service and supports nine different languages. It may be best suited for beginner traders looking to buy crypto with fiat currency, but it's not supported in all U.S. states.

Robinhood Crypto

Finder rating 4 / 5 ★★★★★

Go to site Read review
Founded in 2013 as a traditional investment app, you can now buy up to seven cryptocurrencies through Robinhood, including BTC, ETH, LTC and DOGE. No fees to buy and sell crypto and no account minimum. But you can't withdraw crypto funds from your Robinhood account.

Gemini Cryptocurrency Exchange

Finder rating 4 / 5 ★★★★★

Read Review
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 Bitcoin (BTC) in Minnesota?

Yes, you can buy Bitcoin in Minnesota using an exchange like Crypto.com, eToro or Paxful. We recommend exploring a list of exchanges that support Bitcoin and taking a deeper dive into how to buy Bitcoin.

Can I buy Cronos (CRO) in Minnesota?

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

Can I buy Shiba Inu (SHIB) in Minnesota?

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

Regulations around cryptocurrency in Minnesota

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

Minnesota's regulations according to Bloomberg Law

Money transmission under Minn. Stat. § 53B.03 is defined as, “selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money .” Licenses are required for “businesses that cash checks, transmit money, own and operate ATMs, and provide electronic funds transfers,” according to the Minnesota Commerce Department . Some virtual currency exchanges such as Binance and Coinbase maintain Minnesota 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.
  1. Favorite crypto by state - FinanceBuzz
  2. State regulations - Bloomberg Law
  3. GDP data - Wikipedia
  4. Bitcoin ATM locations - CoinAtmRader

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