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How to buy crypto in Nevada

It doesn’t have to be difficult, and here’s how to get started.

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By

Bethany Hickey

Updated

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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.

Regulations around cryptocurrency are usually obstacles for entities and crypto-based businesses. In Nevada, crypto businesses simply must have a money transmitter license – and that’s about it. Nevada appears to be very pro-crypto, which means consumers have fewer hurdles when investing in coins.

How to buy crypto in Nevada

Buying cryptocurrency has three main steps. Here’s what to expect throughout the process and things to keep in mind.

Step 1: Choose a crypto exchange

Many exchanges are available to Nevada residents. To name a few: Gemini, Coinbase, Binance.us and Kraken are all available exchanges in the state.

Exchanges vary in what coins they list, trading options, staking benefits, deposit methods, mobile app capabilities and more. Read through the exchange’s fee schedules and structure, see if there’s an account minimum and explore customer support options.
Once you’ve chosen an exchange, creating an account usually goes like this:

  • Create username and password
  • Complete KYC requirements
  • Verify identity with valid ID
  • Connect digital wallet, if applicable
  • Deposit funds

Reputable exchanges require customers to complete Know Your Consumer requirements (KYC) — a process that requires you to verify your identity. It’s also mandatory for banks, lending institutions and other businesses that offer money services to help prevent fraud and money laundering, and to help them manage risk.

Checklist for KYC process:

  • Full name
  • Date of birth
  • Phone and address
  • Email address
  • Valid government-issued ID
  • Selfie
SoFi Invest Crypto
Go to site Read review

Our top pick: SoFi Invest Crypto

$10
Minimum Deposit
30
Cryptocurrencies
1
Fiat Currency
  • Fees are transparent
  • Well-suited for beginners
  • 30 coins listed
  • Lots of educational materials
  • 1.25% crypto fee
  • Limited in altcoins
  • Limited customer support
  • $10 minimum crypto investment
SoFi — founded in 2011 — isn't a traditional cryptocurrency exchange, but instead functions as a brokerage. It utilizes Coinbase to make its crypto transactions on users' behalf. SoFi requires a $10 minimum deposit for crypto, many educational materials, a 1.25% crypto trading fee, and lists 30 cryptocurrencies including BTC and ETH. SoFi's investors can help users when investing, and if you get a membership, there are extra perks.
Deposit Methods Bank transfer (ACH)
Cash
Debit card
Wire transfer
Rollover or personal check
Deposit Fees N/A
Withdrawal Fees N/A
Trading Fees 1.25%

Step 2: Choose a digital wallet

Before you can buy crypto coins, you need a digital wallet — software designed to store or display your crypto assets. Most online wallets are free and simple to use. Digital wallets are typically required to play crypto games as well.

To open a digital wallet account, you’re typically only required to create a username and password and download a browser extension if you’re using either a computer or an app.

Exchanges vary in what wallets they support, and some exchanges even have their own wallet. Some popular digital wallets include:

  • Ledger
  • MetaMask
  • Trust Connect
  • ZenGo
  • Atomic Wallet
  • KeepKey
  • Sugi
  • GateHub

Choose the exchange you want before selecting a wallet, since the exchange you want may require a specific wallet. You can have multiple wallets — many of which are free — and transferring crypto from one wallet to another typically involves a transaction fee, also known as a gas fee.

Step 3: Choose coin(s)

A few popular coins include Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA) and Solana (SOL). These coins are widely available.

There are also memecoins, such as Shiba Inu (SHIB), Dogecoin (DOGE), MonaCoin (MONA), DogeBonk (DOBO) and WOOF (WOOF). Memecoins have been compared to penny stocks and may not be listed on smaller exchanges. When investing in any coin, be wary of common crypto scams.

A coin’s value can depend on its use, historical value, reputation and availability. However, one of the biggest factors in a crypto coin’s value is consumer interest.

Crypto coins in Nevada

Nevada doesn’t have any specific, statewide restrictions on what coins you can or can’t buy. The coins you can buy are going to depend on the exchange(s) you want to use and coins available to US residents. This means that mainstream coins such as BTC and ETH are available for purchase at licensed exchanges in Nevada.

Where to buy crypto in Nevada

Here are some of the most popular online exchanges, alphabetized, with millions of users between them. Explore the coins they list, fee information and deposit methods to help you start investing.

Kraken Cryptocurrency Exchange

Finder Rating: 5 / 5 ★★★★★

Go to site Read review

Based in the United States and founded in 2011, Kraken is a popular choice for many crypto enthusiasts Lists 87 cryptocurrencies, including BTC, ETH, DOGE and ADA. You can expect these fees:

  1. 0.9% fee for buying stablecoins with another stablecoin or USD
  2. Processing fee of $0.25+3.75% fee for card purchases and digital wallet payments
  3. 0.5% online banking processing fee.

Using the Buy Crypto Widget incurs a 1.5% fee per transaction. Using Kraken Pro can result in lower fees.

Coinbase Digital Currency Exchange

Finder Rating: 4 / 5 ★★★★★

Read Review

Founded in 2012, Coinbase lists more than 50 coins that include BTC, ETH and DOGE. Its conversion fee ranges from 0.5% to 2% and is calculated based on when you place your order, your payment method and market conditions, according to Coinbase's pricing and fee disclosures.

You must have at least $2 in your account to buy. Coinbase also has plans to open an NFT marketplace in 2022.

Gemini Cryptocurrency Exchange

Finder Rating: 4 / 5 ★★★★★

Read Review

Founded in 2014, Gemini lists more than 50 coins that include BTC, ETH, SUSHI and DOGE. Transaction fees depend on your transaction amount, starting at $0.99 for a transaction up to $10. No deposit fees with crypto or wire transfers, though you'll pay 3.49% of your total purchase amount with a debit card transfer, according to Gemini. It has no account minimum.

Nevada laws and regulations around crypto

While crypto is classified under DeFi – decentralized finance – there are some regulations in place. Here are a few notable regulations and news surrounding crypto in Nevada:

  • Crypto-based entities must get a money transmitter license to do business in the state, required by the Financial Institutions Division of Nevada.
  • Nevada tried to pass a cryptocurrency regulatory act in 2019, but it didn’t go through.
  • Nevada became the first state to ban local governments from taxing blockchain use and enacted the Senate Bill No. 398 in 2017, as reported by Coindesk.

Are there any exchanges I can’t use in Nevada?

Most US cryptocurrency exchanges are available to Nevada residents, save for a few like such as Robinhood.

Robinhood is a popular investment app, but Robinhood Crypto is unavailable in Nevada, New Hampshire, Hawaii and West Virginia.

Can I use Binance in Nevada?

Yes, Binance.us is available to Nevada residents.

The cryptocurrency exchange Binance is not legal in the United States, but the branch Binance.us is accessible in 46 states, including Nevada.

Can I buy Bitcoin in Nevada?

Yes, you can buy Bitcoin (BTC) in Nevada. BTC is on nearly every major cryptocurrency exchange licensed in the US and New Jersey.

Can I buy Dogecoin in Nevada?

Dogecoin (DOGE) is available on multiple mainstream exchanges. In Nevada, you can use the exchanges Binance.us, Coinbase, Coinmama, Gemini or Kraken (and many more) to buy DOGE.

Know before you buy crypto in Nevada

Before choosing an exchange and buying crypto, know that not every exchange is permitted in the state of Nevada. Robinhood Crypto is restricted in the state, and KuCoin is also not licensed at all in the US.

Redditors often recommend unlicensed exchanges to get around KYC requirements, but using workarounds can mean getting locked out of your accounts, losing your digital assets or running into legal trouble.

Additionally, keep the following in mind before investing in crypto:

  • Coin values fluctuate. The value of any given coin isn’t guaranteed to rise. While Bitcoin is arguably one of the most popular currencies out there, there’s still no guarantee you’ll make money on your investment.
  • Exchanges may not be liable for lost assets. Crypto-based companies like marketplaces or exchanges typically function as third-party entities, which means they may not be liable if you’re scammed or your digital wallet is hacked while using their services. Read the fine print of your chosen exchange.
  • Crypto scams do happen. Despite crypto being a relatively new market, scams are already abundant. Phishing scams are popular, often involving a fake representative from an exchange or digital wallet trying to get your passcodes to “verify” your account. Contact the company directly if you see any suspicious activity.
  1. State of Nevada, Dept. of Business and Industry, ‘Issuers of instruments for transmission of payment or money’
  2. Coindesk, “Nevada Becomes First US State to Ban Blockchain Taxes”, June 6 2017
  3. CNCB, Bitcoin exchange Kraken considers going public after record trading volumes in the first quarter, Apr 8 2021
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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