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How to buy crypto in New Jersey

Cryptocurrency is legal in the Garden state with few restrictions for residents.

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.

You can buy cryptocurrency in New Jersey with little to no regulation. You’re required to use an exchange or platform that’s licensed to operate in the US, which leaves you plenty of options to choose from.

New Jersey appears to be setting up the framework to incentivize crypto-based entities to settle in the state.

How to buy crypto in New Jersey

Luckily for New Jerseyans, you’ve got many options when it comes to exchanges and financial services through which to invest in cryptocurrency. In other words, you don’t have to bend over backwards to find a decent exchange that suits your needs.

Step 1: Compare crypto exchanges

New Jersey allows multiple crypto exchanges to operate in the state, including popular platforms like Binance.US, SoFi and Coinbase. Choose an exchange based on the coins you’d like to invest in, as well as its reputation, fees, user friendliness and customer support.

Creating an account with an exchange typically involves:

  • Creating a username and password
  • Verifying identity and completing know your customer (KYC) procedures
  • Connecting a digital wallet or using the exchange’s wallet
  • Depositing funds

Transaction fees and deposit methods available are also something to consider, as well as what digital wallet’s the platform supports. For example, not all exchanges allow you to link your bank account or buy coins with a debit or credit card.

Our top pick: SoFi Invest Crypto

Minimum Deposit
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)
Debit card
Wire transfer
Rollover or personal check
Deposit Fees N/A
Withdrawal Fees N/A
Trading Fees 1.25%

Step 2: Compare digital wallets

A digital wallet is software designed to store, send and display digital assets.

Digital wallets require a seed phrase to log in — a series of words generated by your digital wallet that act as a master password.

Choose between a custodial wallet or a noncustodial wallet. A custodial wallet is one where a third party keeps track of your wallet’s seed phrase, and a noncustodial wallet is where you’re given control of how and where your passcodes are kept safe.

Digital wallets are a dime a dozen, but popular choices include MetaMask, Trust Connect, Ledger, ZenGo and Exodus.

Signing up with an online digital wallet involves general steps that include:

  • Creating an account
  • Downloading a browser extension
  • Generating and recording a seed phrase
  • Depositing funds, if desired

Keeping your digital assets safe starts with keeping your seed phrase safe. If anyone gets this phrase, they could take your digital assets, and getting coins or NFTs back isn’t easy, if possible at all. Keep your passwords safe, preferably offline. Some crypto investors write their seed phrases on a piece of paper that’s stored in a safe deposit box or safe for extra protection.

Step 3: Choose the coins you want to buy

With more than 8,000 crypto coins on the market, you’ll want to narrow your choices.

If you’re new to the crypto investing game, experts typically recommend investing in well-known or popular coins like Bitcoin (BTC) or Ether (ETH) — two currencies often credited for fast-tracking crypto. These coins are also listed on most mainstream crypto exchanges.

You can find memecoins like Dogecoin (DOGE), many of which were created as a joke but today are viable investments. Other big-name coins include Bitcoin Cash (BCH), Shiba Ins (SHIB), Solana (SOL), Cardano (ADA), Binance Coin (BNB) and Terra (LUNA).

Coins in New Jersey

Few state restrictions mean that you can access the majority of the 8,000 cryptocurrencies on the market through exchanges licensed to do business in New Jersey.

For memecoins or other altcoins, look to exchanges like Coinbase or Kraken, which list Dogecoin (DOGE) and Shiba Inu (SHIB) among them.

Where to buy crypto in New Jersey

New Jersey doesn’t impose strict regulations on where you can buy crypto — only that you use an exchange that’s licensed in the US.

Start with well-known and reputable exchanges based on customer support, security, number of users and coins offered.

eToro Cryptocurrency Trading

An Israeli multiasset brokerage company with trading services for crypto. Known for social trading that allows you to interact with other traders. Founded in 2007, eToro has some 17M users and can operate in 44 states. Lists 27 cryptocurrencies that include BTC, ETH, XLM and EOS. No deposit fees and no withdrawal fees, but minimum $10 deposit and minimum $50 withdrawal. Accepts wire transfers and online banking deposits.

SoFi Invest Crypto

Finder Rating: 4.5 / 5 ★★★★★

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.

Kraken Cryptocurrency Exchange

Finder Rating: 5 / 5 ★★★★★

Founded in 2011, a US-based cryptocurrency bank with some 4M users. Lists more than 60 cryptocurrencies that include BTC, BCH, ETH, ADA and LTC. Accepts multiple deposit methods. Withdraw and deposit fees vary, and trading fees vary by trade and type. Stablecoin trading and margin trading also come with different fee structures. Offers 24/7 customer support.

Coinbase Digital Currency Exchange

Finder Rating: 4 / 5 ★★★★★

Founded in 2012, Coinbase lists more than 50 coins that include BTC, ETH and DOGE. Its conversion fee ranges from 0.50% to 2.0% 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.

Gemini Cryptocurrency Exchange

Finder Rating: 4 / 5 ★★★★★

Founded in 2014 and based in New York. Gemini lists more than 50 coins that include BTC, ETH, LTC, BCH and DOGE. Transaction fees depend on your transaction amount, starting at $0.99 for a transaction of 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. Also created Gemini Dollar, the world's first regulated stablecoin.

New Jersey state laws and regulations on crypto

New Jersey appears to be setting itself up for welcoming crypto-based businesses to put down roots in the state.

New Jersey’s senate proposed the Virtual Currency and Blockchain Regulation Act in November 2021. The business-focused bill establishes a framework for crypto-based entities and offers incentives for these businesses to put down roots in the state.

Notable elements in the bill include:

  • Recognition of digital assets as property.
  • The formation of decentralized organizations to provide protections afforded to LLCs.
  • Exemption of virtual currency from laws governing money transmitters.
  • Tax credits for crypto businesses.
  • Approval for cryptocurrency as an electronic payment method for state taxes.

Are there any exchanges I can’t use in New Jersey?

KuCoin is often recommended on Reddit, but it’s not licensed to operate in the US — so steer clear. Using an exchange that skips KYC requirements, or lying while completing these forms, can result in frozen assets, losing access to your accounts or worse.

Can I use Binance in New Jersey?

Yes, New Jersey residents can use

Note that the exchange Binance is not legal in the US, but the branch is available in 46 states, including New Jersey.

Can I buy Bitcoin in New Jersey?

Bitcoin (BTC), Ether (ETH) and other popular coins are available on nearly every crypto exchange in New Jersey.

Can I buy Uniswap in New Jersey?

Yes, you can buy Uniswap (UNI) on multiple exchanges, including Coinbase and Gemini.

Can I buy Vechain in New Jersey?

Vechain (VET) is available on exchanges such as Coinbase, and Coinmama.

New Jersey cryptocurrency taxes

There are currently no laws regulating the taxation of crypto in New Jersey.

However, the IRS does consider crypto a form of property, so buying, selling or trading crypto can trigger capital gains tax required for disclosure in your tax returns.

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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