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How to buy cryptocurrency in Rhode Island
Buying cryptocurrency in Rhode Island doesn't have to be tricky — compare -1+ licensed platforms.
In Rhode Island, there are multiple exchanges to choose from to buy coins like Waves (WAVES), VeChain (VET) and Arweave (AR). Rhode Island also has 137 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Warwick (60 ATMs), East Providence (2 ATMs) and East Providence (2 ATMs). The most popular coin in Rhode Island in 2021 was Stellar, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Rhode Island's most popular coin will be next year.
How to buy cryptocurrency in Rhode Island
With a personal per-capita income of $56,361 in Rhode Island, choosing the right exchange and coin to purchase is a big decision. The average person in Rhode Island earns the equivalent of roughly 2.12 BTC or 35.36 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, Coinbase Digital Currency Exchange lists over 255 cryptocurrencies and SoFi Invest Crypto lists 21. 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: Kraken Cryptocurrency Exchange
- Established crypto exchange that’s served customers for over a decade
- Supports over 200 crypto assets
- Provides resources for both beginner and advanced traders
- Registered as a Money Service Business (MSB) and is FinCEN compliant
- Offers futures contracts and margin for trades
- Not available to residents of New York and Washington state
- No longer offers its staking service to US residents
If you’re new to crypto investing, Kraken’s simple and intuitive user interface makes it easy for you to open an account and make your first crypto purchase. And Kraken’s Learn center helps you better understand the complex terminology that surrounds crypto.
If you’re a seasoned crypto investor, you’ll benefit from using Kraken Pro — the exchange’s advanced trading platform, which lets you trade over 200 crypto assets with low trading fees and a customizable trading interface. Kraken Pro also offers futures contracts as well as up to 5x leverage for trades.
|Deposit Methods||Bank transfer
ACH online banking
|Deposit Fees||ACH deposit - Fees vary ($10 minimum deposit)
Credit and debit card - Fees vary ($10 minimum deposit)
Apple Pay or Google Pay - Fees vary ($10 minimum deposit)
Crypto - Free
|Withdrawal Fees||FedWire withdrawal - $4-$35
Crypto - Fees vary depending on coin or token
|Trading Fees||Maker: 0-0.16%
No matter what exchange you choose, it's important to verify that it's available in Rhode Island. Some states have strict requirements, while others simply require a money transmitter license. 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 an insurance bill, a bank statement or a utility 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 BitMart (BMX), Bella Protocol (BEL), Bitcoin (BTC) and Chainlink (LINK). 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 Rhode Island?
To buy crypto in Rhode Island, 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
Coinbase Digital Currency Exchange
Finder rating 4 / 5 ★★★★★
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.
- Learn and earn program. Earn coins and tokens by watching tutorials and answering crypto-related questions.
- Offers crypto rewards Visa debit card. You can earn crypto just by spending your fiat via a debit card as you normally would when you use Coinbase’s Visa debit card.
- Transaction fees vary
- Minimum balances apply
- Customer service ratings remain poor in platform reviews
SoFi Invest Crypto
Finder rating 4.5 / 5 ★★★★★
- $0 account minimum
- 28 coins available
- Reputable exchange
- Can't transfer crypto out of SoFi
- 1.25% markup fee
Can I buy Waves (WAVES) in Rhode Island?
Yes, you can buy Waves in Rhode Island using an exchange like Public, Coinmama or SoFi. We recommend exploring a list of exchanges that support Waves and taking a deeper dive into how to buy Waves.
Can I buy VeChain (VET) in Rhode Island?
Yes, you can buy VeChain in Rhode Island using an exchange like Public, Coinmama or SoFi. We recommend exploring a list of exchanges that support VeChain and taking a deeper dive into how to buy VeChain.
Can I buy Arweave (AR) in Rhode Island?
Yes, you can buy Arweave in Rhode Island using an exchange like Public, Coinmama or SoFi. We recommend exploring a list of exchanges that support Arweave and taking a deeper dive into how to buy Arweave.
Regulations around cryptocurrency in Rhode IslandStates also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.
Rhode Island's regulations according to Bloomberg LawVirtual currency transactions are expressly “currency transmission” under Rhode Island law. G.L.1956 § 19-14-1(4)(ii). Currency transmission requires a license, G.L.1956 § 19-14-2(3); however, there are a number of exceptions for specific situations in G.L.1956 § 19-14.3-1. Rhode Island has a list of mandated disclosures virtual currency businesses must make to their customers. G.L.1956 § 19-14.3-3.5. A Rhode Island licensee must maintain enough virtual currency to satisfy all of its customers’ entitlements. G.L.1956 § 19-14.3-3.6. See also “Rhode Island Currency Transmission Law: Frequently Asked Questions”
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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