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.
Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
How to buy cryptocurrency in South Dakota
Buying cryptocurrency in South Dakota doesn't have to be tricky — compare 11+ licensed platforms.
In South Dakota, there are multiple exchanges to choose from to buy coins like Helium (HNT), Uniswap (UNI) and Cardano (ADA). South Dakota also has 95 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Sioux Falls (34 ATMs), Rapid City (20 ATMs) and Watertown (10 ATMs). The most popular coin in South Dakota in 2021 was Litecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what South Dakota's most popular coin will be next year.
How to buy cryptocurrency in South Dakota
With a personal per-capita income of $53,962 in South Dakota, choosing the right exchange and coin to purchase is a big decision. The average person in South Dakota earns the equivalent of roughly 2.69 BTC or 47.85 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, Crypto.com App lists over 263 cryptocurrencies and KuCoin Cryptocurrency Exchange lists 598. 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
Minimum Deposit
Cryptocurrencies
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
Deposit Methods | Bank transfer (ACH) Debit card Wire transfer |
---|---|
Deposit Fees | Cryptocurrency: None Wire transfer: None Bank transfer (ACH): None, bank fees may apply Debit card transfer: 3.49% |
Withdrawal Fees | Cryptocurrency: None for first 10 withdrawals of each month Other: None for first 10 withdrawals of each month |
Trading Fees | Order amount below USD 200: USD 0.99 - USD 2.99 Order amount over USD 200: 1.49% Convenience fee: 0.50% |
No matter what exchange you choose, it's important to verify that it's available in South Dakota. Some states have strict requirements, while others simply require a money transmitter license. eToro is not available in South Dakota, 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 lease, a mortgage 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 TerraClassicUSD (USTC), Terra (LUNA), SpiceUSD (USDS) and BOSAGORA (BOA). 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:- 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.
- 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.
- Node count. Nodes are how many participants there are in a blockchain network. Nodes all work together to verify transactions — the more nodes, the better.
Where do I buy crypto in South Dakota?
To buy crypto in South Dakota, look for a crypto exchange that fits your needs. Consider using:
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
Fiat currencies | 4 |
---|---|
Cryptocurrencies | 22 |
Coinbase Digital Currency Exchange
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.
- Large selection of cryptocurrencies
Offline crypto storage
Strong customer reviews
- Transaction fees vary
Minimum balances apply
Customer service ratings remain poor in platform reviews
Fiat currencies | 23 |
---|---|
Cryptocurrencies | 174 |
Crypto.com App
Crypto.com charges maker and taker fees for cryptocurrency trades. The fees vary depending on customer tier levels. Tiers are adjusted daily and are based on a customer's individual trading volumes incurred over the past 30 days.
- Large selection of crypto
Low fees
Staking for rewards available
- Can be difficult to navigate
Customer service could be more responsive
Expensive withdrawal fees
Fiat currencies | No supported |
---|---|
Cryptocurrencies | 261 |
Gemini Cryptocurrency Exchange
Gemini's fees are somewhat higher than those charged on other exchanges. The platform charges as much as 1.49% on transactions over $200.
- Highly regulated
All crypto held in the exchange wallet is insured
Deep liquidity
- Higher fees than other exchanges
Limited trading pairs
Limited deposit options
Minimum deposits | $0 |
---|---|
Fiat currencies | 8 |
Cryptocurrencies | 117 |
Kraken Cryptocurrency Exchange
- 0.9% fee for buying stablecoins with another stablecoin or USD
- Processing fee of $0.25+3.75% fee for card purchases and digital wallet payments
- 0.5% online banking processing fee.
- Has never had a sitewide hack
Lists 80+ cryptocurrencies
Years of experience
- High fees with instant buy
Texas can't buy EUR or EUR pairs
Can't use a credit card
Requires $10 account minimum
Fiat currencies | 7 |
---|---|
Cryptocurrencies | 108 |
How to buy Helium (HNT) in South Dakota?
To buy Helium in South Dakota, you will first need to sign up for an exchange like Crypto.com, CEX.IO or Uphold. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Helium which covers how to pick an exchange, payment methods, wallets and more.
Can I buy Uniswap (UNI) in South Dakota?
Yes, you can buy Uniswap in South Dakota using an exchange like CEX.IO, Kraken or Paxful. We recommend exploring a list of exchanges that support Uniswap and taking a deeper dive into how to buy Uniswap.
Can I buy Cardano (ADA) in South Dakota?
Yes, you can buy Cardano in South Dakota using an exchange like Crypto.com, Gemini or Paybis. We recommend exploring a list of exchanges that support Cardano and taking a deeper dive into how to buy Cardano.
Regulations around cryptocurrency in South Dakota
States also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.South Dakota's regulations according to Bloomberg Law
South Dakota considers the term “monetary value” in SDCL 51A-17-1(13) to include virtual currency. See Division of Banking, “Virtual Currency Transmission in South Dakota“ (May 25, 2019).Source: Bloomberg Law
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.
More guides on Finder
-
How to invest in Ethereum
Interested in Ethereum? Find 5 strategies to invest in the cryptocurrency.
-
How to buy cryptocurrency in Puerto Rico
How to start buying and investing in cryptocurrency in Puerto Rico.
-
How to buy cryptocurrency in Wyoming
Wyoming may have regulations on crypto, learn how to buy cryptocurrency legal in Wyoming.
-
How to buy cryptocurrency in West Virginia
West Virginia may have regulations on crypto, learn how to buy cryptocurrency legal in West Virginia.
-
How to buy cryptocurrency in Wisconsin
Wisconsin may have regulations on crypto, learn how to buy cryptocurrency legal in Wisconsin.
-
How to buy cryptocurrency in Washington
Washington may have regulations on crypto, learn how to buy cryptocurrency legal in Washington.
-
How to buy cryptocurrency in Virginia
Virginia may have regulations on crypto, learn how to buy cryptocurrency legal in Virginia.
-
How to buy cryptocurrency in Vermont
Vermont may have regulations on crypto, learn how to buy cryptocurrency legal in Vermont.
-
How to buy cryptocurrency in Utah
Utah may have regulations on crypto, learn how to buy cryptocurrency legal in Utah.
-
How to buy cryptocurrency in Tennessee
Tennessee may have regulations on crypto, learn how to buy cryptocurrency legal in Tennessee.
Ask an Expert