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How to buy cryptocurrency in Tennessee
Buying cryptocurrency in Tennessee doesn't have to be tricky — compare -1+ licensed platforms.
In Tennessee, there are multiple exchanges to choose from to buy coins like VeChain (VET), STEPN (GMT) and Basic Attention (BAT). Tennessee also has 992 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Nashville (351 ATMs), Knoxville (203 ATMs) and Memphis (186 ATMs). The most popular coin in Tennessee in 2021 was Dogecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Tennessee's most popular coin will be next year.
How to buy cryptocurrency in Tennessee
With a personal per-capita income of $48,684 in Tennessee, choosing the right exchange and coin to purchase is a big decision. The average person in Tennessee earns the equivalent of roughly 1.72 BTC or 26.83 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, CEX.IO Cryptocurrency Exchange lists over 44 cryptocurrencies and SoFi Invest Crypto lists 29. 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
- 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)
|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 Tennessee. Some states have strict requirements, while others simply require a money transmitter license. partner is not available in Tennessee, 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 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 Arbitrum (ARB), inSure DeFi (SURE), INSTAR (INSTAR) 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:
- 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.
- 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.
- Security. Since cryptocurrency is under the umbrella of digital assets, there is a chance that issues could be in its coding. A coin on a secure blockchain could mean a higher value.
Where do I buy crypto in Tennessee?
To buy crypto in Tennessee, 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
SoFi Invest Crypto
Finder rating 4.5 / 5 ★★★★★
- $0 account minimum
- 20+ coins available
- Reputable exchange
- Can't transfer crypto out of SoFi
- 1.25% markup fee
Paybis Cryptocurrency Exchange
- Lists 36 cryptocurrencies
- Multiple fiat currencies supported
- Five deposit methods
- 24/7 customer support
- Fees high and vary
- Can only sell BTC
- No supported crypto pairs
- Unavailable in New York and Hawaii
Can I buy VeChain (VET) in Tennessee?
Yes, you can buy VeChain in Tennessee using an exchange like Coinmama, SoFi or CEX.IO. We recommend exploring a list of exchanges that support VeChain and taking a deeper dive into how to buy VeChain.
Can I buy STEPN (GMT) in Tennessee?
Yes, you can buy STEPN in Tennessee using an exchange like Coinmama, SoFi or CEX.IO. We recommend exploring a list of exchanges that support STEPN and taking a deeper dive into how to buy STEPN.
Can I buy Basic Attention (BAT) in Tennessee?
Yes, you can buy Basic Attention in Tennessee using an exchange like Coinmama, SoFi or CEX.IO. We recommend exploring a list of exchanges that support Basic Attention and taking a deeper dive into how to buy Basic Attention.
Regulations around cryptocurrency in TennesseeStates also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.
Tennessee's regulations according to Bloomberg LawTennessee does not consider cryptocurrency itself “money transmission,” but many acts of converting virtual currency into fiat currency fall under the definition of money transmission and must be licensed. Tennessee Department of Financial Institutions, “Regulatory Treatment of Virtual Currencies Under the Tennessee Money Transmitter Act“ (Dec. 16, 2015).
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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