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The good news for cryptocurrency investors or the crypto curious is that Texas has few restrictions on where you can buy it. In fact, Texas aims to be a big player in mining coins and cryptocurrency technology. Texas also accepts crypto and blockchain technology under its commercial business laws.
How to buy cryptocurrency in Texas
Unlike New York, which enforces strict limitations on where consumers can buy cryptocurrency, crypto exchanges in the US are largely open for business in Texas. It means you choose from a greater variety of platforms, wallets and coins you can buy, sell or trade.
Step 1: Compare exchanges.
Weigh fees and factors against your budget and investment goals to find an exchange that fits your needs.
Understand the exchange’s fee structure, and know what you could pay for transfers, deposits, withdrawals and more, with fees varying by exchange. Look for features you expect to use, like fiat-to-crypto trades, access to coins you’re interested in, tax reporting support and crypto banking products that can help you tap into the value of your crypto.
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
And make sure the exchange is compatible with the digital wallet you’ll use to store and access your crypt assets.
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
Kraken is an established cryptocurrency exchange that offers features for beginner and advanced crypto investors alike.
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 Credit card Cryptocurrency Debit card Apple Pay Google Pay SWIFT 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% Taker: 0.1-0.26%
Step 2: Choose a digital wallet.
If you want to buy cryptocurrency, you need a digital wallet. These wallets store your digital assets, including coins, NFTs and even keys. Wallets are a dime a dozen, so choosing the right one for your needs largely depends on the exchange you want to use.
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.
Online digital wallets typically require steps that include:
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
The best digital wallets feature apps that allow you to manage your digital assets on the go. 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 popular coins include Dogecoin (DOGE), Bitcoin Cash (BCH), Shiba Ins (SHIB), Solana (SOL) and Cardano (ADA).
Cryptocurrency is a speculative investment. Costs can vary greatly among coins and fluctuate daily, leaving room for dramatic gains and losses.
While there’s no guarantee you’ll make a profit, you can narrow down a coin that fits your needs by researching elements that include:
Market capitalization. Our in-depth coin guides include details on how a coin ranks in market value, its availability and the max number of coins expected to be issued.
Long-term performance. Look for stability or patterns you think you can trade on. Large drops may indicate waning demand.
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.
Crypto coins in Texas
Residents of Texas can buy most cryptocurrencies available in the US — from big-name coins like BTC and ETH to memecoins like DOGE and SHIB.
Where can I buy crypto in Texas?
Most popular exchanges are available for Texas residents. The state also supports Bitcoin ATMs that allow consumers to buy Bitcoin with physical cash. These ATMs aren’t connected to a bank or credit union, but instead are connected to the Bitcoin network.
Based in the United States and founded in 2011, boasts over 6M clients in nearly 190 countries, is a popular choice for many crypto enthusiasts. Lists 87 cryptocurrencies, including BTC, ETH, DOGE and ADA. There's a 0.9% fee for buying stablecoins with another stablecoin or USD; a processing fee of $0.25+3.75% fee for card purchases and digital wallet payments; and a 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.
Pros
Has never had a sitewide hack
Lists 87 cryptocurrencies
Years of experience
Cons
High fees with instant buy
Texas can't buy EUR or EUR pairs
Can't use a credit card
Requires $10 account minimum
Deposit method
Bank transfer,Credit card,Cryptocurrency,Debit card,Apple Pay,Google Pay,SWIFT,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
Founded in 2016 and based out of Singapore. Lists 190 cryptocurrencies including BTC, BCH, ADA, DOGE, EOS, LTC, XLM and ETH. It also offers its own coin, CRO, and if you hold stake in it you're offered lower trading fees and more credit card rewards. Trading fees start at 0.40% and a 2.99% fee for credit card purchases. However, many coins offered aren't available in the U.S. Requires a $1 purchase amount.
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. Coinbase also has plans to open an NFT marketplace in 2022.
Pros
Reputable exchange
50+ coins available
NFT marketplace to launch soon
Cons
Transaction fees of 0.50% to 2.0%
$2 minimum balance
Deposit method
Bank transfer (ACH),Debit card,PayPal,Wire transfer,Apple Pay,Google Pay
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 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, according to Gemini. Has no account minimum.
Pros
Reputable exchange
40+ coins available
No account minimum
Owns Nifty Gateway
Cons
Fees depend on transaction amount
Deposit fees with debit cards
Deposit method
Bank transfer (ACH),Cryptocurrency,Debit card,PayPal,Apple Pay,Google Pay,SWIFT
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)
You can use the somewhat controversial exchange Kraken in Texas. However, Texas residents can’t deposit or hold EUR (euro-backed asset) or trade any EUR pairs such as ETH-EUR, according to Kraken.
Another exchange you can’t use in Texas, or any other state, is KuCoin. This exchange doesn’t accept U.S. users and isn’t licensed to operate in the U.S.
Many Redditors and crypto blogs claim you can use exchanges not licensed in the U.S. by skipping KYC (Know Your Consumer) requirements. But this can risk getting your digital assets frozen or getting locked out of your account – so we recommend sticking to exchanges that are licensed to operate in your state and avoiding workarounds that could land you in legal trouble.
Can I use Binance in Texas?
The cryptocurrency exchanges Binance and Binance.us are both unavailable to Texas residents.
How many people own Bitcoin in Texas?
Some 8% of respondents who live in Texas currently own Bitcoin, according to a Google survey of 1,501 people living in Texas conducted online from December 13 to January 10, 2022. An additional 6% said they don’t own Bitcoin yet but plan to buy in 2022 — which means that Bitcoin adoption in Texas could hit 14% by the end of the year.
In Texas, men (11%) are more than twice as likely as women (5%) to own Bitcoin. Of those who don’t own Bitcoin, men (7%) are also more likely than women (6%) to buy it this year. If these men follow through with their plans, it could mean the gap grows to a difference of seven percentage points by the end of the year.
Those ages 25 to 34 are most likely to own Bitcoin according to respondents who live in Texas, followed by ages 35 to 44, ages 18 to 24 and ages 45 to 55. Young adults ages 18 to 24 who don’t yet own Bitcoin are most likely to buy this year, while those ages 55 to 64 and older are least likely to buy Bitcoin.
Our data is based on a Google survey of 1,501 people conducted online from December 13, 2022, to January 10, 2022. Respondents identified that they live in Texas. We asked respondents if they currently own Bitcoin and, if not, whether they plan to buy Bitcoin in 2022.
Texas laws and regulations around crypto
Texas is home to the largest Bitcoin mine, located in Whinstone, which hosts over 25,000 miners (computers programmed to mine Bitcoin), as reported by the Texas Tribune.
The state passed the Texas Virtual Currency Bill in 2021, which recognizes the legal status of virtual currency, regulates cryptocurrency under commercial laws and gives crypto holders legal rights. The goal is better protection for consumers from scams, fraud or theft from businesses that deal with cryptocurrency.
Is Bitcoin legal in Texas?
Yes, it is. Not only is Bitcoin (BTC) legal in Texas, but the state also recognizes the currency as legal tender, and Texas is known as one of the top spots for Bitcoin mining operations.
Can I buy Bitcoin and Ether in Texas?
Yes, most of the large US-licensed exchanges that list BTC and ETH are available to Texas residents. Coinbase, Gemini, Venmo and even PayPal offer these popular coins and more. BTC and ETH are staples often credited for moving crypto into the mainstream.
Can I buy Dogecoin in Texas?
Yes, DOGE is widely available on exchanges. Popular exchanges that list DOGE include Coinbase, Gemini, Robinhood, eToro and SoFi.
Can I buy BNB in Texas?
Yes, BNB is available for purchase on multiple crypto exchanges, including Coinbase. However, you can’t buy BNB on the popular exchange Gemini at this time.
Can I buy Cardano in Texas?
Yes, Cardano (ADA) is available on many crypto exchanges, such as Binance.us, Coinbase and Kraken.
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.
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.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Bethany Hickey is a personal finance writer at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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