How to buy cryptocurrency in Washington
Buying cryptocurrency in Washington doesn't have to be tricky — compare -1+ licensed platforms.
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.
In Washington, there are multiple exchanges to choose from to buy coins like Ripple (XRP), Litecoin (LTC) and Shiba Inu (SHIB). Washington also has 407 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Seattle (202 ATMs), Yakima (60 ATMs) and Spokane (47 ATMs). The most popular coin in Washington in 2021 was Dogecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what Washington's most popular coin will be next year.
How to buy cryptocurrency in Washington
With a personal per-capita income of $64,758 in Washington, choosing the right exchange and coin to purchase is a big decision. The average person in Washington earns the equivalent of roughly 1.49 BTC or 27.28 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 29 cryptocurrencies and Coinbase Digital Currency Exchange lists 238. 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||Taker fee - 0.03-0.4%
Maker fee - 0-0.2%
No matter what exchange you choose, it's important to verify that it's available in Washington. Some states have strict requirements, while others simply require a money transmitter license. partner is not available in Washington, 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 mortgage statement, 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 Jito (JTO), Seedify.fund (SFUND), Open Campus (EDU) and Tectum (TET). 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:
- Long-term performance. Look for stability or patterns you think you can trade on. Large drops may indicate waning demand.
- 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.
- 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.
Where do I buy crypto in Washington?
To buy crypto in Washington, 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.
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
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
How to buy Ripple (XRP) in Washington?
To buy Ripple in Washington, you will first need to sign up for an exchange like Public, Coinmama or CEX.IO. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Ripple which covers how to pick an exchange, payment methods, wallets and more.
Can I buy Litecoin (LTC) in Washington?
Yes, you can buy Litecoin in Washington using an exchange like Public, Coinmama or CEX.IO. We recommend exploring a list of exchanges that support Litecoin and taking a deeper dive into how to buy Litecoin.
Can I buy Shiba Inu (SHIB) in Washington?
Yes, you can buy Shiba Inu in Washington using an exchange like Public, Coinmama or CEX.IO. We recommend exploring a list of exchanges that support Shiba Inu and taking a deeper dive into how to buy Shiba Inu.
Regulations around cryptocurrency in WashingtonStates also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.
Washington's regulations according to Bloomberg LawRCW 19.230.010(18) specifically states that virtual currency is included in the definition of money transmission. However, the implementing regulations say that storage of virtual currency without the unilateral power to transmit is not money transmission. WAC 208-690-015(4). Virtual currency money transmitters must have a third party security audit of their computer systems. RCW 19.230.040(5); WAC 208-690-030(7). There are also virtual currency-specific investment and disclosure requirements; RCW 19.230.200(1), RCW 19.230.370, WAC 208-690-085(4), WAC 208-690-205(3). There is a separate minimum net worth requirement for licensees that also store virtual currency. WAC 208-690-060(2). See also Washington Department of Financial Institutions, “Industry Guidance for Virtual Currency, Cryptocurrency, and Digital Assets”
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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