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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 1.01 BTC or 20.50 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 Uphold - Digital Asset Platform lists 273. Exchanges can also vary in deposit methods and fees. Confirm the platform supports any specific coins you're interested in before signing up.
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
Gemini is a cryptocurrency exchange with a simple UI that's user-friendly and accommodating to newcomers and experienced traders. Gemini's strongest point is its Gemini Earn program, which allows users to earn up to 7.4% interest on specified cryptocurrency balances.
Gemini has a wide selection of cryptos available for exchange on the platform. However, some notable entries from the top 20 by market cap are missing, such as Cardano and Solana.
Deposit Methods
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)
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 utility bill, a bank 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.
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
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 GALA (GALA), Commune AI (COMAI), Virtual Protocol (VIRTUAL) and Hedera (HBAR).
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:
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.
Supply and scarcity. Crypto coins have limited supply, which can influence their value. Classic supply and demand.
Where do I buy crypto in Washington?
To buy crypto in Washington, look for a crypto exchange that fits your needs. Consider using:
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.
Cons
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.
Deposit method
Bank transfer,Debit card,PayPal,Wire transfer
Deposit Fees
None. Minimum deposit amount is $10.
Withdrawal Fees
None
Trading Fee
1% fee for buying or selling cryptoassets
Pros
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.
Cons
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.
Marketplace founded in 2013, extending from London to the US in 2019. Cex.io allows you to fund an account with ACH, credit cards, wire deposits. It lists 18 cryptocurrencies that include BTC, BCH, ETH and DOGE.
Pros
Accepts credit cards
18 coins available
No reported sitewide hacks
Cons
Customers report poor customer service
Verification process may take days or weeks
Deposit method
Bank transfer,Credit card,Cryptocurrency,SEPA,Faster Payments (FPS),SWIFT
Paybis is a global cryptocurrency broker based out of the UK, founded in 2014. It's supported in over 180 countries, supports 42 fiat currencies and lists over 30 cryptocurrencies. While you have hundreds of buying options, you can only sell BTC on the platform. For payment, the fees vary, and there are high fees for fiat transactions. Paybis is known for its responsive customer service and supports nine different languages. It may be best suited for beginner traders looking to buy crypto with fiat currency, but it's not supported in all U.S. states.
To buy Ripple in Washington, you will first need to sign up for an exchange like Gemini, Public or Coinmama. 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 Gemini, Public or Coinmama. 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 Gemini, Public or Coinmama. 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 Washington
States 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 Law
RCW 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
Exchanges must also obtain a money transmitter license to operate in states. The Anti-Money Laundering Act of 2020 requires exchanges to get money transmitter licenses, since cryptocurrency is considered a digital currency.
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.
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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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