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How to buy cryptocurrency in West Virginia

Buying cryptocurrency in West Virginia doesn't have to be tricky — compare 7+ licensed platforms.

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In West Virginia, there are multiple exchanges to choose from to buy coins like Bitcoin (BTC), Dogecoin (DOGE) and Bitcoin (BTC). West Virginia also has 94 registered Bitcoin ATMs where you can buy Bitcoin on the go, with the most popular locations being Bridgeport (98 ATMs), Parkersburg (10 ATMs) and South Charleston (8 ATMs). The most popular coin in West Virginia in 2021 was Dogecoin, as reported by FinanceBuzz. Of course, there are more than 10,000 cryptocurrencies in existence, so who knows what West Virginia's most popular coin will be next year.

How to buy cryptocurrency in West Virginia

With a personal per-capita income of $42,315 in West Virginia, choosing the right exchange and coin to purchase is a big decision. The average person in West Virginia earns the equivalent of roughly 2.22 BTC or 39.88 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 264 cryptocurrencies and KuCoin Cryptocurrency Exchange lists 601. 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

$0
Minimum Deposit
117
Cryptocurrencies
8
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
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)
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 West Virginia. Some states have strict requirements, while others simply require a money transmitter license. CEX.io is not available in West Virginia, 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 an insurance bill.

General steps to signing up with an exchange include:

  1. Create an account
  2. Verify your identity, usually with government-issue ID
  3. Connect a digital wallet
  4. 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:
  1. Create an account
  2. Record generated seed phrase — or master password
  3. Connect a debit card, credit card or bank account
  4. 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 KuCoin (KCS), Polygon (MATIC), Evmos (EVMOS) and Moonbeam (GLMR). 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:
  • 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.
  • Celebrity endorsements. Some coins are sought after by celebrities, which can increase their value.
  • 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 West Virginia?

To buy crypto in West Virginia, look for a crypto exchange that fits your needs. Consider using:

Crypto.com App

Crypto.com bills itself as the world's fastest-growing app and includes a large selection of cryptocurrencies. The exchange launched under the name Monaco in 2016 and changed to crypto.com in 2018. Its native token, Crypto.com Coin (CRO), can be used to lower fees on the exchange.

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.

eToro Cryptocurrency Trading

eToro is a multi-asset investment platform. Started in 2007, the platform is built on social collaboration and lets customers copy the trades of popular investors. The exchange offers a range of cryptocurrencies, including Polkadot (DOT) and Filecoin (FIL). Users can also trade with a demo account, allowing them to learn the platform and practice crypto-trading strategies without risking real money.

The eToro exchange charges 'round-trip' spreads when buying crypto assets. The spread covers the buy-and-sell side of the transaction and varies based on the asset being purchased. Current spreads vary between .75% and 2.90%

Gemini Cryptocurrency Exchange

Gemini was founded in 2015 and operates as a global digital asset exchange and New York trust company. The platform is available in all 50 states and boasts a number of security features, including insurance against exchange hacks. Gemini carries over 90 cryptocurrencies. Some altcoins available are Cosmos (ATOM), Maker (MKR) and Dogecoin (DOGE).

Gemini's fees are somewhat higher than those charged on other exchanges. The platform charges as much as 1.49% on transactions over $200.

Kraken Cryptocurrency Exchange

Based in the United States and founded in 2011, Kraken is a popular choice for many crypto enthusiasts Lists 87 cryptocurrencies, including BTC, ETH, DOGE and ADA. You can expect these fees:
  1. 0.9% fee for buying stablecoins with another stablecoin or USD
  2. Processing fee of $0.25+3.75% fee for card purchases and digital wallet payments
  3. 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.

Paxful P2P Cryptocurrency Marketplace

Paxful is a peer-to-peer crypto marketplace, founded in 2015 and based out of New York. Paxful is a smaller exchange, only listing three cryptocurrencies: BTC, ETH and USDT. However, it supports well over 140 fiat currencies and a huge variety of payment methods, including gift cards, debit and credit cards, crypto wallets and even Apple Pay. Paxful is available in over 100 countries, including the U.S., but excludes a few states.

How to buy Bitcoin (BTC) in West Virginia?

To buy Bitcoin in West Virginia, you will first need to sign up for an exchange like Webull, Crypto.com or Robinhood. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Bitcoin which covers how to pick an exchange, payment methods, wallets and more.

How to buy Dogecoin (DOGE) in West Virginia?

To buy Dogecoin in West Virginia, you will first need to sign up for an exchange like Webull, eToro or Paybis. Different exchanges support different payment methods and cryptocurrencies. We have detailed instructions on how to buy Dogecoin which covers how to pick an exchange, payment methods, wallets and more.

Can I buy Bitcoin (BTC) in West Virginia?

Yes, you can buy Bitcoin in West Virginia using an exchange like Paxful, Gemini or Paybis. We recommend exploring a list of exchanges that support Bitcoin and taking a deeper dive into how to buy Bitcoin.

Regulations around cryptocurrency in West Virginia

States also vary on regulations, guidelines and financial regulatory agencies that govern cryptocurrency — despite the fact that crypto is considered decentralized finance, or DeFi.

West Virginia's regulations according to Bloomberg Law

Va. Code § 32A-2-1(6)considers “currency transmission” and “money transmission” synonymous, and both include the transfer of “value that substitutes for money.” However, a licensee under the West Virginia Fintech Regulatory Sandbox does not need to apply for a separate money transmitter license. W. Va. Code § 31A-8G-4(d), (e).
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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