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How & Where to Buy Cryptocurrency in Florida

This guide on how to buy cryptocurrency in Florida state is intended for those that are completely new to the world of crypto investing. We explain the process of getting started, alongside an overview of how crypto trading in the sunshine state works. The guide starts by walking you through the process of buying cryptos on one of the best altcoin exchanges in the US.

We also provide you with a brief review of the best places to buy Bitcoin and other cryptos in Florida. Equally important, we discuss crypto regulation and taxation in the state.

Read on to learn how & where to buy cryptocurrency in Florida on the best Altcoin trading platforms in the US.

How to Buy Crypto in Florida

This quick section shows you how to buy cryptocurrency in Florida right now. It walks you through the process of buying Bitcoin and altcoins on a regulated exchange. This crypto brokerage lets you buy the most promising cryptos with as little as $10.

  • Step 1: Register a free crypto trader account – Start by opening the official eToro.US website on your browser. Hit the “Join now” icon and complete the registration form that appears. You will also need to verify your identity. Lastly, come up with a unique username and strong password for this account.
  • Step 2: Deposit funds: Log in to the approved eToro trader account and hit the “Deposit Funds” icon. From the funding tab that appears, choose one payment method and follow the prompts to fund this account with at least $10.
  • Step 3: Search for the best crypto to buy: On the Search box on eToro’s home page, enter the name of the crypto you want to buy. Hit the “Trade” button that pops up.
  • Step 4: Buy cryptocurrency: A trading tab will appear. Use it to customize this crypto investment. Indicate how much you intend to invest in the altcoin and hit the “Open Trade” button to complete the purchase.

Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

Most Popular Cryptos to Buy in Florida

According to data from CoinMarketCap, there currently are more than 2 million cryptos and tokens. Hundreds of these are currently listed with the best crypto exchanges listed in Florida. Nevertheless, Bitcoin remains the most popular digital currency in Florida. In addition to Bitcoin, here are the most searched cryptos in Florida today. A larger percentage of crypto investors in this state own these digital assets:

  1. Ethereum
  2. Litecoin
  3. Ripple
  4. Bitcoin Cash
  5. Shiba Inu
  6. Solana
  7. Dogecoin
  8. Polygon
  9. Avalanche

Where to Buy Cryptocurrency in Florida

Today, tens of highly popular crypto exchanges operate in Florida. We vetted the majority of these before settling on the following as the best places to buy Bitcoin and other cryptos. When coming up with this list, we considered a number of factors. These include their crypto library, ease of use, trading fees, regulation, reputation, liquidity, safety, and mobile friendliness.

Here is a brief overview of the best places to buy cryptocurrency in Florida.

1. eToro.US – Overall Best Crypto Exchange in Florida

Our top pick for the best crypto exchange in Florida today is eToro. It is a wildly popular crypto brokerage regulated by the SEC and a member of FINRA. Started in 2007 as a forex trading platform, eToro has evolved into one of the most popular and reputable crypto brokerages in the world. It even lists on many top analysts’ recommendations for the best altcoin exchanges.

Buy Cryptocurrency in Florida Via eToro

Among the many factors making it the best is its user-friendliness. This makes it attractive to both beginner and expert crypto traders. It integrates a significant number of tools and resources that draw in beginners. These include a free demo account loaded with 10,000 virtual funds as well as content-rich guides on how to invest in cryptos.

eToro is also home to a decent range of digital currencies – as much as 80. It is also deeply liquid and has some of the fastest transaction processing speeds. Additionally, it integrates 75+ charting and technical analysis tools. eToro doesn’t charge a broker commission. The trading fees are also fixed and transparent – at 1% of the trade volume. All these help make it one of the best crypto exchanges for active traders.

You may also want to buy cryptos on eToro because it is a safe exchange. It is worth noting that since it started processing crypto transactions in 2013, eToro has never been hacked or has never lost client funds. It also doesn’t share sensitive client data with third parties. Importantly, it provides you with two free crypto wallets.

First is the exchange-based web wallet that holds 90%+ of your assets offline. It also provides users with a free mobile wallet app for iOS and Android. The cash deposited into eToro is also FDIC insured – up to $250,000.

Pros:
  • eToro is a multi-platform exchange with one of the best crypto mobile trading apps
  • Earn passively with eToro copy trading
  • eToro is a multi-asset exchange with crypto and traditional assets – like stocks
  • Supports all the popular fiat deposit options – from cards to PayPal
  • Fast deposit and withdrawal processing speeds
Cons:
  • Maintains non-trading fees i.e. withdrawal and crypto-transfer fees
  • Live chat and over-the-phone support are only available to eToro club members

Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

2. Coinbase – Best Crypto Exchange in Florida for Beginners

Coinbase is one of the best crypto exchanges in the US today. It is wildly popular, is the most liquid exchange in the country, and lists all the best cryptos to buy. Started in 2012, Coinbase has already morphed into the most reputable crypto exchange around. It is also one of the most pro-regulation crypto trading platforms. Coinbase even became the first exchange in the world to go public in April 2021 after the NASDAQ IPO.

Best Crypto Exchange in Florida for Beginners

But regulation and solid reputation are far from being the only reasons we feature Coinbase here. We list it here primarily because of its beginner-friendly nature. This starts with its quick and straightforward member registration process. It then extends to its highly intuitive trading interface and a straightforward crypto-buying process. In fact, Coinbase has introduced the one-click buy feature that lets you buy cryptos like Bitcoin instantly with cards or account balances.

We also feature Coinbase on this list as it is one of the safest crypto exchanges around. To keep your cryptos and personal data safe, it has put in place adequate safeguards around its systems. It allows you to whitelist addresses and emails. It also encourages enabling two-factor authentication on all crypto accounts and affiliated emails. But more importantly, it doesn’t share your sensitive personal information with third parties.

Further, Coinbase provides all its platform users with free digital wallets. First is the free web wallet that is assigned to every user immediately after they create a trader account. This holds 98% of your crypto private keys offline. Coinbase then insures the remaining 2%. Your cash deposits into Coinbase are also insured with the FDIC – up to $250,000. You also get a free crypto mobile wallet app for iOS and Android.

There are several other factors that explain why our analysts believe Coinbase to be the best crypto exchange in Florida. These include the fact that it is deeply liquid and has some of the fastest transaction processing speeds. The exchange also maintains an easily accessible and highly responsive customer support team. Lastly, Coinbase integrates advanced trading, technical analysis, and charting tools.

Pros:
  • Overall the best place to buy cryptocurrency in Florida
  • Earn free crypto via the Coinbase Lear and Earn program
  • Access more advanced tools and more crypto pairs on Coinbase PRO
  • Supports fractional crypto investing – start buying Bitcoin with as little as $2
  • Supports multiple crypto payment options
  • Earn passively via crypto staking in Florida
Cons:
  • Complex payment structure based on deposit method and trade volumes
  • Coinbase wallet mobile app has a history of being hacked

Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

3. Binance.US – Best Crypto Exchange for Low Fees in Florida

Though Binance launched in 2017 and blew up by 2018 globally, it didn’t penetrate the US markets until 2019. Over time, it has morphed into one of the most popular crypto exchanges in the country. We attribute its fast-paced growth and popularity to a number of factors. Key among them is its user-friendliness and appeal to both beginner and expert crypto investors.

Binance Crypto Trading Platform USA

Like all the top crypto exchanges in Florida, Binance has a quick and straightforward client onboarding process. It also maintains a rather easy-to-use trading interface. This integrates a wide range of tools and features dedicated to both newbies and expert traders. Beginner-friendly tools and features include the Binance academy and the one-click buy option that lets you buy crypto instantly. They then extend to the Binance peer-to-peer trading platform.

The Binance trading interface then integrates 100+ technical analysis and charting tools. These are complemented by the exchange’s deep liquidity and fast transaction processing speeds. Its multi-platform feature also ensures you can access all these features on the highly intuitive Binance crypto trading mobile app. These, and its support for 100+ digital assets, make Binance one of the best crypto exchanges for day traders.

To start interacting with the best cryptos to buy on Binance, you only need to deposit at least $2. The most common deposit/withdrawal methods include debit cards, bank transfers, ACH, Apple Pay, and Google Pay. When buying some of the most promising cryptos on Binance, you will only pay a competitive maker/taker fee. This ranges between 0% and 0.6% – based on your 30-day trade volume. You may also buy cryptos fee-free on the Binance peer-to-peer trading platform.

The only downside to using Binance in Florida is that the crypto exchange faces an uncertain future. This is a result of the 13 charges brought against Binance.US by the SEC in mid-2023. The SEC case came shortly after Binance and its founder, Changpeng Zhao, agreed to a $4.3 Billion settlement with the US Department of Justice.

Pros:
  • Binance is one of the safest crypto exchanges – insures client deposits with FDIC, up to $250,000
  • Earn passively through staking with rewards of up to 15% on 20+ coins
  • Get a 25% discount on trading fees when you pay with a Binance coin
  • Trade a large section of crypto-to-crypto pairs
  • Free web wallet that holds 90% of client fees offline
Cons:
  • Binance is a crypto-only exchange – it doesn’t accept USD deposits
  • Some advanced trading tools and features may be overwhelming to beginners

Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

4. Kraken – Safest Crypto Exchange in Florida Today

Started in 2011, Kraken is one of the oldest crypto trading platforms in the US. The fact that it has never lost client funds makes it one of the safest crypto exchanges in Florida. To achieve this fete, Kraken has put in place several safeguards. First, client funds are held in offline and decentralized vaults. Secondly, its systems and premises are under 24-hour surveillance by armed personnel. It also demands strong passwords and two-factor authentication for their crypto accounts.

Safest Crypto Exchange in Florida Today

Security is, however, just one of the things you would like about Kraken. You would also be drawn to its user-friendliness. This starts with its quick and straightforward client onboarding process. It then extends to a highly intuitive trading interface. Here, you may buy cryptocurrency in Florida instantly with credit cards or debit cards and account balances. It even has one of the best crypto mobile apps that mirrors all the features and tools of the web trader.

Kraken appeals to active day traders with its deep liquidity and ultra-fast transaction processing speeds. They are also attracted to the fact that it hosts a large crypto library. Plus, Kraken integrates 100+ charting and technical analysis tools into its trading interface. High-volume traders may also buy crypto pseudonymously and at competitive rates via Kraken’s OTC. This is also referred to as the Kraken Dark Pool.

There are a number of other factors that make Kraken one of the best crypto trading platforms. These start with the competitive trading fees imposed by the exchange. When buying cryptos here, you will only pay a volume-based maker/taker fee of between 0.26% and 0%. You may also margin trade spot crypto with leverages of up to 5X or trade crypto futures.

Pros:
  • Earn high rewards – up to 26% – via Kraken staking
  • Trade NFT at zero gas fees on the integrated NFT marketplace
  • Expert traders can access more tools, resources, and competitive rates on Kraken PRO
  • Has one of the best customer support teams – available 24/7
  • The first exchange to publicly share its audited proof of reserve reports
Cons:
  • Kraken doesn’t provide users with a crypto wallet mobile app
  • It was recently sued by the SEC

5. Uphold – One of the Most Trusted Crypto Exchanges in Florida

Uphold is a multi-asset trading platform. Here, you can buy and sell cryptos, forex, and precious metals like Gold and Silver. Until recently, Uphold also supported equities trading – mainly stocks and ETFs. We believe it to be the most trusted crypto exchange because of its transparency and a solid reputation for reliability. Uphold, for instance, doesn’t loan out client funds. It also updates its proof of reserves audit report every 30 seconds.

Uphold crypto trading platforms

The crypto trading platform also hosts several unique features and tools. It, for instance, is the only trading platform supporting cross-asset trading in this list. This implies that it lets you buy crypto with other assets – like precious metals.

In addition to buying Bitcoin with debit cards, you can also buy Ethereum with gold or silver. It also implements one-click trading for all the trades on the platform. This implies that you don’t need to first convert Palladium to cash before using it to buy Ripple.

Other factors making Uphold one of the best crypto trading platforms in Florida include its support for a large crypto library. It is home to 200+ digital assets. This means that you get to trade with all the popular digital assets – from the best DeFi coins to buy to the most searched cryptos in Florida.

To start buying cryptos on Uphold, you only need to make a $1 deposit. This may be made via bank transfer, credit cards, or debit cards. It also supports fractional investing for all its supported assets, with the minimum trade amount set at $1.Further, you may also automate your investment by activating the Dollar Cost Averaging (DCA) investment strategy.

Pros:
  • Quick and straightforward account opening process
  • Operates one of the bets crypto trading mobile apps
  • Multi-asset trading platform with cross-asset trading feature
  • Licensed by the Office of Finance Regulation (No. FT230000328)
  • Competitive trading fees – ranging between 0.9% and 1.2%
Cons:
  • A limited number of supported advanced trading and charting tools
  • Crypto staking not supported for US residents

6. BitStamp – Best Crypto Exchange in Florida for Ease of Use

At the time of writing, BitStamp is ranked the 7th most liquid crypto exchange in the world. It achieves such a fete despite supporting less than 100 digital assets. We attribute this to factors such as consumer confidence in the brand, which has been around since 2011. Throughout this period, it has proved its commitment to the security of client assets and reliability by having an industry-leading uptime.

Best Crypto Exchange in Florida for Ease of Use

These, however, aren’t the only reasons why we feature BitStamp in our selection of the best crypto exchanges in Florida. It makes it to this list because of its ease of use – for both beginner and pro investors. This starts with a quick and straightforward client onboarding process. It extends to a highly intuitive trading interface with many tools, features, and resources that appeal to both types of traders.

Newbie investors, for example, are drawn to its instant deposit options and ability to buy cryptos instantly. They also like the rich educational resources, such as the BitStamp Learn program hosted on the platform. The equally easy-to-use crypto trading mobile app also comes in handy.

Pro investors are, on the other hand, drawn in by the many advanced trading, charting, and technical analysis tools integrated into the BitStamp trading interface. These range from depth charts to volume, trend, volatility, and momentum indicators. They also like BitStamp’s competitive trading fees, which range between 0% and 0.4% of the trade volume. Don’t forget that BitStamp has some of the fastest transaction processing speeds.

Pros:
  • BitStamp is a safe exchange to buy cryptocurrency in Florida
  • Access advanced trading tools, more crypto pairs, and low fees at BitStamp PRO
  • Live customer support is available 24/7
  • Whitelist addresses and receive transaction confirmations
  • Access all the most promising cryptos to buy on BitStamp
Cons:
  • BitStamp was hacked in 2015 and 19,000 BTC was lost (worth approximately $817 Million today)
  • Staking is not available to US residents.

7. Robinhood – Best Place to Buy Bitcoin in Florida

Many factors make Robinhood the best place to buy cryptocurrency in Florida, but these five stood out the most for us. First is its beginner friendliness and ease of use. The trading platform has a straightforward account opening process and a highly intuitive trading platform. You can simply create a trader account and start investing in crypto in minutes.

Robinhood Crypto Assets

Secondly, Robinhood is the best place to buy cryptocurrency in Florida because of its multi-asset nature. Today, you can buy 10+ of the most promising cryptos on Robinhood. These include Bitcoin, Ethereum, Dogecoin, Shiba Inu, Aave, Litecoin, and Uniswap. In addition to cryptos, you can invest in stocks, ETFs, options, and even save for retirement (IRA) via Robinhood.

The crypto brokerage supports fractional investing for all these assets and you only need $1 to start investing in cryptos.

Thirdly, Robinhood is the best crypto exchange in Florida because it is commission-free. You do not pay trading fees or brokerage commissions when buying cryptos on Robinhood. The low trading fee ensures you get more for every dollar you spend on cryptos. The crypto trading platform claims that you stand to get up to 3.5% more in crypto when you buy via Robinhood – above what most other exchanges offer.

You may also consider investing in crypto via Robinhood is that it has an accessible and highly responsive support team. Contact this team via the live chat on the Robinhood website or mobile trading app. Lastly, consider buying cryptos via Robinhood in Florida because it is safe. The safety guarantee comes in the form of cold storage for 90%+ of client funds.

It extends to not lending your crypto or leveraging against it and insurance against theft and cybersecurity breaches. You also get a Web 3 crypto mobile wallet app.

Pros:
  • Beginner-friendly web and mobile trading platforms
  • The multi-asset nature of Robinhood lets you diversify your investment portfolio
  • Robinhood is an SEC-regulated crypto trading platform
  • No account minimums and low trading minimums of $1
Cons:
  • Robinhood doesn’t provide passive income-generating programs
  • Supports a limited number of cryptos

Is Crypto Investing Legal in Florida

Florida is a crypto-friendly state. Over the years, several pieces of legislation have been passed in Florida and signed into law. The majority of these are aimed at providing clear guidelines on how Florida residents and businesses interact with this new financial instrument.

The most recent and arguably most impactful legislation, CS/HB 273, was signed to law by Governor Ron DeSantis in May 2022. It came into force in January 2023 and sought to amend Florida’s financial regulations that touch on Money Service Businesses.

Florida Governor Ron DeSantis Proposes Creating a Cryptocurrency Payment System for State Fees

Florida Governor Ron DeSantis Proposes Creating a Cryptocurrency Payment System for State Fees

It defined what a virtual currency is and eased regulatory and licensing requirements for individuals and also eased regulatory restrictions and clarified licensing requirements for crypto trading platforms and entities like Coinbase.

However, we want to mention that even with the passage of this bill, some aspects of the crypto industry are still unclear. These include issues relating to passive income generation – such as crypto stalking and lending. The Florida law isn’t as clear on the treatment of these programs and projects.

Nevertheless, we must observe that Florida has been less reactionary to SEC policies and decisions. For example, when the SEC sued Coinbase, arguing that its crypto staking services are a form of security, five states halted Coinbase staking. Florida is yet to restrict crypto staking – possibly waiting for the outcome of this litigation.

Crypto Taxes in Florida

Florida has been named the best and most crypto-friendly state when it comes to taxation. It doesn’t charge a state income tax for crypto investments. Further, money services businesses operating in the crypto industry have the option of paying state fees in crypto.

Practical Tips for Buying Crypto and Bitcoin in Florida

When buying cryptocurrencies in Florida, you need to consider a number of factors. Below, we share top tips for investing in cryptos that you have to give the most consideration to today.

Understand and avoid crypto scams

The unregulated nature of the crypto world has seen it welcome many bad actors. These have carried out scams that have cost investors billions in dollars. In 2023, for instance, crypto investors lost more than $2 Billion to crypto scams. Therefore, it is paramount that you learn about all the most common crypto scams. Learn how to spot and avoid them. You also need to keep tabs on crypto news and trends to learn of new and emerging scams and how to avoid them.

Research and understand the cryptos you are buying

Do not invest in different cryptos blindly. Learn as much as possible about a given crypto before adding it to your portfolio. Read its whitepaper, check out its developers, assess its usefulness, and confirm whether it solves an urgent real-world problem. Only invest in the most sustainable crypto projects.

Only invest what you can afford to lose

There has never been a proper answer to how much to invest in cryptos today. But there is a proper answer to how much you shouldn’t invest in cryptos, which is what you cannot afford to lose. As the adage goes – only invest monies that you can afford and are willing to lose. This saying cannot be truer when it comes to crypto investments, especially when you consider the volatile nature of the crypto industry.

Learn how to manage risks

Risk management is one of the most important tenets of crypto investing. Learn when to go all in and when to pull back and how to interpret market trends and how to protect your investment from going to zero. Learn such types of risk management as stop losses, hard stop losses, and take profit. But most of all, learn how to avoid risk by not investing in assets whose volatility exceeds your risk tolerance.

Invest in a safe hardware wallet

Hot wallets are good for convenience. They make moving cryptos to and from exchanges and other wallets as seamless as possible. But they aren’t the safest as they expose you to the risk of hacks, malware, and ransomware. For a maximum security guarantee, invest in a safe and reliable hardware wallet. These store the private keys to your crypto offline – away from malware and cyber threats.

Conclusion – Buy Cryptocurrency in Florida Today

We have already mentioned that Florida is one of the most crypto-friendly states in America. It is welcoming of the best crypto exchanges and has been at the forefront of coming up with pioneer crypto regulations.

These exchanges have streamlined the crypto buying process and made it as straightforward as possible. They have also made it affordable and opened it up to all classes of investors. You, for instance, do not need special skills or a large account balance to start investing in cryptos in Florida.

Want to just go straight to buy Cryptocurrency in Florida? Use the step-by-step guide to buying Bitcoin and other cryptos that we have outlined above. It teaches you how to invest in cryptos on the eToro exchange.

Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

References:

FAQs on How to Buy Cryptocurrencies and Bitcoin in Florida

What is the best crypto exchange in Florida?

eToro is our top pick for the best crypto exchange in Florida today. We liked the fact that it appeals to both beginners and expert traders. It is also easy to use and supports copy trading as well as social investing.

It is simple. Start by identifying the best crypto exchange for you, creating a free trader account there, and depositing funds. Identify the crypto you wish to invest in and open a buy order or buy cryptos instantly.

There is no standard minimum to how much you need to start buying cryptos in Florida. Individual exchanges have set custom minimum trade minimums. You, on the other hand, get to set the maximum amount. As always, we advise that you avoid emotional investing and only invest what you can afford to lose.

The best crypto wallet for Florida crypto investors is any reliable and safe hardware wallet. Among our top recommendations for hardware wallets are Trezor, Ledger, and Keepkey wallets.

Yes, cryptos are a relatively new financial instrument that has outperformed every other crypto investment class in the last decade. It is expected to sustain this trend moving forward. Buying cryptos now, therefore, exposes your capital to unimaginable gains in the future.

No, Florida doesn't maintain a state income tax. You only have to pay federal tax.