How to Buy Cryptocurrency in Louisiana in 2024 – The Ultimate Beginners Guide

In June 2014, Louisiana passed a landmark bill that seeks to protect Bitcoin miners and draw in investors while banning CBDCs. The progressive legislation has helped make the Pelican State a hub for crypto activity. This and other equally crypto-focused laws make Louisiana an attractive destination for crypto investors and exchanges.

In this guide, we will show you how to buy cryptocurrency in Louisiana. We start by reviewing what our analysts consider the best altcoin exchanges in the state. We also discuss crypto regulation and taxation in the state and share practical crypto investing tips.

How to Buy Cryptocurrency in Louisiana – An Easy 4-Step Guide

The quick four-step guide below, shows you how to buy cryptocurrency in Louisiana with an SEC-regulated crypto brokerage: eToro. Here, you can buy the most promising cryptos for as little as $10. and it takes less than 5 minutes.

• Step 1: Create a free trader account: To begin with, create a free crypto trader account on eToro.com. The crypto brokerage has a quick and straightforward account opening process that only asks for your basic personal information.
• Step 2: Deposit: You will then need to fund this account with at least $10. Supported funding methods include bank transfers, ACH transfers, eWallets like PayPal, credit cards, and debit cards.
• Step 3: Choose the best crypto to buy: eToro is home to 20+ of the most popular digital assets in the US. Identify the best crypto to buy from this pool and hit the “BUY” button against it.
• Step 4: Buy Cryptos: A trading tab will appear. Use it to customize this investment by confirming how much you want to invest in the digital asset. Hit the “Open Trade” button to confirm this trade.

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

Below, we will provide you with a detailed walkthrough of the crypto-buying process on eToro. First, though, we need to discuss the top crypto exchanges in Louisiana. We also need to understand the Pelican State’s approach to crypto regulation and taxation. First, though, we look at the most popular cryptos in Louisiana.

Most Popular Cryptocurrency to Buy in Louisiana

The lack of clear data makes it almost impossible to identify the most popular digital currency in Louisiana. However, we can make educated speculations by looking at a number of factors. The most reliable include search engine trends, trading volumes, adoption by local businesses, and discussions on social media.

Based on these indicators, Bitcoin and Ethereum top our list of the most popular digital assets in Louisiana. They are popular and deeply liquid, and their real-world use cases have been on the rise. Other coins whose adoption and trade volumes have been on an uptrend include:

• Tether USD (USDT)
• Ripple (XRP)
• Shiba Inu (SHIB)
• USD Coin (USDC)
• Litecoin (LTC)
• Solana (SOL)
• Binance Coin (BNB)
• Toncoin (TON)

Where to Buy Cryptocurrency in Louisiana

When researching about the best exchanges to buy cryptocurrency in Louisiana, our analysts vetted all the platforms operating in the Sugar State. They looked at such as their commitment to the safety of user funds. They also checked their ease of use, liquidity, the cost of trading, their crypto library, mobile friendliness, and customer support.

Eventually, we settled on the following as the best places to buy cryptocurrency in Louisiana today:

1. eToro – The Overall Best Crypto Exchange in Louisiana

A number of factors help make eToro our top pick for the best digital exchange to buy cryptocurrency in Louisiana. First is its user-friendliness, given that its trading platform is optimized for use by both beginner investors and expert traders. Some of its beginner-friendly features include a free demo account and a quick crypto-buying process. Pro traders, on the other hand, benefit from deep liquidity and fast transaction processing speeds.

Secondly, eToro is a safe crypto exchange. This is evidenced by the fact that it has ever been hacked. The platform has put in pace adequate security measures around its systems and client accounts. It also provides its platform users with two free digital wallets. First is the web wallet that holds 90%+ of client assets offline. The second is an equally safe mobile wallet app for iOS and Android – eToro Money.

Thirdly, the regulated brokerage is also affordable and transparent about its fees. Today, you only need $10 to start buying the best future altcoins on eToro. These trades are charged a fixed fee of 1% of the trade volume. You will also get to view all the fees impacting the trade before you hit the buy/sell button. The only downside to its fees is that eToro maintains multiple non-trading charges, including a 0.5% crypto transfer fee.

We also liked eToro exposes its platform users to two passive investing programs. First is staking, which allows you to earn interest when you stake such popular digital assets as Ethereum. The second and most popular is its copy trading platform. It lets newbie investors make money by copying trade strategies of successful investors. The successful investors, on the other hand, earn a commission for letting other copy their trades.

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

2. Kraken – The Safest Crypto Exchange in Louisiana

Established in 2011, Kraken is the oldest crypto exchange in Louisiana. Over the years, it has also cultivated a solid reputation for trustability with the crypto community. This was especially given force when Kraken became the first to publish audited proof of reserves. But more importantly, Kraken has never been hacked. It also provides users with free digital wallets – both cloud-based and app-based.

In addition to security, Kraken makes it here because it charges highly competitive fees. Here, you pay a maker/taker fee of between 0% and 0.25% when you buy Bitcoin and other assets. You also qualify for better rates if you use their expert-focused Kraken PRO platform. We must, however, observe that it charges relatively high fees when you buy cryptos instantly with cards, ranging between 0.9% and 1.5%.

At the time of writing, Kraken exposes its platform users to close to 200+ cryptocurrencies and altcoins. Here, you will interact with not just the most promising cryptos but also the best DeFi coins. The exchange processes crypto trades fast, is deeply liquid, and doesn’t have a minimum trade limit.

When using Kraken, you have a choice of four crypto trading platforms. The first two are the web trader and the Kraken mobile app. These are comparatively beginner-friendly, thanks to their intuitive interface. Expert traders can use the Kraken PRO app, which integrates more advanced trading tools. Institutional investors may, on the other hand, use the OTC platform, also known as the Kraken Dark pool.

3. Coinbase – The Most Beginner-Friendly Crypto Exchange in Louisiana

Coinbase is one of the most popular crypto exchanges in the world. It is also the most liquid crypto trading platform in the US today. Established in 2012, Coinbase easily passes for the most successful of crypto exchange in this list. This became especially clear in 2021 when the Armstrong led platform because the first exchange to list with NASDAQ.

However, we list it among the best places to buy cryptocurrency in Louisiana primarily because of its beginner-friendliness. The exchange has a quick and straightforward account opening process. It also accepts deposits from all the popular fiat payment processors. Further, you only need $2 to start buying digital currencies on the all-popular exchange.

Coinbase is also the most beginner-friendly trading Platform in Louisiana because it exposes users to rich educational resources. These include guides on how to invest in cryptos and how to keep your cryptos safe. In addition to these it operates the newbie-focused Learn-to-Earn program. This rewards Coinbase platform users with free cryptos when they learn about different coins and crypto technologies.

Other than its beginner friendliness, Coinbase is a good exchange because it is safe. It holds 98% of client assets offline while insuring the remaining 2%. It also provides users with free secure wallets – both the exchange based wallet and the self-custody Coinbase wallet app. The exchange also insures your cash deposits with the FDIC – up to $250,000.

4. Crypto.com – The Best Place to Buy Cryptos for Active Traders in Louisiana

Crypto.com is one of the fastest-growing exchanges to buy cryptocurrency in Louisiana. it is also a feature-rich trading platform that helps it feature on our list of the best crypto trading platforms in Louisiana. Here, pro traders are treated to 100+ advanced trading, technical indicators, and risk management tools. Not forgetting that it maintains some of the fastest transaction processing fees.

In addition to the tools, Crypto.com exposes traders to a wide range of cryptos. Here, you interact with 350+ of the most popular cryptos and more than 500 trading pairs. It has even introduced the CFTC-approved strike options crypto derivatives. Plus, it maintains some of the most competitive crypto trading fees. These range between 0% and 0.075%.

We also liked Crypto.com because it is a safe crypto trading platform. It has implemented multiple security measures around its systems and client accounts. It also doesn’t share sensitive client data with third parties. The platform also holds 90%+ of their client accounts offline and provides them with a mobile wallet app. It also joins the long list of exchanges that publish their updated proof of reserves.

Several other factors help make Crypto.com a great trading platform. First is its affordability as it doesn’t have a minimum trade limit. You can also start buying virtual currencies on Crypto.com with as little as $2. Further, it maintains a highly responsive customer support team. Plus, it also gives you access to the Crypto.com DeFi wallet. This exposes you to thousands of DeFi coins, dApps, and the Web 3 ecosystem.

5. Uphold – A Safe Multi-Asset Trading Platform in Louisiana

Uphold is also commonly referred to as the anything-to-anything trading platform. It is a multi-asset and highly regulated brokerage with a large crypto library – more than 260 coins. In addition to cryptos, you can buy ETFs, stocks, bonds, indices, metals, and commodities on Uphold. The platform is unique in the sense that it lets you buy Bitcoin and other cryptos with either fiat or against any of the supported assets.

Uphold also lists here because it has been quick to list new cryptos, effectively exposing you to the next cryptos to explode. You only need $10 to start investing in any of these cryptos. The crypto trading fees are fixed but also volume-based. Trades below $500 are charged a fixed spread of $0.99. On the other hand, trades worth more than $500 attract a fixed spread of 1.5%of the trade volume.

You will also want to buy cryptos on Uphold if you are in Louisiana because it supports passive investing. Today, you can stake more than 15 cryptocurrencies on the platform and earn up to 16% in annual interest. Some of the virtual currencies that you can stake here include Bitcoin, Ethereum, Solana, and Cardano.

One other factor making Uphold one of the best exchanges in the US is its safety. Among the safety measures embraced by Uphold include not sharing client data with third parties. Further, it holds client assets in offline vaults and doesn’t loan them out. It also encourages multi-factor authentication and updates its proof of reserves reports by the minute.

6. Robinhood – The Best Commission-Free Crypto Trading Platform in Louisiana

Robinhood is one of the most popular online brokerages in the US today. It was established with the sole aim of helping retail investors access and invest in lucrative traditional assets. Upon launching, Robinhood facilitated the trading of stocks, ETFs, indices, and commodities before incorporating Bitcoin in 2018. Today, you can buy close to 30 of the best crypto assets on Robinhood.

We feature it here because it is the only platform in this list with no trading fees or broker commissions for crypto trades. You, therefore, will not be charged a fee for buying and selling cryptos on Robinhood. This is important as it increases your take-home. You, for example, will get as much as 3.5% more cryptos when you use the commission-free brokerages than you would on other exchanges.

We also feature it here because it is beginner-friendly and safe. The beginner friendliness is evidenced by the quick client onboarding process. The multi-platform trading platform is also easily navigable and maintains a straightforward crypto-buying process. It even integrates rich educational resources. Plus, you only need $1 to start buying Bitcoin, which is one of the hottest cryptos on Robinhood.

When it comes to safety, Robinhood presents users with a cloud wallet that holds 90%+ of their private keys offline. You will also get a free wallet app if you prefer self-custody. The brokerage has also put in place adequate security measures to keep your cryptos safe. These include embracing multi-factor authentication, enabling passkeys, and not sharing client data with third parties.

Is Crypto Investing Legal in Louisiana

Yes, Louisiana is a crypto friendly state ad it is legal to buy, sell, stake virtual currencies in the state. The Sugar State was among the first jurisdictions to pass crypto bills and statutes that provide guidelines regarding the treatment of cryptos.

The Revised Statutes 1381 of 2021, for example, defines cryptocurrencies. It also spells out conditions that a crypto business has to fulfill in order to apply for a license or exception for licensing.

In June 2024, the state passed a landmark legislation aimed at protecting Bitcoin miners and investors. The Housing Bill 408, also referred to as the Bitcoin Basis Act, sets out several protections for Bitcoin holders and miners.

These include the right to self-custody and transactional freedom. The law also supports Bitcoin mining and encourages the establishment of mining facilities across the state. But even more importantly, it banned central bank digital currencies (CBDCs) in the state.

Crypto Taxes in Louisiana

Louisiana, like most crypto-friendly states, follows the federal government’s guidelines with regard to taxing cryptos. This implies that digital assets are considered property in the Sportsman’s Paradise state. The capital gains from trading or investing in cryptocurrencies are, therefore, subject to a state income tax, whose fixed rate for 2024 is 4.25%.

Practical Tips for Buying Bitcoin and Top Cryptos in Louisiana

Below, we look at a few considerations you need to take into account when buying cryptos in Louisiana. These are tips and tricks that help you make money when investing in cryptos. You may also rely on these to help you retain much of what you made investing and trading cryptos.

Diversify your portfolio

One of the most effective risk management methods is diversifying your portfolio. Diversify risk by investing in both the most volatile cryptos as well as the most sustainable coins. Invest in both the undervalued long term cryptos but as well as the highly lucrative meme coins.

Leverage passive investing

Take advantage of passive investing programs like staking, saving, copy trading, and crypto lending. They help you earn doubly from your crypto investments. They ensure you make money when the staked asset gains value and also reward you with competitive interest for the staked or lent asset.

Do your own research

Before buying any crypto, check its sustainability and its ability to bring in returns in the future. You may use such crypto data aggregation platforms to check its fundamentals its price history. Other factors to consider when vetting a digital asset include its real-world use cases and development team. Only invest in the most promising cryptos.

Consider dollar-cost-averaging (DCA)

Since it is nearly impossible to time the market, we encourage our readers to consider dollar cost averaging. This strategy appeals the most to long term investors. It comes in handy in helping you avoid bad market timing, reduce the overall cost of acquiring crypto, and reduce investing risk.

Only invest what you can afford to lose

There is no standard limit to how much you can invest in cryptos. That said, we always encourage our readers to only invest what they can afford to lose. Popular investors like Chamath Palihapitiya, the former Virgin Galactic CEO and current Social Capital CEO, encourages everyone to convert at least 1% of their portfolio to Bitcoins. But before making this amount to crypto, we ask that you also consider your risk tolerance and understanding of the industry,

Watch for phishing and other scams.

In 2023, more than $2 Billion worth of crypto was lost to scammers. To avoid becoming part of this statistic, familiarize yourself with all the crypto scams out there. Learn how they work and how to avoid them.

How to Buy Cryptocurrency in Louisiana Walkthrough

In this section, we walk you through the process of buying all the top altcoins on eToro. As we have already mentioned, the process is quick and straightforward. We have also mentioned that the crypto brokerage has a minimum trade limit of $10.

Step 1: Create a free trader account with eToro

Start by opening the official eToro website or downloading the eToro mobile trading app. Hit the “Join Now” button on either platform and complete the registration form that pops up. This will ask that you key in your basic personal information, including name and email address, phone number and country of residence, and income sources. You will also need to come up with the account username and password.

Step 2: Verify your identity

The account registration process on eToro is only complete after you have verified your identity. Simply upload a photo of your government-issued ID when prompted. Acceptable documents include your passport, state ID, or driver’s license.

Step 3: Deposit funds

After eToro notifies you of account approval, log in. Hit the “Deposit” icon on your user dashboard to bring up the funding tab. Choose one of the supported payment methods and follow the prompts to deposit at least $10 into your eToro account.

Step 4: Identify the best crypto to buy

Once the payment is reflected in your trading account, hit the “Discover” tab on your user dashboard. This provides you with a list of all the financial instruments supported on eToro. Choose “Cryptos” and identify the crypto you wish to buy from this list.

Step 5: Buy cryptos

Hit the “BUY” option against your altcoin of choice. Use the trading tab that pops up here to customize this trade by indicating how much you intend to invest in this virtual currency. Execute the investment by hitting the “Open Trade” button.

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

Note: eToro deposits the private keys for coins purchased on its platform on the custodial web wallet. To move them to a third-party wallet or exchange, you first need to download and activate the eToro Money wallet app. Move the keys to this wallet and forward the transfer to the third-party wallet/exchange.

How to Sell Cryptos in Louisiana

The process of selling digital currency, such as eToro, is equally straightforward. Here is a four-step guide to selling cryptos on the brokerage:

• Step 1: You need to start by logging back into the eToro trading account.
• Step 2: On your user dashboard, click on the “Portfolio” icon to reveal all your open crypto trades.
• Step 3: Identify the altcoin to sell and choose the “Close” trade option.
• Step 4: Indicate whether you want to sell a portion of coins or the entire position and hit “close” to execute.

Note: The cash equivalent of the cryptocurrency you just sold will be immediately deposited into your account. You may use this amount to buy the best cryptos in the US or simply withdraw it.

Conclusion – How to Buy Cryptocurrency in Louisiana

Crypto investing in Louisiana doesn’t have to be complicated. You now are familiar with the best crypto exchanges operating in this state. We have also gone over the state of crypto regulation and taxation in Louisiana. We even glanced at what our research showed to be the most sought-after digital currencies in the Pelican state. Importantly, we have taught you how to buy cryptos on eToro.

Want to buy your first Bitcoin or other popular crypto on eToro? Follow the straightforward crypto buying process for eToro that we have outlined above.

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

More States Buying guides on Crypto2Community

• How to Buy Cryptocurrency in New Jersey
• How to Buy Cryptocurrency in Nevada
• How to Buy Cryptocurrency in Maryland
• How to Buy Cryptocurrency in Illinois
• How to Buy Cryptocurrency in Hawaii
• How to Buy Cryptocurrency in Georgia
• How to Buy Cryptocurrency in California
• How to Buy Cryptocurrency in North Carolina
• How to Buy Cryptocurrency in Colorado
• How to Buy Cryptocurrency in New York
• How to Buy Cryptocurrency in Washington
• How to Buy Cryptocurrency in Connecticut
• How to Buy Cryptocurrency in Delaware
• How to Buy Cryptocurrency in Idaho
• How to Buy Cryptocurrency in Indiana
• How to Buy Cryptocurrency in Kansas
• How to Buy Cryptocurrency in Iowa
• How to Buy Cryptocurrency in Louisiana
• How to Buy Cryptocurrency in Kentucky

References:

1. https://law.justia.com/codes/louisiana/2021/revised-statutes/title-6/rs-1381/
2. https://legiscan.com/LA/text/HB488/id/3006883
3. https://revenue.louisiana.gov/individualincometax
4. https://cointelegraph.com/news/virgin-galactic-ceo-everyone-should-have-1-of-their-assets-in-bitcoin
5. https://oag.ca.gov/news/press-releases/attorney-general-bonta-provides-guidance-californians-considering-investing
6. https://www.coindesk.com/tech/2023/12/27/crypto-users-lost-2b-to-hacks-scams-and-exploits-in-2023-defi-says/