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

If you’re based in Maryland and wish to buy cryptocurrency in under 5 minutes, you can now complete the process at a variety of online brokers.

The State is crypto-friendly and welcomes most of the best crypto exchanges and brokers. We have vetted tens of these platforms and we will be introducing you to a number that matches your crypto investing needs. We will also address crypto regulation and taxation policies in the State.

This beginner’s guide will also explain how to buy cryptocurrency in Maryland step by step in screenshots.

How to Buy Cryptocurrency in Maryland in 4 Steps

Here is a quick steps of buying crypto process on eToro platform for Maryland residents. The crypto brokerage is SEC-regulated and exposes you to over 1oo coins. It also appeals to both beginner and pro investors and you only need $10 to get started.

• Step 1: Create a crypto trading account – To create a free crypto trading account on eToro, start by accessing its official website or downloading the eToro mobile app. Hit the “Join Now” button on either platform and complete the registration form that pops up. You will also need to verify your identity.
• Step 2: Deposit funds – You will also need to fund this account before you can start buying cryptos. The crypto brokerage supports all the popular payment methods and the minimum deposit amount is $10.
• Step 3: Find the best crypto to buy – eToro supports a decent number of popular digital assets. Find the best crypto to buy on the list of cryptos supported by eToro. Hit the “BUY” option against the preferred coin.
• Step 4: Buy Cryptos – A crypto trading tab will appear. Use it to customize your crypto trade by indicating how much cash you intend to invest in the top altcoin. Then, hit the “Open Trade” button to execute the investment.

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 step-by-step guide to buying crypto assets on eToro. We will also show you everything you need to know about investing in cryptocurrency in Maryland. This involves providing an unbiased review of the best altcoin exchanges in the Old Line State. We will also share tips for investing in cryptos in Maryland. For starters, though, we talk about the most popular cryptos in Maryland.

Most Popular Cryptos to Buy in Maryland

One of the most popular cryptos in Maryland has to be Bitcoin. It is popular here because it is the most established digital asset globally. It is also widely recognized across the United States and dominates most wallets for crypto enthusiasts in crypto-friendly states like Maryland.

Some of the other equally popular digital currencies in Maryland today include:

• Ethereum (ETH)
• Dogecoin (DOGE)
• Chainlink (LINK)
• Shiba Inu (SHIB)
• Pepe (PEPE)
• Solana (SOL)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• Ordinals (ORDI)

Where to Buy Cryptocurrency in Maryland

We have already mentioned that Maryland is come to all the popular crypto trading platforms. When looking for the best exchange for you we considered a number of factors. These are the top factors that we encourage our readers to consider when looking for the best crypto trading platform for beginners in the US.

Top factors include their ease of use and cost of trading. We also considered their trade minimums, crypto library, support for passive investing, liquidity, and regulation. Your preferred crypto exchange should also have a solid reputation for safety, reliability, and customer support.

Here is an overview of what we consider the best exchanges to buy cryptocurrency in Maryland, US.

1. eToro – The Overall Best Crypto Exchange in Maryland

Top on our list of the best exchanges to buy cryptocurrency in Maryland is eToro. The multi-regulated and highly reputable exchange makes it here primarily because of its ease of use. It is one of the few crypto exchanges whose trading platform perfectly suits both beginners and expert traders. The many integrates tools and features appeal to all classes of crypto investors.

Beginner investors, for instance, benefit from a straightforward crypto-buying process. They also appreciate that it supports all the popular funding methods and processes deposits instantly. You would also like its affordable minimum trade minimums of $10 and its support for the most promising cryptos. eToro even presents you with a free demo account for practice trading.

For a pro trader, you would like eToro because it integrates 75+ advanced charting tools and technical indicators. The exchange is also decently liquid and processes crypto transactions fast. You also get to interact with the hottest cryptos as well as the most volatile digital assets. These help eToro appeal to active traders.

In addition to these, eToro is also a great trading platform because its fees are transparent. All your crypto traders on the platform are charged a flat fee of 1% of the trade volume. You can also invest passively in eToro via staking or copy trading. eToro is also secure and presents you with free and ultra-safe digital wallets.

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

2. Coinbase – The Most Beginner-Friendly Crypto Trading Platform in Maryland

Coinbase is arguably the most beginner-friendly crypto trading platform in the US today. Its one-click buy option lets you buy cryptos instantly with PayPal, Card, and account balance. It also supports fractional crypto investing with a minimum trade limit of $2. The client onboardng process is also quick and straightforward and the trading platforms highly intuitive.

Coinbase is also one of the safest crypto exchanges. All cash deposits into Coinbase by US residents are insured for up to $250,000 with the FDIC. The exchange then provides you with a free web wallet that holds as much as 98% of digital assets in an offline vault. It also insures the remaining 2%. If you like self-custody wallets, Coinbase presents you with the equally secure Coinbase wallet app for iOS and Android.

You would alsike to invest in cryptos via Coinbase because it presents you with three trading platforms. The Coinbase web trader, the mobile trading app, and the Coinbase PRO. On either platform, you will interact with 100+ of the most searched cryptos in Maryland. Coinbase PRO also exposes active traders to advanced trading tools and technical indicators.

Several other factors make Coinbase the best crypto exchange in the US. These start with its highly responsive customer support team – available online and over the phone. It also supports passive investing for Maryland residents via staking. You can even earn free cryptos when you learn about different assets and blockchains on the Coinbase Learn-to-Earn platform.

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

3. Crypto.com – The Best Crypto Exchange in Maryland for Passive Investing

Crypto.com is the best crypto exchange in Maryland for beginners and others looking to invest passively. It presents you with two primary ways of making money passively. First, you can stake tens of supported coins and earn 12%+ P.A in rewards. You may also earn via Rewards+. This compromises of 10%+ rewards on stablecoins, 0.5% rebate on each trade, 8% on Crypto.com card, and a referral bonus of up to $200.

You would also like to buy cryptos on Crypto.com is Maryland because of its large crypto.com library. Here, you can buy and sell 350+ digital assets – from new cryptos to the most sustainable cryptos to the best DeFi coins. Crypto.com is also the best crypto exchange in Maryland because it is deeply liquid and fast in facilitating crypto transactions.

Crypto.com is also the top crypto exchange in the US because it charges highly competitive trading fees. When buying digital coins here, you will be charged a maker/taker fee of between 0% and 0.075%. You also don’t get charged a maker fee if you have staked CRO coins. You will also receive a 12% fee discount if you settle this fee using CRO coins.

Crypto.com is also the best crypto exchange for investors in Maryland because it integrates an NFT marketplace. It also lets you margin-trade crypto derivatives – futures and options of popular crypto. Further, its Crypto.com DeFi Wallet exposes you to 500,000+ DeFi coins and programs. Not forgetting that it, too, is a safe crypto exchange.

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

4. Kraken – The Most Trusted Crypto Exchange in the US

Kraken is a multi-asset trading platform. You can buy 150+ of the most promising cryptos here. These range from top DeFi coins to the most undervalued coins. It also integrates an NFT marketplace and doesn’t charge a transaction fee for NFT trades. In addition to these, Kraken supports crypto derivative trading – allowing you to margin-trade crypto futures and options.

The cost of trading on Kraken depends on the preferred mode of crypto investing. When you buy stable coins instantly, you pay a fixed 0.9% trading fee. You can also buy regular cryptos instantly with cards – at a cost of 1.5% the trade volume. When you trade cryptos on the Kraken trading platform, the maker/taker fee range between 0.5% and 0.4%. Kraken PRO and Kraken OTC platform users benefit from more competitive transaction charges.

We, however, feature Kraken among the most trusted crypto exchanges in the US because of its safety. The exchange has put in place multiple security safeguards around its systems. These include requiring a strong password for trading accounts and holding 90%+ of client assets in offline decentralized vaults. Kraken also publishes proof of reserve reports and ensures client cash deposits with FDIC – up to $250,000.

Other factors making Kraken the best crypto exchange include its intuitive trading platform. It also makes it here because of its deep liquidity and ultra-fast transaction processing. It also publishes its audited proof of reserves regularly. Plus, its customer support team is highly accessible over the phone and online.

5. Gemini – The Best Crypto Exchange for Crypto Derivatives Trading

At the time of writing, Gemini exchange exposes you to 70+ of the best cryptos to buy in the US. It also presents you with multiple crypto buying processes. For starters, you can buy cryptos instantly with cards and account balance. You can also choose to trade these digital assets on the Gemini trading platform. Alternatively you can trade crypto derivatives – futures and options.

A number of factors make it the best place to trade crypto derivatives. First is that these derivatives can be margin-traded with leverages of more than X100. You are exposed to multiple trading platforms with advanced trading tools and features. These platforms are the Gemini mobile app, Gemini web trader, Active Trader, and even the eOTC for institutional investors.

You will also want to buy cryptos on Gemini because it is a safe exchange. It embraces institutional-grade security measures around its systems and holds client assets offline. The platform also demands strong passwords and multi-factor authentication requirements on client trading accounts. It is also a regulated and compliance-focused crypto trading platform.

6. BitStamp – The Best Crypto Trading Platform for Active Traders in Maryland

Three key factors make BitStamp the best crypto exchange for active traders in Maryland today. First is the fact that it has a decent crypto library with 100+ of the best cryptos to buy. Secondly, it presents you with multiple trading platforms – from the web trader, mobile app, and BitStamp PRO. Further, all these platforms integrate highly advanced trading tools.

But BitStamp is also appealing to beginner traders. It appeals to this group by presenting them with effortless ways of investing in cryptos. These start with the option to buy crypto instantly with cards and account balances. It also supports multiple fiat deposit methods – from cards to bank wire and ACH transfers. You also have the option of withdrawing fiat directly to your bank account.

In addition to these BitStamp is quick in processing crypto transactions and charges competitive fees. When buying Bitcoin and some of the best future cryptos on BitStamp, for example, you pay a volume-based fee. This maker/taker fee ranges between 0% and 0.4%.

The other factors making BitStamp the best crypto trading platform include its safety. It, for example, holds as much as 98% of client assets in ultra-secure offline vaults. Further, you can earn passively on BitStamp via crypto staking and crypto lending. Launched in 2011, BitStamp is also one of the most reputable crypto trading platforms in the US today.

7. Coinmama – The Friendliest Exchange to Buy and Swap Cryptos in Maryland

Coinmama is one of the friendliest crypto trading platforms in Maryland today. It is the best place to buy Bitcoins and other cryptos with cards and bank transfers. It also makes it possible for you to swap one crypto for another – effortlessly. One of its core strengths is its simplicity, seeing that it has a quick client onboarding process and a straightforward crypto investing process.

For the longest time, you could only buy a handful of cryptos on the Coinmama exchange. Additionally, you could only sell Bitcoins via the platform. Today, Coinmama is on an aggressive expansion plan towards becoming a fully-fledged crypto exchange. This involves onboarding more digital assets to the platform and letting users buy and sell as many of these assets as possible.

Coinmama also hopes to integrate lucrative deposit methods. The most impactful will be the crypto staking program. This will make it possible for the Coinmama platform users to stake tens of crypto assets with the promise of up to 16% in annual interest.

Is Crypto Investing Legal in Maryland

Cryptos and blockchain technology are legal in Maryland. To date, several pieces of crypto and blockchain legislation have been in the past. First was the Maryland Financial Consumer Protection Act of 2018. This required the Financial Consumer Protection Commission to study crypto and blockchain. It also requires the office to identify regulatory gaps for the FinTech industry in the State and come up with recommendations.

The State has also been clear about regulatory licenses and the treatment of crypto trading platforms. These are required to apply for a money transmitter license. The money transmitter license is given to individuals and entities that facilitate the transfer of money outside the conventional financial institutional systems.

In 2019, the Free State passed the SB 136 bill. These authorize the maintenance of certain corporation records over a distributed electronic network – blockchain.

Crypto Taxes in Maryland

According to a consumer advisory issued by the Maryland Commissioner of Financial Regulation in 2018, cryptos are taxable. In this State, cryptos are treated as property and taxed accordingly. For gains made when selling cryptos, you will pay capital gains tax.

You pay income tax for crypto earned as income through mining, payment for wages/salary, or investing programs like staking. In addition to state tax, the Internal Revenue Service (IRS) will also charge you a capital gains tax on your crypto.

Practical Tips for Buying Crypto and Bitcoin in Maryland

There are a number of tips you need to familiarize yourself with when buying Bitcoins in Maryland. Below, we highlight what we consider the most important:

• Research about cryptos: Before buying any crypto, conduct thorough research about that digital asset. Consider how its price has performed in the past and how it is expected to continue performing in the near future. Only go for crypto assets with a hugely promising future.
• Diversify your portfolio: You will also want to diversify your portfolio. Don’t just go for the most sustainable cryptos. Consider adding some of the best meme coins as well as the best new coins to your portfolio.
• Start small: If you are a complete beginner and new to crypto investing, consider starting small. Even better, consider using the dollar cost-averaging investment strategy.
• Learn how to secure your crypto: You also need to start learning how to keep your digital assets safe. This involves moving your cryptos off exchanges and storing them in a safe and reliable digital wallet. We especially advise you to invest in a safe hardware wallet.
• Invest passively: You will also want to leverage as many passive income-generating programs as possible. Some of the most popular include copy trading, staking, crypto savings, and crypto lending.

How to Buy Cryptocurrency in Maryland 2024 – Tutorial

In this section, we walk you through the process of buying crypto assets in Maryland on eToro. This process is quick and straightforward and you only need $10 to get started.

Step 1: Create a Crypto Account

Start by opening the eToro browser or downloading eToro crypto trading mobile app. Hit the “Join Now” button on either platform and complete the registration form that pops up. This captures such basic personal information as your name, email address, phone number, country of residence, and income source.

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 – such as your passport 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 deposit is reflected in your account, hit the” Discover” button to view the supported assets. Choose “Cryptos” to see a list of all supported digital assets. Choose one and hit the “BUY” button.

Step 5: Buy Cryptos

A trading tab will up. Use it to customize this trade by indicating how much you intend to invest in the digital currency. Hit the “Open Trade” button to execute this investment.

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

Note: The private keys for the crypto you just purchased will be deposited into the exchange-provided web wallet. This holds more than 90% of client assets offline. To move the coins to another wallet or exchange you first need to download and activate eToro Money – the crypto mobile wallet app for the brokerage.

How to Sell Cryptos in Maryland

The process of selling digital assets on eToro is equally straightforward. In this section, we teach you how to sell cryptos on eToro in Maryland:

• Step 1: Log back into the eToro trading account.
• Step 2: Hit the “Portfolio” icon on your user dashboard 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 cryptos you just sold will be immediately deposited into your account. Use this amount to buy the best cryptos in the US or simply withdraw it.

Conclusion

There goes everything you need to know about buying cryptos in Maryland. It starts with identifying the best crypto exchange. And we have already hinted at top factors to consider when looking for the best crypto trading platform. We have shared crypto investing tips and discussed crypto regulation and taxation in Maryland.

Want to start buying cryptos in Maryland right now? Follow the step-by-step guide to crypto investing that we have shared above.

Best Meme Coin Exchange

• Free Copy Trading of Professional Traders
• Over 100 cryptos to trade
• Minimum deposit only $10
• Free Demo Account, Crypto Wallet
• Open to US & Worldwide – Accepts Paypal
• Staking Rewards, Educational Courses

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Buy Cryptos

Cryptoassets are a highly volatile unregulated investment product.

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References:

• https://www.coindesk.com/markets/2015/07/01/details-of-5-million-bitstamp-hack-revealed/
• https://mgaleg.maryland.gov/2018RS/Chapters_noln/CH_732_sb1068e.pdf
• https://legiscan.com/MD/text/SB136/id/2016519
• https://labor.maryland.gov/finance/advisories/advisory-cryptocurrencyconsumer.pdf

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Author: Wajeeh Khan

Wajeeh Khan is a financial researcher and writer with 7 years of experience. He has immense exposure to a range of financial assets, including stock, cryptocurrencies and forex - and is particularly well-versed in asset valuation, analysis, and portfolio management. Since 2016, Khan has worked with notable online platforms within financial journalism, including Invezz, Trading-Education, Dog of Wall Street, and News Break. All in all, he has written, editted, and published over 7,000 articles, guides, and market insight. Online casinos started as a hobby for Khan in 2018. But in only two years, it had already become another niche that he started actively researching. Over the past three years, he has written a diversified set of content around gambling for clients from all over the world. Academically, Khan has a Bachelor's in Economics and a Master's degree in Finance. He's also completed a bunch of courses on digital journalism and financial markets at large.

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