The Best Ways to Buy Bitcoin as a Florida Resident
Updated: Feb 26, 2022
Note: This is not investment advice. Always do your own due diligence.
If you're new to cryptocurrency, there are things you need to know about your location and how it affects your ability to buy and sell. The USA overall is one of the more restricted countries when it comes to availability of exchanges for purchasing crypto such as Bitcoin. Within the USA, it gets even more restricted whereas states such as New York and Washington are very limited in their options.
The main qualifying factor for determining where you can transact crypto is your driver's license or state issued ID. This tells the exchange where you live and whether or not you can use their services. In some cases, the exchanges may require utility bills and other documents for further proof of residency.
Luckily, for you, Florida is one of the more lenient states.
If you're a Florida resident, here are your current options (as of Feb 10, 2021):
Cash App
Pros
Very low fees
Set up recurring investments
Cons
Verification can be an issue when trying to scan the back of your license (Verification is required if you want to withdraw your Bitcoin!)
Coinbase
Pros
The best place to begin as a newcomer
The world's largest dealer of Bitcoin
Buy crypto instantly with a debit card
Set up recurring investments
Easy to use
Very high limits
Staking rewards up to 6%
Cons
Bank transfers can take up to 5 business days to complete if you're a new customer
Fees on Coinbase Wallet can be high
Coinbase Pro
Pros
The lowest fees in the US
Instant, free exchange between Coinbase Pro and Coinbase
App interface is very easy to use
Cons
Limited amount of tokens to choose from
Gemini
Pros
Trustworthy exchange
Instant deposit
Low fees
Interest-bearing accounts
Cons
Platform can be confusing for newcomers
Limited token access, but more variety than Coinbase Pro
Bittrex
Pros
More decentralized
Large variety of tokens
Improved user interface on both app and browser
Cons
USDT pairing has a limited amount of tokens
Kraken
Pros
Large variety of tokens
Ability to trade in USD pairing
Staking rewards up to 20%
Cons
Limited usage on the mobile app
KuCoin
Pros
More decentralized
Large variety of tokens
Cons
The only way US citizens can use it is if you don't verify/KYC. This means your daily withdrawal limit is lower.
gate.io
Pros
Most decentralized
Largest variety of tokens in this blog post!
Low trading fees
Trade futures
Cons
App can be very very very confusing for a newcomer
Binance.US
Pros
More decentralized
Large variety of tokens
Cons
Poor customer service
Difficult KYC
Bitcoin ATMs
I've never used a Bitcoin ATM, but there are quite a few of them, especially in South Florida.
Here are some other crypto-related posts for you to consider.
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