Where to Buy Bitcoin Utah

Buying bitcoin is available at any cryptocurrency exchange that accepts residents from Utah. There is no law that requires an exchange to be State licensed, hence, you should consider carefully which Utah cryptocurrency exchange to join. It is an open market!

Federal law, however, requires buyers and sellers of bitcoin to be at least 18 years old on an exchange. In addition to crypto exchange, bitcoin can be bought at ATMs, exchange for goods and services or mining.

A snapshot of Utah Cryptocurrency Market:

  • Buying, selling and exchanging bitcoin is legal for residents of Utah
  • Federal law requires buyers of bitcoin to be at least 18 years old
  • Nearly every cryptocurrency exchange is licensed and/or accepts residents from Utah
  • There is no need to look for offshore exchanges to buy bitcoin for Utah residents

In this article, we discuss the different exchanges that you can use to buy and sell bitcoin, the legislation and tax laws, bitcoin wallets and other useful information to help you get started.

If you intend to trade and invest in Bitcoin (BTC), we recommend the following exchanges:

Top 5 Utah Bitcoin Exchanges

Overview of Utah Bitcoin Exchanges

Buy and selling Bitcoin through an exchange is the most common and the easiest way. An exchange provides a convenient way to quickly buy and sell, it’s also the safest and secure. Of course there are many other ways that you can buy Bitcoin.

  • Buy direct from a Seller without a broker
  • Work for Bitcoin
  • Mine Bitcoin
  • Bitcoin ATMs

While there are numerous cryptocurrency exchanges available in Utah, there are some important factors to be considered. The best exchanges cater for the below factors very well

Unfortunately, state licensing is not required in Utah. If it were, you can be assured that the cryptocurrency exchange must abide by the laws of Money Transmission. However, since “virtual currency” is not considered as money or as an act of transmission, the market is open to any Federal licensed exchange.

This makes assessing a good cryptocurrency exchange even more important in Utah.

We strongly recommend you consider the below factors when selecting an exchange.

🔒 Safety and Security

Safety and security is important for user and exchange

During the early years of bitcoin, cryptocurrency exchanges were making headlines for being hacked, operating as scams and/or falsifying liquidity. But things have changed dramatically, and exchanges are now meant to be, at the very leasst, Federal licensed and regulated. In Utah, the state has deemed that no cryptocurrency exchange is required to obtain a Money Transmission license. This means, the market is open to any exchange that is SEC approved.

Exchanges have also improved their technology to be more secure. Strengthening infrastructure, putting in place better procedures, but also offering users functionality to protect user access and authorized transaction limits.

No exchange, however, can protect against a user’s carelessness of revealing passwords or losing keys. Nor can the State prevent users from mistakenly signing up to scams.

Weigh up safety and security. Though it has improved, it should still be at the forefront of consideration.

📞 Customer Support

Prompt, Accessible and Professional

You will find that Customer Suppport will be needed more times than you would think. Some users will need support going through the KYC process, some will need it to trade, and others will just have general questions about the platform.

Customer support needs to be accessible, whether it be through Live Chat, email or a hot line. It also needs to be prompt and accurate. Some customer support is AI driven. Useless if you have a specific question or need help urgently.

Customer Support is also supported with Self Help Centers – information portals with guides, procedures and rules. These self help centers are meant to be useful, easy to read and comprehensive. The low trading fee exchanges tend to push their Customer Support towards Self Help Centers. It’s one way of saving costs in an effort to allow for low trading fees.

In knowing this, you may find that low trading fee exchange, compromise on their Customer Support. Bear this in mind when choosing an exchange with low trading fees vs Customer Support.

💳 Payment Methods

Make sure your Payment Method is available

Many of the top Utah exchanges will offer the common US payments – ACH, wire transfers. Some will accept debit cards but with limits. Credit cards are much harder to come by, because many financial institutions will not facilitate it (even though it is lawful). Finally, there are very few that will also accept PayPal, Skill and Neteller.

The no frills exchanges may only accept one or two types of payment methods. This doesn’t necessarily mean that the exchange is bad, as long as you are willing to use the payment methods that they offer then there are no issues.

Payment methods are often sought by users for first and foremost Credit Cards. They want to use loyalty points on their cards to access greater rewards. The second most sought after payment methods, are the cheapest ones. Some payment methods will incurr a fee by the exchange which is passed onto the user. Each exchange will have a different fee for their payment methods that they offer.

🪙 Cryptocurrency Selection

Spread your investment

There are two aspects to cryptocurrency selection that should be considered. First, is the diversification benefit that can be obtain by buy several cryptocurrencies outside of bitcoin. Diversification is a common strategy among investors to spread their risk. This reduces volaility.

Secondly, some top exchanges have their own native coin. For example Binance and Crypto.com. With these exchanges, you will be rewarded with native coin, which could go up in value. The more users who join these exchanges, the more liquidity with the native coin.

These benefits should not be overlooked when considering an exchange.

🏷 Coupons and Promotions

Refer a friend and Claim Discounts

Exchanges use promotions that include Refer a Friend and Coupon discounts. It’s a great way for some customers to earn a little bit on the side. Some exchanges offer a Refer a Friend commission percentage. This can be quite rewarding, but is generally limited to smaller start up exchanges that are trying to attract more customers. The larger established exchanges, however, offer a flat referral commission which is tokenistic at best.

If you choose an exchange based on their Referral Commission, be aware that the less reputable exchanges will offer more attractive promotions.

💰 Fees

Trading, Deposit and Withdrawal

Fees can be incurred as trading fees, on deposits or withdrawals. They can also be hidden in spreads, deliberately widened so that the exchange can take a cut.

Fees are very hard to compare from exchange to exchange, because there is no standardized fee calculation. For trading fees, the most common method of calculation is a tiered approach based on volume and dollar amount. The tiers may be complex or simple and can have conditions.

Deposit and withdrawal fees can differ based on the method. Different methods may require merchant providers to facilitiate, whom in turn charge a fee, and the exchange may then impose their own administration fee.

Beware that some exchanges will purport to have “zero” exchange fees. This is not possible. The exchanges with zero fees, have wider spreads when buying and selling bitcoin. The wider spreads (which are worse for users) encapsulate a cut for the exchange. This is how the exchange earns an income on the exchange.

The total and absolute fee that a user will incur is therefore difficult to ascertain. But the most popular low trading fee exchanges are FTX.US, Binance.US and Coinbase Pro. These exchanges have fees starting as low as 0.4%.

⚙️ Platform Reliability

Limited downtime, glitch free

The vast majority of exchanges are built on reliable platforms that are easy to use, interface well and don’t crash. But, as part of the licensing, they are required to continually improve their system controls, reliability and IT infrastructure. Occassionally, they will need to shut down their platform for maintenance which includes fixing bugs, upgrading software, adding new features. At most, a shut down will not last more than a day, and will occur outside of normal working hours.

For the vast majority of buyers of bitcoin who are long term traders, platform reliability is an important attribute but not as important as others that we have mentioned.

📈 Liquidity

More buyers and sellers equals more liquidity

Without good liquidity it is hard to be able to sell, liquidate the earnings (or losses). It is important to have liquidity, if not then it could become a problem. Liquidity comes and goes. This is the same for any tradeable asset, like stocks. Trading in stock volumes increase and decrease seasonal and also broadly in alignment with how well the economy is performing.

A low volume exchange has risks that are two fold. One, you will need to bide your time in order to sell for the right price. Low volumes will make this difficult, and especially if you urgently need to sell this could cause you to lose some of your profits. Secondly, a low volume exchange is prone to market maniuplation. The larger holders of the coin, could possible move the market, but it more than likely causes volume voliatity on the exchange.

Setting Up an Account

To buy bitcoin from an exchange, you will need to set up an account. The process varies slightly between each of the exchange platforms, but ultimately you will need to go through a KYC (Know-Your-Client) process.

A KYC process is a mandatory requirement by all licensed exchanges in Utah. They need to perform this verification, to prevent money laundering and to meet AML (Anti-Money Laundering) international regulations.

The KYC will normally ask for your person details, proof of identity in the form of utility bills, drivers license or passport and social security number. Some exchanges may ask for more information.

Once your KYC has been processed your account will be activated. Now send whatever amount of money into it that matches how much fiat currency you’re willing to spend on bitcoin.

Send your US dollars through a payment method such as a bank transfer and then sit back and wait until it arrives in your exchange wallet — which could take several days depending on how busy they are.

Utah Bitcoin Exchange Reviews

We review the following selected Utah bitcoin exchanges in alphbetical order.


Binance.US is one of the most popular exchanges in Utah.

One reason for its popularity is the low fees. The trading fees and narrow spreads are among the lowest which is attractive for a regular buyer of bitcoin. Liquidity is probably the highest, so you will not find any better exchange for a quick bitcoin buy.

Another reason that Binance.US is popular is its native coin BNB. Users are rewarded with BNB for using the exchange, and BNB itself can also be traded. Creating an extraordinarily worthwhile investment.

Lastly, personal accounts can be established and verified within an hour. A no hassles quick start for the buyer who is in a hurry.

In summary, Binance.US is a trustworthy exchange to use to buy bitcoin. The pro’s certainly outweigh the con’s and certainly exceeds in comparison to other exchanges.

  • Money Transmitter License: N/A
  • Cryptocurrencies: 64
  • Mobile App: iOS and Android
  • Fees: 0.1% – 0.5%
  • Payment Methods: Debit Card, ACH, Wire Transfer

BlockFi – Avoid

** Update – Feb 2022 – The SEC has issued one of the largest penalties against a cryptocurrency platform to date. Together with several other US States, the total penalty is approximately $100 million. As a consequence of this outcome, we DO NOT RECOMMEND signing up to BlockFi.

Not many users have heard of BlockFi as an exchange, but they may know of it as a deposit/lender of bitcoin. Offering a good interest rate, for those who don’t want their bitcoin just sitting on their wallet being idle. On the flip side, you can borrow bitcoins from BlockFi, if you want to leverage or need it for business transactions.

It have recently launched an exchange to compliment their deposit and lending facility. The exchange is still in its infancy, only accepting ACH transactions and fees are “zero” which means they are embedded in the spread. Lack of transparency of fees is concerning, with many user prefering low trading fee and narrow spread exchanges.

BlockFi may turn out to have a great exchange. But for the time being perhaps give this one a miss.

  • Money Transmitter License: N/A
  • Payment Methods: ACH
  • Mobile App: iOS and Android
  • Fees: embedded in the spread
  • Crypto: Only supports crypto pairs

CEX io cryptocurrency exchange


A beast of a cryptocurrency exchange that truly is a powerhouse for the sophisticated traders. Lots of features that will help analyze market trends, trading patterns and other important bitcoin signals. CEX.IO offers well over 100 cryptocurrencies to choose from. The fees are relatively low, and they accept several deposit and withdrawal options that are common for Utah residents. Their platform is reliable and stable, even though it is function heavy. A good cryptocurrency exchange for the experienced bitcoin trader.

  • Money Transmitter License: N/A
  • Card: VISA Card holding Bitcoin
  • Mobile App: Available on iOS and Android
  • Wallet: CEX.IO Wallet



This exchange is one of the most popular in the world, alongside Binance. It not only supports the buying of bitcoin, but includes all the other major altcoins such as Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH). In regards to fiat currencies, it extends to U.S. dollar (USD), the Euro (EURO), and the British pound (GBP). Coinbase has obtained a licensed with the Illinois Department of Financial and Professional Regulation.

  • Money Transmitter License: N/A
  • Card: Coinbase VISA Debit Card and can link to Google Pay and Apple Pay.
  • Mobile App: Available on iOS and Android.
  • Wallet: Coinbase Wallet

coinmama cryptocurrency exchange


Coinmama is a simple no frill cryptocurrency platform that is great for beginners. The range of trading options is limited to 10 cryptocurrencies, but the good thing is that there are no deposit or withdrawal fees. Coinmama is one of the best exchanges for bitcoin buyers who are just starting out.

  • Money Transmitter License: N/A
  • Card: None
  • Mobile App: None
  • Wallet: None

Crypto.com (CDC)

Crypto.com is splashing out with marketing to become the biggest exchange in Utah. Joining forces with the well known basketball player Lebron James and the movie star Matt Damon, you will definitely see lots of promos. Crypto.com is now also the name of the LA sport stadium that used to be called the Staples Center.

Looking beyond its marketing campaign, Crypto.com is an exchange that offers many perks, and excellent trading experience. One of the perks is being rewarded with the native coin CRO. The more you use Crypto.com the more CRO you can earn.

CRO can also be traded, just like any other cryptocurrency. Hence, there is a lot of upside with trading on Crypto.com.

Crypto.com offers a fantastic debit card made of metal. It is widely accepted, but undoubtedly heavy. To be honest, it is very gimmicky, and could be a good talking point at a party, but it still is just a debit card, i.e. the functionality is the same as any other.

The app is sturdy, robust and mostly glitch free. If there are any issues, users have found by simply uninstalling and reinstalling the app, it begins to work smoothly again. Trading fees are among the lowest, though spreads are just ok. As Crypto.com grows, we expect to see better spreads.

  • Money Transmitter License: N/A
  • Cryptocurrencies: 96
  • Mobile App: iOS and Android
  • Fees: 0.5% – 4.5%
  • Payment Methods: Debit Card, Credit Card, ACH, Wire Transfer

etoro cryptocurrency exchange


eToro is perhaps more well known as a foreign currency exchange, but has naturally expanded to support cryptocurrency. Leveraging from its existing platform, it has features that not many other cryptocurrency exchanges offer. A great exchange for the sophiscated trader, but at the same time also caters for the newbies. Customer Support is very good, which includes a library of content that is helpful and practical.

  • Money Transmitter License: N/A
  • Card: eToro Money Card linked to eToro Money Account
  • Mobile App: Available on iOS and Android
  • Wallet: eToro Wallet

kraken cryptocurrency exchange


One of the pioneers of cryptocurrency exchanges, launched in 2011 and first began trading of bitcoin in 2013. During the early years, Kraken was the target of several publicized hacks, resulting in the theft of bitcoin. Since, these early days, Kraken has strengthened its safety and security to become compliant with US Federal regulations.

Platform reliability has been average, with 48 hours of down time on the January 10, 2018 for an upgrade that was originally for 2 hours.

Though there have been some issues during Kraken’s history, this platform is highly regarded and is backed by many institutions. At an approximately valuation of $5 billion, Kraken is one of the largest global bitcoin exchanges to trade on.

  • Money Transmitter License: N/A
  • Card: None
  • Mobile App: Available on iOS and Android
  • Wallet: Kraken Online Wallet (not a personal storage wallet)

LocalBitcoins – Peer to Peer Exchange

Known for providing an escrow service, this cryptocurrency platform enables clients to find the right buyers for their Bitcoins. Although advertisement is a good option to go with, many have not received the required level of responses. The thing that makes LocalBitcoins different from others is the in-person meeting, which is facilitated and secured by LocalBitcoins have turned out to the fastest platform to acquire Bitcoins within a few minutes.

Bitcoin ATMs

With the help of Bitcoin ATM, it’s quite easy for potential investors to buy bitcoins whenever they have enough funds available. They make the process so quick and easy that traders used to wonder whether things have been done properly or not. It is worth mentioning that Bitcoin ATMs charge between 5% to 10% fees against providing privacy, security and convenience of keeping personal and other details in private. This fee is literally worth the features traders will be getting.

LibertyX Bitcoin ATMs charge a 8% fee, and is limited $1 – $3,000 per day.

Utah Cryptocurrency Tax Ruling and Rates

In the eyes of the IRS, bitcoin is a financial instrument that is an asset. Specifically defined as a digital currency, bitcoin is to be tax treated in the same manner as buying, selling or exchanging foreign currency. Commonly, only realized capital gains and losses impact the tax result for the financial year, while unrealized capital gains and losses remained noted.

The IRS requires bitcoin investors and users to submitt a detailed buy, sell and exchanging of bitcoin via 1099 forms. Due to the tax obligations by the IRS, several bitcoin exchanges now provide 1099 forms for their customers to aid with tax submissions. Others will provide a detailed transaction listing that shows the date, cryptocurrency, units and value of every transaction.

The above is general information only. Please seek a professional tax account for tax advice.

Bitcoin Cryptocurrency Laws and Legislation

Utah does not have a stand alone Money Transmitter Act per se, but rather it is a sub chapter (25) of the overaching Financial Institutions Act (Title 7). This Act was amended in 2019 to address the burgeoning use of bitcoin. In particular, the prominence of cryptocurrency exchanges that needed legal clarity in order to operate in the state.

The amendment in 2019 changed the Money Transmitter Act to articulate that virtual currencies were not in the scope of the MTA. Hence there was no authority upon which the State can regulate a cryptocurrency exchange.

The definition of Money Transmission is defined in Section 7-25-102.

  • (1) the sale or issuance of a payment instrument, or
  • (2) the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer.

Specifically the definition of payment instrument excludes any instrument that is used for the exchange of goods and service (i.e. virtual currencies).

As a result of the above interpretation, Utah has many cryptocurrency exchanges that operate and continue to do so without the need to obtain a license.

Further amendments to the Money Transmission Act included the definition of “blockchain”.

Blockchain is defined as:

(4)“Blockchain token” means an electronic record that is:(a)recorded on a blockchain; and(b)capable of being traded between persons without an intermediary.

The interpretation of blockchain in this Act is that it is not money, and therefore a non bank has the ability to facilitate the movement of a blockchain token. Accordingly, it further enforces the notion that cryptocurrency exchanges do not fall under the scope of the Utah MTA.

Bitcoin and Cryptocurrency Wallets

Some exchanges also offer wallets. It’s not necessary for a good exchange to offer a wallet to their clients, though it can be a nice to have for new investors. However, be aware that online wallets offered by exchanges are normally hot wallets. That is, these wallets are connected permanently to the internet. This can be quite risky to use a wallet that is controlled by the exchange and not by yourself.

Hence it’s not necessarily a good thing if an exchange offers a wallet, but it’s a nice to have, if you are looking for an exchange with their own wallet.

  • Online Wallets: Every crypto-exchange has their own wallet where traders can store their coins or cryptocurrencies for as long as they want. However, there are two types of these wallets that traders have to decide about which wallet they want to use for their trading.
  • Utah Hot Wallets: Since the inception of bitcoins and other cryptocurrencies, wallets have been transformed and divided into two forms- desktop and online. Digital wallets are free and can hold any cryptocurrency that traders want. They enable them to get easy access to their cryptocurrencies via mobile devices. They are perfect for beginners who want something easy to start with.
  • Utah Cold Wallets: These specifically designed devices work as physical cryptocurrency storage that allow traders to bring their cryptos with them, no matter where they are going. Though, the only considerable thing is their expensive nature with limitations of storing certain cryptocurrencies for future use.

The legal minimum age to buy and sell bitcoin on an exchange in Utah is 18 years old.


In Utah there are various ways to buy bitcoin. The most common is via cryptocurrency exchanges. Cryptocurrency exchanges are not required to be licensed per the amendment to the Money Transmission Act in 2019.

When selecting a cryptocurrency exchange consider how it fits the investment strategy. A good balance of fees, safety and security, platform reliability, liquidity, supported cryptocurrencies and payment methods is often sought after.

In addition to buying on a cryptocurrency exchange, bitcoin can be bought at ATMs, through the exchange of goods and services or mining.

After purchasing bitcoin, a wallet is needed to store it. The keys to the wallet are vital in keeping safe. There are different types of wallets, each with their pro’s and con’s that should be considered.

Finally, when using bitcoin there are tax implications. The IRS treats using bitcoin the same as foreign currency. If you profit from buying and selling bitcoin, you may need to pay taxes. If you earn bitcoin through the sale of goods or performing services, this may also be taxable.

How to Lodge a Cryptocurrency Customer Complaint

If you have any customer complaints with cryptocurrency exchanges in Utah, you should contact them first to resolve any issues.

If unresolved after attempting to discuss with the exchange, contact the Department of Financial Institutions.

Utah Department of Financial Institutions
324 South State Street, Suite 201
Salt Lake City, Utah 84111

Phone: (801) 538 – 8830
Fax: (801) 538 – 8894
Email: dfi@utah.gov


Bordering States

Idaho | Wyoming | Colorado | New Mexico | Arizona | Nevada

Best Exchanges

Low fees, high liquidity

Top notch crypto exchange, with the lowest fees, high volume trades, and fast processing.