Buying Bitcoin in Wyoming can be intimidating if youâre not sure where to start, but it doesnât have to be that way. This comprehensive guide will help you go from zero to owning Bitcoin in minutes. Here, weâll walk you through how to use one of the most popular digital currency exchanges, what steps to take after signing up and how to move your digital currency into a secure wallet with this beginnerâs guide on how to buy Bitcoin in Wyoming.
A snapshot of Wyoming Cryptocurrency Market:
- It is legal for residents of Wyoming to trade in cryptocurrencies
- Investors and traders must be at least 18 years old
- Onshore cryptocurrency exchanges must abide by the Wyoming Monetary Transmission Act.
- Offshore cryptocurrency exchanges are also available, but may pose significant higher risk of scam, hacks, dishonest and untrustworthy activity.
Your personal bitcoin investment strategy should also play a part with which exchange to choose from.
We outline bitcoin exchange features, their service, and how you should balance your investment strategy with the exchange that you choose.
Top 5 Wyoming Bitcoin Exchanges
Overview of Wyoming Bitcoin Exchanges
It is evident that Wyoming is a favorable place for cryptocurrency trading, indicated by the Governmentâs desire to implement thorough policy via licensing and regulations for exchange operators.
The cryptocurrency exchanges that facilitate the transactions for residents is very much open to almost anyone (as long as they abide by the stricter Federal regulations). Therefore, there are both offshore and onshore based exchanges that accept local residents.
As an Wyoming trader and investor, you need to be aware that not all exchanges are honest and can be trusted. Therefore, do NOT simply pick one. Choose carefully, because each exchange will charge different fees, will require different levels of Know Your Client (KYC) information, offer various pairings, and of course have different levels of safety and security.
We regard the following attributes to be considered when deciding upon a cryptocurrency exchange to use. Of course, there are many other aspects, however, we highlight the most important ones:
đ Safety and Security
The first and foremost area to evaluate is the safety and security provisions of a cryptocurrency exchange. Since traders intend to provide their personal as well as confidential details (bank and credit/debit card details, address, cryptocurrency wallets etc.) to the exchangeâs database, it should be backed by a strong and reliable security system. The exchange has to be efficient enough to deal with any type of malware or hackerâs attack.
đ Customer Support
From a novice to a professional trader, everyone needs help/assistance in one way the other. Sometimes, they need someone to sign-up on the exchange or carry out transactions to ensure safety of their personal details. Also, the customer support has to be prompt, responsive, knowledgeable and most importantly, courteous to give respect to all clients, no matter how small or big they are. Their professionalism and legitimacy in answering questions is what wins the clients.
đł Payment Methods
Arizonaâs cryptocurrency exchanges provide multiple methods to their clients to deposit or withdraw funds. From using debit/credit cards (Mastercard or VISA), e-payment options (PayPal, Skrill etc.) to making wire transfers, these exchanges ensure safety of tradersâ money by hook or by crook. Also, their e-wallets are responsible to simplify transactions while you will have to bear some fees or charges.
đȘ Cryptocurrency Selection
Crypto selection is important for people who want to diversify their e-wallets and deal in fiat currencies. In other words, if you are planning to acquire Bitcoins against USD, then there is no need to worry about this element or vice versa. Like stock exchanges, the platforms should have a huge range of cryptocurrencies so that traders are able to make the decision which suits them the best. Whether they want to invest in bigger cryptos like Bitcoins, Ethereum, Ripple etc. or to play a safe game, a cryptocurrency exchange should have multiple options to choose from.
đ· Coupons and Discounts
Based on their common purpose, coupons and discounts are intended to create a win-win situation by attracting more and more clients to start trading with them. For a good cryptocurrency exchange, these offers work as a marketing tool where they can reach maximum number of people and expect to get at least 50% responses within no time. traders are rest assured of getting discounts or reductions in transaction fees.
đ° Fees
There are two types of fees involved in cryptocurrency trading- payment fees and trading fees. The latter has been charges on the volume of cryptocurrencies being traded. The percentage usually decreases with the rise in volume. Which is why no exchange can be compared with the other.
âïž Platform Reliability
This point refers to an Exchangeâs ability to remain functional even at the time of maintenance. The exchange should be protected against bugs so that it can run without hindrance.
đ 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.
Choosing an Exchange
When buying bitcoin, there are a few things youâll need before getting started. First, youâll want to sign up for an account on a cryptocurrency exchange. There are a variety of these online platforms that allow users from around the world to buy bitcoin with different payment methods. In fact, Coinbase â one of our recommended exchanges – offers several ways to buy and sell bitcoin including bank transfer, credit card and debit card purchases. Signing up is easy, requiring little more than your name and email address; most only require verification if you want to withdrawal/spend larger amounts of money. Once verified, funds can be added using your linked bank account or by transferring in existing bitcoins from another wallet. Be aware that not all exchanges allow withdrawals, so check with your chosen platform about their policy first. Some of the top-rated options include: Gemini , Bitstamp , Bittrex . For a full list of options , view Coinmarketcap .
Setting Up an Account
To buy bitcoin from an exchange, set up an account on Coinbase, Gemini or Bitstamp. To trade for bitcoin on a platform like Bittrex or Poloniex, youâll need to set up an account there as well. If you want to buy some bitcoin over-the-counter (OTC), use LocalBitcoins.
The process varies between each of these platforms. What are your preferences? Do you feel more comfortable with mobile or desktop? Are security features important to you?
Think about those things when making your decision. After all, it can be difficult if not impossible to recover any lost coins so do some research and make sure you trust whichever service you decide to go with!
Once your account is active, send whatever amount of money into it that matches how much fiat currency you’re willing to spend on bitcoin; usually $100â$200 will suffice.
Send your fiat currency 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.
Adding Bank Account Information
If you want to buy a large amount of bitcoin, youâll have to link your bank account.
Coinbase, along with other cryptocurrency exchanges, require verifying your bank account before they let you purchase cryptocurrencies. The verification process can take anywhere from one day to a week, but once itâs completed, youâll be able to buy cryptocurrency using US dollars.
And donât worry: after you add bank account information and make your first transaction, there are no deposit or withdrawal limits on how much cryptocurrency you can buy or sell. With that said, keep in mind that Coinbase does track both buying and selling activity (although they call it transaction history).
They also reserve the right to suspend or close accounts at any time for reasons not disclosed in their terms of service.â
Depositing Money
Youâll need a bank account to fund your purchase of bitcoin, but most countries have at least one place where you can buy cryptocurrency with fiat money. This may require verifying your identity and providing personal information (such as your email address and phone number). Once youâve provided that info, some platforms will let you instantly buy a set amount of cryptocurrency.
Note: Itâs generally easier to make purchases using bank transfers than by using credit cards or cash.
After opening an account, deposit funds into it and exchange them for digital currency. Depending on which platform you use, buying coins might be easyâor impossible. In either case, check out independent ratings sites to learn more about user experiences before depositing any funds on your own.
If it is possible to purchase cryptocurrency directly from fiat currency or gift cards (like Coinbase) then do so because that’s easiest & cheapest for beginners – especially if new to trading.
Wyoming Bitcoin Exchange Reviews
Considering the above criteria, following is a review of several bitcoin exchanges for Wyoming
Coinbase
Referred to as the top Bitcoin broker (BTC), Coinbase has always been the preference of beginners to try out their luck by investing in cryptocurrencies. Due to its simple user-interface and easy to handle mechanism, this cryptocurrency exchange has emerged as the best platform for all Bitcoin and other cryptocurrency fans. They can carry out transactions with SEPA transfer, bank transfer, debit/credit card. with the surety of buying highly liquid cryptos. The best part is that if any trader wants to buy cryptocurrencies urgently, he/she can do it through Instant Buy with a debit card.
Coinmama
Coinmama is the next worthwhile cryptocurrency exchange that works for its clients effortlessly. The best part is that it is available for everyone across the globe, which means that people from anywhere can easily invest or transact in digital currencies. Its transaction fees depend upon the volume of purchase; however, money can be paid through SEPA transfer at a lower fee. Another thing that makes Coinmama a good option is the highest limitation for dealing in bitcoins, especially while using credit cards. The exchange has proved itself a reliable and professional platform where traders can invest their money with ease.
eToro
Etoro is on the mission to democratize money management to open doors of financial market for everyone. Its US platform intends to bring in modern and advanced techniques and norms, while continuing to support cryptocurrency trading. Etoro lets traders to deposit funds through wire transfer, online bank transfer, bank card or e-wallet (Skrill, Neteller or PayPal), where the minimum deposit is $50. The best part of Etoro is that customers can withdraw funds whenever they want without having to pay the platform fees.
LocalBitcoins
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, itâs 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.
Bitcoin and Cryptocurrency Wallets
Some exchanges also offer wallets. Itâs 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 itâs not necessarily a good thing if an exchange offers a wallet, but itâs 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.
- Wyoming 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.
- Wyoming 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.
Minimum Legal Age
Considering the regulations from the law, a trader should be at least 18 years old to be a part of any of the cryptocurrency exchange
Summary
How to Lodge a Cryptocurrency Customer Complaint
If you have a customer complaint at a cryptocurrency exchange, please raise the issue with them first.
If unresolved, please contact the State Finance Department.
Wyoming Division of Banking
Hathaway Building
2nd Floor
2300 Capitol Avenue
Cheyenne, WY 82002
Phone (307) 777-7797
https://wyomingbankingdivision.wyo.gov/how-to-file-a-complaint
