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Austin Jacob • May 14th, 2020

Buy Bitcoin in Connecticut

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You want to buy some Bitcoin and are from Connecticut.

Lucky for you, the following exchanges make it pretty simple to do.

Coinbase is the most popular on this list, and for good reason.

Keep reading to learn how to purchase Bitcoin in Connecticut.

Coinbase Home

Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface. Just make an account, link your preferred payment method, and start purchasing.

Please note that if you are based in the United States, most credit card purchases are disabled. For AML reasons, Coinbase, like most exchanges, requires users to submit a picture of their ID and other information for verification purposes.

When it comes to fees, this will depend on the payment method used. Bank purchases charge 1.49% and on credit and debit purchases expect 3.99%. Purchase limits depend on your accounts verification level, with the highest tier of verification allowing $50,000 to be purchased daily.

Visit Coinbase Read Review

 

eToro USA is an investing platform that allows its users to purchase CFDs for Bitcoin, cryptocurrency, and even stocks.

One of eToro's most notable feature is their support for copy trading. Also known as social trading, this will allow users to view the top trader's exact moves, letting them replicate as little or as much of their strategies as they'd like.

At press time, the service supports 40 US states and several other US territories. 

eToro has a few different fees that you should be aware of. When trading any crypto to crypto, you'll pay a .1% fee. If fiat is converted to the cryptocurrencies below, you'll also pay the spread mentioned below.

Visit eToro USA Read Review

 

Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.

Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!

Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily, and $20,000 monthly. 

Visit Coinmama Read Review

 

Headquartered in London, UK, CEX.io offers security, high liquidity, and cross-platform trading. They support an extremely wide array of countries making them available to most people.

CEX.io appears to have little no fees at first glance. They are able to do this by charging a premium on the Bitcoin price. We estimate this comes in around a 7% premium on average.

When it comes to purchasing limits, it really depends on your accounts verification tier. The first level has daily deposits of $500 and $100 withdrawals while the highest tier has unlimited in each category. Payment methods include cards, bank transfers, and more.

Visit CEX.io Read Review

 

LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. Due to the nature of the exchange, it's available in pretty much every country.

On the exchange, users to trade among themselves. Due to the nature of the transactions on the exchange, there is a resolution and feedback system.

It also allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.

LocalBitcoins is one of the better exchanges for users concerned with their privacy. Bitcoin can be purchased in person without linking an identity to an exchange.

Visit LocalBitcoins Read Review

 

Bitcoin Exchanges in Connecticut

Connecticut, like many other states in New England, has a formidable number of Bitcoin ATMs.

As of May 2019, there are 70 Bitcoin ATMs in Connecticut. These ATMs are spread throughout the state and more concentrated in metropolitan areas.

Most Bitcoin physical Bitcoin exchanges in Connecticut are concentrated in Bridgeport, Hartford, and Norwich.

Bitcoin Regulations in Connecticut

Bitcoin regulations in Connecticut are less lax than in other states.

Money transmitter licenses are required for anyone conducting cryptocurrency business in Connecticut.

House Bill 7141 makes licensing mandatory for cryptocurrency businesses in the state, and Bitcoin assets have been confiscated by the state to cover budgetary deficits.

If a Bitcoin entrepreneur wishes to do business in Connecticut, it is important to do your proper legal research or consult with a lawyer on local regulations.

If you are a Connecticut resident that already holds or mines Bitcoins, make sure that your activities are within regulations.

Money transmission licensing is a way to protect your Bitcoins from seizure in the case of sales or large transactions.

Bitcoin Mining in Connecticut

Residential electricity costs in Connecticut are $0.1734 on average. This ranks Connecticut at the 4th highest electricity cost in the nation.

High electricity costs make it difficult to turn a profit with a cryptocurrency mining operation, but there are ways around high electricity costs and strict regulations.

Connecticut residents would benefit from cloud contracts that forego local regulations and electricity costs. Commercial mining operations rent out their computing power over the internet through these cloud mining contracts.

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