author image
Austin Jacob • May 19th, 2020

Buy Bitcoin in Illinois

We may receive affiliate commission when you click certain products. Read our important disclosure to learn more.

You’re from Illinois, and want to purchase some Bitcoin.

Here’s the deal.

Bitcoin used to be pretty difficult to purchase requiring several steps.

Now… it’s pretty dam easy.

For most of you, Coinbase is going to be an amazing option.

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 Illinois

Buying Bitcoins in Illinois is relatively easy.

Illinois residents, Chicago residents in particular, have access to 337 Bitcoin ATMs as of May 2020.

The vast majority of these ATMs are in the Chicago metro area, but there are also ATMs in Bloomington, Springfield, East St. Louis, and scattered throughout the state.

There are also physical shops for Bitcoin and currency exchange in Chicago, Rockford, and Davenport.

Bitcoin Regulations in Illinois

Illinois has an extensive and nuanced set of cryptocurrency regulations.

The first regulation is the standard for most states in the US. When a third-party facilitates a transaction with cryptocurrency, they are considered money transmitters and must follow money transmission regulations.

The Blockchain Technology Act recognizes blockchain-based records and smart contracts as legal instruments. This is good news for Ethereum based businesses or anyone else looking to use smart contracts in Illinois.

Lastly, Illinois House Bill 4573 means that the state can claim any Bitcoin assets that have been left unclaimed after 5 years after “last indication of interest”.

These seized assets are deposited in the state treasury, and this regulation applies equally to both businesses and individuals.

Bitcoin Mining in Illinois

Residential electricity costs in Illinois are very close to the median at $0.1138/kWh. This places Illinois at 24th in terms of residential power expenses.

For Illinois residents, mining efficiency is key when overcoming electricity costs for a consistent profit. Specialized ASIC mining rigs are a solid investment for residential cryptocurrency mining operations.

If you live in Illinois and don’t have the starting capital or power infrastructure for residential mining, consider investing in out-of-state mining rigs for lower electricity costs.

No Comments Yet

shape shape shape shape shape shape shape