Cryptocurrency is booming in the state of Hawaii, but with strict regulations in place, it’s not always easy to buy Cryptocurrency in the US, especially in the state of Hawaii. However, it doesn’t mean it’s impossible. So, if you’re wondering – how to buy Cryptocurrency in Hawaii? Read this article till the end.
Buying Cryptos in Hawaii is not as convenient as in other states of the US. This is due to the lack of crypto exchange in the state. In addition, it is quite difficult for exchanges to obtain licenses in the state due to the strict rules that are in place.
However, Hawaii implemented a new crypto program – Digital Currency Innovation Lab (DCIL), in 2020 that allows participating members to run their cryptocurrency exchange businesses without the requirement of a money transmitter license.
The participating members of the program include Apex Crypto, bitFlyer USA, Blockfi Trading, CEX.io, Cloud Nalu, Coinme, ErisX, Flexa Network, Novi Financial, River Financial, Robinhood Crypto and the Gemini Trust Company.
So now, if you’re planning to invest in these digital assets and wondering how to buy Cryptocurrency in Hawaii? This article will surely help you out in getting the answer.
Buying Cryptocurrency in Hawaii Legal or Illegal?
Yes, buying Cryptocurrency in Hawaii is legal. As long as you pay your taxes, you are free to trade, buy, and sell cryptocurrencies in the state.
However, many crypto exchanges determined that complying with the stringent rules needed to maintain a money transmitter licence in Hawaii was not worthwhile as it increased expenses and made trading even more challenging.
Many believe that Hawaii has banned cryptocurrencies because most well-known exchanges do not operate there; however, this is untrue.
As was previously noted, Hawaii is exploring the world of virtual currency through its most recent cryptocurrency initiative with DCIL; the information gathered from this programme will be used to create local virtual currency legislation.
Once the state legislature has made changes to the current laws, it will likely make Hawaii a more appealing option for some of the largest exchanges in the world.
How To Buy Cryptocurrency in Hawaii?
There are many ways through which you can buy Cryptocurrency in Hawaii; major of them include Crypto Exchange and P2P platforms. Here’s a step-by-step process for buying Cryptocurrency in Hawai:
Open An Account with Crypto Exchange:
Due to the strict regulations in Hawaii, many popular crypto exchanges don’t provide services in the state. As a result, investors would have very few options in choosing their preferred crypto exchange.
Some of the available exchanges include Crypto.com and CEX.io. However, with the government planning to ease the regulations, the numbers are likely to increase.
Create and Verify your Account:
You can create an account after choosing a crypto exchange. You might need to verify your identification, depending on the platform and how much you intend to purchase.
To avoid fraud and adhere to federal regulations, this is a crucial step. You might not be able to purchase or sell cryptocurrencies until the verification procedure completes.
Make A Deposit:
You must make sure you have money in your account to buy Cryptocurrency in Hawaii. By linking your bank account, approving a wire transfer, or even purchasing with a debit or credit card, you may add money to your account.
Place Your Order:
You are prepared to place your first cryptocurrency order after depositing funds into your account. After that, you can pick from hundreds of cryptocurrencies, from well-known ones like Bitcoin and Ethereum to less well-known ones like Theta Fuel or Holo.
You’ll have to enter a cryptocurrency’s ticker symbol (For instance, Bitcoin – BTC) and the desired number of coins. You may buy fractional shares of cryptocurrencies from the majority of exchanges and brokers, enabling you to purchase a small portion of expensive cryptos like Bitcoin or Ethereum.
Where To Buy Cryptocurrency In Hawaii?
There are only a limited number of crypto exchanges which provide services in Hawaii. However, many popular exchanges are planning to enter the state in the coming months.
Here are some popular and best places to buy Cryptocurrency in Hawaii:
CEX.io
One of the exchanges included in Hawaii’s most recent crypto program is CEX.io, which enables citizens of Hawaii to purchase and sell Bitcoin and a range of other cryptocurrencies. In addition, the exchange offers several payment options, including Visa, Mastercard, bank transfers, and Cryptocurrency.
Crypto.com
Crypto.com is the next-best place to buy Cryptocurrency in Hawaii. The most common ways to purchase Cryptocurrency on Crypto.com are through credit and debit cards.
As soon as you sign up for the platform, you may make use of a variety of services, like staking CRO (their native Cryptocurrency), making money through savings accounts, and using DeFi, mint NFTs on their marketplace etc.
Investby
In the list of places to buy cryptocurrency, we have a black sheep named Investby. It’s a brokerage platform which allows you to buy, sell and trade cryptocurrency. It’s an intuitive platform with an amazing user interface to make your trading experience more exciting.
Some of the features of Investby are:
- Low trading fees
- 24*7 customer support
- High leverage
- Multiple account types to cater for all types of traders
- Low minimum deposit requirement
Make sure you checkout Investby review and make a smart decision.
LocalBitcoins
LocalBitcoins is a P2P (peer-to-peer) Bitcoin trading platform that enables users to publish posts on its website in order to connect buyers and sellers. In addition, users may find specified prices with a variety of payment options by using search features.
It is quite flexible and can operate in practically any nation in the globe, including the US state of Hawaii, due to its P2P nature. Through this platform, users can buy Cryptocurrency in Hawaii.
How To Sell Cryptocurrency In Hawaii?
You can sell Bitcoin on crypto exchanges that are part of the Hawaii DCIL program. The list includes the CEX.io, Gemini, or Crypto.com App.
On the other hand, you can sell Cryptocurrency through P2P, such as LocalBitcoins. Moreover, the platform allows you to pick the price and payment method of your choosing for a more adaptable alternative.
Can I Buy Cryptocurrency Through Coinbase in Hawaii?
No, Coinbase is not currently available in Hawaii, according to a statement made by the Hawaii Division of Financial Institutions. The reason is the strict regulations put in place, which make it difficult, expensive, and inefficient to operate Coinbase there.
Which Is The Best Coinbase Alternative Available in Hawaii?
Despite being the world’s largest Crypto exchange, Coinbase doesn’t operate in Hawaii due to regulatory restrictions. However, the ease of use, selection of currencies, and ease of depositing and withdrawing cryptos are what make Coinbase one of the most well-liked exchanges worldwide.
However, we have listed the best Coinbase alternatives to buy Cryptocurrency in Hawaii:
Gemini
The best Coinbase alternative available in Hawaii is Gemini. Users can deposit and withdraw crypto anytime without any hassle.
Users can also use cryptos to purchase at more than 30,000 retail locations around the United States without paying any fees, in addition to trading with more than 40 coins.
BlockFi
One of the best Coinbase alterntives is CEX. It offers the same number of currencies as Coinbase, if not more, and has the same simple user experience that Coinbase users are used to.
bitFlyer
While the bitFlyer’s design is different from Coinbase’s, it still has an intuitive user experience and over 100 cryptocurrencies accessible for buying and selling. Hawaiians can easily buy or sell crypto on this platform.
How Can I Buy Cryptocurrency Anonymously in Hawaii?
Due to how the blockchain and the established banking system operate, buying Cryptocurrency anonymously is challenging in any country.
Although Hawaii has bitcoin ATMs, these systems are not as anonymous as they were at the beginning of the crypto industry. Additionally, the majority of the time, while utilising these kinds of kiosks, you’ll be paying high fees of upto 15%.
If you’re concerned about privacy protection, the exchanges that are permitted to operate in the State of Hawaii won’t be a suitable choice because users of these exchanges are required to provide a lot of personally identifiable information to open an account.
You must consider peer-to-peer solutions like exchanging cash for bitcoin with a buddy or utilising a decentralised exchange if you wish to buy cryptos in Hawaii anonymously. But, of course, it’s crucial to keep in mind that, in these circumstances, you are typically also leaking your identity to the person you are trading with.
Conclusion:
We hope you enjoyed this article about how to buy Cryptocurrency in Hawaii. With this knowledge, we know that you can make the most of your crypto portfolio. Hawaii has always been one of the least crypto-friendly US states. Indeed, buying Cryptocurrency in Hawaii has never been easy.
Although, it seems to be changing now. Additionally, the state’s regulatory environment should also be actively monitored because significant changes are expected to occur in 2022.
FAQs:
Is Binance Allow Users to Buy Cryptocurrency in Hawaii?
No, the exchange doesn’t operate in the US state of Hawaii.
Can I Buy Ethereum In Hawaii?
Yes, you can buy any cryptocurrency, including Bitcoin and Ethereum, through the available crypto exchange.
Is It Legal to Buy Cryptocurrency in Hawaii?
Yes, it is legal to buy Cryptocurrency in the US, including in Hawaii.
Which Are The Best Places to Buy Cryptocurrency in Hawaii?
The best crypto exchanges available in Hawaii are CEX.io, Crypto.com and Gemini.
Can I Buy Bitcoins through P2P In Hawaii?
Yes, you can buy Cryptocurrency through a P2P system such as LocalBitcoins in Hawaii.
How To Buy Cryptocurrency in Hawaii?
Users can buy Cryptocurrency in Hawai through Crypto exchanges or P2P platforms.
What are the best apps to buy cryptocurrency in Hawaii ?
You can buy Bitcoin and other cryptocurrencies in Hawaii via Investby, the most popular and trusted place to buy. Another site is LocalBitcoins.com, where you can find someone that is willing to sell their Bitcoins to you, and the payment can be made in cash in person.
How to buy dogecoin with PayPal in Hawaii?
You can buy Dogecoins with PayPal by first buying Bitcoins with PayPal at Coinbase and then converting Bitcoins to Dogecoins.
Why doesn’t coinbase support dogecoin?
It is unfortunate that Coinbase does not offer Dogecoin. Dogecoin is a great digital currency/commodity for sending micropayments, one of the areas where Bitcoin is lacking greatly. Dogecoin has a friendly and active community, and it already has a strong merchant adoption rate.
Best apps for trading cryptocurrency in Hawaii?
The best apps for trading cryptocurrency are :
- CEX.io
- Crypto.com
- Investby
- LocalBitcoins
- OkCoin
- Kraken
- Gemini App
- Bittrex
- Coinsmart
- Paxful
- Abra
- Bitsquare
- Bitquick
- Wall of coins
- Bitcoin ATM
- Kucoin App
Best Platform to Buy Cryptocurrency in Hawaii?
The Best platform to buy cryptocurrency in Hawaii are Investby, LocalBitcoins, crypto.com, CEX.io
How to Buy Bitcoin in Hawaii?
To buy Bitcoins in Hawaii, you will first need to set up a wallet to store your Bitcoins. Once you have your wallet, you can then buy Bitcoins from sellers on the exchange.
Can you buy Crypto in Hawaii?
Yes, you can buy crypto in Hawaii.
Can I buy dogecoin in Hawaii ?
Yes, You can buy dogecoin in Hawaii, SoFi, CEX.io, Gemini, and Uphold are all reliable cryptocurrency exchanges, and they list DOGE.
You can also check-
- Kraken dogecoin
- Webull dogecoin
- Gemini dogecoin
- Paypal dogecoin
