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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
- Popular Exchanges to Buy Bitcoin & Crypto in Michigan
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eToro- Start trading fast; high limits
- Easy way for newcomers to get bitcoins
- Your capital is at risk.
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Coinbase- High liquidity and buying limits
- Easy way for newcomers to get bitcoins
- "Instant Buy" option available with debit card
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Coinmama- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
CEX.io 
Coinbase Pro Popular Buy Bitcoin Read Review
Coinbase's exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.
We may receive compensation when you use Coinbase Pro. Please visit Coinbase Pro for its exact pricing terms.
- Some of the lowest fees available for US and EU customers
- Possible to buy bitcoins for 0% fees
- User interface is confusing for first time buyers
Bitcoin IRA Buy Bitcoin
Bitcoin IRA offers a tax-advantaged way to invest in Bitcoin and Ethereum using your 401k or other retirement savings.
Bitcoin IRA is a US licensed IRA custodian, so you know your crypto or Bitcoin IRA is in full compliance with the Federal Government.
We may receive compensation when you use Bitcoin IRA. Please visit Bitcoin IRA for its exact pricing terms.
- Tax Advantaged Bitcoin Savings
- Easy to set up account
- Cannot custody the Bitcoin yourself
Gemini Buy Bitcoin
Gemini is a New York-based Bitcoin exchange, open to residents of the United States, UK, Canada, Hong Kong, Japan, Singapore and South Korea. Deposits can be made via wire transfer, SEPA or ACH transfer.
- Trustworthy and regulated exchange
- Instant deposit lets you buy coins quickly (but not withdraw them)
- Some of the lowest fees in the US and Canada
- Somewhat confusing to use for new buyers
- Not yet available in all US states
Kraken Buy Bitcoin Read Review
Founded mid-2011, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT.
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Swan Bitcoin Buy Bitcoin
Swan Bitcoin is a dollar cost averaging Bitcoin exchange, where users can set up recurring Bitcoin purchases to be drafted from their bank account or credit card every month or week.
- Easy to set up
- Automated dollar cost averaging
- Very low fees
- First purchase takes awhile
- No way to sell on platform
LocalBitcoins Buy Bitcoin Read Review
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States, Europe (besides Germany), UK, Singapore, Canada, Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Beware of scams; always follow the rules!
- Harder to buy large amounts of bitcoins compared to large exchanges
- Slightly to significantly higher prices than regular exchanges; premium for higher privacy
Bitcoin ATMs Buy Bitcoin
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
- Our map makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
Laws are not clear in Michigan because the state's money transmission laws fail to mention cryptos. Moreover, The Department of Insurance and Financial Service also hasn't published guidelines regarding virtual currencies. Nonetheless, buyers and sellers can make use of more than 200 Bitcoin ATMs in the state to buy and purchase currencies. Operators include the likes of CoinFlip and ByteFederal.
The state, however, has banned the use of cryptocurrencies for political donations. The Secretary of State’s office called Bitcoin and other virtual currencies volatile and not suitable for such donations:
“Cryptocurrency is not a mere transfer of controlled funds deposited or withdrawn through a financial institution, but rather is traded anonymously through an electronic platform. As with stocks and commodities, Bitcoin’s worth fluctuates daily, there is no way to ascertain the precise monetary value of one Bitcoin on any particular day. Further, the Act requires that committees deposit funds in an account in a financial institution, which is not an option for cryptocurrency.”
The scenario showed that there is at least some support from politicians and things may change for the state in the future.
Currently, there is limited Bitcoin mining in the state. Startups like Ensource Capital LLC and Ensource Capital have undertaken mining work in the state. Some local businesses and institutions including The University of Michigan have shown interest in investing in cryptocurrency funds. However, there are presently no major names with mining factories on a large scale in Michigan.
