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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.
Coinbase Pro 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.
Bitcoin IRA Buy Now
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.
Gemini Buy Now 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.
Swan Bitcoin Buy Now 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.
Get $10 in free BTC when you make your first purchase.
Bitcoin ATMs Buy Now 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%.
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Cryptocurrencies are legally murky in Michigan due to their lack of being mentioned in the state's laws. For isntance, 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. People have tried to use cryptocurrencies to donate to their favorite politicians, but couldn't because the Michigan Campaign Finance Act states that anonymous donations are forbiddden.
On the other hand, in April 2019 the Michigan House of Representatives passed a bill that included cryptocurrencies in criminal codes regarding illegal actions for financial gains. The argument was that, since the cryptocurrencies were a part of every day life, they would be written in the law.
If you want to make crypto part of your everyday life in Michigan, one of the easiest ways is to buy Bitcoin is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Michigan, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
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Another way to buy Bitcoins in Michigan is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can see some of the available Bitcoin ATMs in Michigan below.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
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Michigan has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
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There are three main types of Bitcoin wallet and all of them are supported in Michigan:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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In September 2020, a 35 year old man from Michigan was senteced to prison for $200K Bitcoin scam. The scammer, James Thomas, solicited two men he found on linkedin to invest in his Bitcoin investment fund which he intended to run as a ponzi scheme. When he wasn't able to attract more investment, the scam was made evident and federal agents arrested him. The charges against him were wire fraud and money laundering.
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Yes, Binance is available for customers in Michigan.
However, you cannot simply go to binance.com and sign up for an account.
Binance has a special website for US based customers at Binance.us
Due to US regulations, Binance US is more strict about handling KYC and AML of new customers.
This just means that verification may take a little longer than it would on regular Binance.
The biggest difference between Binance US and regular Binance is the coin support as well as some of the features available to users.
Because of this, you shouldn’t just look at the supported coins listed on binance.com and assume Binance US will sell it to you. It’s a good idea to make sure that the Binance US coin support list shows the coin you want to buy.
Users in Michigan can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
Users in Michigan can use all of Gemini’s products and services.
Users in Michigan can use all of Coinmama’s products and services.
Users in Michigan can use all of Kraken’s products and services.
The best way to find a Bitcoin machine in Michigan is to use our Bitcoin ATM finder tool.
Here, you can filter by any of the most popular cryptocurrencies and find ATMs that support buying, selling, or both.
Any exchange listed above will allow you to sell your Bitcoin for fiat currency.
Another way to sell Bitcoins in Michigan is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
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