Note: This is not investment advice. Always do your own due diligence.
If you're new to cryptocurrency, there are things you need to know about your location and how it affects your ability to buy and sell. The USA overall is one of the more restricted countries when it comes to availability of exchanges for purchasing crypto such as Bitcoin. Within the USA, it gets even more restricted whereas states such as New York and Washington are very limited in their options.
The main qualifying factor for determining where you can transact crypto is your driver's license or state issued ID. This tells the exchange where you live and whether or not you can use their services. In some cases, the exchanges may require utility bills and other documents for further proof of residency.
Luckily, for you, Florida is one of the more lenient states. Remember, do your due diligence.
If you're a Florida resident, here are your current options (as of Feb 10, 2021):
Cash App
Pros
- Very low fees
- Set up recurring investments
Cons
- Verification can be an issue when trying to scan the back of your license (Verification is required if you want to withdraw your Bitcoin!)
Get $5 when you sign up for Cash App using my link
Coinbase
Pros
- The best place to begin as a newcomer
- The world's largest dealer of Bitcoin
- Buy crypto instantly with a debit card
- Set up recurring investments
- Easy to use
- Very high limits
- Staking rewards up to 6%
Cons
- Bank transfers can take up to 5 business days to complete if you're a new customer
- Fees on Coinbase Wallet can be high
Get $10 when you sign up for Coinbase using my link
Coinbase Pro
Pros
- The lowest fees in the US
- Instant, free exchange between Coinbase Pro and Coinbase
- App interface is very easy to use
Cons
- Limited amount of tokens to choose from
Get $10 when you sign up for Coinbase using my link
Gemini
Pros
- Trustworthy exchange
- Instant deposit
- Low fees
- Interest-bearing accounts
Cons
- Platform can be confusing for newcomers
- Limited token access, but more variety than Coinbase Pro
Get $10 when you sign up for Gemini using my link
Bittrex
Pros
- More decentralized
- Large variety of tokens
- Improved user interface on both app and browser
Cons
- USDT pairing has a limited amount of tokens
Create an account on Bittrex!
Kraken
Pros
- Large variety of tokens
- Ability to trade in USD pairing
- Staking rewards up to 20%
Cons
- Limited usage on the mobile app
KuCoin
Pros
- More decentralized
- Large variety of tokens
Cons
- The only way US citizens can use it is if you don't verify/KYC. This means your daily withdrawal limit is lower.
Get $5 and a 10% discount on trading fees when you sign up for KuCoin using my link
gate.io
Pros
- Most decentralized
- Largest variety of tokens in this blog post!
- Low trading fees
- Trade futures
Cons
- App can be very very very confusing for a newcomer
Get a 20% discount on trading fees when you sign up for gate.io using my link
Binance.US
Pros
- More decentralized
- Large variety of tokens
Cons
- Poor customer service
- Difficult KYC
Bitcoin ATMs
I've never used a Bitcoin ATM, but there are quite a few of them, especially in South Florida.
Here are some other crypto-related posts for you to consider.
The Best Crypto Savings Accounts in 2021
The Best Ways to Earn Free Bitcoin in 2021
The Best Cryptocurrencies to Buy & Hold in 2021
The Best Alternative to the Robinhood App
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