In Arkansas the easiest and most common way to buy and sell Bitcoin is through an exchange. An exchange provides a convenient way to quickly buy and sell, and it’s also the most cost effective.

There are also other ways that you can buy bitcoin:

  • Buy direct from a Seller without a broker
  • Work for Bitcoin
  • Mine Bitcoin
  • Gamble with Bitcoin

When selecting a cryptocurrency exchange, the most commonly assessed factor is legality. In Arkansas, it’s difficult to say whether unlicensed exchanges are operating illegally within the State. There are no mandatory licensing requirements imposed on any exchange, and hence, residents of Arkansas can buy bitcoin from any exchange if the exchange accepts them.

As a result, you will find that many of the offshore exchanges are quite popular as they are available to provide rich features and higher liquidity.

To help you buy bitcoin in Arkansas, we discuss through the key elements of crypto-exchanges that should be considered, give our reviews of available Arkansas exchanges, and discuss the legality of buy and selling bitcoin.


Top 5 Arkansas Buy Bitcoin Exchanges

Coinbase
Coinbase Pro
The most popular great all rounder for bitcoin buyers. Good lengthy history of providing quality service, quick trades and among the lowest of trading fees.
  • The best all rounder crypto-exchange
  • Among the lowest for fees
  • Quality platform
  • Good for both beginners and experienced

Binance.US
Accepts Arkansas residents. Do NOT use the original Binance site, as this has now removed all US users.
  • Legally operates in US, Regulated and Licensed
  • Track record of withdrawal is good
  • Excellent Bid Ask Spread
  • Easy to Use

CEX io cryptocurrency exchange
CEX.IO
Also a relatively new comer to the cryptocurrency industry, the platform is easy to use. Transaction fees are reasonable, but pairings are limited.
  • Legally operates in US, Regulated and Licensed
  • Track record of withdrawal is good
  • Excellent Bid Ask Spread
  • Easy to Use

coinmama cryptocurrency exchange
CoinMama
A relatively new comer to the cryptocurrency industry, but has developed a solid reputation. Variety of pairings is limited, but is safe and secure to use.
  • Legally operates in US, Regulated and Licensed
  • Track record of withdrawal is good
  • Excellent Bid Ask Spread
  • Easy to Use

kraken cryptocurrency exchange
Kraken
Founded to provide safe and secure bitcoin trading and storing, to address the failings of Mt Gox. Proudly never been hacked, Kraken can be trusted with its layers of protection for users.
  • Legally operates in US, Regulated and Licensed
  • Track record of withdrawal is good
  • Excellent Bid Ask Spread
  • Easy to Use

Overview of Arkansas Bitcoin Exchanges

How to choose an exchange requires consideration of many factors. The most important being:

  • Safety and Security
  • Customer Support
  • Ease of Use
  • Cost of Fees
  • Liquidity
  • Pairings

🔒 Safety and Security

The first and foremost area to evaluate is the safety and security provisions of a cryptocurrency exchange. Since traders intend to provide their personal as well as confidential details (bank and credit/debit card details, address, cryptocurrency wallets etc.) to the exchange’s database, it should be backed by a strong and reliable security system. The exchange has to be efficient enough to deal with any type of malware or hacker’s attack.

📞 Customer Support

From a novice to a professional trader, everyone needs help/assistance in one way the other. Sometimes, they need someone to sign-up on the exchange or carry out transactions to ensure safety of their personal details. Also, the customer support has to be prompt, responsive, knowledgeable and most importantly, courteous to give respect to all clients, no matter how small or big they are. Their professionalism and legitimacy in answering questions is what wins the clients.

💳 Payment Methods

Arkansas’s cryptocurrency exchanges provide multiple methods to their clients to deposit or withdraw funds. From using debit/credit cards (Mastercard or VISA), e-payment options (PayPal, Skrill etc.) to making wire transfers, these exchanges ensure safety of traders’ money by hook or by crook. Also, their e-wallets are responsible to simplify transactions while you will have to bear some fees or charges.

🪙 Cryptocurrency Selection

Crypto selection is important for people who want to diversify their e-wallets and deal in fiat currencies. In other words, if you are planning to acquire Bitcoins against USD, then there is no need to worry about this element or vice versa. Like stock exchanges, the platforms should have a huge range of cryptocurrencies so that traders are able to make the decision which suits them the best. Whether they want to invest in bigger cryptos like Bitcoins, Ethereum, Ripple etc. or to play a safe game, a cryptocurrency exchange should have multiple options to choose from.

🏷 Coupons and Discounts

Based on their common purpose, coupons and discounts are intended to create a win-win situation by attracting more and more clients to start trading with them. For a good cryptocurrency exchange, these offers work as a marketing tool where they can reach maximum number of people and expect to get at least 50% responses within no time. traders are rest assured of getting discounts or reductions in transaction fees.

💰 Fees

There are two types of fees involved in cryptocurrency trading- payment fees and trading fees. The latter has been charges on the volume of cryptocurrencies being traded. The percentage usually decreases with the rise in volume. Which is why no exchange can be compared with the other.

⚙️ Platform Reliability

This point refers to an Exchange’s ability to remain functional even at the time of maintenance. The exchange should be protected against bugs so that it can run without hindrance.


Overview of Arkansas Bitcoin Exchanges

Considering the above criteria, following is a review of several bitcoin exchanges for Arkansas.

Coinbase

Coinbase

Referred to as the top Bitcoin broker (BTC), Coinbase has always been the preference of beginners to try out their luck by investing in cryptocurrencies. Due to its simple user-interface and easy to handle mechanism, this cryptocurrency exchange has emerged as the best platform for all Bitcoin and other cryptocurrency fans. They can carry out transactions with SEPA transfer, bank transfer, debit/credit card. with the surety of buying highly liquid cryptos. The best part is that if any trader wants to buy cryptocurrencies urgently, he/she can do it through Instant Buy with a debit card.


coinmama cryptocurrency exchange

Coinmama

Coinmama is the next worthwhile cryptocurrency exchange that works for its clients effortlessly. The best part is that it is available for everyone across the globe, which means that people from anywhere can easily invest or transact in digital currencies. Its transaction fees depend upon the volume of purchase; however, money can be paid through SEPA transfer at a lower fee. Another thing that makes Coinmama a good option is the highest limitation for dealing in bitcoins, especially while using credit cards. The exchange has proved itself a reliable and professional platform where traders can invest their money with ease.


etoro cryptocurrency exchange

Etoro

Etoro is on the mission to democratize money management to open doors of financial market for everyone. Its US platform intends to bring in modern and advanced techniques and norms, while continuing to support cryptocurrency trading. Etoro lets traders to deposit funds through wire transfer, online bank transfer, bank card or e-wallet (Skrill, Neteller or PayPal), where the minimum deposit is $50. The best part of Etoro is that customers can withdraw funds whenever they want without having to pay the platform fees.


LocalBitcoins – Peer to Peer

Unlike other exchanges mentioned above, LocalBitcoins is a peer to peer exchange. This means you are exchanging with another buyer/seller directly. The exchange is conducted through an escrow account to ensure that both parties can be assured that there is a pathway for dispute resolution (if one should eventuate). The ease of use of LocalBitcoins is very simple. On the front page, the bitcoin amount is entered with the currency you would like to exchange for it, for example U.S. dollar.

Then choose USA as the country to see offers (who you can exchange with) and the payment method to exchange. After entering these details you will see a list of offers that can you exchange with. Scrolling through each offer, you will be able to see details of the seller that includes rating, terms and conditions, feedback, and their transaction activity on LocalBitcoins. On LocalBitcoins you don’t have to buy exactly one bitcoin, you can buy fractions of a bitcoin, as long as they don’t exceen minimum and maximum trade thresholds. Buying bitcoin on LocalBitcoins can be completed in several minutes.


Bitcoin ATMs

With the help of Bitcoin ATM, it’s quite easy for potential investors to buy bitcoins whenever they have enough funds available. They make the process so quick and easy that traders used to wonder whether things have been done properly or not. Here, the worth mentioning thing is that Bitcoin ATMs charge around 5 to 10% fees against providing privacy, security and convenience of keeping personal and other details in private. This fee is literally worth the features traders will be getting.


The minimum legal age to buy bitcoin in Arkansas is 18 years of age.


Cryptocurrency Laws and Legislation

Buying bitcoin in Arkansas is relatively straightforward, safe and easy to do. Although not nearly as advanced with reforming legislation as other US States, it is slowly catching up. It still has yet to clearly articulate in law further definitions of bitcoin and to move forward with any potential regulations, licensing and governance, however it has made a solid start. Though, there is still a fair way to go with law development, it is widely accepted that buying and selling of bitcoin is legal.

In 2019, Arkansas lawmakers passed legislation to define and accept blockchain technology and its purpose when behaving in the form of digital currency. This legislation made reference to the Uniform Money Services Act – which covers many aspects of defining financial securities include “virtual currency”.

Also in this year, the house approved HB 1944 – “An Act Concerning Blockchain Technology; And For Other Purposes.” This act, continues with elaborating the Uniform Electronic Transactions Act, the application to smart contracts in regards to digital signatures and blockchain technology.

In addition to HB 1944, HB 1888 articulates the legality of purchasers of virtual currency in relation to the Uniform Commercial Code.

In 2021, the House passed HB1926 and Senate passed SB150 to further outline the boundaries for virtual currency in the application of the Uniform Commercial Code.

Although there are a handful of bills that have been discussed and passed through House and Senate, there is still a long way to go to clearly bring the legality of operating bitcoin exchanges to Arkansas. While it’s a wait and see till we know the final outcome of running bitcoin exchanges, buying bitcoin can still be legally performed.

Arkansas Legislation

House Bill 1944 – clarifies the meanning of a distribution ledger and a smart contract. Approved on 4/16/19

This bill defines blockchain distribution ledger technology, blockchain technology, and smart contracts. It allows for electronic signatures, records, and contracts to be secured through blockchain technology, and provides existence in law, to be held to account in law.

House Bill 1926 – addresses the Uniform Commercial Code for Virtual Currency and purposes. Approved on 4/14/2021

  • Arkansas Code § 4-9-102(b)
  • Arkansas Code § 4-9-107
  • Arkansas Code § 4-9-310(b)

Senate Bill 150 – Uniform Money Services Act Approved 3/3/2021

  • Arkansas Code § 23-55-102(12)

Arkansas Bitcoin ATMs

Buying bitcoin via ATMs is not the most optimal of ways to buy bitcoin, because the exchange rate is often very poor and the fees are extremely high. Nevertheless, Bitcoin ATMs offer a convenience that many customers love.

If you are seeking to buy some bitcoin at an ATM below are the top ten locations.

LibertyX Bitcoin ATM1014 US-65Clinton AR 72031
Bitcoin Depot ATM515 Harkrider StConway AR 72032
CoinFlip Bitcoin ATM1708 W Nettleton AveJonesboro AR 72401
Bitcoin Depot ATM3224 S Caraway RdJonesboro AR 72404
Bitcoin Depot ATM10321 Colonel Glenn RdLittle Rock AR 72204
LibertyX Bitcoin ATM119 Carnahan DrMaumelle AR 72113
BOA Currency Exchange1400 Main StNorth Little Rock AR 72114
Bitcoin Depot ATM5051 Warden RdNorth Little Rock AR 72116
Bitcoin Depot ATM2522 AR-161North Little Rock AR 72117
LibertyX Bitcoin ATM7404 AR-107North Little Rock AR 72120
Bitcoin Depot ATM9324 AR-107Sherwood AR 72120

How to Lodge a Cryptocurrency Customer Complaint

If you have a customer complaint at a cryptocurrency exchange, please raise the issue with them first.

If unresolved, please contact the State Finance Department.

Arkansas Securities Department
1 Commerce Way, Suite 402
Little Rock, Arkansas 72202
Telephone: (501) 324-9260
Facsimile: (501) 324-9268
Hotline: (800) 981-4429

http://www.securities.arkansas.gov/page/364/money-services-how-to-file-a-complaint

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