It wasn’t more than twenty years ago when the idea of paying for products and services via a digital means sounded bizarre, let alone the idea of using a cryptocurrency wallet! Fast forward to the year 2022, crypto is more than just a means of digital transaction, it’s a revolution! Thanks to the introduction of Bitcoin (BTC), the crypto markets are a new means of opportunity for users of all shapes and sizes! A currency which has made numerous investors into millionaires, BTC is an attention-grabbing investment for several investors across the UK.
Interestingly, for the investors who are looking to buy Bitcoin UK, the market in the country (while not as liquidated as the other markets) allows ample of opportunities for new-age investors.
Why buy Bitcoin in UK?
Well, for a beginner investor, the U.K. is one of the most preferably reliable markets. Their tax structure is reliable and supports gambling, speculation, and trading in cryptocurrencies. While the country continues to assess capital gains taxes, the positive tax treatment on gambling and speculation profits makes it a go-to option. Now, if you’re confused on how to buy Bitcoin UK, this is your guide to getting started! Here, we have listed all the steps and exchanges which you can use to begin your journey.
Where to Buy Bitcoin UK - 7 Best Places
- BC Bitcoin
Buying Bitcoin in the UK – A Complete Guide
To purchase Bitcoin and begin your crypto journey, you first need access to one of the many platforms that provide such services - cryptocurrency exchanges. While there are several other means like purchasing BTC via peer-to-peer groups and websites, or via Bitcoin ATMs, exchanges should be the way to go for crypto beginners. Additionally, since you’re a beginner investor, you’ll have to learn to first understand how to convert your fiat currency (government money) into Bitcoin. Here’s your complete guide showing you how to buy BTC in a safe and cost-effective way. Let’s check it out!
- Choose Your Exchange
As explained earlier, a cryptocurrency exchange is a website or a platform which allows you to buy, sell, and trade in digital currencies. They work in a similar fashion as the stock trading platforms do. However, what differentiates them greatly are: security, fees, features, and payment methods, which primarily makes all the difference! Consider the following factors before choosing an exchange: Fees Fees is probably one of the most crucial factors when it comes to buying Bitcoin UK or anywhere around the globe for that matter! These fee structures are generally developed around purchase and sale, and they mount up over time. Due to the cash costs which many users might incur, it is always a smart move to pay with a credit card. Besides, fees vary for every exchange on withdrawing, depositing, and exchanging fiat and crypto assets. Look for platforms that have minimal trading costs, no deposit fees, and low or no withdrawal fees. Coins What kind of assets are you wanting to buy? If you want a diverse portfolio, you'll need to select a crypto exchange which deals with your cryptos of interest. If all you want to do is buy BTC, look for a site that offers the best price and security. You'll need to find an exchange that trades other digital assets if you wish to do so. Location Cryptocurrency exchanges in the United Kingdom must adhere to local legislation and regulations. Similarly, different exchanges have different rules, therefore, ensure that you understand where the exchange is located. Lastly, while you’re at it, remember, you don’t need to access a wide range of features as a beginning, and you can always sign up for additional exchanges later. Further, some prominent exchanges provide users with numerous deposit options which are reasonably user friendly and uncomplicated for new users.
- Create Your Account
Once you’ve finalised the exchange you’d like to proceed with, visit their website. Most of these crypto exchange sites come with simple instructions which lead you to the account creation pages. Here, you’ll have to fill out your personal information, starting right from the name to email address, and contact information. Next, once you have verified your address and name as part of a procedure of KYC (Know Your Customer), which is a required measure by law for most UK exchanges. To verify your account, you'll need a photo ID and a copy of a recent bank statement or utility bill with your address on it to do this. In most circumstances, KYC is granted immediately, however you may have to wait a few days for your account to be validated. Before you can make any purchases, you'll need to pick a payment method to transfer funds into your account after it's been authorised.
- Fund Your Account
To purchase Bitcoin (BTC), you must first fund your exchange account or link a debit or credit card. Depositing funds Transferring money from your bank account to a registered exchange and then using it to conduct transactions is preferably the most reliable and cheapest way to buy Bitcoin UK. However, in this case, you may have to wait a few days for the money to arrive, depending on the exchange rate and bank. After the funds have arrived, you can proceed to purchasing Bitcoin. Buying with a credit card Buying Bitcoin with a credit card is an effortless method of investing in the asset. However, it comes with its own set of drawbacks. For starters, fees are sometimes more than the cost of a bank deposit. You won't be able to finance the exchange using a credit card because they are meant for rapid transactions. If you just have a credit card, fees may quickly add up. Cash advance fees, for example, are usually charged by credit card issuers and can be rather costly. Depending on your country and credit card provider, certain credit card providers will not enable you to buy cryptocurrency. Check out Finder's advice on how to buy Bitcoin using a credit card to figure out the specifics that work best for you. Buying with a debit card Using a debit card for buying Bitcoin UK is similar to using a credit card for your transaction. Interestingly, using a debit card attracts far lower costs. A debit card is the least expensive of the aforementioned choices of funding and purchasing BTC. Additionally, it also allows you to deposit dollars or Bitcoin very instantly. Remember, don't get too worked up over the choice you pick! You can always alter your mind later. However, if you're making a major purchase, it's important to calculate the fees associated with each option to identify the greatest value.
- Purchase Bitcoins
First and first, you do not need to purchase an entire Bitcoin. Most exchanges allow you to buy as little as a few pounds worth of currency, and in most cases much less. Simply enter the amount you wish to spend in GBP and the exchange will take care of the rest. Second, bear in mind that certain exchanges only allow you to purchase Bitcoin in one method, while others allow you to buy Bitcoin in many ways. Instant buy and the spot market are the two most popular ways in the UK.
- Instant buy
Instant purchases are generally made using a credit card! However, you could also make them using cash or cryptocurrency already in your exchange account. Instant buys attract the highest costs since they enter the trade at market pricing, which means you will most likely pay more than if you utilised the spot market. On the contrary, there are several additional costs which you attract when paying via credit card. You pay for convenience and quickness when you buy anything instantly. In general, you choose an asset to purchase and a budget for it. Following that, you are given a preview of the transaction, and after double-checking the details, you complete the transaction.
- Spot market
The spot market is frequently referred to as "Trade" or "Spot." The spot market, unlike an instant buy, allows traders to define desired conditions for purchase or sell. On a spot market website, you can engage in a variety of transactions. You can place a market order, which works similarly to a buy/sell order but with cheaper expenses. You have the option of placing a limit order. This is the second most popular order type, in which you specify a price at which you want to purchase or sell. Market orders have higher fees, but limit orders have lower expenses. Depending on the exchange, there may be other trading alternatives. A word of caution: High volatility characterizes the bitcoin market, which continues to dominate trading activity as the finest cryptocurrency and cryptocurrency markets in general. From the beginning of your journey as an investor, to its end, buying BTC from the comfort of your own home should take no more than 10 minutes. The steps are as simple as establishing an account with a registered Bitcoin broker, depositing money, and claiming your stake.
Where To Buy Bitcoin In The UK
With the hundreds of search results populating Google over ‘where to buy Bitcoin UK,’ chances are that you might end up in confusion with the platforms to start your journey with. While there are numerous tips and tricks that’d help you get started, we have shortlisted the effort for you! Check out our list of the top crypto exchanges to buy Bitcoin in UK:
eToro is one of the leading multi-asset platforms which allows users to participate in a variety of cryptocurrencies and stocks. On eToro, investors can choose from an exhaustive list of 115 cryptocurrencies, including the likes of cryptos such as Bitcoin, Litecoin, and Ethereum, among others. One of the most reliable platforms to start your investments, eToro continues to be one of the greatest sites to purchase Bitcoin in the UK. In terms of its fee, opening an account with the exchange is free, and new clients can access a free trial account worth $100,000 to try out their strategies on crypto and other assets before investing. In terms of the different trading options which you might need, eToro has you covered with advanced tools to ensure success in your trades and minimise potential loss while maximising expected returns. However, what makes eToro stand out are the low fees charged in trading Bitcoin. You may also invest in an eToro-managed cryptocurrency-centric Smart Portfolio, which includes a diverse range of digital assets. Additionally, you may invest in the Replicate Trading feature, which allows you to automatically copy successful eToro Bitcoin traders, which is ideal for novices.
If you’re looking for an exchange platform which is perfectly suited for beginners, consider moving ahead with the Coinbase exchange platform, your ideal answer on how to buy bitcoin UK. Another leading exchange on the list, Coinbase allows you to sell, buy, and trade among 100+ digital assets, including popular coins like Bitcoin, Dogecoin, and Ethereum. What makes the platform stand out is its simplified UI which also happens to make it simple and easy for new investors to trade digital assets. In terms of its features, Coinbase allows you to set your trades. Users can easily schedule daily, weekly, or monthly purchases, and set up recurring trades and gradually invest in cryptos. Investors may also monitor and track transactions and market developments using their interactive app. Talking of the fee structure, Coinbase charges a 3.99% deposit fee on debit card deposits. While other charges are dependent on the trade size, transactions which are below $10,000 attract a taker and a maker fee of 0.50%. Thanks to its security and regulations, Coinbase is also a good option for storing your BTC safely.
Founded in 2017, Binance is one of the most well-known and widely used crypto exchange platforms tracing its roots from Hong Kong. Binance is primarily focused on enhancing the growth of different altcoins & cryptos. The platform allows you to trade over 500 different tokens on the platform with no complications whatsoever. Be it Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Dogecoin (DOGE) and more, we have got you covered as always.
This makes this platform largely popular among crypto traders and investors that deal and facilitate transactions with cryptocurrencies.
Binance is an investor's favourite platform for buying cryptos. With over 500+ crypto assets present in its portfolio, the platform is low in terms of fee, offering you a base fee of 0.10%. Additionally, Binance offers price updates in real-time, besides providing several innovative features like futures and margin trading, at a minimum deposit of $10. In terms of offerings for new users, the platform introduces over 60+ markets, giving them a chance to diversify their portfolio. In addition, it also brings advanced tools for seasoned professionals.
CoinJar has earned its reputation through the quality of services it offers. A crypto user can ask for seamless buying, selling, storing, and spending of cryptocurrencies. CoinJar is one of those crypto trading exchanges that offer all of these services in a single user-friendly interface. Furthermore, if you are not interested in conventionally spending your crypto, we always have the finest and most trendy alternative for you in the form of CoinJar cards. These cards will function almost exactly like a debit card, except you can only carry out transactions in cryptocurrencies.
If smartphones are your thing, you can reach us through your dedicated mobile application available by the name of CoinJar iOS and CoinJar Android application. This will allow you to trade your cryptocurrencies with a wide range of traders across the planet. Platforms like CoinJar are designed and engineered to help your crypto trading amplify like never before.
Most people tend to lose interest in crypto trading primarily because of its complexities. With that said, Luno is here to make crypto trading easy and simplified for everyone. This crypto trading platform eliminates all the hassle and complexities of crypto trading.
Furthermore, the level of security offered by this platform remains unmatched by many until now. This is an important consideration given the humongous number of frauds that occur in crypto trading. Thus, Luno is your best bet to mitigate and eventually eliminate such frauds from crypto trading. The best thing of all is that Luno is is fully compliant with all the necessary regulations. This means they comply with the KYC and AML regulations in accordance with the regulations tha5t matter to your local bank. We are here to make crypto trading convenient for you!
6. BC Bitcoin
Product of the J&M Trading Limited, BC Bitcoin is one of the leading crypto brokers based in the UK. Initially established in 2017 by veteran traders Mark Lemon and Jamie Green, BC, Bitcoin provides crypto traders with a user-friendly crypto trading platform. Further, you can trade Bitcoin, Ethereum, and more prominent cryptocurrencies. The platform enables users to leverage the mechanism of bank transfer to liberalise crypto transfer with minimal hassle. This means you can seamlessly use your fiat currencies to start trading in crypto and generate significant returns. In addition, the platform allows you to trade over 1000 coins based on your preference.
Furthermore, BC Bitcoin is equipped with a distinct swap feature that allows you to exchange any cryptocurrency supported by the platform for another. For instance, suppose you have Bitcoin, and you wish to change it with Ethereum. BC Bitcoin enables you to do that through any external stored assets or wallet.
NFT has made many headlines recently, and Gemini offers the ideal medium to buy, sell, and even store NFTs. They have mastered the art of trading with blockchain and now lend their competence to help users trade in crypto with far more efficacy. Further, the platform leverages the best security practices in the industry to ensure you have a safe and secure cryptocurrency. Gemini is compliant with SOC with 1 Type 2 and SOC 2 Type 2 regulations as they are a licensed New York trust company. In addition, Gemini has an interface that caters to all, no matter if you are a first-time trader or a veteran crypto trader. This platform has all the tools needed for you to execute crypto trading strategies that drive results.
Gemini also offers its users 3% back on every transaction made through the platform. This makes it one of the most versatile platforms for acquainting yourself with crypto trading and eventually mastering the skills for better results. Thus, save on your annual fees and start crypto trading with Gemini.
Cheapest Way To Buy Bitcoin In The UK
Let’s accept it, everybody wants a way out of the huge fee and compelling charges which are attracted when you want to buy Bitcoin UK. While it might come to you as a surprise, there are multiple methods via which you can easily get the best deals when purchasing a decentralized currency. Sounds interesting right? Here are some cheap ways for you to possess BTC, without attracting the high fee circulating them: Buying Bitcoin via PayPal PayPal, the world's largest payment processor, has gone a long way in terms of client crypto support.
The US payment giant extended direct payment capability for cryptocurrencies earlier this year, signaling a strong pro-crypto position. Given this, you may simply purchase Bitcoin using PayPal at a variety of reputable cryptocurrency exchanges, such as eToro. What makes it the cheapest way to buy bitcoin UK? It only attracts a 0.5% competitive fee to keep things cheap for you. Additionally, you also get access to your investments in real time. Buy Bitcoin with Credit or Debit Card Credit and debit cards are two of the most used methods for customers to settle online transactions. Because of the comfort and speed with which transactions can be completed, many investors believe that using a credit or debit card is the ideal way to acquire Bitcoin. Several crypto platforms accept this payment method, although certain crypto exchanges, such as Coinbase, only enable you to buy bitcoin using a debit card, which costs 3.99 percent. Our suggested broker, eToro, however, charges no fees for both credit and debit card deposits.
Buying Bitcoin with Neteller or Skrill E-wallet solutions like Skrill and Neteller has become one of the best ways to invest in cryptos in a cheap and affordable manner! With this option, you may quickly purchase Bitcoin in the United Kingdom on eToro. You may also take advantage of 0% deposit costs.
1. What Can You Buy with Bitcoin?
Thanks to globalization, today BTC can be used to purchase a number of assets for you! While the list of items was previously limited to only buying digital assets, today many organizations openly embrace BTC as a viable payment method. Here’s a list of some of them:
- A Tesla car
- Stay at luxury hotels
- Technology and eCommerce products
- Lots of gift cards from prominent brands which haven’t started accepting cryptos yet.
2. Is Buying Bitcoin in the UK Safe?
Yes, buying Bitcoin in the UK is as safe as it can get! Thanks to the regulations which have termed cryptocurrencies as a legal tender, you can trade, invest, and earn profits out of the cryptocurrency.
3. How Much Bitcoin Should I Buy Starting Out?
This depends on the funds available to you. You might even buy one complete Bitcoin if you have your funds sorted. However, remember, the market is very volatile and you might want to proceed wisely.
4. Can You Buy Bitcoin Anonymously?
Yes, you can! Bitcoin ATMs allow you to buy BTC anonymously. These ATMs which are situated at prominent places around a few cities can help you invest in the digital coin safely.
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