How to Buy Bitcoin in the UK?
Cryptocurrency exchanges in the UK, etoro trading, bitcoin exchange, spot trading, kucoin review, bitcoin trading, futures trading, crypto trading, cryptocurrency savings account, Uk bitcoin exchange, bitcoin investment
How to Buy Bitcoin in the UK?
By far, the most popular cryptocurrency in the world is Bitcoin. The coin is what started the industry. But how do you buy Bitcoin in the UK? It’s straightforward to buy Bitcoin, but it can be perplexing if you’re new to cryptocurrency and investing in general. Don’t worry; we’ve got you covered with information on where and how to buy Bitcoin in the UK, as well as anything else you need to know about Bitcoin.
Why invest in Bitcoin?
As an investment asset, Bitcoin has various advantages. For starters, it operates independently of regular investment markets, giving it a good option for diversification. Furthermore, Bitcoin has demonstrated great growth potential throughout the years, with some investors seeing significant returns on their investments. Furthermore, Bitcoin enables simple and speedy transnational transfers, making it an appealing option for multinational investments.
What will I need to buy Bitcoin in the UK?
You only need an email address or a mobile number to open an account with your preferred cryptocurrency platform. This allows you to deposit cryptocurrencies but not GBP. Further, You must pass a Know Your Customer (KYC) check if you wish to buy Bitcoin using pounds. This is a typical security procedure for most cryptocurrency exchanges in the UK that needs you to supply a photo ID and, in some circumstances, a selfie with the current date. KYC is normally authorized immediately, although, in rare circumstances, it may take a few hours or days.
Steps to Buy Bitcoin in the UK
Step 1: Select a broker.
The first step in purchasing Bitcoin in the United Kingdom is to select a trustworthy broker. eToro is one such broker with cheap fees. To open an account, go to the eToro website.
Step 2: Make a deposit
You must deposit funds after opening an account. eToro allows a variety of payment methods, including bank transfers, e-wallets, and debit cards issued in the United Kingdom. The minimum deposit amount at eToro is $100.
Step 3: Look for Bitcoin.
After you’ve placed your deposit, look for Bitcoin by putting “BTC” into the eToro platform’s search bar. When Bitcoin is displayed, click “Trade.”
Step 4: Purchase Bitcoin
Enter the amount of Bitcoin you want to send.
What are the best ways to buy Bitcoin?
After you’ve created your account, you’ll need to deposit dollars in order to purchase Bitcoin. We’ve compiled a list of the most popular ways to acquire Bitcoin, as well as what you should know about each payment option.
- Buy Bitcoin with a bank account — In the United Kingdom, many exchangers offer free and quick bank transactions. Other choices include bank transfers and wire transfers, but make sure to check first to see if you’ll be charged a deposit fee.
- Buy Bitcoin with a debit card — Some exchangers allow you to transfer dollars from your debit card to spend however you see fit. Others will only allow you to make instant transactions using a debit card, which often results in greater fees.
- Buy Bitcoin with another cryptocurrency — You can swap any cryptocurrency you already own for BTC using the “swap” or “convert” service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
Where to buy Bitcoin in the UK?
1. eToro — Best Bitcoin Exchange in the UK
eToro trading platform is a regulated broker and one of the best sites in the UK to buy Bitcoin. It has affordable costs, and an easy-to-use interface. The signup process is simple and quick, requiring only basic personal information.
In addition, eToro allows a variety of payment methods, including debit cards, as well as e-wallets.
eToro is a user-friendly platform that gives users access to cryptocurrency wallets and exchanges. In addition to Bitcoin, eToro accepts Ethereum, Tron, Shiba Inu, Dogecoin, and XRP as payment methods. Further, it charges a 1% commission for buying and selling Bitcoin, with a $50 minimum investment requirement.
Fees
A fee of 1% is calculated for buying or selling cryptoassets and $5 for withdrawal
KYC Requirement
Yes
Disclaimer — Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
2. Crypto.com — Purchase Bitcoin Using an Easy-to-Use App
Crypto.com is another major cryptocurrency exchange that provides a wide choice of cryptocurrencies to users in the United Kingdom. It has acquired substantial market traction and now supports over 250 tokens and coins worldwide.
Furthermore, Crypto.com provides competitive rates on cryptocurrency savings accounts, allowing users to earn interest on their holdings.
Besides, Crypto.com is available as a mobile app and provides a user-friendly layout and a smooth trading experience.
Fees
0.04% to 0.4% maker fees, 0.1% to 0.4% taker fees
KYC Requirement
Yes
3. OKX — Flexible UK Bitcoin Exchange Offering Both CEX and DEX
OKX is a famous UK Bitcoin exchange that offers a variety of Bitcoin purchasing options. Users can begin trading as soon as they deposit a minimum amount of 0.00005 BTC. First-time depositors can also take advantage of the platform’s seasonal bonuses.
Besides, OKX also offers copy trading, peer-to-peer trading, spot trading, leverage trading, and derivatives to simplify crypto investments for its users. Further, OKX employs a number of industry-standard safety measures to protect its users’ assets. Some of these measures include two-factor authentication, withdrawal passwords, and anti-phishing codes for users.
Fees
0.10% for takers and 0.08% for makers
KYC Requirement
Yes
4. KuCoin — Best UK exchange for low market cap altcoins, alongside BTC
KuCoin is well-known for providing its users with a user-friendly experience, making it straightforward for newcomers to trade Bitcoins. It offers a variety of services such as margin trading, crypto staking and crypto lending, futures trading exchange, peer-to-peer (P2P) marketplace, and many other crypto services.
Besides, this crypto exchange offers an excellent crypto trading experience with low trading and withdrawal costs. It also supports a diverse spectrum of cryptocurrencies on its platform, allowing traders to easily diversify their holdings.
Read on our KuCoin Review to know more about the platform.
Fees
Taker and Maker fee model with trading fees ranging from 0.005%-0.1%,
KYC Requirement
Yes
Factors to consider when buying Bitcoin in UK
- The FCA Regulation- It is critical to consider whether a platform is regulated by the Financial Conduct Authority (FCA) when purchasing Bitcoin in the UK. Regulation adds an extra degree of protection and ensures that the platform works legally.
- Fees- Buying and selling Bitcoin on various sites incurs varied costs. To establish the entire cost of your investment, you must consider various expenses, including deposit and withdrawal fees.
- Minimum Account Balances- Some platforms require a minimum deposit or investment. Look for platforms with minimal account minimums if you are a newbie or wish to spend a little amount.
- Security- When dealing with cryptocurrency, security is critical. Look for platforms with strong security features, such as two-factor authentication.
- The User Experience- Consider the platform’s user experience and UI. Choose a platform that is simple to use and understand, especially if you are new to bitcoin investing.
Is Bitcoin Legal in UK?
Yes, Bitcoin is legal in the United Kingdom. The country’s use, purchase, sale, and trading of Bitcoin and other cryptocurrencies is usually legal and controlled.
In the United Kingdom, cryptocurrencies such as Bitcoin are regarded as assets or commodities rather than legal tender. This means that individuals and businesses can use Bitcoin to transact, hold it as an investment, and use it for a variety of purposes, including the purchase of products and services.
However, it’s worth noting that the regulatory landscape for cryptocurrencies in the UK is changing, and authorities have made steps to improve consumer protection and prevent illegal activity. Cryptocurrency exchanges in the United Kingdom are frequently required to follow anti-money laundering (AML) and Know Your Customer (KYC) requirements.
Conclusion
Purchasing Bitcoin in the United Kingdom is an intriguing financial opportunity. You can begin your adventure into the world of cryptocurrencies by following the procedures given in this article and taking into account the criteria discussed. Always conduct comprehensive research, be informed, and invest only what you can afford to lose.
Frequently Asked Questions
What is the minimum amount to invest in Bitcoin?
This is determined by the cryptocurrency exchange on which you wish to trade. The majority of the items on the list have a minimum of $10. For investing funds, you may have to pay up to $500 for eToro CryptoPortfolio and others ranging from $1,000 to $50,000.
How do I invest in Bitcoin in the U.K.?
There are various approaches to invest in Bitcoin if you are in UK. You can use cryptocurrency or Bitcoin investment funds that offer equities or crypto investment baskets, purchase crypto tokens, and actively trade. Also, Bitcoin futures, ETFs, and other derivatives can also be traded on stock exchanges.
How much bitcoin should a beginner buy?
Bitcoin is commonly regarded as a high-risk investment, so “only invest what you can afford to lose.” Consider dollar-cost averaging (DCA) to help smooth out the highs and lows of market volatility. This is purchasing little quantities of Bitcoin on a regular basis, such as every week or month. DCA can help support a long-term plan by removing some of the emotion from investment.
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