In the last year, cryptocurrency growth has been phenomenal, with institutional investors strongly supporting the embryonic industry. However, many investors are still unsure about how and where to buy cryptocurrencies in the United Kingdom.
Our guide on how to buy cryptocurrency in the UK will walk you through the process of purchasing cryptocurrency with cheap fees.
How to Buy Cryptocurrency UK – Quick Steps
If you’re looking to learn how to buy cryptocurrency in the UK right now – the quickfire tutorial below will walk you through the process with eToro – an FCA-regulated broker that offers super-low fees.
- Step 1: Open an Account with eToro – You will first need to enter some personal information and contact details as part of the account opening process.
- Step 2: Deposit Money – The minimum deposit here is just $50 (about £35) and you can process the transaction instantly by using a debit/credit card or e-wallet.
- Step 3: Search for Cryptocurrency – If you know which cryptocurrency you want to buy, search for it. Then, click ‘Trade’.
- Step 4: Buy Cryptocurrency – You can buy your chosen cryptocurrency from just $10 (about £7) at eToro. After entering your stake, click ‘Open Trade’.
As you can see from the above, the process of how to buy cryptocurrency in the UK is both simple and burden-free.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
What Cryptocurrencies Can You Purchase in the United Kingdom?
The vast number of cryptocurrencies that are available for people to buy in the UK means that it can be hard for investors to decide on what cryptocurrency they want to purchase. However, here’s the list of some of the best cryptocurrencies you can buy:
- Lucky Block
- Bitcoin
- XRP
- Ethereum
- Solana
- Decentraland
- Cardano
- Binance Coin
- Tezos
- Shiba Inu
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Where to Buy Crypto UK: How to Invest in Cryptocurrency
1. eToro – Overall Best Place to Buy Cryptocurrency UK
eToro provides a secure, low-cost, and straightforward option to purchase cryptocurrencies in the United Kingdom. Most importantly, the FCA has authorized and regulated eToro. You must first create an account with eToro, which takes less than two minutes. Then, select a UK debit/credit card or an e-wallet to deposit funds immediately.
The minimum first-time deposit is $50, and you will be charged a cost of only 0.5 percent. Coinbase, on the other hand, charges 3.99 percent on debit/credit card payments. Once your account has been funded, you will be able to buy cryptocurrencies in the UK on a spread-only basis. This implies you’ll simply have to pay the difference between the bid and ask price.
eToro supports a wide range of cryptocurrencies in its supported markets. Consider how to buy Bitcoin in the UK, XRP, Dash, Litecoin, Cardano, AAVE, Uniswap, Dogecoin, Cosmos, and other cryptocurrencies. Can’t decide which cryptocurrency to purchase? If so, eToro provides a diverse basket of digital assets in which you can invest with a single trade.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. Coinbase – Top Place to Buy Cryptocurrency UK for Beginners
Coinbase is another beginner-friendly platform to consider when learning how to buy bitcoin in the UK. It makes it simple to invest in cryptocurrency. This US platform has lately entered the UK market, and it is used by over 70 million people worldwide. Starting an investment account is simple and usually takes less than 10 minutes from start to finish.
On the one hand, we enjoy the idea that you can buy cryptocurrencies in the UK with your regular debit card at Coinbase. We don’t, however, enjoy the fact that you have to pay 3.99 percent on each purchase. Consider filling your account with a free bank transfer. Once the transfer is complete, you can purchase cryptocurrencies in the UK for a 1.49 percent charge.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
3. Binance – Low-Cost Exchange to Trade Cryptocurrency
Binance, the largest exchange in the cryptocurrency sector in terms of trading volume and account users, is an excellent choice for aggressive traders. This means that Binance is worth considering if you plan to purchase and sell cryptocurrencies in the United Kingdom on a frequent basis. This is due to the fact that trading commissions start at just 0.10 percent each slide.
The main issue is how you intend to fund your Binance account. For example, cryptocurrency deposits are both quick and inexpensive because you simply have to pay the blockchain network cost. However, if you want to deposit funds using a UK debit or credit card, the fee is typically 2%. Please be in mind that withdrawals from UK bank accounts are no longer supported here.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Best Way to Buy Cryptocurrency in the UK
Now that you should have a better understanding as to what cryptocurrencies are, you might be wondering about the different and best payment options that you can choose from to buy crypto in the UK. If this is the case, keep reading because all will be revealed in this section.
Buy Cryptocurrencies UK with Bank transfer
You are able to buy cryptocurrency in the UK using your regular bank account. All you have to do is select this option at the point of sale, also called the POS, and add the amount that you would like to invest. If you buy crypto using a bank deposit, then you will be given a higher deposit limit.
Buy Cryptocurrencies UK with Credit/debit cards:
These have become the go-to methods for purchasing items online, and nowadays you can use your debit or credit card to buy cryptocurrency. However, before you go ahead and use your credit card for such purposes, we suggest that you check the fees that apply. If you choose to use a debit card, then there are no extra fees to pay.
Buy Cryptocurrencies UK with PayPal:
You can buy crypto with e-Wallets such as PayPal. However in order to do so you will have to have funds in your account or have a linked bank account to your PayPal account. You can, however, use eToro if Paypal is your preferred option.
You have the option of spending anywhere between £1 and £100,000 a week, but we should stress that there are fees for selling and buying crypto on PayPal, and this fee will vary depending on how much you decide to buy.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
How to Buy Cryptocurrency in the United Kingdom
Step 1: Create an eToro account
The first thing that you will obviously need to do is open an eToro account. To do this, simply go to the eToro homepage and click the “Join Now” button. After that, a registration form will appear, and you will have to hand over personal information such as your name, email address, and mobile number. You will then have to choose a unique username and password.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Step 2: Verify your identity
eToro is a highly regulated site, and this means that every new user has to complete the KYC (Know-Your-Customer) process in order to make full use of this online brokerage service. Since this is an online service, this form can be completed from the comfort of your home. All you have to do is submit a photo of your official passport or driver’s license to verify your identity. In order to verify your address, you have to upload a copy of your bank statement or utility bill.
Step 3: Making a deposit
Depositing funds with eToro, as we mentioned above, is a simple process. All you need to do is select “Deposit Funds” and then select the payment method that you feel suits you the best. If you are thinking about investing a lot of money, then we suggest you make use of bank wire transfer. Once you have decided on your method and the amount that you want to deposit, click “Done” and move on to the next step.
Step 4: Buying crypto
The final thing that you need to do is buy the crypto that you want. Since eToro happens to support a number of them, we are going to use Bitcoin as an example. Go to the search bar, type in “BTC”, and then click on “Trade” and you will be taken to the order page. When you are there, simply input how much Bitcoin you would like to purchase, select “Open Trade” and the process is complete.
You have reached the end of our guide, and we are pretty sure that now you are fully equipped with all of the knowledge that you need to go ahead and buy cryptocurrency in the UK.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Buy Cryptocurrencies in the UK Conclusion
Cryptocurrencies have come a long way this year, and the embryonic industry is anticipated to continue on its upward trajectory. This is because more use cases for the underlying blockchain technology are emerging, and more mainstream investors are dealing with virtual currencies.
Given this, we recommend using eToro if you want to ride the next financial wave. The social trading platform has 20 million members globally and is licensed by top-tier regulators.
Another significant advantage is that eToro is now giving a promotion for new members who make a $5000 deposit. The limited-time deal will see new investors receive $250 to trade the cryptocurrency market. You can take advantage of this offer by clicking on this link.
Source: CryptoPR
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