Here Is How and Where You Can Buy Bitcoin in the UK
Crypto trading became much more popular once it was available to a wider net of people. Bitcoin is probably a coin everyone on the planet has heard about, which is no surprise since BTC had a growth of an astonishing 7,000%. If you live in the UK, as I did growing up, and want to know all about buying Bitcoin in the United Kingdom, here is a perfect guide for you.
Table of contents
- Here Is How and Where You Can Buy Bitcoin in the UK
- How to Buy BTC in the UK – A Step-By-Step Guide
- Where to Buy Bitcoin in the UK?
- You Can Buy BTC on ATMs
- Buying Bitcoin in the UK Provides Plenty of Options
How to Buy BTC in the UK – A Step-By-Step Guide
There are several ways and platforms on which you can buy Bitcoin, and choosing the perfect one for you will depend on many factors. Buying BTC or any other crypto is a risky thing meaning you need to find a trustworthy platform to make a trade. Another thing to look out for is transaction fees and other costs you will have to pay, as they are different from platform to platform.
Last but not least, since you are living in the UK, you need to look for platforms that support GBP, so you don’t lose money on exchange from one fiat currency to another. Here is how to buy BTC in the UK step by step:
- Step 1 – Choose an exchange. As we mentioned, you first need to choose the exchange where you will buy your BTC. Look out for fees and payment options. Once you have found the exchange, you will need to open an account and provide some personal identification information.
- Step 2 – Decide which payment method to use. Once you have opened an account, you will be able to see the crypto market. Find BTC and enter the amount you want to buy. You don’t have to buy the whole coin. Once you click on the coins you wish to buy, a payment window should appear. Here you will choose how you want to buy BTC, via credit or debit card, bank wire, UK Faster Payments, or SEPA Transfer. Not all exchanges have the same payment options, and not all payment options have the same fee or processing time.
- Step 3 – Open the wallet. If the exchange doesn’t have a custodial wallet, this step should come before the second one. Otherwise, you can do this step after you purchase BTC. Pick between hot and cold wallets available on the market or choose to have both, depending on the security you wish to have for your coins.
- Step 4 – Buy BTC. Once you have set up everything, you will be able to buy BTC for GBP by clicking on the “Buy” button.
Where to Buy Bitcoin in the UK?
As you can see, buying BTC is pretty straightforward, but depending on the platform you choose, this can cost more or even last for a couple of days (depending on the payment method). This is why it is crucial to pick the right platform before anything else. Here are our top picks for exchanges you can use to buy BTC in the UK:
- BC Bitcoin.
How to Buy BTC in the UK on eToro
This platform is excellent for beginners, and you can trade with more than 70 cryptocurrencies, stocks, ETFs, and other securities. Joining the eToro platform is easy. All you need to do is to go on the eToro platform, click create an account and provide the necessary personal information. You will also have to fund your account with a minimum of $10 or £7. The platform supports nine payment methods you can choose to make a deposit. You can deposit money via Visa or Mastercard, PayPal, or Skrill as well with a UK bank transfer. If you choose to buy BTC on eToro, you will have to pay a fee of 0.75%, which is a pretty competitive fee compared to other exchanges.
How to Buy BTC in the UK on Coinbase
One of the most popular exchanges where you can trade with cryptocurrencies is Coinbase. Coinbase is the largest BTC broker, and it has high liquidity for GBP to BTC markets. Like with other platforms, you will have to create an account and provide identity proof to the platform. On Coinbase, you can buy BTC with GBP instantly with your credit or debit card, but the fee will be extremely high, 3.99%. But if you wish to wait a couple of days and deposit money for free, you can do it by UK Bank wire transfer. Coinbase also supports SEPA transfers. Once you open an account on Coinbase and before you make a purchase, be sure you select your wallet to be on the GBP payment option.
How to Buy BTC in the UK on Binance
As you can see, there are many exchanges on which you can buy Bitcoin in the United Kingdom, but if you are looking for a low-cost platform with the largest number of cryptocurrencies you can trade with, Binance is your top pick. The exchange supports more than 1,000 currencies, and fees are among the lowest, only 0.10% per transaction. Also, if you deposit a crypto coin instead of fiat currency, you will not be charged any fee except the network fee.
You can deposit GBP on the account via any supported UK bank, debit and credit card, or Faster Payments. Go on Binance and create the account and once verification is done, go on the “Fiat and Spot” option. Here you will choose GBP as the desired currency and click deposit money.
Binance offers another option for its UK users through Binance P2P or peer-to-peer. All you need to do is to sign in to your account and go to P2P trading. Under the fiat currency, select GBP, then click buy BTC. Choose the offer you want and click buy, then enter the amount of GBP you wish to send. The preferred payment method window will appear. Choose how you want to pay and click buy again.
How to Buy BTC in the UK on LocalBitcoins
LocalBitcoins is a platform that only supports peer-to-peer trade. This means you will buy BTC directly from another user. LocalBitcoins only supports national Bank Transfers, and you will be charged 1% of the trading fee. In order to buy BTC this way, you need to open an account and finish the verification, and you can trade up to £1,000 per year without an ID.
When you are done with verification, you can then go to your account on the Buy BTC option on the GBP page. Click buy BTC and enter the amount of GBP you are going to spend. Once you complete the bank transfer payment, you will receive BTC in your wallet.
How to Buy BTC in the UK on BC Bitcoin
BC Bitcoin is not a very popular platform, but it is one of the cheapest. The platform supports UK Faster Payments, Debit/Credit Cards, and SEPA Transfer. You will have to link your custodial wallet to the account, so before you open an account here, you will need to install it first.
The steps are simple. Go on their website and click create an account after verification is done. You can then go to the buy page and select BTC. You will have to enter the receiving address of your wallet. Complete the payment with a preferred method, and the BTC will be in your wallet.
You Can Buy BTC on ATMs
Last but not least, you can buy BTC on ATMs. In the last couple of years, Bitcoin ATMs have become popular and available in many countries, including the UK. There are over 250 ATMs in the UK available for customers. You can buy BTC on ATMs with GBP, debit, and credit cards. You will need to have your wallet installed on your phone before you head off to the nearest ATM.
The process of buying BTC is pretty simple. Go on the Buy BTC option and initiate a transaction. Here you will specify the amount you want to purchase. The next step is to scan the receiving address on your phone. Put the cash into an ATM or finish the transaction by using a card. Once you are done with the transaction, the BTC will appear on your wallet.
Buying Bitcoin in the UK Provides Plenty of Options
As you can see, buying BTC in the UK is simple, fast, and possible. All you have to do is to choose the platform that fits your needs the best and has all the features you need for further trade.
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