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Buying Bitcoin in the UK is completely legal and secure if you choose the right platforms and adhere to the local regulations. Even though there can be some risks associated with cryptocurrencies, you can keep your funds safe by following additional security practices.
The UK’s financial regulator, the Financial Conduct Authority (FCA), regularly issues warnings and highlights risks associated with cryptocurrencies. But, it does not stand back when it comes to allowing people to buy cryptocurrencies in the country. Let’s look at the process of buying Bitcoin in the UK, in this article.
It is a must to have an account on a crypto exchange platform or crypto broker to buy Bitcoin. You need to select one of the best crypto exchange platforms like Binance, Coinbase, and eToro to buy Bitcoin in the UK. Or, you can also use peer-to-peer Bitcoin marketplaces like Paxful.
However, before choosing an exchange platform consider its features such as products and services it offers, trading fees, payment methods, security practices, supported cryptocurrencies and fiat currencies. Especially, check if the platform supports GBP fiat currency and local payment methods of the UK.
No matter if you choose a crypto exchange or a broker, it is important to ensure that the platforms comply with the regulation policies of the UK government.
Once you choose a crypto exchange platform, register with your details and create an account. The registration process will be mostly similar on different centralized exchange platforms. After creating the account, you must verify your account either by using your email address or by using your mobile number.
It is also important to verify your identity by uploading identity cards like driving licenses and address proofs. This ensures that you comply with the KYC and AML guidelines so that the platform confirms that you are a legitimate user. Skipping this step is not a good idea and will not help you access all the features of the platform.
The next step is to decide how much amount you would like to use to buy Bitcoin. Cryptocurrencies, including Bitcoin, are volatile. So, it is always important to invest the funds you can afford to lose in unexpected and unfavorable circumstances.
After you decide how much to invest in Bitcoin, you need to deposit funds into your account. Consider the payment methods and local payment options supported by the exchange platform and choose the one based on your convenience to deposit funds. You can choose among electronic transfers, payment service platforms, or other options.
The last step is to search for Bitcoin and buy it on the platform. Login to your account and search for Bitcoin on the search bar. Oftentimes, you find Bitcoin on the top of all cryptocurrencies, since it is the best crypto to buy to reap rewards in the future.
Click on Bitcoin and enter the amount you would like to invest in Bitcoin. Select payment method, if you haven’t deposited funds into your account. And then cross check and confirm the details to place the order to buy Bitcoin in the UK. After you confirm the transaction, your order will be executed and you will receive Bitcoin into your account.
It is important to store your Bitcoin safely after purchasing it. The FCA released a list of registered crypto asset firms in the UK to store your crypto funds.
Another important thing you need to know to buy Bitcoin in the UK is the right exchange platform. Apart from knowing how to buy Bitcoin in the UK, you need to know where to buy it. You must choose an exchange platform that is regulated by the FCA (Financial Conduct Authority) of the UK and supports local payment methods. Let us look at some of the platforms that help you buy Bitcoin in the UK.
eToro is the best crypto exchange platform for beginners to buy Bitcoin, or for that matter, any cryptocurrency. It is one of the popular crypto exchanges in the UK, with a wide user base in the country. It is regulated by the FCA and practices best security measures to keep users’ funds safe. You can buy Bitcoin on eToro in the UK by following the above given simple instructions.
Coinbase is the top crypto exchange platform when it comes to practicing industry-best security measures. It also has a Coinbase Pro feature to cater to the needs of experienced traders and investors with advanced trading tools. Coinbase is the next-best platform to buy Bitcoin in the UK after eToro. It is also regulated by the FCA of the UK.
Unlike centralized crypto exchanges, Paxful is a peer-to-peer marketplace that helps you buy and sell Bitcoin in the UK. Since it works on a peer-to-peer basis, it may not be regulated by the FCA of the UK. Also, the platform is slightly more complicated than centralized crypto exchanges for beginners. However, experienced investors can make use of this platform to buy Bitcoin in the UK and can have complete control over their funds.
Apart from these crypto exchange platforms, you can also use other reputed platforms such as Binance, Crypto.com, Kraken to buy Bitcoin in the UK. However, choose the platform after a thorough research of its features, supported payment methods. And more importantly, evaluate whether the exchange platform suits your further investment needs and requirements.
Bitcoin is the largest cryptocurrency by market capitalization and is still continuing its top position even after more than decade. No matter how many cryptocurrencies are springing up with new applications, nothing could surpass Bitcoin so far.
Investing in Bitcoin has a lot of potential to reap profits in the future. Even though it is volatile, its price is trending upwards if we look at the larger picture, ignoring the short term price swings. You can buy Bitcoin in the UK using a simple step-by-step process. Follow this guide to buy Bitcoin and enter the future of money!
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