How to Buy Bitcoin in the UK?
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Today, everyone talks about how to buy Bitcoin. A recent study conducted in the UK by Crypto Radar has demonstrated that 5.3 of the UK citizens already are in possession of Bitcoin. And 6.8% of the interviewees are planning to buy it as soon as they can. It is worth knowing that more than 2,500 people participated in the survey.
Beginner traders may have some good questions in mind:
For everything you need to know about Bitcoin trading in the UK - history, regulations, prices, and revenues - take a look at our guide. It will enable you to find answers to all your questions and help you find the best place to buy Bitcoin in the UK.
What Is Bitcoin (BTC) and Why Should You Buy It?
Bitcoin has become a legendary cryptocurrency that exceeded most of the economists’ expectations and went beyond most forecasts. Its history has witnessed an unprecedented increase in volatility since first presented by its creator Satoshi Nakamoto in 2009. The initial price of Bitcoin in the year of its unfamous launch was as little as 0 USD. It hit a 1 USD mark at the beginning of February 2011. At that time, no one in analytics expected Bitcoin to be such a huge success.
The next rise in price came in 2013 when the price of one digital coin became 220 USD. It was followed by a consequential decrease to 70 USD later the same year but has made Bitcoin a hot topic widely discussed by investors.
The swift deceleration in price was a defining characteristic of Bitcoin in its early times. In December 2013, the price again rose to 1156 USD to see a drastic fall only three days later. In 2015, the average price would be around 315 USD at best.
To have a better idea of how rapid the changes were, take a look at the year 2017. In February 2017, the price was 1189 USD per coin, falling down to 1048 USD by March and rising again to 13,062 in December.
In 2017 governments, bankers, investors, and developers began talking about the opportunities of cryptocurrencies. The price remained quite stable, and there were no major resurgences.
Interestingly enough, its next price burst happened in the year 2020. Despite the fact that the global pandemic has affected pretty much all the large economies and FOREX market, Bitcoin seemed to only gain from the crisis. 28768 USD was the price of Bitcoin in December 2020.
Today, the price of 1 Bitcoin is 55,981.50 USD (as of 27 March 2021, 5:20 PM UTC). The recent increase in price can be partially attributed to Elon Musk and Tesla company, which invested 1.5 billion USD in cryptocurrency this year. It is easy to calculate what could be one’s investment if acquired right after the BTC was launched, it’s an increase of more than fifty thousand times.
Moreover, the forecasts for the future denominations of this crypto coin are incredibly reassuring. According to investment expert Jeremy Liew, Bitcoin could easily be sold at a price of 500,000 USD in 2030. Bitcoin is a valuable investment opportunity that should be pursued by those who look to receive high profits on their investment portfolios.
How to Buy Bitcoin in the UK: Step-by-Step GuideFor beginners, buying Bitcoin can be complicated. This is why we prepared an easy-to-follow step by step guide to buying BTC in the UK:
- 1Choose a cryptocurrency exchange and register your account. Nowadays, Bitcoin can be purchased pretty much on all the major cryptocurrency exchanges. Examples of popular Bitcoin platforms in the UK are BC Bitcoin, Coindirect, Binance, etc.
- 2Activate your account. You can do so by offering the following information: email address, phone number, name and last name, ID number, and your bank information.
- 3Make a deposit using the payment method of your choice.
- 4Select your choices of cryptocurrency and the local currency. For example, GBP/BTC.
- 5Choose the number of coins that you are willing to purchase.
- 6Confirm the details and finalize the purchase.
Where to Buy Bitcoin in the UK
There are plenty of exchanges where you can buy Bitcoin. We have made a selection and reviewed the most popular places to buy Bitcoin in the UK.
Payment methods: Visa, Mastercard, Diners Club International, PayPal, Skrill, Neteller, Union Pay, WebMoney, Yandex.
Supported currencies: USD
Supported crypto: 14 crypto options: BTC, ETH, BCH, XLM, DASH, LTC, ETC, ADA, and more
How to buy Bitcoin in the UK with this exchange:
- 1Visit the www.eToro.com webpage and click “Join Now”.
- 2Fill in your personal information and attach a photo of your passport.
- 3Make a deposit.
- 4Choose BTC in the cryptocurrency section, indicate the number of BTC, approve the fees, and press buy.
Payment methods: Visa, Mastercard, Sofort, iDEAL, GiroPay, Skrill, Trustly, MB, Przelewy24, Neosurf, Rapid, TeleinGreso, Neteller.
Supported currencies: GBP, EUR, USD, and more than 90 currency pairs are supported
Here are the instructions to buy Bitcoin in the UK with Libertex:
- 1Register an account;
- 2Make a deposit;
- 3Choose Bitcoin from a list of instruments;
- 4Set up the amount of BTC you’re willing to buy. Set up the multiplier factor. Press buy.
Payment methods: Blueshyft, BPAY, Cryptocurrency, PayID, NPP
Supported currencies: AUD, GBP
Supported cryptocurrencies: BTC, ETH, LTC, XRP, USDC, DAI, BAT, ZRX, XLM, COMP, LINK, MKR, OMG, YFI, UNIFees:
Below is a step-by-step on how to buy Bitcoin in the UK using CoinJar:
- 1Register and verify your account.
- 2Create your first deposit via one of the supported systems.
- 3Select Bitcoin in the list of currencies, you can also select LocalBitcoins.
- 4Make a conversion.
- 5Press “convert now”.
Supported currencies: EUR, GBP, CHF, USD
Supported cryptocurrencies: BTC, LTC, ETH, DASH, XRP, BCH, KMD, MIOTA, EOS, PAN, and more.
Payment methods: credit card (Visa, Mastercard), cryptocurrency, cash, Neteller, bank transfer (SEPA), SOFORT
There is a 24-hour limit for online payments such as NETELLER, Skrill, Papara, and iDEAL - 10,000 GBP. The credit card limit is 2,500 GBP, and the bank transfer limit is 500,000 GBP.
How to buy Bitcoin in the UK on this exchange if you don’t have an account:
- 1Create a Bitpanda account and verify your email address;
- 2Verify your identity;
- 3Deposit funds;
- 4Choose BTC in your wallet;
- 5Press buy now.
Supported currencies: USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, and more
Supported crypto: BTC, ATOM, BAT, BCH, XRP, DAI, DASH, EOS, ETH, ETC, and even the infamous Dogecoin
Payment methods: credit card, debit card, bank transfer, wire transfer
Fees vary per location:
The process of buying BTC through Coinbase is done in the following way:
- 1Create and verify your Coinbase account;
- 2Choose Buy or Sell option;
- 3In the “Buy” field, choose BTC;
- 4Enter the amount in crypto or GBP;
- 5Choose your payment method;
Supported currencies: USD, EUR, GBP
Supported crypto: BTC, ETH, XRP, BCH, EOS, LTC, XLM, DASH, ETC, ZEC, and more. A total of 47 crypto options.
Payment methods: bank transfer, cryptocurrency, debit card, PayPal, wire transfer
Withdrawal fees: No fee for cryptocurrency and ACH, 0.15 GBP for SEPA, 25 GBP for wire transfer, 1 GBP for Swift withdrawal
The limit is 50,000 GBP in 24 hours.
If you want to become create an account through Coinbase Pros and buy Bitcoin in the UK, do the following:
- 1Sign up;
- 2Select “Buy” option and go for BTC;
- 3Enter the amount;
- 4Preview Buy;
- 6Click buy to finalize the transaction.
Supported currencies: USD, EUR, AUD, CAD, GBP, JPY
Supported crypto: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS
Payment methods: Bank transfer, credit card, debit card, SWIFT, SEPAThe limits are based on “verification levels”.
How to buy Bitcoin in the UK through this exchange:
- 1Create and verify your account;
- 2Create a digital peer-to-peer wallet and verify your wallet;
- 3Select the amount of BTC, note that you can also buy a fraction of it;
- 4Confirm your purchase and fees;
- 5Select buy.
Supported deposit currencies: USD, EUR, GBP, RUB
Supported crypto: BTC, USDT, BCH, LTC, DASH, ETH, XRP, ATOM, ADA, TRX, and more. Around 22 in total.
Payment methods: bank transfer, credit card, cryptocurrency, SWIFT, SEPA, Faster Payments (FPS)
If you’re planning to buy Bitcoin in the UK through CEX.io, here is what you should do:
- 1Create your account and confirm your email;
- 2Verify your identity;
- 3Make a deposit using your preferred payment method;
- 4Choose a market;
- 5Indicate the number of BTC you’d like to buy;
- 6Press “buy”.
Supported deposit currencies: EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY, and many more
Supported crypto: BTC, ETH, LTC, XRP, BCH, XLM, BNB, NEO, TRX
Payment methods: AdvCash, credit card, debit card, Neteller, PayeerFees:
Interested to learn how to buy Bitcoin in the UK, Paybis facilitates the process in the following way:
- 1Create and verify your account.
- 2Verify your identity using a valid ID.
- 3Go to “My transactions”. Start a transaction by entering your payment method and the amount of BTC you’d like to buy.
- 4Provide your cryptocurrency wallet address and verify your choice.
- 5Review and complete your purchase.
Payment methods: cards credit or debit, bank transfer, Pingit/PYC accounts, Ukash vouchers
Supported deposit currencies: GBP
There are no fees for buying coins. The seller pays a fee after the purchase is complete but not the buyer.
Limits on BitBargain vary and are established for each user independently.
Here are the instructions to buy Bitcoin in the UK on this exchange:
- 1Click “buy BTC” and find an online seller.
- 2Request the trade by indicating the amount of BTC and the payment method.
- 3Wait for the response for around 3 minutes.
- 4Make the payment and press “pay”.
- 5Wait for the seller to confirm the funds receipt.
- 6Find your BTC in the BitBargain wallet.
Where to Store Bitcoin?
Let’s say you’ve found the cheapest way to buy Bitcoin in the UK. Now what?
Some trading and exchange platforms do not have an integrated crypto-friendly wallet to cheaply store your newly acquired Bitcoins. To solve this problem, take a look at these three popular wallets that support Bitcoin.
Trezor Model TTrezor Model T is the newest model of a BTC-supported wallet that offers a high degree of security to its users by taking the wallet offline.
The major benefits:
Ledger is another option for an offline Bitcoin wallet that is also used offline.
The benefits of Ledger are:
Robinhood is an example of an online platform where it is possible to store crypto.
The benefits of it are:
Bitcoin turned out to be one of the most profitable investments of the decade, attracting beginners and professionals and changing lives. Nowadays, you can buy Bitcoin in the UK with minimal effort and very quickly.
There are many options of exchange platforms that one can use to buy BTC, so take notice of our list to choose wisely. It’s hard to name the best place to buy Bitcoin in the UK, but we certainly narrowed down all the possibilities as much as possible.
Cryptocurrency Regulations in the UK
Users in the UK can legally buy and sell cryptocurrencies. From 2021 though, trading of crypto derivatives is illegal. In addition, any exchanges that want to operate in the UK must be registered with the Financial Conduct Authority. Those exchanges that are UK-based also must comply with the following regulations: KYC (Know-Your-Customer), AML (Anti-Money Laundering), and CFT (Combatting the Financing of Terrorism).
Bitcoin ATMs are legal in the UK if they have a government-issued license from the FCA. Do not forget to double-check the BTC-to-GBP exchange rate and consent policy.
What Is the Best Exchange to Buy BTC?
There are currently many exchanges and blockchains where you can buy BTC. The most convenient exchanges for beginners are Bitpanda, CEX.io, Libertex. The best exchanges for professional traders are Coinbase Pro and eToro.
Where Can I Buy Bitcoin (BTC)?
You can buy Bitcoin on Bitcoin exchange platforms. If you don’t know where to buy Bitcoin in the UK specifically, the best examples are eToro, Libertex, CoinJar, Bitpanda, and Coinbase.
Is BTC Worth Buying in 2021?
Bitcoin can be considered the best investment of the decade. Despite that the price of BTC this year is quite high, the predictions for its growth are even higher. Some BTC experts, such as Jeremy Liew, predict that Bitcoin will be sold at a price of 500,000 USD in 2030.
Is Bitcoin a Good Investment?
Bitcoin is a great investment and reinvestment idea that has been showing amazing returns this year. The brokers’ predictions for its price growth are high up to the year 2030.