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The digital asset scene has grown exponentially in the UK – with more and more casual buyers looking to enter this market.
If you’re new to this scene and want to learn how to buy cryptocurrency in the UK – this guide will walk you through the process step-by-step.
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.
Where to Buy Crypto UK: How to Invest in Cryptocurrency
If you’re searching high and low for where to buy cryptocurrency in the UK – consider an online broker that is regulated by the FCA.
Moreover, your chosen platform should offer low fees when buying and selling digital assets. Consider the brokers listed below to buy cryptocurrency in the UK today.
1. eToro – Overall Best Place to Buy Cryptocurrency UK
eToro offers a safe, low-cost, and simple way to buy cryptocurrency in the UK. Most importantly, eToro is authorized and regulated by the FCA. You will first need to open an account with eToro – which can be done in less than two minutes. Then, choose from a UK debit/credit card or e-wallet to deposit funds instantly.
The minimum first-time deposit here is $50 and you will pay a super-low fee of just 0.5%. In comparison, Coinbase charges 3.99% on debit/credit card payments. Once funded, your account will then be permitted to buy cryptocurrency in the UK. This means that you only need to pay the difference between the bid and ask price.
When it comes to supported markets, eToro offers a huge selection of cryptocurrencies. Think along the lines of how to buy Bitcoin in the UK, XRP, Dash, Litecoin, Cardano, AAVE, Uniswap, Dogecoin, Cosmos, and much more. Can’t decide on which cryptocurrency to buy? If so, eToro offers a diversified basket of digital assets that you can invest in via a single trade.
Buy Cryptocurrencies on eToro
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
Another newbie-friendly platform to consider when learning how to buy cryptocurrency in the UK is Coinbase, making it easy to invest in cryptocurrency. This US platform recently entered the UK market and globally – it is used by over 70 million people. Getting started with an investment account is simple and rarely takes more than 10 minutes from start to finish.
On the one hand, we like the fact that you can buy cryptocurrency in the UK at Coinbase with your everyday debit card. However, we don’t like the fact that you need to pay 3.99% on each transaction. Consider funding your account via a bank transfer – which is free. Once the transfer arrives, you can buy cryptocurrency in the UK at a commission of 1.49%.
Buy Cryptocurrencies on Coinbase
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
3. Binance – Low-Cost Exchange to Trade Cryptocurrency
Binance – which is the largest exchange in the cryptocurrency industry by trading volume and account users, is a great option for active traders. By this, we mean that Binance is worth considering if you plan to buy and sell cryptocurrency UK on a regular basis. This is because trading commissions here start at just 0.10% per slide.
The key issue is how you plan on funding your Binance account. For instance, cryptocurrency deposits are both fast and cheap – as you only need to pay the blockchain network fee. However, if you want to deposit funds with a UK debit or credit card – this averages 2%. UK bank account withdrawals are no longer supported here – so bear this in mind.
Buy Cryptocurrencies on Binance
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
4. Huobi – Best Place to Buy Crypto for Advanced Traders
Huobi is an online digital currency exchange that is jam-packed with advanced features and tools. In particular, this exchange might appeal to those that want access to high-level charts and data feeds. However, you can’t buy cryptocurrency in the UK here if you wish to use Visa. Instead, this exchange only supports UK MasterCards.
If this is not an issue for you, trading fees at this platform are reasonable. For example, the most you will pay to buy and sell digital currencies is 0.20% per slide. This fee is reduced further when your trading volume increases or you hold a minimum allocation of the Huobi Token (HT). Finally, Huobi also offers staking and cryptocurrency loans.
Buy Cryptocurrencies on Huobi
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
5. Changelly – Buy Cryptocurrency UK With a Debit Card
The final option to consider when thinking about where to buy cryptocurrency in the UK is Changelly. This online exchange offers a clean and simple interface – so it is ideal for those with little to no experience in buying digital currencies. The platform allows those in the UK to buy cryptocurrency with Visa or MasterCard.
However, we found that oftentimes, the account opening and verification process can be a bit long-winded. This ultimately depends on how quickly Changelly can validate your identity document. Nevertheless, you will have access to nearly 200 digital assets at Changelly – so this platform is great for diversification purposes.
Best Way to Buy Cryptocurrency in the UK: 4 Options
Retail investors in the UK have many ways of investing in cryptocurrency online. If you favor convenience, consider one of the payment methods discussed below. Ultimately, the best way for you to buy crypto depends on whether you prioritize the lowest fees or simply convenience. You should always look for the best crypto exchange when you want to invest in cryptocurrencies. And most of the time, the best exchange will be the one which caters best to your needs.
Buy Cryptocurrency With PayPal
Some investors in the UK will look to buy crypto with Paypal. Very few digital asset brokers – at least those that are trusted, support this payment method.
You can, however, use eToro if Paypal is your preferred option.
This broker is regulated by the FCA and allows you to deposit funds with Paypal at a competitive fee of just 0.5%. Plus, your transaction will be processed instantly.
Buy Cryptocurrency With Debit Card or Credit Card
You can buy cryptocurrency in the UK at many online brokers with a Visa or MasterCard. However, take note, you cannot buy cryptocurrency with credit card without verification.
Instead, you will first need to upload a copy of your passport or driver’s license. The good news is that eToro operates automated verification technology – so your account will be ready to use in less than two minutes.
Then, you can buy cryptocurrency with a debit or credit card at a small fee of just 0.5%.
Buy Cryptocurrency With Neteller or Skrill
Some brokers in the UK also support less popular e-wallets like Neteller and Skrill. These payment methods are useful if you wish to use funds that you already have in your e-wallet account. eToro supports both Neteller and Skrill at a deposit fee of just 0.5%.
Buy Cryptocurrency With Bank Transfer
If you prefer to buy cryptocurrency by transferring funds from your UK bank account – this is also possible. eToro and Coinbase both support this option for both deposits and withdrawals.
Why Buy Cryptocurrencies?
If you’re wondering why so many retail and professional clients in the UK are buying cryptocurrency – we explain some of the key reasons in the sections below.
Long-Term Store of Value
Central banks around the world control the flow of money. In the UK, for example, we have the Bank of England.
If the UK government has a shortfall of capital, it will turn to the Bank of England to engage in quantitative easing or bond purchases – otherwise known as ‘money printing’.
This will ultimately devalue any savings that you have in the long run. Bitcoin, however, is not controlled by any government or central bank.
As such, its supply is fixed and cannot be manipulated. This makes Bitcoin superb as a long-term store of value.
High-Growth Asset
Over the course of the past five years, the FTSE 100 index has grown by a measly 4%. This means that had you invested £1,000 – your money would be worth just £1,040 today.
In comparison, Bitcoin has increased in value by over 5,000% during the same period. In the case of Ethereum, this figure stands at £36,000.
This means that by purchasing Ethereum five years ago, your £1,000 would be worth over £360,000 today.
FCA Cryptocurrency Brokers
Many people in the UK are hesitant about buying cryptocurrency due to the uncertainties of using shady offshore exchanges.
However, this doesn’t have to be the case at all – as there are now brokers like eToro that are authorized and regulated by the FCA.
This means that you can now buy cryptocurrency in the UK in a safe and secure environment, with a wide selection of reputable crypto exchanges to choose from.
Cryptocurrency Price
Cryptocurrency prices operate in the same way as traditional shares found on the London Stock Exchange.
This is because the value of your chosen cryptocurrency will be determined by demand and supply. More buyers of a specific coin will ultimately result in higher prices.
However, don’t forget that cryptocurrency assets are unregulated financial instruments in the UK.
Furthermore, cryptocurrencies are both volatile and speculative, so never invest more than you can afford to lose.
How to Buy Cryptocurrency UK – Tutorial
If you want to learn how to buy cryptocurrencies in the UK in under five minutes with an FCA-regulated broker – follow the steps outlined below.
Step 1: Open an Account
The first part of the process will require you to visit the eToro website to open an account. Click on ‘Join Now’, and enter some personal information.
You will also be asked to verify your mobile number.
Buy Cryptocurrency UK on eToro with Low Fees
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Step 2: Upload ID
As an FCA-regulated trading platform, eToro requires you to upload a copy of your driver’s license or passport.
Step 3: Deposit Money
Choose from a debit/credit card, bank transfer, or an e-wallet and deposit at least $50.
Step 4: Search for Cryptocurrency
Search for the cryptocurrency that you want to buy.
For instance, we are looking to buy Ripple (XRP).
Step 5: Buy Cryptocurrency UK
Let eToro know how much you want to invest via the ‘Amount’ box.
Finally, click ‘Open Trade’ to buy cryptocurrency at eToro.
Conclusion
Those looking to buy cryptocurrency in the UK can now do so via a trusted FCA-regulated broker like eToro.
Simply open an account and deposit funds with a UK debit/credit card, e-wallet, or bank transfer.
Then, search for your chosen cryptocurrency and decide how much to invest – with the minimum at eToro just $10 – or about £7.
Buy Cryptocurrency UK on eToro
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
FAQs
How do I buy cryptocurrency in the UK?
You can buy cryptocurrency in the UK via an FCA-regulated broker like eToro. The broker also offers the best app to buy cryptocurrency.
Where to buy cryptocurrency UK?
There are hundreds of exchanges and brokers in the market that allow you to buy cryptocurrency.
Where can I buy crypto without fees?
The cheapest way to buy cryptocurrency online is via eToro- which only charges the spread.
Where is the safest place to buy cryptocurrency?
The safest way to buy cryptocurrency in the UK is through an FCA-regulated broker.
When is the best time to buy cryptocurrency?
Cryptocurrency prices fluctuate rapidly – so there is no best time to invest per-say.
What are the best cryptocurrencies to buy and invest in?
With more than 16,000 digital assets in the market – you’ll need to do some research to find the best crypto to buy.
What can you buy with cryptocurrency?
Various online merchants accept cryptocurrency – but this asset is typically purchased for speculative reasons.
What is the easiest and safest way to buy cryptocurrency?
You can invest via FCA broker eToro – which is the best platform to buy cryptocurrency UK.
Cryptoassets are a highly volatile unregulated investment product in the UK. No UK or EU investor protection. Tax on profits may apply. 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.
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