Where to buy Bitcoin in the UK?
Cryptocurrencies make it easier to pay, buy, or trade globally and are claimed to be the currency of the future. There are thousands of platforms to buy bitcoins from. Sadly, their services aren’t competitively priced.
With a plethora of options at your disposal, which ones can you trust? Should you choose ones with a low exchange fee or free bank transfer? Questions like these and many more arise in your mind when buying your first bitcoin.
Our team of experts took it upon them to analyze the cryptocurrency platforms in the UK to buy bitcoins. Continue reading to find out how you can buy bitcoins without being scammed as an absolute beginner.
How To Buy Your First Bitcoin?
Step-1: Setting Up a Bitcoin Wallet
To conduct a transaction on the bitcoin platforms, having a digital ‘wallet’ is a prerequisite. These bitcoin wallets help you store, receive, and send bitcoins by using public and private keys. A bitcoin wallet shouldn’t be used for long-term storage if it is not secured by multi-layered security.
Step-2: Getting Verified
The Securities and Exchange Commission requires you to verify your details and identity when registering for a digital wallet. You will need to verify your identity through several personal documents to meet the Anti-Money Laundering Policy.
Step-3: Purchasing Bitcoins
You can use traditional payment methods like bank transfer, credit card, or debit card to purchase bitcoins from exchanges. On successful completion of payment, bitcoins are transferred to your wallet.
What Are The Different Ways To Buy Bitcoins?
1. Bitcoin Exchange
They are online marketplaces from to buy bitcoins and other cryptocurrencies from. It can be compared to platforms that traders use to buy stock. These platforms let you exchange fiat currencies to buy bitcoins.
2. Bitcoin ATMs
These can be considered a bit like in-person bitcoin exchanges where cash can be inserted into the machine to purchase bitcoins. Bitcoin ATMs have become popular these days and you can use apps to easily find out your closest bitcoin ATMs.
3. P2P Exchanges
Peer-to-peer (P2P) exchanges provide a direct connection between buyers and sellers. Users can post ads to sell or buy bitcoins, set the trading terms, and then complete the payment by using these P2P exchanges as an escrow.
Top 6 Platforms in The UK To Buy Bitcoin
Are you living in the UK and want to buy bitcoins without getting ripped off? Here’s a quick list of services and exchanges in the UK to buy bitcoins:
Coinmama is a fast and secure buy-only service in the UK for purchasing bitcoins. They do not have an in-built bitcoin wallet. This gives you the flexibility to create a bitcoin wallet of your choice.
The platform charges a fee of 5% on each transaction if you’re using a debit or credit card. The exchange offers easy and quick real-time transactions in more than 188 countries. The high commission fee of 3.9% is justified by a high-quality website and multi-layered security.
CEX.io was established in the UK and has been operating successfully since 2013. Needless to say, it has become a trusted name in the crypto community by accepting multiple fiat currencies (EUR, USD, GBP, RUB, etc.) to buy 5 cryptocurrencies including Bitcoin.
The platform is extremely secure and users need to go through a rigorous KYC check before buying or selling on CEX. The platform has a user-friendly mobile app that can be used to withdraw and deposit funds directly by a few taps.
3. Bitcoins Code
This platform is a smart automated trading system that does all the work for you. You can use more than 30 fiat currencies to buy bitcoins for a bargain price. The platform lets the trading robot (accuracy of 96%) find a great deal and buy bitcoins on your behalf. You can fine-tune the settings of the robots to set a limit or other trading terms.
Bitcoins Code has a lower fee on purchasing bitcoins and even provides opening an account for free. Beginners can opt for a personal broker who can guide them throughout their journey. The platform is great for buying bitcoins but is even better if you’re looking to trade bitcoins for a profit.
4. LocalBitcoins (LBC)
LBC is the most widely used P2P bitcoin platform and is spread across 245 countries including the UK. You can meet sellers online and then decide further terms for completing the trade. LBC also gives users multiple payment options via cash, PayPal, SEPA, bank transfers, and wire transfers.
LBC requires new users to register using their email ID, however, some sellers may require you to do a basic KYC check. The platform acts as an escrow that charges merely a 1% fee on every transaction.
5. Coinbase Pro
Coinbase is a popular bitcoin exchange that has the largest customer base in the world. If you’re a UK resident, you can buy bitcoins using fiat currencies via cards and cash payments, and cash deposits. However, for paying via deposits, you will need to complete a KYC check.
Coinbase charges a standard fee of 3.99% on all card purchases. With Coinbase, users get the advantage of the bitcoins being stored in physical form (offline) to prevent thefts. Customers are also assured online security for deposits and their cash is insured up to GBP 250,000.
6. Binance Jersey
An extension of the popular exchange Binance, Binance Jersey is one of the most trusted crypto brands in the UK to make money from cryptocurrency. They charge 0% commission for fiat deposits and accept payment via both EUR or GBP.
The online platform is simply amazing and it has an Android mobile app. However, the mobile app has been reported for having bugs and causing delays in withdrawing certain currencies. As Binance is not insured, using the mobile app is a major concern for many.
Which One Should I Choose?
All the options in the list are cheap, fast, and easy. However, there is more than what meets the eye. Merely buying bitcoins from a platform is not enough. A great platform should provide additional security and automation too. You can open an account in any trustable resource and start trading Bitcoins.
This is why Bitcoins Code is rated as the best place to buy bitcoins in the UK. It’s an automated robot that finds the best deal on bitcoins for you while reducing the effort from your end.
The platform also makes your bitcoins work for you and can make up to GBP5000 by simply trading the bitcoins. That’s the best all-in-one platform that a user can get in the UK.