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Cryptocurrencies have seen remarkable adoption in the past year, with institutional investors closely backing the nascent industry. However, many investors are still in the dark about how and where to buy cryptocurrency in the UK.
Our buy cryptocurrency UK guide will show you detailed steps to buy cryptocurrency with low fees.
To buy cryptocurrency in the UK easily and safely, we recommend using social trading leader eToro. The crypto broker is regulated, secure, and offers some of the lowest fees in the crypto trading space. To get started, follow these quick-fire steps:
While there are several platforms where you can buy cryptocurrency in the UK, we will be reviewing two of the best crypto brokers that offer competitive services. Our selection criteria are pegged to crucial factors like fees, trading tools, minimum deposits, the number of supported cryptocurrencies, and, most importantly, payment methods.
eToro is our number one pick for the best crypto broker to buy cryptocurrency UK. The platform offers one of the best rates to buy cryptocurrencies in the crypto space. You enjoy zero fees for deposits and only pay $5 (about 3.78 GBP) for withdrawals. More cost-saving features that you'll enjoy using this online broker include low fees on crypto trading and learning materials for newbie traders.
In terms of trading tools, eToro comes armed with a social trading capability. This way, investors can easily learn and interact with their peers. This is taken further with the CopyTrade technology, which allows investors to mirror the successful trades of other more experienced traders.
eToro is user-friendly and easy-to-use, and the account opening process takes roughly 10 minutes to get started. The minimum deposit is pegged at a low 37.78 GBP. You can easily fund your account with loads of everyday payment methods, including bank wire transfer, credit/debit cards, PayPal, Skrill, Neteller, Trustly, and several e-wallet solutions.
The social trading platform is supervised by top global regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and Financial Industry Authority (FINRA).
Before you begin searching for the best cryptocurrency to buy, we recommend learning a bit of the backstory of cryptocurrencies and how they became a modern-day phenomenon.
Cryptocurrencies are virtual currencies that enable seamless transfer of value across several borders between transacting parties while eliminating a third party. This is possible due to two fundamental truths; for one, cryptocurrencies operate on a blockchain which is more like a digital public ledger. Transactions are immutably added to the network, consisting of validated blocks that eventually form a chain.
Another crucial feature is that cryptocurrency transactions are frequently carried out in a peer-to-peer (P2P) manner, which comprises the sender and receiver with no need for a middleman.
Cryptocurrencies were birthed following a whitepaper by an anonymous developer of the world's oldest and largest blockchain network, Bitcoin, in 2008. The unknown creator, nicknamed Satoshi Nakamoto, sought to enable the masses to regain power over their finances while cutting out world governments and central banking institutions.
Bitcoin is the foremost and most popular cryptocurrency, and due to this, the asset controls over 40% of the total crypto market. This sees the crypto bellwether command about $1 trillion of the $2.6 trillion industry.
Meanwhile, over 12,500 known cryptocurrencies globally, with more added daily. Most are divided into a thin group of large and small-cap assets. Bitcoin may have started the crypto revolution with decentralised value transfer, but the nascent space has since boomed into more remarkable feats.
In 2021, cryptocurrencies have seen growing mainstream adoption, leading to the growth of ecosystems like decentralised finance (DeFi), non-fungible tokens (NFTs), meme coins, metaverses, and Play2Earn of these sub-sectors controlled by the second most valuable asset Ethereum.
Given this, each project comes with specific capabilities and meets separate needs. Some enable the development of blockchain-based applications, while others allow cross-border payments.
As we mentioned earlier, there are over 12,500 cryptocurrencies you can easily invest in. This multiple-choice may make it difficult to determine the cryptocurrency to buy. This section itemizes the top 10 digital assets investors in the UK can buy.
While this is not an exhaustive list, these digital currencies are the most heavily traded in the UK. You can easily buy cryptocurrency UK on social trading platform eToro with a low commission.
Even though cryptocurrencies are getting increasingly popular by the day, there are still a few crucial factors you need to consider before investing in your hard-earned capital.
The crypto space is still largely unregulated in most regions as world governments work out a framework to do this. This presents a loophole for fraudsters to defraud investors out of their hard-earned money. Given this, always stick with a regulated crypto broker. This ensures that your details and funds are safe.
Much like anything investment, you still need to pay commissions, or as we know it, trading fees. Select a crypto broker with low to reasonable trading fees, as this will help you get better returns on your investment in the long term. A recommended platform for cryptocurrency trading is eToro.
Cryptocurrencies are popping up by the day, but we recommend sticking with the top dogs due to liquidity issues. The trading volume of a crypto asset should be paramount as this will help you determine if you will be able to withdraw your funds when you need them easily.
Cryptocurrencies are kept in digital storage, popularly known as crypto wallets. You can use a hardware wallet like Trezor if you have large crypto holdings or software wallets like eToro Crypto Wallet to store your digital assets.
eToro Crypto Wallet comes with support for 120+ digital assets and rapid execution of transfer between wallets.
It is also regulated by the Guernsey Financial Service Authority (GFSC), which adds a layer of security to your funds. eToro Crypto Wallet also comes with a custom-built private key recovery service for when you lose it.
If it isn't still clear by now, the best way to buy cryptocurrency in the UK is with a regulated platform. Whether it is by the FCA or Cysec, investors and people looking to buy Bitcoin and other cryptocurrencies should look for exchanges that they can trust.
In the case of a platform such as eToro, more than 10 million users have registered an account, and those numbers increase every day. No wonder they have been voted the best crypto exchange UK for more than 1 year.
Etoro is one of the best ways to buy cryptocurrency in the UK not only because it's got several payment methods like PayPal, but you can actually use several of the functions in the platform like the etoro money, which is a crypto wallet, the exchange to buy and sell, and even trade your cryptocurrency on it. Not to mention, it's got a copy trading function that allows you to copy the successful traders who overperform when trading assets.
Given this, we recommend investing in cryptocurrencies for the long term or actively trading small price differences. That's what makes etoro one of the best places to buy cryptocurrency in the UK and worldwide.
Crypto is a global sensation and both retail and institutional investors are piling into the space. However, you should note a few things before deciding to buy or sell any digital asset.
Cryptocurrencies are highly volatile, which makes them high-risk investments. In fact, this is a core reason why critics have pointed out that they are not suitable as a currency. For instance, top crypto asset Bitcoin makes major price jumps and dumps in the same 24 hours.
If you want to buy cryptocurrency UK, you should be ready to stomach these sudden surges and falls.
While countries like China have outrightly banned cryptocurrencies, several countries are still working on a dynamic framework to keep the industry's excesses in check. This means many crypto-related activities are not under the umbrella of the government, which means you should be careful before investing in them.
Since they are mostly done online, cryptocurrencies are more prone to malicious attacks than other financial instruments. In the past year, over $387 million in recorded value have been stolen from users, per data from blockchain analytics firm CipherTrace.
Even though this year has been a watershed moment for cryptocurrencies, the blockchain economy is still new to several investors. We recommend spending some time to learn how the decentralised economy operates before ploughing in your funds.
Now that you have a good idea of what cryptocurrencies are, you may be wondering what payment methods you can use to buy cryptocurrency in the UK.
You can buy cryptocurrency UK with your regular bank account. All you need to do is select it at the point-of-sale (POS) and input the amount you want to invest. Buying crypto with a bank transfer gives you a higher deposit limit. You can invest close to 800,000 GBP on popular platforms like eToro.
Credit and debit cards are the modern staple for making purchases online. You can also buy crypto with your credit and debit cards. However, we recommend confirming the accruing fees from your credit card issuer before using this option. On the other hand, debit cards are free, and you enjoy zero deposits on eToro.
E-wallet solutions are not left out either, and you can buy cryptocurrency in the UK with funds from your PayPal account. This also comes with zero fees on eToro.
Now that you are ready to buy crypto, we recommend using eToro. The social trading leader is the best platform to buy cryptocurrency easily and safely.
The first step will be to register on eToro. Navigate to the homepage and click on 'Join Now' to access the signup form. Here, you will need to provide your full name, email address, username, mobile number and choose a unique password. You can conclude this process faster by registering with your Google or Facebook account.
eToro is regulated, which means all new users will need to complete the know-your-customer (KYC) process required by regulated entities. Since eToro is largely an online brokerage service, you can complete this from the comfort of your seat. All you need to submit is a snapshot of your driver's license or official passport. You will also upload a copy of your utility bill or bank statement for proof of address.
Making deposits on eToro is super-breezy. Click on 'Deposit Funds' and choose a payment method that suits your lifestyle. If you are looking to invest a lot, we recommend using a bank wire transfer. eToro has a low deposit peg of only 37.78 GBP. Once you are ready, click on 'Done' to proceed to the next step.
The final piece of the puzzle is to buy the cryptocurrency you want. Since eToro supports quite a few of them, we will select BTC for exemplification purposes. Type ' BTC' into the search bar and click 'Trade' to go to the order page. While there, input the amount of Bitcoin you want to buy and click on 'Open Trade' to complete the process.
Cryptocurrencies have come a long way this year and more uptrend is expected for the nascent industry. This is because more use cases for underlying technology blockchain are springing up and more mainstream investors are interacting with virtual currencies.
Given this, if you are keen on joining the next financial wave, we recommend using eToro. The social trading platform is popular with 20 million users worldwide and is regulated by top-tier regulators.
Another crucial benefit is eToro is running a promo for new users who make a $5000 deposit. The time-limited offer will see new investors get back $250 to trade the crypto market. You can access this offer by clicking on this link.
A cryptocurrency is a form of digital currency that enables the seamless transfer of value without the interference of a third party. Built on distributed ledger technology (DLT), better known as the blockchain, crypto transactions are immutable and cannot be changed once added to the network.
Even though crypto is not regulated in the UK, you can buy and sell crypto legally without any repercussions. However, crypto taxes are incurred when you interface with digital currencies.
Several platforms support the purchase of cryptocurrencies. However, we recommend using eToro for all your crypto trading needs. The crypto broker is a time-tested financial services provider and offers CopyTrade functionality, which reduces losses while bolstering returns.
Yes, you can make crypto purchases instantly. However, you will need to register with a crypto broker like eToro and verify your account. Then you can fund your trading account and buy cryptocurrencies immediately.
