How to Buy Bitcoin UK 2022

How to Buy Bitcoin UK 2022

Buying Bitcoin is the easiest way to invest in the burgeoning cryptocurrency industry.

Buying Bitcoin is the easiest way to invest in the burgeoning cryptocurrency industry. The premier digital asset has established itself as a great deflationary currency, causing investors all over the UK to look for platforms to buy Bitcoin in the UK.

How to Buy Bitcoin UK – Quick Steps

You can follow these quick-fire steps on how to buy Bitcoin UK using our recommended platform eToro.

  • Deposit – Fund your account with a minimum of $50 (37 GBP) through bank wire transfer, credit/debit card, e-wallet solutions
  • Search for Bitcoin – Type 'BTC' into the search bar and click on the relevant popup result
  • Buy – Click on 'Trade' to open the purchase page. Insert how much Bitcoin you want to buy and click on 'Open Trade' to complete the transaction.

Where to Buy Bitcoin UK

Looking for the best place to buy bitcoin with low fees in the UK? In this section, we compiled a list of the best platforms to buy Bitcoin UK easily.

  1. eToro – Overall Best App to Buy Bitcoin UK
  2. CoinBase – Top Platform to Buy to buy Bitcoin UK
  3. Binance – Best Platform to buy Bitcoin with Low Fees
  4. Swapzone – the best platform to buy BTC with crypto

1. eToro – Overall Best App to Buy Bitcoin UK

eToro is a multi-asset platform that allows users to invest in a wide range of equities and crypto-assets. Investors can pick from over 115 cryptocurrencies on eToro, including well-known coins like Bitcoin, Ethereum, and Litecoin. It's truly one of the best places to buy Bitcoin online.

Opening an account with eToro is free, and new customers receive a free trial account worth US$100,000, which you may use to experiment with purchasing crypto and other assets before committing to them. 

Regarding trading tools, eToro comes with copy trading capability which allows new investors to copy the successful trades of more experienced investors. This reduced potential losses while maximising expected returns.

What makes eToro truly stand out is the low fees charged when you trade Bitcoin. Thanks to its low fees and fantastic tools, eToro is definitely the best place to buy Bitcoin cheaply and instantly in the UK.

Pros

  • Offers copy trading feature.
  • Easy to use interface
  • Low fees
  • Highly regulated platform

Cons

  • $5 withdrawal fee

2. CoinBase – Top Platform to Buy Bitcoin UK for Beginners

If you are considering where to buy Bitcoin instantly in the UK for beginners then you should look no further than Coinbase. 

Coinbase is a cryptocurrency exchange that lets you buy, trade, and earn popular digital currencies all in one location. Over 100 cryptocurrencies and other digital assets are available on Coinbase, including major coins such as Bitcoin, Ethereum, and Dogecoin. 

The mainstay of Coinbase is its highly intuitive user interface that allows new investors to trade cryptocurrencies easily.

Users can set up recurrent trades and gradually invest in cryptocurrencies by arranging daily weekly, or monthly purchases. Investors can also use the online app or the iOS and Android mobile applications to log their transactions and watch market changes. Coinbase also offers storage services for crypto and NFTs in one location. Users also have the opportunity to earn interest with the Coinbase Wallet.

Coinbase charges a deposit fee of 3.99% on debit card deposits. Other charges depend on the trade size, with transactions under $10,000 attracting a taker and a maker fee of 0.50%. 

Pros

  • High liquidity and buying limit
  • Beginner-friendly

Cons

  • Purchases with bank transfers take five days to complete

3. Binance – Best Platform to Buy Bitcoin with Low Fees

Bitcoin features prominently in the daily transaction volume of the Binance exchange. The top crypto dog has since made Binance one of the world's most elite exchange platforms. 

Binance was duly launched in 2017 by Changpeng Zhao and the Bitcoin exchange has become a favourite destination for investors due to the wide array of digital assets on tap. Binance has over 500 crypto assets on tap and offers a base fee of 0.10%. This is taken even further with the Binance Coin which drops this further to 0.025%.

Binance offers real-time price updates and incorporates several innovative services like margin and futures trading. The minimum deposit is set at $10 (about 7.4 GBP). 

Pros

  • The wide array of crypto-asset library
  • Low minimum deposit
  • Low trading fees

Cons

  • Not regulated

4. Swapzone – the best platform to buy BTC with crypto

Swapzone is an instant cryptocurrency exchange aggregator. This platform simplifies the exchange process by gathering all the information needed to find the best exchange offer. At this moment, Swapzone is a one-stop solution to swap  500+ cryptocurrencies from 15+ exchanges available.

The operating principle of Swapzone is as follows: the platform sends users' inquiries in, gets the deals directly from its partners, sorting them out by rate, speed and rating and lets users make swaps via chosen providers without leaving the aggregator's website. In that way, Swapzone helps the users to make an informed choice when saving their money and time.

One more benefit of Swapzone is that all swaps are custody-free. Thus, if you want to buy BTC with cryptocurrency on this platform you won't need to register.

Taking into account all the facts mentioned above Swapzone can be considered as the best platform for buying BTC with crypto in the UK.

Pros:

  • Instant exchange pairs information
  • In-house exchange
  • No hidden transaction fees
  • Regularly updated crypto assets list
  • KYC-free platform
  • Referral program
  • 24/7 customer support

Cons:

  • Fiat currency is not supported
  • Limited exchanges list

5. Crypton Exchange — No KYC Platform to Buy Bitcoin Anonymously

Crypton Exchange is a decentralized no KYC/AML  blockchain platform for cryptocurrency exchange. It is part of the Utopia P2P ecosystem — an anonymous and private ecosystem designed to ensure users' online security. Such a connection guarantees the availability and stability of the exchange.

The most significant point of the exchange is the absence of KYC/AML. To register on the exchange, the user only needs to have an account in the Utopia ecosystem (registration is anonymous) come up with a nickname and password.

Crypton Exchange provides secure and untraceable purchase, sale, exchange, storage, or withdrawal of Bitcoin or any other available currency. Furthermore, nobody can influence the exchange's work and stability because it is completely decentralized without third-party cooperation.

In addition, Crypton Exchange provides the first digital offshore that ensures a secure and anonymous transfer or withdrawal of funds from a current balance.

Pros:

  • No KYC/AML registration process
  • Private and secure exchange
  • Worldwide availability
  • Digital offshore
  • The lowest commissions

Cons:

  • 6 available coins

Best Ways of Buying Bitcoin Cheaply

Even though the decentralised currency is totally virtual, various everyday payment solutions support the purchase of Bitcoin easily. Here are a few popular choices:

  • Buying Bitcoin with PayPal

Payment processing giant PayPal has come a long way in its crypto support for customers. Earlier on in the year, the US payment company added direct payment support for cryptocurrencies reflecting a strong pro-crypto stance. Given this, you can easily buy Bitcoin with PayPal on a number of trusted crypto brokers like eToro that support the payment method. 

  • Buy Bitcoin with Credit or Debit Card

Credit and debit cards are some of the most popular means consumers use in settling transactions online. Many investors consider using a credit or debit card as the best way to buy Bitcoin due to the convenience and speed of executing transactions.

Several crypto platforms support this payment option but crypto exchanges like Coinbase only support allow you to buy bitcoin with a debit card which can set you back a whopping 3.99%. However, our recommended broker eToro offers zero deposit fees for both credit and debit cards.

  • Buying Bitcoin with Neteller or Skrill

E-wallet solutions Neteller and Skrill have become popular payment rails in the past few years. You can easily buy Bitcoin UK on eToro with this option. You also get to enjoy 0% deposit fees.

How to Buy Bitcoin UK

Mainstream investors are gradually flocking into the booming crypto market and are searching for ways to buy and sell Bitcoin in the UK. To purchase the premier asset on our recommended crypto broker, eToro, follow the steps on how to buy Bitcoin UK.

  • Open an account with eToro

The first step is to create an account on eToro. Go to the eToro website and click on 'Join Now.' 

Insert the essential information and click 'Create Account.' If you don't want to type, you can instantly link your Google or Facebook account to create a free eToro account.

  • Verify ID

eToro is a highly regulated broker. Therefore, you'll be required to go through the know-your-customer (KYC) verification process. This, however, will not take up much of your time because everything will be done online. Simply submit a snapshot of your driver's license or official passport.

  • Fund your Account 

Depositing on eToro is easy because the platform features loads of simple payment solutions. All you need to do is locate the action tab and click on the 'Deposit Funds' button. You will be taken to the deposit page, where you can select a bank wire transfer, credit/debit card, PayPal, and any other payment method that suits your style.

  • Search for Bitcoin

Next, type 'BTC' into the search bar and click on the first result that pops up to be taken to the Bitcoin asset page.   

  • Buy Bitcoin

To buy Bitcoin, click on the 'Trade' tab to access the purchasing page. Insert the amount of BTC you wish to buy and click 'Open Trade.'

Best place to Buy Bitcoin UK

Bitcoin's performance has been generally bullish in 2021 since breaking above the £17,624 in late 2020. The premier digital asset is currently trading at £34,787.60 showing exponential growth since the beginning of the year. 

If you are considering the best place to Buy Bitcoin in the UK, we can tell you that you should pick a broker or exchange that is regulated by the FCA and compliant. Not many exchanges have that status. eToro, on one hand, is an exchange that also offers trading services for crypto assets and other stocks. eToro has over 10m users worldwide, and they carry this trademark with pride.

After surpassing its 2017 all-time high of £17,624 at the close of 2020, Bitcoin began trading over £28,000 per coin in 2021. In 2021, the dominant cryptocurrency extended its climb from 2020 to a new all-time high above £51,000 by November. Bitcoin is predicted to grow even more in 2022.

By January 2022, the selling pressure is likely to subside, and Bitcoin's price, like the mining hash rate, might be on the rise. The indicators will then move back into the positive territory. Bitcoin's price might conclude 2022 trading above £70,000, according to Wallet Investor's 2022 prediction.

If you're looking to get into Bitcoin now, this might be just the time to get started. Try eToro now and see for yourself all the capabilities this platform has.

How to Buy Bitcoin with Paypal UK

Paypal has been one of the most popular forms to buy Bitcoin in the UK. The reason for that is mostly because you can charge back if you think you're getting scammed. They also allow you to carry Bitcoin around in their wallet.

The good thing about PayPal is that platforms like eToro accept this payment method, and there is no limit to buying any amount of Bitcoin you want.

All you need to do is create an account on eToro, selecting PayPal as your funding method, and you will be able to buy Bitcoin with Paypal in the UK and everywhere in the world.

How to buy a Bitcoin UK debit card

Another popular method to buy Bitcoin in the UK is the debit card. Many people choose this method as their money hits the account, and do something called a DCA (dollar-cost average).

One of the downsides of this though is that some banks, depending on the exchange, decline your payment method.

If you sign up for an exchange such as eToro, which is regulated by the FCA, you can be sure that your debit or credit cards will not be declined, and the payment will not be held.

I've tried myself with my Lloyds bank UK debit card and can tell you that I had no issues when making the 1st deposit, or withdrawing the profits to my bank account.

How to buy Bitcoin with credit card UK

Same as the other method, eToro accepts UK debit and credit cards when transferring funds to your account.

This is one of the safest, most used ways to buy bitcoin in the UK.

Over 10m users worldwide can't be wrong. eToro is in fact one of the top brokerage firms and exchanges to buy Bitcoin in the UK and worldwide.

Other companies such as Binance also allow you to buy Bitcoin with a Credit card in the UK, however eToro is the only one that's licensed by the FCA and hasn't lost that status.

How to Buy Bitcoin UK bank transfer

Most if not all platforms allow you to make a bank transfer to buy Bitcoin in the UK.

The issue with that is, however, that once you have sent out your funds you can't redeem them as you would have authorised your bank to make the transfer. If you pick a dodgy or shady business, your funds might be gone forever!

This is why you should choose a platform that offers FSCS for your deposit.

eToro is regulated by the FCA, and offers up to £85,000 worth of protection to your deposit.

Should I say anything else? If you want to choose the best platform to Buy Bitcoin in the UK with a bank transfer, you should choose eToro.

Why Buy Bitcoin?

These are a few reasons why we think this is a great time to invest in Bitcoin for the long term.

  • Bitcoin is a Great Store of Value

Bitcoin has seen remarkable growth and adoption mostly from institutional investors and the underlying narrative has been as a store of value. Anonymous developer Satoshi Nakamoto hard-coded a rigid amount of Bitcoins that will ever be in circulation. On the famous Bitcoin whitepaper, this is set at only 21 million making Bitcoin automatically a deflationary currency.

Notable companies like MicroStrategy and Tesla have diversified their investment portfolio to hold Bitcoin.

  • Decentralised and Censorship-Resistant

By its very nature, Bitcoin is decentralised meaning that all transactions are distributed across several nodes spread all over the globe. This makes it difficult for anyone transaction to be sanctioned by a regulatory authority. Bitcoin uses a peer-to-peer (P2P) network which makes it possible for two parties to exchange value without the need for a middleman.

  • Cuts Cost

If you are always sending money across borders, the FX fees may be a major concern for you. Bitcoin addresses this issue as you can send any amount of coins to anyone in the world while paying a fraction of what you would in a normal bank-to-bank transaction.

  • Bitcoin is the Face of the New Decentralised Economy

Bitcoin may be seen as a more ancient blockchain due to its lack of a robust network, however, the top crypto dog still remains the most recognised brand in the crypto space. Commanding a whopping 40% shows the extent of the blockchain network's growth. 

Efforts are currently ongoing to make Bitcoin a more functional protocol and this will allow the development of other blockchains on top of the Bitcoin network.

  • Bitcoin is Here to Stay

Despite the growing regulatory efforts of several world governments, Bitcoin and the crypto market has continued to grow in leaps and bounds. The nascent industry recently hit a record value of $2.92 trillion in the last bull run. This shows massive interest and growing adoption.

How to buy Bitcoin instantly UK

It's a seamless process to buy Bitcoin Instantly in the UK.

All you need to do is to create an account on eToro, fund it with any payment method starting at £100, choose to buy Bitcoin on the watchlist, and place the buying order.

The whole process of creating an account up to buying Bitcoin takes no more than 5 minutes.

eToro's platform is very intuitive and allows their users to navigate freely between all the assets available for buying and selling. You can buy and sell Bitcoin on the eToro platform if you want.

So if you want to buy Bitcoin instantly in the UK, eToro is the safest, and fastest bet for you.

Conclusion

Bitcoin has remained the mainstay in the fast-growing crypto economy. The benchmark crypto's appeal largely lies in its hard-cap restriction as more institutional investors use BTC to hedge against inflation. 

If you are keen on adding BTC to your portfolio, we recommend using social trading leader eToro. BTC purchases on eToro come with low fees, and you can leverage the CopyTrader feature to increase your expected returns. You can also automatically rebalance your portfolio through the eToro CopyPortfolio feature.

FAQs

  •  How do I buy Bitcoin in the UK?

You can easily buy Bitcoin UK through our recommended crypto broker eToro. All you need to do is signup for a free account, verify your ID, and deposit a minimum of £37. 

  • Should I buy Bitcoin?

This largely depends on you and what you feel will be the next direction for the investment space. However, if you are looking to hedge against inflation, Bitcoin has proven to be a great store of value over its 12-year existence. 

  • How do I buy Bitcoin with PayPal?

You can easily buy Bitcoin with PayPal on eToro by selecting the payment processing company as a payment option.

  • What is the cheapest way to buy Bitcoin in the UK?

The most inexpensive way to buy Bitcoin is to use a low fee broker like eToro. Also, you won't pay for deposit fees which increases your purchasing power.

  • How much is one Bitcoin?

Bitcoin currently trades at £34,787.60.

  • Is Buying Bitcoin Safe?

Bitcoin is a volatile asset which means the cryptocurrency rises and falls often. However, Bitcoin's downtrends have largely led to more price gains in the past years.

  • Can you buy Bitcoin without ID?

There are ways to buy Bitcoin anonymously in the UK, but we recommend using regulated brokers like eToro due to their higher safety levels.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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