Don’t be in the dark and check out how and where to buy cryptocurrency in the UK
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.
Quick Steps on How to Buy Cryptocurrency in the UK
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:
- Register with eToRO– Visit eToro and click on ‘Join Now’ to create a free account.
- Upload ID – Submit snapshots of your driver’s license or official passport and a recent utility bill or bank statement
- Deposit – Make a minimum deposit of 37.78 GBP by selecting any preferred payment method
- Buy cryptocurrency – Type the ticker symbol of the crypto asset into the search bar and click on ‘Trade’ to buy the digital asset. Input the amount and click on ‘Open Trade’ to complete the transaction.
Best Platform to Buy Cryptocurrency UK
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.
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eToro – Overall Best Platform to Buy Cryptocurrency UK
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).
Pros
- Heavily regulated
- Social trading capability
- Zero deposit fees
- Commission-free trading
- Withdrawal fee of $5
- Bitcoin
- Ethereum
- XRP
- Decentraland
- Solana
- Cardano
- Tezos
- Binance Coin
- Polkadot
- Shiba Inu
Cons
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What is Cryptocurrency?
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.
What Cryptocurrencies Can You Buy in the UK?
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.
What to Consider when Buying a Cryptocurrency
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.
Use Only a Regulated Broker
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.
Trading Fees
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.
Liquidity Level of Your Preferred Crypto
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.
Use a Crypto Wallet
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.
What is the best way to buy cryptocurrency in the UK?
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.
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What to Know Before Buying Crypto
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.
Volatility
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.
Unclear Regulatory Framework
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.
Risk of Hacks
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 .
Crypto Is Still Relatively New
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.
Conclusion
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.
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FAQs on How to Buy Cryptocurrency UK
What is cryptocurrency?
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.
Is crypto legal in the UK?
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.
What is the best platform to buy cryptocurrency?
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.
Can I buy cryptocurrency instantly?
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.
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.
What is the best way to buy cryptocurrency in the UK?
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 in 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
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