Last updated on March 22nd, 2023 at 09:23 am
Introduction
Bitcoin is a sort of digital currency that can be used for digital purchases or trading in the same way that stocks and bonds can. A Bitcoin exchange is required to purchase and sell Bitcoin and other digital currencies.
A Bitcoin exchange will allow you to purchase Bitcoin in exchange for other assets, such as cash or other virtual currencies. The top cryptocurrency exchanges are safe, inexpensive, simple to set up, and accept a number of payment methods.
Here are our recommendations for the best exchanges where you can buy bitcoin in UK.
Where can I buy Bitcoin in UK?
1. Coinmama
Coinmama allows you to purchase cryptocurrency using locally available ways. This covers bank transfers, MasterCard, SEPA, Apple Pay, Google Pay, and Skrill.
You can use Faster Payments to buy bitcoin in UK. It allows you to withdraw Bitcoin via bank transfer, credit card, or debit card. It is most likely the cheapest way to purchase Bitcoin in the UK.
Coinmama does not offer a hosted wallet address for the coins purchased.
As a result, they do not provide portfolio management tools other than the ability to track your transactions from your account. They have, however, developed the White Glove Service, which allows you to build up to $100 million in the total portfolio.
2. Gemini
Gemini is a legal cryptocurrency exchange situated in the United States that allows you to trade over 113 cryptocurrencies against each other or buy and sell them for fiat. Although Gemini is only available in a few areas in the United States, it provides a straightforward interface for new crypto traders.
The Gemini Clearing and over-the-counter dealing portal enable traders to trade with one another on a peer-to-peer basis with no minimum trade limits and at competitive market prices.
Furthermore, this makes it one of the best places to buy Bitcoin in United Kingdom. Because the transactions and data are not disclosed on the platform, it is completely anonymous. Custody and APIs are two other goods.
3. Bybit
Bybit is a crypto derivatives exchange that offers a comprehensive set of advanced trading tools. It offers excellent security and a zero-downtime commitment. You can buy bitcoin in UK through VISA however, it is not available in the United States.
Bybit claims to be able to handle 100,000 transactions per second, substantially faster than its competitors. It takes every precaution to avoid server downtime, a problem that many exchanges confront anytime a market shift causes a large number of customers to trade at the same time.
Its charting tools are renowned among traders due to their functionality and added features. Data can also be downloaded in other formats.
Bybit features a testnet website where new traders can test their tactics and learn how to utilise the platform without risking their real money. If you’re new to derivatives, this is a good approach to familiarise yourself with these advanced – and often confusing – tools.
Because leveraged trading can be quite risky, it makes sense to acquire confidence in a simulated environment before putting your money at risk. If you wish to trade for real money, start small and learn how to reduce risk.
4. Kucoin
KuCoin boasts that one out of every four cryptocurrency holders in the globe uses its service. The main benefit of such a large customer base is that it increases market liquidity; you’re more likely to succeed in making the deals you want because there are more individuals trading.
It also implies that you will most likely be able to join an active community of merchants who speak your language.
KuCoin offers a considerably broader range of cryptocurrencies than most exchanges or brokerages presently 767 coins.
KuCoin is worth exploring if you want to expand into less popular cryptocurrencies. It also has a Spotlight section where new currencies are promoted so that consumers can get in early. Just keep in mind that newer or lesser-known coins have a higher risk than more established ones.
KuCoin includes a number of extra functions, but you should carefully consider whether you want to utilise them. Margin trading, for example, allows you to scale your position, which is essentially borrowing money to acquire additional cryptocurrency.
Only highly experienced traders should utilize leverage since it increases the danger of cryptocurrencies, which is already a risky investment.
KuCoin’s smartphone app also allows you to utilise trade bots. Trading bots may purchase and sell your cryptocurrencies for you, so you don’t have to be online all the time to keep up with the market.
Crypto bots, on the other hand, lack the sophistication of robo-advisors. Some, for example, have technological flaws.
Furthermore, it is not always evident how they invest your money, and you must grasp the bitcoin trading tactics they employ. Bots don’t add much to the mix if you’re purchasing for the long haul. However, they certainly are an add-on when you are choosing your exchange.
5. Binance
Binance is the largest cryptocurrency exchange by daily trading volume, with over $70 billion traded by its 90 million members.
In the UK, it provides very aggressive choices for investing in Bitcoin and over 386 other cryptos. You can, for example, stake, mine, and even invest in new coins. In addition to exchanging them on the spot and in derivative markets, that is.
Binance accepts fiat payments via debit and credit card, SEPA, Simplex, bank wire, Western Union, and Yandex for customers looking to buy Bitcoin in UK.
6. Coinbase
Coinbase offers both retail and institutional accounts through which you can not only sell and buy bitcoin in UK but also the other cryptocurrencies. The exchange allows you to trade one cryptocurrency for another or speculate on cryptocurrency values using powerful trading tools & charting is included.
Furthermore, you can receive, store, or keep roughly 160 crypto assets in distinct wallets. You may utilize the site to instantly send money anywhere using cryptocurrency.
You can also deposit cryptocurrency in order to purchase another cryptocurrency. Each of these options has varying costs, but you can decrease them with a Coinbase Pro account. It is most likely one of the best and cheapest methods of purchasing Bitcoin in the UK
7. eToro
eToro is one of the greatest places to buy bitcoin in United Kingdom. It allows you to trade crypto alongside stocks, bonds, ETFs, CFDs, investment funds, and a variety of other financial assets from a single account.
In addition to buying, selling, and exchanging crypto for fiat, you can use copied technical indicators from top traders or create your own techniques to trade on the spot or in the derivative cryptocurrency market.
eToro accepts Credit/Debit Cards, Skrill, Rapid Transfer, PayPal, Neteller, Ideal, Poli, Online Banking – Trustly, Sofort, or Klarna for Bitcoin purchases. SEPA and bank transfers, which can take up to four days to process, are also acceptable options for purchasing Bitcoin in the UK on eToro.
8. Crypto.com
Crypto.com allows you to buy Bitcoin in the United Kingdom with a bank account, as well as credit and debit cards.
You may also utilise electronic payment systems such as PayPal, making it one of the top sites to buy bitcoin in the UK. The exchange also offers a branded crypto Visa card called the Crypto.com Visa card, which allows users to buy, instantaneously convert, and spend cryptocurrency at Visa retailers.
This is not only one of the cheapest ways to acquire Bitcoin in the UK but also one of the best.
9. LocalBitcoins
LocalBitcoins allows you to sell and purchase Bitcoin using local currencies and simple procedures. There are numerous payment methods available, including cash, credit card, bank transfer, PayPal, Western Union, Payoneer, Revolut, and Neteller. Some methods, such as bank wiring, are faster to buy and sell through than others. It solely allows the purchase of BTC and no other cryptocurrencies.
LocalBitcoins, on the other hand, operates on a different model than centralised exchanges. Peers can trade directly with one another on the platform by posting their buy and sell orders.
A buyer or seller can filter the seller or buyer listings by country, payment method, crypto desired, or fiat money to pay or sell in. You have the option of creating a buy order listing or purchasing from the listings.
10. Luno
Luno allows you to buy, sell, and send cryptocurrency to others for free. The crypto exchange provides wallets, which are safe places to keep cryptocurrency because 95% of all assets are maintained in cold storage. You may trade 25 digital currency pairs on the exchange platform, including Ethereum, BTC, Litecoin, and Ripple XRP.
Luno provides substantial liquidity to keep spreads tight. As a result, it is an excellent option for individuals looking for where to purchase bitcoin in the UK. The user-friendly exchange is built around a centralized order book, where you can select a trading pair, enter an amount, and place a limit or market order.
Luno provides hosted wallets for transmitting, receiving, and storing cryptocurrency. Luno allows you to purchase cryptocurrency using a credit or debit card as well as a bank account.
Things to Consider Before Buying Crypto
1. Learn About Crypto Investing
The first thing you should know about how to buy bitcoin is a general understanding of the methods for buying, exchanging, and selling cryptocurrencies. You cannot engage in cryptocurrencies blindly unless you have a plan for how you will approach them.
You can investigate all of the fundamental procedures in the crypto platform, such as easy purchase and sale possibilities. When you are confident in the procedures for purchasing, selling, and trading cryptocurrencies, you are more likely to make wise decisions.
2. Go For a Balanced Portfolio
The second crucial recommendation in a beginner’s guide to buying cryptocurrencies would undoubtedly be to build a diverse and balanced portfolio. You cannot simply invest all of your money in a single cryptocurrency in the belief that its value will rise. Remember that cryptocurrencies are a high-risk asset in comparison to conventional investments, owing to their volatility.
Crypto coin prices have been shifting dramatically in comparatively short periods of time. Furthermore, the crucial bitcoin buying suggestions highlight the lack of cryptocurrency-specific rules. You lack the legal backing of an insurance provider to recover your cryptocurrency losses.
3. Research is Mandatory
The most apparent addition to any book on investing in bitcoin would undoubtedly be a focus on research. Any sort of investment necessitates extensive research before investing in an item. Hours of research about the beginnings of bitcoin and its utility will help you appreciate the value it can provide.
Simultaneously, research allows you to be aware of the hazards linked with the cryptocurrency of your choosing. When considering cryptocurrency investments, avoid the notion that “somebody will acquire it at a better price in the future.”
4. Don’t Join the Herd
One of the most prevalent mistakes made by first-time cryptocurrency buyers is the fear of losing out on a trend. Many cryptocurrency newcomers make the mistake of succumbing to their “fear of missing out,” only to lose everything.
Without the help of sufficient research, your intuition can betray you, resulting in a loss on your investments. If you have a strong feeling about a particular cryptocurrency, the best course of action would be to carefully consider the alternative.
Many unsuccessful cryptocurrencies advertise valuations increasing by around 30% in 24-hour periods in order to dupe unsuspecting novices.
5. Some stories are simply too good to be true.
Take into account that the value of cryptocurrencies is determined not only by their utility but also by their perceived utility. There are many charlatans in the crypto realm who will seize any opportunity to spin implausible stories about their ventures.
For example, you’ve probably come across a slew of efforts that claim to outperform Bitcoin. As a result, if a cryptocurrency promises unbelievable benefits, you should look into it.
A first-time cryptocurrency buyer should be aware of certain variables, such as the underlying mechanisms of cryptocurrency platforms.
Conclusion
The most important factors that one needs to consider while buying cryptos are security, features, and fees.
If you are contemplating the cost, the best locations to buy Bitcoin in the UK are Coinmama, Bybit, and Kucoin where fees are relatively lower with decent features.
As far as security is concerned, I highly recommend that irrespective of where you buy your bitcoin, do not store them in any of the Cryptocurrency exchanges including the above unless you are trading them actively.
A better option is to store them in hardware crypto wallets like Trezor, and Ledger, or self-custody wallets like Metamask, and TrustWallet.
