How to Buy Bitcoin in the UK

To buy Bitcoin, or any cryptocurrency for that matter, you will need a cryptocurrency broker or exchange that allows traders to exchange fiat currencies (like pounds) with crypto assets. If you are just starting out, it makes sense to find a provider that is easy to use and has a straightforward pricing structure. eToro, for example, combines an easily navigable investment platform and transparent pricing with superb social trading capabilities with which you can expand your knowledge by following and interacting with more experienced traders.

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Note that the majority of cryptocurrency exchanges require users to confirm their identities by submitting a government-issued ID, and potentially proof of address. This is to ensure adherence to the KYC (know your customer) and anti-money laundering (AML) requirements. So any Bitcoin purchases made through cryptocurrency exchanges are not anonymous — it is, though, possible to do so using other means.

Some exchanges and brokers require users to fund a certain amount of money to verify their account, some don't. In any case, you will need to select a suitable payment method to fund your purchases. Card payments are near-instantaneous, but they come with some additional processing fees. Credit card payments, in particular, pose a serious financial undertaking. Bank transfers are often the cheapest (typically they come with no additional charges) yet the slowest way of depositing money.

After you fund your account, you can begin the process of purchasing Bitcoin. As it's the chief cryptocurrency, it's usually fairly easy to locate on cryptocurrency exchanges. If not, you can search by it with its ticker BTC.

At this stage, you should consider how much you'd like to invest. As of this writing, one Bitcoin costs £22,500 — so realistically, you would get a portion of Bitcoin. If you, say, invest £1,000, you'll own 4.4% of a whole Bitcoin. One thing to remember is that crypto assets, even those that are as established as Bitcoin, are extremely volatile. This means that there's a high chance you end up losing all of your initial investment. A good rule of thumb is never to invest more than you can afford to lose, or any funds that are dedicated to sustaining your day-to-day life, such as money for groceries, rent, or bills.

After you bought Bitcoin or any cryptocurrency, you have several options to store them. The software you can store your coins are called wallets, which can be hot (online) or cold (offline). Many cryptocurrency exchanges offer their own wallets, or alternatively, you can fish for one that's more suitable for you.

If you’re a beginner who wants to learn how to invest in cryptocurrency in the UK, the best way to get started is with a cryptocurrency broker due to their ease of use. The options mentioned underneath are the overall best crypto brokers in the UK and contain tutorials to help you get started.

Top Three Cryptocurrency Brokers

Buy Bitcoin in the UK using eToro. As we said before, eToro is ideal for those starting their crypto investing journey because this broker offers an academy, social trading capabilities, extensive news coverage, and excellent customer support. Moreover, you can test the software with a demo account before committing your capital to eToro.

Buy Bitcoin in the UK using Binance. Binance is an established platform with the largest trading volume for Bitcoin and several BTC trading pairs. The crypto exchange contains many useful features like instant buying with credit or debit card, P2P services, and Bitcoin leverage trading.

Buy Bitcoin in the UK using Coinbase. Coinbase makes crypto accessible to beginners by implementing simple trading interfaces and popular deposit methods like credit or debit cards. Moreover, you can complete various courses to earn free crypto, which you can trade for Bitcoin.

If you are looking for the best crypto apps in the UK, you will find out some crypto apps that allow you to trade from anywhere as long as you have an internet connection. They come with the same features you’d find on a desktop, like spot trading, depositing, and leveraging.

Top Three Cryptocurrency Apps

There's a difference between cryptocurrency brokers and exchanges: a broker is a firm that acts as an intermediary between the cryptocurrency markets. It facilitates the buying and selling of cryptocurrencies and set the prices. An exchange is an online platform for buyers and sellers to come together and exchange their coins based on market prices. Cryptocurrency exchanges charge a fee for providing the platform, but it's typically lower than what brokers set.

Top Three Cryptocurrency Exchanges

A Breakdown of Fees When Buying Bitcoin in the UK

Here you can learn what fees you’ll pay on eToro and Binance. For simplicity, the table calculates buying £1,000 worth of Bitcoin and holding for 30 days.

You can buy crypto and also buy Bitcoin anonymously or without registration with a decentralized crypto exchange. There are many cryptocurrency exchange options and these platforms are not owned by a single entity and operate using smart contracts. The best DEXs for buying Bitcoin are:

• Buying Bitcoin without registration or KYC — it is possible to buy Bitcoin without registering or submitting KYC information with exchanges like THORSwap or Bisq.

• Buying Bitcoin without verification — You can start buying Bitcoin without waiting for your account to be verified. Binance, for example, doesn't require verification up to a certain trade value.

P2P services connect investors and allow trades without an intermediary like a crypto exchange. Sellers will list how much they are willing to sell each Bitcoin, and the choice is yours to accept the offer or decline.

Top Three P2P Services

These exchanges have been selected for their fast signup speeds, ID verification, and deposit methods like bank transfer, credit or debit cards. Also, you can use the instant buy section to acquire Bitcoin quickly. Unfortunately, this will incur significantly higher fees than spot trading, but it’s the fastest way of buying Bitcoin.

Here you can explore different Bitcoin exchanges so you can find out more about which crypto exchanges and platforms sell Bitcoin in the UK and the starting fee rates. Also, you can read our in-depth review if you’re interested in a particular platform.

Yes, buying Bitcoin in an offline environment is possible with a paper crypto wallet. First, you’ll have to provide your public key to the business you are buying your Bitcoin from and confirm the bank transfers have been made. Once you have an internet connection, you can access your Bitcoin wallet using the private key and manage the coins.

Here’s a quick rundown of what can influence Bitcoin’s value:

• Regulations: Laws and regulations can make crypto more accessible or restricted to investors.

• Adoption: Businesses accepting Bitcoin are great for adoption as more people utilize the cryptocurrency.

• Demand: Bitcoin has a limited supply, creating scarcity, which increases demand. As investors are willing to pay more for each Bitcoin, its value goes up.

• Bull runs: Market conditions impact Bitcoin heavily, and bull runs are where BTC reaches new all-time highs. During bull runs, more money flows into crypto from institutional investors, and the overall market grows.

• Influencers: Viral content for Bitcoin is great as more people are exposed to the project and may potentially invest.

Here are similar coins to Bitcoin. They are either also PoW cryptocurrencies or used as payment methods. Also, you can check out our reviews if you’re interested in learning more about the coin. For example, if you would like to buy Ethereum in the UK, we created a complete step-by-step guide showing how to do it.

Bitcoin is considered digital gold and is predicted to have a long-term future. The cryptocurrency has a huge following, investments from large institutions, and is accepted as a payment method by multiple global brands. In addition, the coin performs outstandingly during each bull run. Therefore, it is highly recommended to allocate some of your portfolio to BTC.

Note: Not Financial Advice (NFA).