Bitcoin is gaining a booming popularity in the UK. The top investors have already invested in Bitcoin. There is news everywhere of people getting lots of money from Bitcoin trading and a community of raiders has already adopted BTC as a way to make money. All this makes everyone want to buy Bitcoin.
Wondering ‘how to buy bitcoins in UK?’ Well, we have the answer for you.
Here we have a detailed guide on buying Bitcoin. Finish reading it and buy BTC before you lose another opportunity to make money from Bitcoin.
How To Buy Bitcoins In UK?
It is always advised that you invest only some of your funds in a single crypto exchange. Make sure that you invest in and hold various digital currencies.
Consider the extreme volatility and the frequent price fluctuations that the crypto market is susceptible to. You should not be investing more than what you can afford to lose, especially if you are a beginner.
Choose a cryptocurrency exchange
Choosing a crypto exchange is one of the trickiest parts when you plan to buy Bitcoin. In the UK, crypto exchanges operate as a decentralized platform however it is mandatory that all cryptocurrency exchanges are registered. This is regulated by the Financial Conduct Authority (FCA).
When you choose the cryptocurrency exchange make sure that the exchange has a fair availability of BTC. check whether it has the basic daily trading volume that will back up the liquidity to enable smooth transactions for crypto as well as fiat.
Note the fees that you will be charged when using the exchange. Check for features such as limit orders and margins.
Think about how you will use the cryptocurrency exchange. Whether you want to use it as a high-frequency trader or you will be conducting only low-frequency trades.
Select a crypto broker
A cryptocurrency broker is a platform that will make things easy for you when you are looking to buy Bitcoin or any other crypto. The crypto broker will conduct the transactions with the crypto exchange and simplify the whole bitcoin purchasing process for you.
However, do not forget to check the fees of the crypto brokers as some of these platforms will have higher fees. Some other crypto brokers may not charge higher fees but they will sell your data or will execute your trades at market prices considered suboptimal.
Selecting a crypto broker to conduct your transaction can be easy and smooth however such platforms restrict the crypto transfer holdings. These brokers may also limit you from moving your Bitcoin to external crypto wallets.
Open an account
After choosing the crypto exchange or the crypto broker, the next step is to create your account on the platform. You will need to provide certain information asked by the platform.
However, note that the details are required for your safety and as per the Terms and conditions of the platform.
Choose the payment option
When you have set up your account, you will be required to choose the payment option. Make sure that you select a payment option that well suits your requirements and preferences.
You can connect your bank account with the exchange or you can choose your debit card or your credit card.
Account verification and fund deposit
The platform will need to verify your account to ensure that all the details you have entered are right and true.
To verify your identity, you will have to submit a proof of identity document and a proof of address document. The documents that you submit should be valid, non-expired, either issued or verified by the UK government.
The identity proof should contain your photo, and the address proof should be recent. You may have to go through a crypto risk awareness quiz.
After all these, you can deposit funds into your account. Sometimes, you may have to wait for a couple of days before you can use the deposited fund to buy Bitcoin.
Make an order
To buy Bitcoin, you need to place an order at the exchange. You can order by providing the desired amount.
Note to enter the amount in pounds. According to the crypto exchange that you have chosen, the ordering method may vary slightly.
Most of the exchanges will have a ‘BUY’ button for you to click on it.
Store Bitcoin
Storing and safeguarding your BTC is as important as buying. The cryptocurrency exchanges are vulnerable to hacks or thefts which will result in you losing your BTC. Therefore, you have to store the BTC in a wallet.
The wallet can be one connected to the crypto exchange. Or you can withdraw your Bitcoin and store it in an external wallet. Make sure that you do not share your private key with anyone else.
There are different types of wallets in which you can store your Bitcoin and other crypto assets. When you find the answer to your question ‘How to buy Bitcoins in the UK?’ you also need to figure out ‘how to store Bitcoin in the UK?’
Can you use crypto ATMs to buy Bitcoins in the UK?
Earlier, you could consider buying BTC from a crypto ATM or a BTC ATM. However, in 2023 the FCA banned the usage of crypto ATMs.
Therefore, currently, you can not buy Bitcoins or any other cryptocurrency from crypto ATMs in the UK.
Also, Read: How To Buy Bitcoin Anonymously
The Bottom Line
Now you know ‘how to buy bitcoins in the UK?’, don’t you? Before you proceed to purchase Bitcoin in the UK make sure that you have done your homework.
Think well before each stage of the BTC purchase. If you face any doubts, please feel free to get in touch with us using the below comment box.
