The internet revolutionized the world but with the advent of cryptocurrencies like Bitcoin, the world has become a global civilization.
If you reside in the UK and are looking to buy Bitcoins in an easy manner despite exchanges not accepting new customers, you are at the right place.
In this write-up, I am going to share with you some methods and services through which you can buy your first Bitcoin.
Purchasing Bitcoins In UK
CEX.io is a UK based service operating since 2013. It has gained a lot of respect in the crypto community by pioneering the way and setting up a Bitcoin marketplace.
Today it supports more than 5 cryptos including Bitcoin, which can be bought via fiat deposits or a credit/debit card (see the video below).
The supported fiat currencies in which one can buy BTC are EUR, USD, GBP, and RUB.
However, before buying/selling on CEX, one needs to go through a thorough KYC check. Here is our guide on the same to help you in that regard: CEX.io Review.
You can also deposit and withdraw funds directly from the mobile app of CEX. The app is very user-friendly and allows one to trade Bitcoins on the go!
Coinmama is a fast, secure and safe service that provides the option of buying cryptocurrencies like BTC by using credit cards in the UK. (Note: It is a buy-only service)
However, unlike other services, they do not have their own inbuilt wallet for Bitcoin. Hence, before using Coinmama you need to make a Bitcoin wallet. (If you don’t have a safe Bitcoin wallet, pick one from our list of Bitcoin wallets.)
Coinmama charges 5% fee on each transaction if you use a credit/debit card and after purchase deposits the BTC in you given wallet after the purchase.
However, before using this service, one needs to go through a proper KYC check which can take a few days for completion, so the early you start the better it is.
Check Out Coinmama
Coinbase is a very popular cryptocurrency exchange in the crypto community. It is precisely because it has the largest customer base in the world.
Using Coinbase to buy BTC in the UK is the easiest way to get hold of your first Bitcoin.
A UK resident can buy BTC via two ways using Coinbase :
- Credit/debit cards – Visa/MasterCard supported
- Fiat deposits – Supported EUR and GBP
For buying BTC using fiat deposits, one needs to complete the KYC and deposit fiat money through supported wire transfer methods in the UK to Coinbase account.
And for buying BTC using credit/debit cards too, one needs to do the KYC and follow the additional steps such as:
- Register at Coinbase.
- Complete photo ID verification.
- Go to the payment methods page.
- Click on +Add Payment Method on the right-hand side.
- Choose Card and add the credit/debit card.
- Accept and allow Coinbase to make two small transactions.
- Coinbase will make two very small test transactions between 1.01 and 1.99 in your local currency. Log in to your card statement account and note the amount of those transactions.
- Enter the amounts transacted in the Coinbase app.
You should now see a window that says “Credit/Debit Card Added” and a Buy Digital Currency button.
Now that you have successfully added and verified your card, follow these steps to buy your Bitcoin (BTC):
- Go to Dashboard.
- Select Bitcoin.
- Go to the Buy/Sell tab.
- Enter the amount.
- Select a Card from the payment method’s drop-down menu.
- Confirm the order is correct and click Complete Buy.
That’s it! Bitcoin (BTC) will be delivered to you within a few minutes!
Coinbase fee: Coinbase charges a standard fee of 3.99% on all credit/debit card purchases. If you have more queries regarding payment methods and fees, visit here and here. And also check out: How To Buy Bitcoin Using Coinbase [Complete Guide].
Create A free account on Coinbase
LocalBitcoin is my favorite method to buy Bitcoins with other exchanges shutting down new registrations.
It is a peer-to-peer Bitcoin-only exchange that escrows your bitcoins and is spread across 245 countries around the world including the UK.
Using LocalBitcoins (LBC) one can meet sellers online and decide when and where to meet offline to complete the trade. The fiat money transaction can be done by using cash, wire transfer, PayPal, SEPA or direct bank deposit (all depending on the terms of trade).
However, LBC requires you to register using your email ID, and some sellers require you to do a basic KYC check. Everything is set by the sellers and Local Bitcoins acts as an escrow manager.
Caution: Be sure to check the reputation of the seller; a higher reputation means a more trustable seller.
Also, consider reading our step by step guide: on purchasing bitcoins with cash.
5. Binance Jersey
Binance Jersey is an extension of popular crypto exchange Binance. This is one of the most trusted Crypto brand online. This is also one of the best ways to Buy Bitcoins in United Kingdom (UK). They accept payment via EUR, GBP and they charge 0% for fiat deposit.
Getting started is easy and here is what you need to do:
- Register for a free account by clicking here
- Complete your KYC by adding your address and identity verification document. This usually takes 5-10 minutes.
- After that, click on Funds > Deposit and select GPB
- Specify the amount you want to deposit and this will show you bank details on which you need to deposit funds.
- Now take these details to bank and deposit funds. You have 20 days to do so.
- Once funds it deposited, your deposit status will turn into confirmed from pending.
Similarly, you can also sell crypto on Binance Jersey and withdraw funds to your bank account.
Create a free account on Binance Jersey
Wirex mixes the best of both worlds to provide its users a hybrid personal banking solution.
Wirex started off as e-coins that used to provide Bitcoin debit cards. However, today they have become more than that and provide options to buy/store/exchange and spend Bitcoin through its ecosystem.
Using Wirex one can also buy Bitcoin in the UK very easily.
You just need to create an account on Wirex, verify your identity and add fiat funds to your account to get bitcoins in your Wirex Bitcoin wallet at competitive rates.
Moreover, to fund your fiat Wirex wallet use trusted methods like local bank transfers, Paypal, Alipay, and more than two dozen other ways on Wirex.
If you are someone looking for a complete banking solution, Wirex is the way to go as they have their physical cards to available for the UK. Here is the deal from CoinSutra: Wirex Deal: Free Virtual and Physical Bitcoin Debit Card.
Note: Wirex’s Visa powered debit cards also unique in nature where you get a 0.5 % cash back in crypto for every in-store purchase plus you can get your first card absolutely for free (including free shipping.) Wirex service is available only for Europe and UK users.
Check Out Wirex
Changelly is another popular and a very interesting service that helps you swap one cryptocurrency for another almost instantly. So if you have any other supported crypto, you can always exchange it for Bitcoin using Changelly. If you don’t have a supported crypto, there is another easy way out.
If you have a VISA/MasterCard debit or credit card, you can instantly sign up for Changelly and buy Bitcoin (BTC) in the UK.
It accepts any currency of any country (EUR/GBP/USD/INR/etc.) and then calculates it in USD equivalent. You can find USD to BTC exchange rates here. Also, here is their official step-by-step guide introducing this cool new feature. (This guide is for buying BTC using a VISA/MasterCard)
Note: Changelly also has purchase restrictions while using credit/debit cards.
You can also use the widget below to buy Ethereum directly using visa debit or credit card.
Check Out Changelly (Instant purchase)
8. Bitcoin ATMs in UK
Bitcoin ATMs is another very simple and effective way to buy Bitcoin in the UK.
The challenge, however, is to find a Bitcoin ATM near you. That is why we have formed this detailed guide for you: How To Find A Bitcoin ATM Near You.
Use Bitcoin ATM Radar service to find BTC ATM near you:
Bitcoin ATMs are also preferred because most of them don’t ask for an ID and you can simply feed fiat papers to it to get Bitcoin in return.
Usually, a Bitcoin ATM asks you to scan your public address and transfers BTCs to that address in the equivalent fiat you deposited in it. In some cases, if you don’t have a public address, just select the option of “don’t have an address” and the ATM will generate a paper wallet for you (if it supports that feature).
Also read: How To Use A Bitcoin ATM – A Beginner’s Guide
Coinfloor is a London-based Bitcoin exchange functioning since 2011 and is run by an experienced team as elucidated here.
On Coinfloor, a UK resident can easily buy Bitcoins after a KYC, using fiat currencies such as GBP, EUR, USD.
They can act as a broker but also have order books through which one can buy/sell whatever they see on it.
Lastly, their fee structure is also fair which ranges from 0.10%-0.30% depending on the volume you are dealing in. Here is a look at its trading fee:
Conclusion: How To Buy Bitcoin In UK
Buying Bitcoins in today’s time is not as difficult, especially in developed countries like the UK.
There are a plethora of options in the UK to buy Bitcoin, most of which I have listed above. But one thing that I want you to make note of is that these services are only good for buying Bitcoins and not for storing them.
Never store your Bitcoin on these service platforms and always find a self-hosted good Bitcoin wallet to store your Bitcoins. Some of the wallets that I would suggest are:
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Source link Coinsutra