Key Takeaways
- You can buy Bitcoin in the United Kingdom through various platforms, including cryptocurrency exchanges and dedicated Bitcoin platforms.
- Different platforms have varying fee structures. So, when buying Bitcoin and other cryptocurrencies, make sure to compare transaction fees, withdrawal fees, and any other charges.
- Common methods include bank transfers, debit/credit cards, and sometimes other cryptocurrencies.
Let’s discover the hottest investments possible in the UK. If you have never invested in crypto, we will show you where to open your first crypto wallet so you can get started investing today.
Just before we get there, only invest money you can afford to lose. With that mindset, you will never get yourself into trouble. The main goal of this article is to enjoy investing.
That said, let’s get to it!
Crypto Exchanges
Let’s say you go into Google and put in: “What’s the best crypto exchange in the UK,” and you will probably get a list like this:
Now, the website might be using referral links. That means if you click on the exchange you want to sign up for, the website will get a small kickback because it has given that exchange a customer.
If you don’t have an account yet, you can open one with Crypto.com. In August 2022, the exchange received registration approval from the Financial Conduct Authority (FCA) as a cryptoasset business, allowing it to offer crypto-related services that comply with local regulations. Moreover, in December 2023, Crypto.com secured authorization as an Electronic Money Institution (EMI) from the FCA, allowing the exchange to offer electronic money products in the UK.
Once you have opened your account with Crypto.com, you will need to provide some identification to prove that you live in the UK.
I know some people do not like the idea of Know-Your-Customer (KYC) processes, but these companies must follow the rules, regulations, and security checks set forth by the UK government on who is receiving the money, where the money is coming from, and what is going into the exchange.
Bank Transfers
With the current stringent regulations in the UK, there is another hurdle we need to get across, and that is we still have to use a traditional bank as our on-ramp in order to transfer funds to the crypto exchange.
In the app, you can make payments in three ways: the first is Apple Pay, the second is through credit/debit cards, and the third is you can make a bank transfer.
The only thing I would recommend when doing a bank transfer is slowly building up on your first £20-£30 into the exchange just to make sure you have the correct details in place. If something goes wrong, you do not want your first bank transfer to be in thousands of pounds.
Lastly, after making the transfer, the system will provide you with a unique reference number. Make sure to keep that for future reference.
Crypto Regulations In The UK
It is important to note that several factors, including regulatory changes, market conditions, and individual platform decisions, have influenced the availability of on-ramps and off-ramps for buying and selling Bitcoin and cryptocurrencies in the UK.
The perception of crypto regulations in the UK is quite stringent. While some see them as necessary to protect consumers and maintain financial stability, others argue they stifle innovation.
However, the UK government is currently working on establishing regulatory frameworks for the crypto industry. While the space is still evolving, significant strides have been made to protect consumers and combat financial crime.
Final Thoughts
The central concept is that by investing money now, you are planting a seed that could grow into a large tree that provides shade for future generations to relax under.
However, it is important to recognize that crypto investing may be limited depending on your location, such as in the UK, unlike in other countries. Therefore, investing in top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) will always be a safe choice.
If you liked this article, you may also interested in the following: Top 4 Crypto-Friendly Digital Banks In 2024
