How to Buy Bitcoin in the UK
Investing in cryptocurrencies is risky, but it has the potential for great returns. However, the governing cryptocurrency laws are becoming stricter. And in some countries, it is increasingly difficult to buy it.
Nevertheless, it does not matter whether you are experienced in crypto — a “HODLer” or a beginner — you need to know how to buy or exchange any cryptocurrency while, for example, you are in the UK, where there is practically no possibility of buying Bitcoin.
In this article, we will tell you how to buy Bitcoin in the UK.
How to buy Bitcoin UK anonymously and secure? Find out several ways in the article.
What happened in the UK?
The UK Financial Supervision Authority (FCA) has announced a ban on the sale of derivatives and exchange-traded notes (EMTN) based on cryptocurrencies to retail traders. The decision was made based on the results of consultation work which was carried out from July to October 2019. The ban came into force on January 6, 2021.
The FCA said that these products are not suitable for retail investors. In particular, for the reason that the latter cannot reliably assess the risks.
The new rules apply on:
- issuers of cryptocurrencies
- their suppliers, including brokers, investment platforms, and financial advisors
- firms promoting such products
- trading platform operators
- retail consumers and consumer organizations
Nevertheless, it is possible to answer how to buy Bitcoin 2022. In this article, we will tell you a few working ways.
Learn how China regulates cryptocurrencies in the country here.
How to buy Bitcoin in the UK 2022
Method #1: Using the no-KYC Crypton Exchange
Crypton Exchange is an anonymous crypto exchange without KYC registration. It provides anonymous purchase, sale, exchange, or withdrawal of cryptocurrencies available on the exchange: Bitcoin, USDT, DAI, Monero, Crypton (CRP), and UUSD Stablecoin.
Crypton Exchange is the most promising crypto exchange of 2022.
Crypton Exchange conducts all transactions at the lowest fees on the market so that users do not lose funds on transfers and conversions.
To register on the exchange, the user does not need to enter personal data; the whole process is completely anonymous. But before you register on the exchange, you need to download and anonymously register in Utopia P2P.
Utopia P2P is a decentralized anonymous ecosystem built based on the blockchain. The ecosystem is Web 3.0, which is available now. The platform is free from surveillance and censorship.
Learn more about Utopia P2P here.
After users create an account in the ecosystem, they will be able to register an account on the exchange and buy Bitcoin and several other cryptocurrencies anonymously.
Method #2: Using Coinbase
Coinbase is one of the safest, easiest, and most popular ways to buy Bitcoin in the UK. This platform has an FCA license for electronic money, so the security and approval of the method are guaranteed.
The Coinbase commission is 0.5% per transaction and is fixed. This figure is one of the lowest on the market.
To start using Coinbase, you need to register an account.
Note: Do not forget about the importance of strong security; it is recommended to install two-factor authentication.
To add your funds, you need to go to coinbase.com, log in to your account and access Settings → Payment Options → Add your bank accounts to transfer funds. Once your bank is added, it will also be linked to your Coinbase Pro account. You can access Coinbase Pro using pro.coinbase.com.
Then, by clicking on the deposit button, you will be able to access the bank account that you added with coinbase.com.
Method #3: Using Wirex
Wirex is the easiest and cheapest way to buy bitcoins from this list. The purchase commission is only 1% when buying with a debit or credit card, while bank deposits are completely free.
Note: Deposits can take up to 2-3 days before they are available in the account, and are also available only to users with a fiat account.
In addition, Wirex charges a fixed fee for account maintenance. As a rule, this is not a large amount.
To buy Bitcoin on Wirex, you need to create an account and log in. Then, click on the account option that you can access and select the account to which you want to transfer funds. Then you need to click on the options for adding funds, and once this is done, you will need to select an option with which you can add funds.
After all these actions are complete, the account will have all the information about the transaction.
Note: You may face a delay in receiving funds to your account depending on the partner bank/card you use.
Method #4: Using Binance
Binance is the largest cryptocurrency exchange on the internet, which maintains the highest 24-hour trading volume. The platform allows users from the UK to directly deposit funds into their accounts using debit and credit cards.
The commission for trading is about 0.1%, and for buying about 0.5%. In addition, you will need to pay a certain amount of fees for the withdrawal of funds. Such amounts are among the most acceptable and cheapest on the market.
Binance is also known for a simple and elegant API that facilitates efficient trading with maximum transparency.
To buy bitcoin on Binance, you need to open an account on the exchange and add all the necessary data. Then, it is necessary to put two-factor authentication on the account to protect all data.
After that, open the created account and click on the exchange button on the taskbar and select “basic” for trading. Once you do this, you will be provided with a set of trading pairs from which you can choose. It will be possible to link the card to the account, after which you can make purchases.
Read more about Binance here.
Method #5: Using Coinmama
Coinmama is a popular trading space for buying bitcoins around the world. The company has gained notoriety for the impressive support it offers with every transaction, and the prices mentioned seem to be the same as those quoted on the market.
However, Coinmama charges its client a 5.5% transaction fee for trading.
To buy Bitcoins on Coinmama, you need to create an account and confirm the veracity of the data. Then, you will need to set up a wallet in your account by entering the wallet address.
Note: Check carefully that the wallet address is spelled correctly. If the spelling is incorrect, you will not be able to access your funds.
After completing all the settings, you will need to select the crypto coin that you would like to buy. Once you select this, you can select the amount you want to buy and make the purchase using the desired payment method.