Introduction
Cryptocurrencies are becoming increasingly popular as an alternative investment option, with Bitcoin leading the way. However, many people are still unsure of where to buy cryptocurrency in the UK and how to go about it safely. In this guide, we will explore the options available for purchasing cryptocurrency in the UK, including online exchanges, mobile apps, and ATMs.
Online Exchanges
Online exchanges are perhaps the most common way to buy cryptocurrency in the UK. These platforms allow users to trade various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, with other investors from around the world. Some of the most popular online exchanges operating in the UK include:
Coinbase: Founded in 2013, Coinbase is one of the largest and most user-friendly cryptocurrency exchanges in the UK. It offers a range of payment methods, including bank transfers and credit/debit cards, and supports a wide range of cryptocurrencies.Binance: Based in Malta, but with operations in the UK, Binance is another popular exchange that allows users to trade a variety of cryptocurrencies, including Bitcoin and Ethereum. It offers a range of payment methods, including bank transfers and credit/debit cards, and supports margin trading.Kraken: Founded in 2013, Kraken is a San Francisco-based exchange that operates in the UK. It allows users to trade a variety of cryptocurrencies, including Bitcoin and Ethereum, and offers margin trading.
Pros:
- Wide range of cryptocurrencies available for purchase
- Large user base means plenty of potential trading partners
- Typically offer more advanced features than mobile apps or ATMs
Cons:
- Can be complex and difficult to use for beginners
- Prone to security breaches and hacking attempts
- Fees can be high, especially for frequent traders
Tips for using online exchanges:
- Always double-check the exchange’s reputation before signing up and depositing funds
- Use a strong, unique password and enable two-factor authentication to protect your account
- Be wary of phishing scams and never share your personal information or login credentials with anyone
Mobile Apps
Mobile apps are another way for UK residents to buy cryptocurrency. These apps allow users to purchase cryptocurrencies directly from their smartphones, making it easy to invest on-the-go. Some of the most popular mobile apps operating in the UK include:
Coinbase Mobile: As mentioned earlier, Coinbase also has a mobile app that allows users to buy and sell cryptocurrency directly from their phones. It supports a wide range of cryptocurrencies and offers advanced features like margin trading.Revolut: While not specifically a cryptocurrency exchange, Revolut is a popular UK-based fintech company that allows users to buy and hold a variety of cryptocurrencies, including Bitcoin and Ethereum, within their existing accounts.Blockchain.info: Blockchain.info is another mobile app that allows users to buy and sell cryptocurrency directly from their phones. It supports a range of cryptocurrencies and offers advanced features like margin trading.
Pros:
- Easy and convenient way to invest on-the-go
- Typically offer lower fees than online exchanges, especially for small purchases
- Can be more secure than using an online exchange, as users don’t have to share their personal information with a third party
Cons:
- Limited range of cryptocurrencies available for purchase
- Less advanced features than online exchanges, making it difficult for frequent traders
- Fees can still be high for larger purchases
Tips for using mobile apps:
- Always double-check the app’s reputation before signing up and depositing funds
- Use a strong, unique password and enable two-factor authentication to protect your account
- Be wary of phishing scams and never share your personal information or login credentials with anyone
ATMs
Cryptocurrency ATMs allow UK residents to buy and sell cryptocurrency directly from cash machines. These ATMs are becoming increasingly common in the UK, with many now located in high-street shops and convenience stores.
