Best Place to Buy Ethereum in the UK
Updated February 22, 2024
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76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
The Best Places to Buy/Sell Ethereum in the UK
Ethereum is the second largest cryptocurrency; it is only overshadowed by Bitcoin.
However, it became popular extremely quickly and evolved into the foundation of modern crypto.
Buying Ethereum can be a great investment and trading opportunity, but how can you do it?
Here, we look at where you can purchase and sell this digital currency in the UK.
Let’s get started!
What Is the Best Way to Buy/Sell Ethereum?
There are numerous platforms and exchanges that can help you buy Ethereum.
Let’s find out the best place to trade Ethereum in the UK.
1. eToro
Pros
- Free eToro crypto wallet
- Copy trading with more than 600 highly profitable traders
- Low-cost
- Free demo account
Cons
- High inactivity fee
- Only one account base currency
- Inadequate customer support
eToro fees: 1% for buying or selling crypto, a £4 withdrawal fee, an FX conversion fee and an £8 inactivity fee after a month.
eToro is the largest and most well-known crypto exchange on the market. Opening an account takes no time, and you can purchase your first crypto asset, including Ethereum, in less than 10 minutes.
Whether you are a beginner or an experienced trader looking to diversify your investment portfolio with Ethereum, you won’t be disappointed with eToro.
The platform also offers more than 120 other cryptocurrencies to choose from, along with 250+ other assets, including CFDs and ETFs.
It also has a thriving social trading community novices can take advantage of, together with the free demo account. eToro provides an excellent selection of copy trading options.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
2. Coinbase
Pros
- Instant buying of Ethereum with credit/debit cards
- Outstanding educational tools with the option to earn free crypto
- Secure trading
Cons
- Higher cost compared to other exchanges
- Complex fee structure
- Limited interest and staking opportunities
Coinbase fees: £2 minimum deposit, 1% withdrawal fee for cryptocurrencies, 3.99% for bank withdrawals, 0% to 0.40% maker fee and 0.05% to 0.60% taker fee.
Coinbase is one of the world’s largest cryptocurrency exchanges. It has an option for old wallet storage. It is listed on the stock market, providing an extra layer of security.
Coinbase is often recommended for those just venturing into crypto waters, and for a good reason.
After completing a one-minute registration, you can start depositing your funds using a credit or debit card or bank transfer. However, card transactions are more expensive.
Beginners can use the platform’s wide range of educational tools, which alone can make the cost worthwhile. Namely, after completing online learning modules, you can earn free crypto.
There is also a free wallet that can be linked to your account.
All these factors help to make it a contender for the best place to buy Ethereum UK.
Coinbase: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
3. Plus500
Pros
- Commission-free trading
- Beginner-friendly platform
- Tight spreads and guaranteed stop-loss orders
Cons
- High inactivity fees
- Lack of phone support
Plus500 fees: £100 minimum deposit for crypto, £500 for bank transfers. There is also a variable trading commission, £8 inactivity fee and a 0.7% currency conversion fee. There is no withdrawal fee for up to five transfers, after which it’s £10 per withdrawal.
Plus500 also provides three different platforms. These include Plus500CFD, with more than 2800 CFD instruments; Plus500Invest, with more than 2700 shares (available in certain countries); and Plus500Futures, which is a futures platform available in the US only.
Using the Plus500 trading platform, you can buy or sell cryptocurrency CFDs from a selection of individual cryptocurrencies to GBP. Or, you can trade crypto to crypto, as you would with Bitcoin to Ethereum.
CFDs are complex trading instruments and have a high risk of loss due to leverage. Consequently, beginners should learn how CFDs work before they start trading them.
4. IG
IG is a great share trading platform for beginners thanks to its user-friendly interface and extensive educational resources.
Pros of IG include a wide range of trading instruments and markets, as well as the ability to access multiple account types and trading platforms. The platform also offers a demo account for beginners to practise trading strategies before investing real money.
However, IG isn’t the cheapest share trading platform, with relatively high trading fees and a minimum deposit requirement of £250 when paying by credit/debit card or PayPal.
In terms of additional fees, IG charges a commission fee for share trading, starting from £8 per trade. There’s also a custody fee of 0.25% per year for holdings of £250 or more.
Overall, IG is a solid choice for beginners looking for a user-friendly platform with extensive educational resources, but investors should be aware of its fees and minimum deposit requirements.
5. Robinhood
Pros
- Free ETF and US stock trading
- Quick and simple account opening
- User-friendly web and mobile platforms
Cons
- Limited asset range
- Inadequate customer support
- Lack of educational tools
Robinhood fees: There are no minimum deposit, withdrawal or inactivity fees.
Robinhood is a US-based commission-free exchange offering US stock trading with much fewer fees than its competitors.
Account opening is effortless, fully digital and quick, which makes it a good choice for novice investors.
Even the platform’s research tool (which comes with great trading recommendations and some fundamental data) is simple enough so beginners can understand the technical indicators.
Due to this, many see it as the best place to buy Ethereum for those just starting out.
The platform’s interface is beginner-friendly and well-designed for both web and mobile.
The web trading platform is one of the safest ones out there. However, its customizability is limited.
Robinhood offers only a limited selection of assets, focusing on the US market, so RA accounts aren’t available. There is only email customer support, and the educational material pickings are slim.
What Is Ethereum?
Launched in 2015, Ether or Ethereum was created as a currency leaning on Ethereum technology. It is very similar to Bitcoin, a blockchain-based system.
However, unlike Bitcoin, which was created for the sole purpose of serving as an alternative currency, Ethereum can be used in a variety of decentralized applications.
When the digital currency was launched, the price was valued at around $2.8. It has seen a steady increase, with a high of $21.5.
How Can You Buy Ethereum?
Unlike other investment opportunities like shares, funds and traditional currencies, not all platforms will allow investors to buy Ethereum.
Therefore, it is critical that investors find a good platform that allows for this.
In addition, credit card companies, like Tesco Bank and others, will not allow you to use their cards to buy cryptocurrencies. Others may allow it but charge you significantly more.
How to Choose a Trading Platform
There are numerous trading platforms that are available to use. However, not all of them are the best for individuals. Therefore, it is fundamental to consider what is best.
To assess which platform is best, consider the following elements:
Step 1. Fees
Different platforms have different fee structures. They might also have varying amount costs, so make sure to consider which suit you best.
Step 2. Digital Wallet
Some platforms offer only limited access to crypto wallets and provide a small choice of wallets to choose from.
Others have a wide array of wallets or the possibility to attach another digital wallet to theirs.
Step 3. Access to a Diverse Set of Potential Investments
If you are interested in diversifying your portfolio in the future, look for an exchange that offers several different assets to trade and invest in.
Step 4. Customer Support
Some platforms provide 24/7 customer support through several different channels, while others offer more limited support.
Step 5. Reputation
Looking into the reputation of the platform’s founders and the transparency of their business can provide a clue on the trustworthiness of a specific platform.
Step 6. Beginner Support
If you are just starting to trade crypto, you’ll need more support. Look into platforms that offer educational tools and lower fees to help you get started.
Is Ethereum a Good Trading Option?
The blockchain technology used by Ethereum is actually a lot more sophisticated than Bitcoin, which some industry experts believe will help the cryptocurrency to be more valuable than Bitcoin.
The technology is considered to be so advanced that Ethereum has been successfully used at brick and mortar stores, and as an accepted payment for a piece of art valued at $69.3 million.
However, it is highly advisable to risk only a small amount of wealth on any cryptocurrency. Investors should be prepared to lose the full amount.
Crypto assets are not regulated in the UK, and there is no EU investor protection. Therefore, there is no consumer protection should something go wrong.
Frequently Asked Questions
There are a few simple steps to find the best way to buy Ethereum.
Firstly, you need to choose one of the many exchange platforms that we’ve listed above. After that, all you need to do is open an account, deposit your funds and place your order.
Once you have purchased your Ethereum, then you’ll need a secure wallet in which to place it. While investing in cryptocurrency may seem complicated, it is a fairly straightforward process.
The decision to invest in Ethereum or any other cryptocurrency should be based on your own research, risk tolerance, and investment goals.
That being said, Ethereum is seen as a stable currency that could well increase in value with time, so it’s not too late to invest.
The cost of buying Ethereum in the UK may vary depending on the exchange and payment method used.
However, there are ways to look for the cheapest exchange to find the best way to buy Ethereum on a budget.
Firstly, choose an exchange with low trading fees or discounts for high-volume traders. Use a bank transfer or a low-fee payment method to deposit funds into your exchange account.
Finally, compare prices across different exchanges to find the best rates and the cheapest way to buy Ethereum.
Yes, buying Ethereum and other cryptocurrencies is legal in the UK.
However, it’s important to comply with local regulations, including tax laws, and use reputable and regulated exchanges or platforms to buy and trade cryptocurrencies.
The cryptocurrency market is highly speculative and influenced by various factors, including market demand, technological developments, regulatory changes and investor sentiment.
Price predictions for cryptocurrencies, including Ethereum, are extremely difficult.
If you’re unsure, do your own research into various cryptocurrencies to choose your favourite.
Whether it is Microsoft, Google or Ethereum, predicting prices is tricky. However, many people see Ethereum as one of the best coins to invest in.
While it’s highly unlikely, it is theoretically possible for the price of Ethereum or any other cryptocurrency to drop to zero.
However, Ethereum is seen as a respected currency, and a total crash would be deemed nearly impossible by many.
There are several trading platforms that are popular among beginners for buying Ethereum, and the best platform may vary depending on individual preferences and needs.
For where to buy Ethereum as a beginner, popular options include Coinbase, Uphold and eToro.
It’s important to research and compares different platforms based on factors such as fees, ease of use, security features and customer support before choosing a platform that suits your needs.
Where is the best place to buy Ethereum with PayPay? Some exchanges and platforms may accept PayPal as a payment method for buying Ethereum.
Still, it’s important to check with the specific exchange or platform to confirm their accepted payment methods.
The UK’s legal age for purchasing cryptocurrencies, including Ethereum, is 18 years old.
If you are under 18 years old, you may not be able to create an account or trade cryptocurrencies on most exchanges or platforms as they require users to be of legal age. However, if you are 18, you should be fine.
Yes, there are several mobile apps available that allow you to buy Ethereum. These apps can be downloaded from app stores on your mobile device and provide a user-friendly interface for buying, selling and managing cryptocurrencies, including Ethereum.
Not all exchanges have apps, so it’s important to double-check.
Ethereum is one of the largest and most established cryptocurrencies, and it has shown significant growth in the past. However, there are no guarantees in the world of investing.
Ethereum’s price could skyrocket, it could plateau, or it could crash. You can never be completely sure with any cryptocurrency, so make sure you never invest more than you can afford to lose.
If you’re unsure which platform to pick, check out our ‘How to Choose a Trading Platform’ section above. You’ll need to look at the fees charges, wallet options, types of trading and customer service, among other factors.
Final Thoughts
Hopefully, now you have a better idea about where to buy Ethereum. When looking at a trading platform, you should consider its fee support and educational and research tools.
You should also keep in mind that, being an unregulated currency in the UK, trading with Ethereum is done at your own risk.
That said, Ethereum can be an excellent investment opportunity as it has the potential to be increasingly valuable in the future.
WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
