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How to Buy Bitcoin UK in 2024

How to Buy Bitcoin UK in 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.

Where to Buy Bitcoins UK in April 2024:

When choosing a platform for buying bitcoin in the UK, it's important to consider factors such as fees, security measures, user reviews, and customer support.

Ensure the platform is regulated and compliant with relevant laws and regulations. It's also a good practice to set up a secure wallet to store your purchased bitcoins.

Remember to do your due diligence, research each platform thoroughly, and consider factors like liquidity, security, and ease of use before making a decision on how to buy bitcoin in the UK.

  1. eToroBest Site to Purchase Bitcoin in UK
  2. CoinbaseSafest Platform for Buying Bitcoin UK
  3. BlockFiBest US-Based Platform to Invest in Bitcoin UK

Review of 3 Top Platforms for Bitcoin Investment UK

Here are a few examples to get you started:

1. eToro


  • Wide range of cryptocurrencies
  • Social trading
  • Regulated platform
  • Multiple payment options


  • Higher fees
  • Limited wallet control

Buying bitcoin in the UK through eToro provides individuals with a platform that combines trading simplicity and social networking elements.

eToro offers a user-friendly experience for both newcomers and experienced traders looking to invest in bitcoin.

To get started, you'll need to sign up for an account on the eToro platform. eToro adheres to regulatory guidelines, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. This step ensures the security of your account and compliance with regulations.

When you buy bitcoin on eToro, the platform manages the custody of the cryptocurrency on your behalf. This means eToro holds the bitcoin on your behalf, and you do not need a separate wallet for storage.

One of eToro's unique features is its social trading aspect. Traders can connect with and learn from other users through the platform. This can provide insights and enhance your trading knowledge.

If you decide to sell your bitcoin or withdraw funds, eToro offers a seamless withdrawal process. You can transfer funds back to your linked bank account or other supported withdrawal methods.

Visit eToro

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


  • Reputation and regulation
  • Wide range of cryptocurrencies
  • Insurance coverage


  • Fees
  • Limited anonymity
  • Limited control over private keys

Buying bitcoin in the UK through Coinbase offers a straightforward and accessible process for individuals looking to enter the world of cryptocurrency.

Coinbase, one of the well-established cryptocurrency exchanges, provides a user-friendly platform that caters to both beginners and experienced traders.

To get started, you need to sign up for an account on the Coinbase platform. The registration process typically involves providing your email address, creating a password, and verifying your identity as required by regulatory standards.

Coinbase follows regulatory compliance, which includes Know Your Customer (KYC) verification. You'll need to submit identification documents to verify your identity. This step is essential to ensure the security of your account and adhere to legal requirements.

After your funds are deposited and available in your Coinbase account, you can proceed to buy bitcoin. Coinbase offers a simple and user-friendly interface for trading. You'll navigate to the 'Buy/Sell' section, select bitcoin, specify the amount you want to buy, and confirm the transaction.

While Coinbase offers a wallet for your purchased bitcoin, some individuals opt to transfer their bitcoin to a personal wallet for added security.

Personal wallets, such as hardware wallets or software wallets, provide enhanced control over your private keys and offer additional security measures.

If you choose to store your bitcoin within your Coinbase account, the platform provides security features, including two-factor authentication (2FA) and insurance coverage for online funds.

Visit Coinbase

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. BlockFi


  • Interest earning
  • Diverse cryptos
  • Regulated and secure


  • Risk of loss
  • Centralization
  • Limited withdrawal flexibility

Buying bitcoin in the UK through BlockFi offers individuals an opportunity to invest in bitcoin while also exploring the potential for earning interest on their holdings.

BlockFi provides a unique platform that combines cryptocurrency trading with interest-earning accounts.

To begin, you'll need to create an account on the BlockFi platform. BlockFi follows regulatory guidelines and requires users to complete the verification process. This involves submitting identification documents to verify your identity, ensuring a secure and compliant trading environment.

BlockFi provides an easy-to-use interface that allows you to navigate to the trading section, select 'bitcoin', specify the amount you wish to purchase, and confirm the trade.

One of BlockFi's standout features is its interest-earning accounts. After buying bitcoin, you have the option to transfer your holdings to an interest-earning account. This allows you to earn interest on your bitcoin while it's stored in your BlockFi account.

BlockFi offers competitive interest rates on bitcoin deposits, and you can choose from various interest-earning account options. This feature makes BlockFi appealing to individuals looking to potentially generate passive income from their holdings.

BlockFi places a strong emphasis on security, employing industry best practices to safeguard your funds. The majority of customer funds are stored in secure offline storage (cold storage), reducing the risk of online attacks.

Visit BlockFi

Why Should I Buy Bitcoin?

There are so many investment opportunities, from forex to property to commodities.

But for those wondering what investment to make next (or first), Bitcoin has several advantages. Here are a few reasons to invest in Bitcoin now.

What Is Bitcoin?

First, bitcoin is a cryptocurrency or digital currency. It has a monetary value but no physical presence.

In 2008, Satoshi Nakamoto created Bitcoin in response to the money-printing policies used to bail out the banking system after the crash.

The idea was that Bitcoin would be apolitical, and therefore immune to the needs and desires of global governments. No government can request it be printed, and it does not follow the same inflation as the currencies in circulation today.

Nakamoto also stated that there would be no more than 21 million bitcoin, making it desirable and finite.

Second, Bitcoin is also an entire blockchain that securely oversees financial transactions.

Whenever you pay for something on your credit or debit card, the transaction is processed through:

  • The card machine
  • The payment networks like Visa and Mastercard
  • Your bank
  • The merchant bank

At each stage, communication and verification are required, meaning that information is shared.

Bitcoin aims to remove all these stages, making the process more secure, streamlined and cost-effective.

Digital Currencies Are the Future

Any investment or trade comes with risk, and you should never invest what you can't afford to lose.

Bitcoin is known for its volatility – some days its value is $30,000; other days it's $300.

That being said, the blockchain technology behind Bitcoin is predicted to revolutionize industries such as supply chain, healthcare and banking.

By removing intermediaries and creating more secure networks, blockchain will enable new types of economic activity previously thought impossible.

This alone makes it a desirable investment.

For those who believe digital currencies are the way forward, investing in Bitcoin is a way of supporting the future of technology while potentially earning lots of money.

It's Free From Politics

Unlike fiat money, bitcoin is capped at 21 million.

Yes, a single bitcoin can be broken down into hundredths, but ultimately, cryptocurrency has a limit capped by mathematical algorithms.

This means that not only can governments not dilute the value, but they also can't tax it.

Mistrust in bankers and financial institutes grew exponentially after the 2008 recession.

Investing in bitcoin removes the risk of banking failures and hyperinflation.

It's Proven and Secure

Bitcoin has a large lead and a proven usage case as a store of value, making it more secure than the altcoins available.

It is also more accessible, with a greater selection of merchants, exchanges, software and hardware.

Overall, the ecosystem that Bitcoin has created is far more superior compared to altcoins.

Bitcoin is more liquid with larger volumes compared to other cryptocurrencies.

How Should I Buy Bitcoin UK in 2024
How Should I Buy Bitcoin UK in 2024

Guide on How to Buy Bitcoin UK in 2024

Buying your first chunk of bitcoin can be exciting, scary and possibly confusing.

Many people lose out on investment opportunities, not because of a lack of investment money, but because they find the process complicated.

Below is a guide to the steps you need to take to make your first Bitcoin investment.

Step 1. Choose Your Exchange to Buy Bitcoin

There are many factors you need to consider when choosing an exchange for your trades.

Before committing, research to ensure the exchange is:

  • Legitimate and free from scams
  • Is transparent with fees
  • Allows you to withdraw your funds with ease
  • Has good reviews and is user-friendly

Step 2. Take Note of Fees When You Sell or Buy Bitcoin UK

Before making a trade or a Bitcoin investment, double-check the associated fees.

Some trading platforms offer commission-free trading for some investments but high fees for others.

Read the fine print to ensure you have included all the appropriate fees in your calculations. You don't want to go overdrawn or lose money because you didn't confirm the trading fees.

Step 3. Register and Verify Your Account to Start Buying Bitcoin in the UK

Setting up a trading account is usually straightforward, but it can take one or two days to verify.

All platforms and exchanges will ask for your name, contact details and date of birth.

You will also need to verify your email address.

Depending on who you register with, you may also need to provide your current occupation and tax status.

Step 4. Supply Additional Information

In some cases, you will have to submit additional information to be able to buy bitcoin in UK, such as a copy of your photo ID and a utility bill. This is for regulation purposes and is a legal requirement.

Step 5. Choose Payment Method to Buy Bitcoin

Depending on the exchange you choose to buy bitcoin in UK, there may be several payment methods, including:

  • Debit card – Buy bitcoin with debit card UK
  • Credit card – Buy bitcoin with a credit card
  • PayPal – Buy bitcoin with Paypal UK
  • Bank transfer – Buy BTC with bank account

Before choosing your method, check the transaction fees and transfer time. This way, you will make sure to find the fastest and cheapest way to buy bitcoin.

At Coinbase, there is a small fee for using your debit card, but the transaction is instant. A bank transfer, on the other hand, can take several days.

How to Buy Bitcoin With Cash

To buy bitcoin with cash in the UK, you can use peer-to-peer platforms like LocalBitcoins or Paxful. These platforms connect you with sellers who accept cash payments.

You can search for sellers in your area, negotiate terms, and arrange an in-person meeting to exchange cash for bitcoins.

Additionally, some bitcoin ATMs in the UK allow you to deposit cash and receive bitcoins in your digital wallet.

Remember to exercise caution, verify the seller's reputation, and conduct transactions in a secure environment.

Can I Buy Bitcoin With Google Pay?

You can use Google Pay to link a debit or credit card to a supported cryptocurrency exchange platform such as Coinbase. Then, you can use the linked card to purchase bitcoin through the exchange.

Also you can find online Google Pay bitcoin brokers that allow users to buy BTC with google pay as a payment method. To proceed with such a transaction, it is advisable to thoroughly research and verify the legitimacy, security, and regulatory compliance of the specific broker or service you choose to use.

Can I Buy Bitcoins With Apple Pay?

You can use Apple Pay to link a supported debit or credit card to a cryptocurrency exchange platform like Coinbase. Then, you can use the linked card to buy BTC with Apple Pay through the exchange.

It's recommended to check the latest updates from Apple Pay or consult the platform directly to confirm their current cryptocurrency-related features and partnerships.

Step 6: Convert Cash to Bitcoin

Find the option that says buy/sell and select it.

Choose the option that says, ‘buy Bitcoin’, and enter how much you want to spend.

For some exchanges, the minimum Bitcoin investment is a small amount like $5; others will ask for $100.

Again, never spend more than you can afford to lose.

Step 7: Use Your Bitcoin

Once you have enough bitcoin and are comfortable with the digital currency, you can begin buying using your digital wallet.

You can currently use bitcoin at Microsoft, Expedia, Dell and Lush. There are also rumors that Amazon will soon allow digital currencies.

For more info on how you can spend your bitcoins, check our article on what you can buy with bitcoin.

Step 8: Send and Transfer Your Bitcoin

The exchange you use will allow you to send your bitcoin to another wallet.

For this, all you need is the Bitcoin (BTC) address of the wallet.

If you are taking advantage of sign-up offers from different exchanges, transferring all your BTC to one wallet at a later date will allow you to consolidate your coins.

Tips For Buying Bitcoin UK in 2024

  • Bitcoin is not legal in every country, so check local laws before investing. Turkey, Russia, and China, for example, do not allow Bitcoin trading. There is also a growing list of countries that are either banning Bitcoin or limiting its use.

  • Check the tax rules before cashing in. As BTC is not legal tender, you may be subject to capital gains tax when you sell. In the UK, cryptocurrencies cannot be held in an ISA.

  • If you receive BTC as payment for a product or service you offer, you must declare it to your tax agency.

  • Scams in the form of fake wallets or exchanges are becoming increasingly common. Before committing to one, do your research.

  • Scammers draw people in by offering a great product. If an introductory offer seems too good to be true, it most likely is.

  • Don't rule out other cryptocurrencies. Bitcoin is the strongest because of the network it has, but other cryptos also have value and may increase in popularity over time.

  • Due to its volatility, Bitcoin and cryptocurrency should not be the central part of your investment portfolio.

The Difference Between Mining and Buying Bitcoin

You may have heard the term mining bitcoin, and there is a difference between mining and buying bitcoin.

Buying bitcoin is instant as the coin already exists. Mining involves verifying lots of transactions on the blockchain and then releasing the new bitcoin.

The release is seen as a reward for your verification.

Depending on the network, mining can be very complicated and can take anything from a couple of hours to a few days or weeks.

Frequently Asked Questions

There are many ways to buy bitcoin online, including through cryptocurrency exchanges, peer-to-peer marketplaces and bitcoin ATMs.

To buy bitcoin in the UK online, you will need to set up a digital wallet to store your bitcoin and find a reputable exchange or marketplace to buy from.

You can purchase bitcoin using fiat currency, credit or debit cards, or other cryptocurrencies.

You can buy a variety of goods and services with bitcoin, including electronics, clothing, food and travel accommodations.

Many online retailers and marketplaces accept bitcoin as a form of payment, and there are even bitcoin-specific retailers that sell everything from luxury items to everyday goods. For more info, check our article here.

The best time to buy bitcoin is subjective and depends on individual circumstances and market conditions.

It is generally recommended to buy when the price is low and sell when the price is high.

However, bitcoin is a highly volatile asset and its price can fluctuate rapidly, so it is important to conduct thorough research and invest only what you can afford to lose.

The amount of bitcoin to buy depends on your financial situation and investment goals. It is recommended to start small and only invest what you can afford to lose.

As with any investment, it is important to diversify your portfolio and not put all your eggs in one basket.

The minimum age to buy bitcoin varies depending on the country and platform used to make the purchase.

In most countries, the legal age to buy Bitcoin is 18 years old. However, some exchanges may have higher age requirements. So if you are wondering how to buy bitcoin under 18 - it is probably illegal.

The cost of buying bitcoin varies depending on the platform used and market conditions. Bitcoin is a highly volatile asset, and its price can fluctuate rapidly, so it is important to monitor market trends and conduct thorough research before making a purchase.

Additionally, most platforms charge a transaction fee for buying and selling bitcoin, which can range from a few cents to a few dollars.

There are many platforms available to buy bitcoin, but some of the most popular ones include Coinbase, Binance, Kraken and eToro.

Each platform has its own advantages and disadvantages, so it's important to research and compare them before making a decision.For more info on this matter check our article here.

There are many reasons why people buy bitcoin. Some see it as a store of value, while others believe in its potential as a currency or investment.

Bitcoin's decentralized nature and limited supply also make it an attractive option for those who want to hedge against inflation and the traditional financial system. For more info on this topic check our article here.

It's difficult to buy bitcoin completely without fees, but there are some ways to reduce them.

For example, some exchanges offer lower fees for using their own native cryptocurrency, and some platforms offer zero or low trading fees for certain trades or promotions.

The best way to buy bitcoin depends on your personal preferences and needs. Some people prefer to use a peer-to-peer marketplace like LocalBitcoins or Paxful, while others prefer to use a centralized exchange like Coinbase or Binance.

Yes, it is possible to buy as little as $10 worth of bitcoin. However, depending on the platform you use, there may be minimum Bitcoin investment requirements or fees that could make it difficult to buy such a small amount.

The price of 1 Bitcoin to GBP can fluctuate frequently, so it's best to check with a reliable cryptocurrency exchange or financial website for the most up-to-date conversion rate.

As of June 28th, 2023, 1 BTC price UK is approximately £23,931.65.

A Bitcoin address is a unique identifier used to receive and send Bitcoin. It is a string of alphanumeric characters, usually starting with a "1" or "3". It functions as a destination for Bitcoin transactions.

Bitcoin addresses are derived from the user's public key, and they serve as a pseudonymous way to identify a recipient or sender in the Bitcoin network. To receive Bitcoin, you share your Bitcoin address with others, and they can send Bitcoin to that address. It's essential to keep your Bitcoin address secure and private to maintain control over your funds.

Investing in Bitcoin or any cryptocurrency carries risks and it's important to make informed decisions. While Bitcoin is a decentralized digital currency, its price can be highly volatile. Factors such as market conditions, regulatory changes, and security vulnerabilities can impact its value.

It's recommended to research and understand the risks associated with investing in Bitcoin, consider your risk tolerance, and consult with financial professionals if needed. Additionally, ensure that you use reputable exchanges and implement strong security measures to protect your investment.

Yes, you can cash out Bitcoin for real money. You would typically need to sell your Bitcoin on a cryptocurrency exchange that supports fiat currency withdrawals, such as Coinbase, Binance, or Kraken. Once you sell your Bitcoin for a fiat currency like USD, GBP, or EUR, you can withdraw the funds to your linked bank account or choose other withdrawal methods offered by the exchange.

The process may involve identity verification and transaction fees, so it's advisable to review the specific procedures and costs associated with cashing out on the chosen exchange.

To buy Bitcoin with PayPal, you can use a cryptocurrency exchange or a peer-to-peer platform that supports PayPal as a payment method. Some popular exchanges that may offer PayPal integration include eToro, Coinbase, and LocalBitcoins.

On these platforms, you can create an account, link your PayPal account, and proceed with purchasing Bitcoin using your PayPal balance or linked cards. Be sure to review the fees, security measures, and terms of each platform before making a purchase.

To buy Bitcoin on eToro, follow these steps:

  1. Sign up for an eToro account and complete the verification process.
  2. Deposit funds into your eToro account using available payment methods, including PayPal, credit/debit cards, or bank transfers.
  3. Search for "Bitcoin" on the eToro platform and select it.
  4. Click on "Trade" and specify the amount you want to invest.
  5. Choose whether to set specific parameters like stop loss or take profit levels.
  6. Click "Open Trade" to execute the purchase. eToro will handle the transaction and store the Bitcoin in your eToro wallet.

Don’t invest in unless you’re prepared to lose all the money you invest.

Final Thoughts

Buying bitcoin is easier than it sounds.

So long as you use a reputable exchange and only buy as much as you can afford to, you can make money with Bitcoins.

It is also an exciting investment as the technology is new. There are so many opportunities for cryptocurrencies to make their mark.

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.

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