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Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Best Places to Buy Cryptocurrency in the UK

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Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

While the UK may be a relatively small island, it stands as one of the world’s top cryptocurrency-friendly countries.

To date, just over two and a half million people have purchased cryptocurrency in the UK, according to the Financial Conduct Authority (FCA).

With the UK Chancellor of the Exchequer, Rishi Sunak, pushing to replace physical money with a cryptocurrency, there’s a renewed interest in where the best place to buy cryptocurrency in the UK is.

Best Places to Buy Cryptocurrency in the UK

1. eToro

Pros

  • Regulated by FCA, MiFID, ASIC
  • No withdrawal fee for US clients
  • 0% commission on stocks
  • Social and copy trading

Cons

  • Not available in every US State
  • More expensive than most of its competitors
  • No MetaTrader platforms

Best known for: Social copy and cryptocurrency trading
Aimed at: Investors, from beginners to experts

eToro is best known for its social copy and cryptocurrency trading.

The platform is an easy way for people to purchase cryptocurrencies.

eToro has a range of integrated charts and analysis tools to enable you to track coin trends. You can even create a custom watchlist and stay informed with real-time updates.

eToro has great social trading features to connect with over 20 million crypto traders worldwide and copy their performance through the CopyTrader platform.

Visit eToro

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

2. Pepperstone

Pros

  • Extensively regulated
  • No minimum deposit
  • Low fees and mostly free withdrawals
  • Good customer service

Cons

  • No investor protection for clients outside UK, EU and EEA
  • Withdrawal fee for clients outside EU and Australia
  • CFDs only

Best known for: Trading cryptocurrencies using CFDs
Aimed at: CFD traders

Pepperstone account holders can trade cryptocurrencies on a contract for difference (CFD) basis, much like any other asset.

This is where you trade on the rise or fall of the price of a cryptocurrency, usually over a short period of time. You essentially speculate on a cryptocurrency’s asset price movement in either direction.

You do not take ownership of the coins. Therefore, you do not need a digital wallet. Instead, you use a Pepperstone account where you can access the most popular cryptocurrency markets.

Pepperstone’s spreads are highly competitive with multiple liquidity providers, and the platform enables you to trade any cryptocurrencies. This makes it one of the best places to trade crypto.

One-click dealing facilitates quick trading, and its industry-leading MT4, MT5 and cTrader platforms enable excellent insight and management.

Visit Pepperstone

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

3. Coinbase

Pros

  • Stellar customer service
  • Many different funding methods
  • Diverse and ever-changing choice of coin
  • High security system
  • Easy to trade in the US
  • Good for beginners

Cons

  • Not available in all countries
  • Some lesser-known currencies are not supported
  • Lower number of cryptocurrencies accepted than other platforms
  • Higher fees

Best known for: Buying and selling cryptocurrency
Aimed at: New and existing crypto investors

What makes Coinbase the best place to buy cryptocurrency? As an advanced platform, Coinbase offers a wide range of cryptocurrency investment options.

Initially, when it was set up in 2012, it only allowed bitcoin trading but quickly added other cryptocurrencies such as Ethereum, XRP, Bitcoin Cash and many others (the current list stands at 25 and growing).

It is well known for its user-friendly platform and is a secure way to invest and trade cryptocurrencies. It is easy to sign-up and start buying within a matter of minutes and has an in-built learning program with an added incentive. Users get paid (in cryptocurrency) to learn more about cryptocurrency trading.

Coinbase also ranks highly on liquidity, meaning that investors are more protected from serious price falls, which can and do happen with cryptocurrency.

Visit Coinbase

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

4. Bitpanda

Pros

  • Low minimum investment from €1
  • User-friendly platform
  • Useful educational resources for beginners through to experts
  • Range of deposit and withdrawal options
  • Choice of digital assets available
  • Available via web and mobile app

Cons

  • Fiat deposit and withdrawal fees may apply depending on method
  • Crypto deposit fees below certain thresholds
  • Crypto withdrawal fees
  • Not available to US clients

Best known for: Flexibility in buying and selling cryptocurrency
Aimed at: Retail investors

Since it started trading in 2014, Bitpanda has become a leading retail broker of Bitcoin, Litecoin, Ethereum and other cryptocurrencies.

It is the best place to buy crypto for retail investors. There are several ways to pay for cryptocurrency, including credit or debit card, bank transfer, GiroPay, SEPA, EPS, Sofort, Neteller, Skrill, and cash (through Bitpanda To Go).

Bitpanda’s multi-currency wallet scores highly on security with two-factor identification and multiple signatures to authorize use.

You can get started from just €1 (after a minimum account deposit of €25) and spend your crypto much like regular cash using the Bitpanda Card.

Tracking price movement with targeted notifications is also very helpful for beginners. If you have the Bitpanda App, you can invest in crypto as well as stocks and metals using just one platform.

Visit Bitpanda

Best Places to Buy Cryptocurrency in the UK
Best Places to Buy Cryptocurrency in the UK

5. Crypto.com

Pros

  • Wide range of cryptocurrencies available
  • Able to earn interest on crypto
  • Available on web and mobile app
  • Discounts on higher-volume trading may suit active traders
  • Visa card available through VIP programme

Cons

  • Fees can be high unless you have Crypto.com's CRO cryptocurrency
  • Lacks educational resources
  • Customer support is poor
  • Withdrawal fee

Best known for: One-stop shop for all crypto purchasing and investment needs
Aimed at: Investors of any experience

Crypto.com is one of the world’s fastest-growing crypto apps, making it one of the best sites to buy cryptocurrency.

It boasts more than 10 million users and more than 100 cryptocurrencies who are rewarded for using the platform and other products.

When you spend with the Crypto.com Visa Card, you can get up to 8% back, and when you grow your portfolio, you can earn extra rewards.

Crypto.com heavily promotes buying and selling more than 100 cryptocurrencies at true cost. In addition, holders of CRO, Crypto.com’s digital currency, are offered lower trading fees.

Like other exchange sites, you can earn interest by lending cryptocurrency to other users. Here, you can earn up to 14% per year on your cryptocurrency deposits.

This does, however, depend on your chosen crypto and how much CRO you hold. There’s quite a bit of flexibility over interest rates too, and you’re able to fix these on a one-month or three-month basis.

Visit Crypto.com

6. Binance

Pros

  • Low trading fees
  • Large range of cryptocurrencies and altcoins
  • Comprehensive user interface
  • The maximum trading amount is unlimited
  • Low trading fees at 0.1%
  • Easy sign-up process

Cons

  • High withdrawal fees
  • No built-in wallet feature
  • Medium levels of security

Best known for: Crypto exchange
Aimed at: Investors (from beginners upwards)

With nearly 1.5 million transactions per second, Binance is one of the best places to buy crypto in the world.

Although its primary exchange is crypto-to-crypto, it has recently enabled fiat deposits and withdrawals (supporting bank account and credit card deposits).

Binance offers more than 500 cryptocurrency pairs, making it one of the biggest cryptocurrency exchanges globally. You can expect the usual currency pairs of Bitcoin and the like, as well as small and even micro-cap tokens.

As another attractive feature, the trading fees are very low (standard fees at 0.1%), which can be brought down further when you hold Binance Coin.

If you’re philanthropic, you’ll be interested to know that Binance is also famous for helping those less fortunate through its Binance Charity Foundation.

Visit Binance

7. Switch Markets

Pros

  • Regulated by ASIC
  • Low minimum deposits
  • No deposit fee
  • No inactivity fee
  • Free VPS
  • Social trading
  • Tight spreads
  • Useful trading tools and research

Cons

  • No customer support during weekends
  • No US clients
  • Not FCA regulated

Best known for: Regulated broker for all trader types
Aimed at: Investors looking to sharpen their trading

Through Switch Markets, you can trade CFDs, Forex, commodities and cryptocurrency.

You can trade the most popular digital currencies such as Litecoin, Ethereum, Bitcoin and Ripple on a contract for difference (CFD) basis.

One of the major appeals of Switch Markets is that it offers ultra-competitive spreads. You can also trade on the award-winning MetaTrader 4 platform (MT4).

Near-instant deposits are possible (with no deposit fees), and you only need around $50 to start trading. You can even leverage up to 1:500 if you wish.

The platform itself promotes the growth of its members and is ideal for beginners too. You can put your skills to the test with a demo account by testing up to 100,000 virtual funds of your chosen currency.

Visit Switch Markets

Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.

8. CoinBurp

Pros

  • User-friendly platform
  • No trading fees
  • Low minimum deposit to begin trading
  • Good customer service

Cons

  • Limited range of cryptocurrencies
  • Withdrawal fees
  • Deposit fees depending on method and amount

Best known for: Buying, selling, and storing cryptocurrency
Aimed at: Beginners and experienced traders

CoinBurp is a UK-based cryptocurrency broker and is heralded as the best place to buy crypto. Its founders created the company in 2018 to make it easier to buy, sell and store cryptocurrencies.

As such, CoinBurp breaks the belief that crypto trading is just for technically astute individuals. Its user-friendly platform makes it super easy for anyone of any age and ability.

It is the first cryptocurrency platform in the UK to provide free trading and no fees on GBP deposits. This is to encourage uptake.

Users can trade six cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Stellar, Litecoin and Ripple, with a small starting deposit of €5. It also happens to have some of the most competitive cryptocurrency prices on the market.

Its online wallet is incredibly secure and insured by BitGo custodial solutions for added reassurance, and customer support can be reached by email, live chat, Facebook messenger and telegram.

Visit CoinBurp

9. Kraken

Pros

  • Low minimum deposit
  • Available on web and mobile app
  • Useful educational resources for beginners
  • Wide range of cryptocurrencies
  • Low fees with Kraken Pro

Cons

  • Fees can be high without Kraken Pro
  • Poorly rated customer service
  • Funding an account can be slow

Best known for: Crypto exchange for everyone
Aimed at: All investor types

Kraken is a particularly good platform to choose if you are new to crypto, meaning it is one of the best ways to buy crypto for beginners.

The creators of Kraken have spent a lot of time creating guides and other useful tools to get novices up to speed quickly.

The aim is to build an intuitive crypto exchange from the first use of the platform. Their customer support service is available 24/7 through a live chat. Excellent security, low trading fees, and a range of cryptocurrencies make it a great starting point.

Visit Kraken

10. Coinmama

Pros

  • Range of payment options
  • Quick account verification
  • User-friendly platform
  • Good customer support

Cons

  • High commission fees
  • Fairly limited cryptocurrency selection compared to some competitors
  • Does not provide a crypto wallet
  • Additional fee with some payment methods

Best known for: Super quick cryptocurrency purchasing
Aimed at: Beginners looking to purchase Bitcoin

Coinmama is known as the best site to buy crypto with a credit card, as well as through wire transfer and Apple Pay.

There’s a strong focus on customer service, and new account verification takes just half an hour. It is great for beginners seeking to make their first Bitcoin purchase, and the company boasts over two million customers in more than 180 countries.

When you purchase Bitcoin and other digital currencies through Coinmama, you do so from them directly. It is not a trading platform. It’s not the cheapest way to buy crypto, though, as fees are comparatively high.

Visit Coinmama

11. CEX.IO

Best known for: Margin trading, crypto loans, and staking rewards
Aimed at: Advanced traders

Known for its accessibility, CEX.IO was one of the first cryptocurrency platforms to introduce fiat transactions (where USD and EUR money could be exchanged for cryptocurrency).

Today, CEX.IO is known among retail and institutional investors for its advanced trading products.

Cryptocurrencies can be purchased instantly by traders using credit or debit cards, and in its investment portfolio, there are more than 80 assets to choose from.

Staking (where you earn interest for holding specified assets) is a feature for advanced traders, as is spot trading. Crypto-backed loans are also available, and you can borrow up to 100 times the balance of your account to trade.

Visit CEX.IO

Things You Need to Consider When Buying Cryptocurrency

So, what is the best site to buy cryptocurrency in the UK? What different types of cryptocurrencies are there? And, more to the point, what is the safest way to buy bitcoin in the UK?

It depends on what you want to achieve. Are you simply wanting to use cryptocurrency such as bitcoin to supplement personal savings, or are you looking to trade? You may not be entirely sure at this stage.

However, there are a few things that every inexperienced crypto customer needs to be aware of when buying cryptocurrency for the first time, and these are:

Online Wallet

You’ll need an online wallet. This is an online app that holds your cryptocurrency.

Typically speaking, there are two types of storage commonly referred to as light and heavy purses. As you would expect, a light purse storage solution would be for someone purchasing small amounts of cryptocurrency.

There are hundreds of these, and so you’ll need to do your research, or you may find that your chosen trading platform has a light purse app.

For larger sums of money that you want to transfer into crypto, it’s a good idea to store your coins on a PC and make sure they are backed up and recoverable.

You will also find that many of the best places to buy cryptocurrency in the UK offer secure offline wallets using sophisticated trusted technology solutions.

Be Careful With Purchasing

Look for a provider that supports convenient and safe payment methods when deciding on the best place to buy crypto.

Think About Your Timing

How and when you purchase digital currency is entirely up to you, but you’ll want to exercise some caution before purchasing a new crypto coin because it is just taking off; a sharp rise could simply be a currency correcting itself after a fall.

Do a bit of research first.

Check Out Reviews

Before settling on a specific platform, check out what other people have to say. The best reviews can be found on financial news sites.

On WikiJob, you’ll find some helpful articles on bitcoin for beginners, what is bitcoin cash and gold, the best crypto trading courses and more.

Frequently Asked Questions

Cryptocurrency is becoming more popular and more banks exchange cryptocurrency for other nominal currencies.

Royal Bank of Scotland, Standard Chartered Bank, Nationwide, TSB Bank and NatWest are all crypto-friendly.

The best places to buy and exchange cryptocurrencies in the UK are markets with strong reputations and security procedures.

eToro is a great trading platform for buying cryptocurrency because of the integrated crypto wallet and its advanced trading tools.

Coinbase has the most developed security measures.

Bitpanda is a great platform for beginners because of its automated investment tools. All these platforms offer cryptocurrency at very competitive prices.

For all three of these features eToro is the most accommodating trading platform. It has been operating for a considerable amount of time and it has built-in trading features that are easy to navigate.

eToro also has a 0% commission on real stocks when you trade.

For penny stocks, Captial.com is a great platform for entry-level traders who want to learn how to trade with little financial risk.

Coinbase is by the far the simplest platform to buy a wide range of cryptocurrencies. All you will need is some personal information, a mobile phone number, and a bank account to buy the cryptocurrency of your choice.

Cash App is also great for beginners and those who have no experience with cryptocurrency.

If you are interested in more advanced types of cryptocurrencies, then Binance is the best option because of the range of cryptocurrencies a user can invest in.

Investing in bitcoin in the UK and internationally is more accessible than it ever has been. There are a few ways of investing in bitcoin. You can do this through an online trading market like eToro.

If you are interested in buying bitcoin straight from your debit or credit card then Huobi and Coinbase offer this service.

If you are looking to invest in bitcoin straight from your tablet or mobile device, you can do this through the app Crypto.com.

Because cryptocurrency is still fairly new, hacks and cybercrime are not uncommon. If you are the victim of a crypto scam, it is very unlikely that you will be able to recover your funds.

Because of this, it is always important that you choose a cryptocurrency service with strong security features. However, there are ways which you use to try and recover any stolen cryptocurrency.

Hiring a crypto bounty hunter will give you the best chances to recover any stolen currency.

Bounty hunters are experienced users who have strong knowledge of blockchain sequences. They will be able to investigate where your funds have been taken from and at what point they were stolen during the blockchain sequence.

These services can be expensive depending on the amount of crypto you wish to recover.

The best way to buy bitcoin in the UK is by setting up an online wallet that allows you to purchase the cryptocurrency of your choice. You can do this on Coinbase and CEX.IO.

If you want to buy bitcoin to invest in an online trading market, you are best doing this through a trading platform like eToro.

Because the price of cryptocurrency fluctuates regularly, you need to prioritize a crypto exchange that delivers live prices.

Gemini, eToro and Coinbase all offer this service.

Kraken is also a trusted crypto exchange trading platform and can be easily downloaded onto your tablet or mobile device.

Final Thoughts

If you’re an experienced cryptocurrency trader, you’ll already have a good idea of what you need from a platform, but the choices can be quite overwhelming if you’re just starting out.

When deciding on the best place to buy crypto, our best advice is to do your research (hopefully, this guide has helped) and set up a demo account with your chosen platform, if available.

The key points to take away are to make sure:

  • Your money is protected through a secure wallet (or equivalent)
  • You understand the fees and rewards
  • You are happy and able to take the risk (if trading)

Most importantly, don’t be afraid to ask for help. Most of the platforms listed here have an in-built customer service facility and an existing community of members all too happy to offer their support.

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.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.


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