thecoingenie.com
Blog

How to Buy Cryptocurrency in the UK (2024)?

How to Buy Cryptocurrency in the UK (2024)?

If you’re wondering how to buy cryptocurrency in the UK or whether it’s even legal, you’re not alone. As cryptocurrency becomes more popular, many UK citizens are looking for secure and easy ways to invest. Fortunately, buying crypto in the UK is both legal and regulated by the Financial Conduct Authority (FCA), giving you peace of mind. 

In this guide, we’ll walk you through the process of how UK investors can invest in crypto safely, from choosing a trusted exchange to understanding the steps involved.

Key Takeaways:

  1. The best crypto exchanges in the UK to buy Bitcoin are OKX, Coinbase, and eToro due to their FCA compliance, user-friendly platforms, and advanced trading features.
  2. You can buy cryptocurrency in the UK by choosing a regulated exchange, creating an account, verifying your identity, funding your account with GBP, and making your crypto purchase.
  3. In the UK, cryptocurrency is subject to Capital Gains Tax, and you must report any profits over £3,000 to HMRC, with tax rates ranging from 10% to 20%.

Where to Buy Crypto in the UK?OKX

OKX is the best cryptocurrency exchange in the UK to buy Bitcoin and altcoins, and it stands out for both its features and compliance with UK rules. Due to regulations from the Financial Conduct Authority (FCA), the exchange also removed certain privacy-focused coins like Monero and ZCash.

If you’re in the UK, OKX offers over 40 different cryptocurrencies, including popular ones like Bitcoin and Ethereum. Its fees are competitive—maker fees start at 0.08%, and taker fees at 0.1%. If you trade a lot or hold OKB tokens, you get discounts on these fees. UK users also benefit from advanced trading tools, like TradingView integration, which offers better charts and insights.

For security, OKX uses things like multi-factor authentication and cold storage (where your crypto is stored offline) to protect your funds. Plus, they regularly publish Proof of Reserves reports to show your assets are fully backed. You can check our detailed guide in “Is OKX safe” for more information. The exchange also has a Web OKX wallet for users who are interested in DeFi services.

Coinbase

Coinbase is another top crypto trading platform in the United Kingdom. It’s easy to use, with a simple interface, and supports over 200 different cryptocurrencies.

It offers some great features for UK users. You can apply for a Coinbase Visa debit card, which lets you spend your cryptocurrency like normal money anywhere a Visa is accepted. It’s free to use for transactions but might have a small spread on prices. Another benefit is the Coinbase Wallet, which supports over 4,000 digital assets, including cryptocurrencies and NFTs.

Coinbase is regulated by the UK FCA and is also regulated for its e-money services. To buy crypto in the UK, you can add your payment method, such as a bank account or debit card. UK users also benefit from Faster Payments for free deposits, while withdrawals cost just £1.

However, it does come with some higher fees compared to OKX UK. If you’re using a debit card to buy crypto, expect to pay 3.99% in fees. On the other hand, bank transfers are free for both deposits and withdrawals. When buying or selling crypto, there’s also a 1.49% fee plus a 2% spread, which means you might pay slightly more or get slightly less than the market price.

eToro

eToro is one of the best cryptocurrency brokers in the UK. It’s regulated by the Financial Conduct Authority, meaning it adheres to UK financial laws. What makes eToro stand out is its CopyTrader feature. This lets you follow and copy the trades of other users, which is particularly helpful if you’re new to crypto trading. It also offers a good range of 100+ cryptocurrencies. The platform allows you to start trading with as little as $10, making it beginner-friendly.

In terms of costs, eToro is transparent. You’ll pay a 1% fee when buying or selling crypto. Withdrawals cost $5 (around £3.90), and there’s a $10 monthly inactivity fee if you don’t log in for a year. 

In addition to its cryptocurrency offerings, eToro provides access to a wide variety of investment options such as stocks, ETFs, commodities, and currencies. For UK investors, one of the highlights is the ability to buy fractional shares with as little as $10. This is a great way to get exposure to high-priced stocks without needing a large upfront investment.

The platform also has an educational hub known as the eToro Academy,

 » …
Read More

Related posts

Crypto Adoption Tsunami: Will Spot Bitcoin ETFs Get Approved Today?

Oliver Dale

Hong Kong Police Arrest Six Linked to Suspended Crypto Exchange JPEX

Ciaran Lyons

How Low Can BTC, ETH, And XRP Price Crash?

Elena R

Leave a Comment