Methods to Purchase Crypto and Bitcoin in the United Kingdom

Some of the links here on Where-to-Buy-Bitcoin.com are affiliate links, which means that we sometimes get a compensation from the reviewed products and services. However, we are independently owned and the opinions expressed on the website are our own. We test each service and product throroughly and recommend only the very best.

Buying Crypto in Australia

Due to its popularity and legislation, purchasing cryptocurrency and trading is entirely legal in the United Kingdom. However, cryptocurrency derivatives trading is currently heavily regulated. These regulations are maintained by:

  • the UK’s Cryptoassets Task Force formed by HM Treasury
  • Financial Conduct Authority
  • the Bank of England

In accordance with this, you are expected to pay taxes as a UK resident based on your crypto earnings.

Investing in the UK is in general, easy, but you might encounter problems with its strict regulation, so here’s a guide to buying cryptocurrency in the United Kingdom.

Coinbase Logo

Coinbase

5/5

FUNDING METHODS

Debit & Credit Bank, PayPal, ACH, Bank Transfer

CRYPTOCURRENCIES

40+

COUNTRIES

100+

Binance logo

Binance

5/5

FUNDING METHODS

Wire Transfer, ACH, Credit Card, Debit Card

CRYPTOCURRENCIES

175+

COUNTRIES

100+

Crypto.com logo

Crypto.com

5/5

FUNDING METHODS

Crypto, Credit Card, Bank Transfer, Debit Card

CRYPTOCURRENCIES

200+

COUNTRIES

80+

Kraken Logo

Kraken

5/5

FUNDING METHODS

Wire Transfer, ACH

CRYPTOCURRENCIES

20+

COUNTRIES

300+

Prime XBT

Prime XBT

5/5

FUNDING METHODS

Crypto, Credit Card

CRYPTOCURRENCIES

7

How Easy is it to Buy Crypto in the UK?

The Financial Conduct Authority has introduced some arrangements to reduce and eliminate money laundering risks in crypto exchanges in the UK which consists of Know Your Regulation (KYC) as well as Customer Due Diligence (CDD) procedures to ensure no illegal activities are done with cryptocurrencies.

However, aside from the strict laws and regulation, the UK is imposing upon crypto trading, buying crypto is easy. The UK supports almost all of the cryptocurrency exchange in the market that adheres to its regulation, so just imagine how easy it is to acquire crypto with broad choices of investment.

Step-by-Step Guide for Buying Crypto in the UK

Buying crypto in the UK, as said above, is easy and very accessible. The UK supports Bitcoin ATMs as well as crypto exchanges alike, however, due to the small number (23) of Bitcoin ATMs in the country, crypto exchange is still the best way to acquire cryptocurrency in the UK.

1.

To start, choose a crypto exchange that you think suits you.

2.

Create and verify an account to the chosen exchange.

3.

Link your bank accounts, or any mode of deposits to top up your crypto exchange.

4.

Once done, choose the cryptocurrency you wish to buy, then click Buy to initiate the buy option.

5.

Fill up all the necessary information, then wait for your cryptocurrency to arrive at your designated wallet.

Can You Legally Buy Cryptocurrency in the UK?

In the United Kingdom, owning and trading bitcoin is not illegal in and of itself. Any owner is eligible to use it in any crypto-related business in the UK as long as they follow the country’s rules and regulations, which include paying and reporting taxes correctly, as well as using cryptocurrency solely for legal purposes.

Are Bitcoin and Ethereum for Sale in the UK?

Bitcoin and Ethereum are the top one and two cryptocurrencies in terms of market cap, and they are also easily accessible across the globe. British traders can freely buy Bitcoin and Ethereum in any exchange that supports the cryptocurrencies.

Are there strict regulations around Bitcoin in the UK?

In the United Kingdom, cryptocurrencies such as Bitcoin are regulated for money laundering purposes. To continue operating, cryptocurrency exchanges must register with the Financial Conduct Authority FCA, which monitors anti-money laundering (AML) and counter-terrorism financing (CTF) activities. This involves requiring Know Your Customers (KYC) as well as Customer Due Diligence (CDD) measures to determine the customer’s identity within the context of crypto regulations. Measures include confirming your personal details such as identification cards, proof of residence, and the user’s legal name. To summarize, the UK’s crypto regulation is extremely complex and stringent, whilst keeping track of numerous problems to be addressed.

Frequently Asked Questions​

Coinbase is a user-friendly crypto exchange platform that makes it simple for new traders to get started with cryptocurrency. Fortunately for UK residents, Coinbase provides support for the country, which means you can freely buy, sell, trade, and utilize any of Coinbase’s functions in the UK.

There are only a few Bitcoin ATMs in the United Kingdom, which has 23 in total.

In order to cash out Bitcoin in the United Kingdom, you’ll need a cryptocurrency exchange as well as a bank account. If you have a significant quantity of Bitcoin and want to convert it to fiat money, you will need:

  1. Click the Bitcoin icon in your designated wallet.
  2. Next is to select Withdraw, which you will need to pick a bank transfer.
  3. Link your bank account to your crypto exchange.
  4. Select your bank account on the Withdraw page, fill in how much Bitcoin you want to cash out, and fill out all the required information.
  5. Once it’s done and you have executed the trade, wait for the balance to reflect on your account.