Buy Bitcoin UK – Best place to buy Bitcoin in the UK

Bitcoin is a digital currency used to make payments using a peer-to-peer payment system, and a lot of people Brits have decided to buy Bitcoin UK.

Bitcoin has accrued a 43,152.19% return on investment (ROI) since its launch, and the digital currency continues to remain number one in the market with a market capitalization of over $1trillion. This is why people are keen to buy bitcoin in the UK and other countries.

The crypto asset was invented by an anonymous group or person known as Satoshi Nakamoto in 2008 to proffer solutions to the financial crisis and overdependence on banks as the standard intermediary for financial transactions.

How to buy Bitcoin UK in 5 steps:

  1. Open an account with eToro
  2. Click deposit now
  3. Choose payment method such as paypal or credit card
  4. Click on "Watchlist" and select Bitcoin
  5. Click on Buy Bitcoin

Click here to visit the eToro and Buy Bitcoin

Where To Buy Bitcoin UK?

Bitcoin is one of the most widely used digital currencies and is also being adopted as a valid payment method on many platforms. The crypto asset can be bought on several platforms, which include brokerages, exchanges and wallets. Although these available platforms are suitable for buying Bitcoin, eToro is our top pick.

Best Place to Buy Bitcoin UK

eToro is the best of the best platforms available to buy Bitcoin in the UK. The platform makes for one of the easiest brokerages to buy Bitcoin in the UK because of the simple user interface on mobile and the web. However, the most outstanding feature on the eToro platform is the social trading feature.

eToro’s CopyTrade feature gives users the ability to imitate the trade patterns of more experienced traders. This feature helps new traders get acquainted with reliable trading strategies in the crypto market. The platform also charges as low as £3.7 for withdrawals and 0.75% to 5% for trades.

Pros:

  • Secure and heavily regulated
  • Low fees
  • Trading tools are available

Cons:

  • $5 withdrawal fee

One of the best features that we should also mention, is that eToro is one of the top growing platforms in the world. They already have over 18 Million users, and increase their portfolio on a monthly basis.

Click here to visit the eToro and Buy Bitcoin

How to Buy Bitcoin in the UK?

Bitcoin is available for purchase in the UK. Due to the widespread adoption and popularity of the asset, it is very easy to buy and trade Bitcoin.

Below is an easy step-by-step process that anyone can follow to buy Bitcoin.

  • Open an account with eToro - Click on 'Join Now' to create a new account. Enter your email and choose a username and password.

  • Verify your account - You will need proof of ID and proof of address to complete this process.

  • Deposit - Make a minimum deposit of £37 via any preferred payment method

  • Buy Bitcoin - After depositing your funds on eToro, you can buy Bitcoin in the UK by searching for BTC. Enter the amount you want to invest and tap on 'Open Trade'.

eToro has a variety of methods to buy Bitcoin, specially in the UK. These include Bitcoin-related ETFs, regular trading and more. The online broker grants access to investors once they sign up and are verified on the platform.

Click here to visit the eToro and Buy Bitcoin

How to buy Bitcoin UK with PayPal

You can use several methods to buy Bitcoin with eToro. One of the preffered methods to buy bitcoin in the UK is via paypal.

E-wallets ( short for Electronic wallets) are digital wallets that store users’ payment information used to make payments online. An example of such e-wallets is PayPal which is used on several platforms as a payment method to buy Bitcoin.

Rapid Transfer

As the name implies, a rapid transfer is a fast and secure method of buying Bitcoin by depositing money into e-wallets to pay for Bitcoin.

Standard Currency

To buy Bitcoin in the UK, one can simply use fiat currencies such as the GBP to fund online accounts and purchase the asset. Or you can deposit your funds into a Bitcoin Automated Teller Machine (ATM) to buy the required amount of Bitcoins you need.

Debit/Credit cards

Debit/Credit cards are a popular means of buying Bitcoin on several platforms. The fees charged for buying Bitcoin using debit/credit cards on brokers may vary.

Bank transfers

Bank transfers facilitate the payment of Bitcoin by transferring money across different banks and agencies worldwide. Bank transfers on the eToro platform usually take between 4 - 7 days to be completed.

Click here to Buy Bitcoin

How to Trade Bitcoin?

As earlier discussed, trading is a more complex and forward step from buying and holding Bitcoin. The trading process involves more crypto commodities to choose from while executing the right strategies to maximise profits. Trading demands a careful observation of the timing of Bitcoin’s buying and selling price. Trading, however, can be straightforward, as listed in this short tutorial on how to trade Bitcoin.

  1. Choose a suitable platform ( we recommend eToro) - Click on the links provided, which will take you to the eToro HomePage.
  2. Open a trading account - Click on ‘Join Now’ to create a trading account, provide your email, password and username.
  3. Verify the account - The information you provided will need to be verified with proof of ID and address to complete the signup process.
  4. Deposit funds - You can use any one of the payment methods available on eToro to deposit funds free of charge.
  5. Choose an available product - Go through the list of available products and choose whichever one you want, wait for the right time and buy Bitcoin.

Trading can be tasking, but information such as the trading volume, price charts, and recurrent trade patterns help improve decision-making while executing trades.

What is The Difference Between Buying and Trading Bitcoin?

The concept of trading Bitcoin is different from buying Bitcoin. While both of them require the procurement of Bitcoins, subsequent processes differentiate them from one another.

Buying Bitcoin:

  • The buying process usually involves one financial transaction
  • Buying Bitcoins involves holding the asset for a long period
  • Buying is at a fixed price rate, and there is no need for an update in subsequent price rates

Buying Bitcoin in the UK is a straightforward investment process, and it is available on several platforms. Bitcoin in the UK can be bought using any type of currency, including the Great British Pound (GBP), and no complex conversions are required to complete the process.

Trading Bitcoin:

Trading is more complex and is seen as a step two process when investing, where buying BItcoin is the first and most important step.

  • Trading Bitcoins involves holding Bitcoins for a short period before selling.
  • The process rarely involves just one transaction.
  • Trading involves constant monitoring of prices, strategy and execution to gain profits.

To be successful while trading, it is important to stay updated with Bitcoin chart patterns, fundamental news updates and constantly trying out new strategies that will guarantee profits when executing trades.

Cheapest way to buy Bitcoin UK

In case you're looking to get started in the crypto world, one of the cheapest ways to buy Bitcoin in the UK and other countries is with eToro. Basically, etoro is also licensed by the FCA, which makes them legal tender in the UK. That's a relief, because you can invest and be sure that your money is secure, and they have one of the most competitive fees on the market.

Click here to visit the eToro and Buy Bitcoin

Best place to buy Bitcoin UK - What To Consider When Buying Bitcoin?

Before buying Bitcoin, take into consideration the following factors if you want your investment to yield profit.

  • Where to make your purchase

The platform you choose to buy Bitcoin could have a large influence on your investment. Make sure the platform is secure and not susceptible to hackers. Then you must also find out if the broker is regulated or not. The next is to check for hidden charges. If you're a new investor, you need to ensure the platform of your choice offers educational materials to help new investors get up on their feet. Some brokers have special features that allow inexperienced traders to copy the trade of experts. eToro, our recommended broker, has this copy-trade option, and it is also regulated by the Financial Conduct Authority (FCA) in the United Kingdom (UK).  

  • Platform fees

Acquaint yourself with all the fees (withdrawal and deposits) that the platform charges. Some platforms also have additional fees such as monthly fees, maintenance fees or inactivity fees paid after a certain period of inactivity.

  • How much to buy

The amount of Bitcoin in the UK to buy is dependent on you and how much liquidity you have at the moment of purchasing. You can decide to buy one full Bitcoin or in multiples, and you can also choose to buy Bitcoin in the UK in bits. Your purchasing power depends on your budget.

  • What product to choose

Different brokers offer a variety of products that give you access to Bitcoin. However, you must ensure that you carry out your own research and understand each product before purchasing.

  • Hold time

Your hold time is an important factor in your investment plans because the longer you hold your Bitcoin, the more likely it is for the digital asset to appreciate. However, some class of investors known as day traders only buy Bitcoin for a short period and sell-off for the price difference. Another class of investors are in for the long haul, and they hold Bitcoin for periods spanning years, a decision that has paid off because of Bitcoin’s year-on-year (YoY) yield. In the past ten years, Bitcoin has gained an outstanding 3,449,900% in price from a bottom price of $2 in November 2011. This rise is proof that holding Bitcoin for the long haul has the potential for a massive return on investment (ROI).

Click here to visit the eToro and Buy Bitcoin

 Is It Safe To Buy Bitcoin Online?

Any Bitcoin UK investor should be concerned about the safety of their investment. Below are some tips that can help you buy Bitcoin in the UK safely online.

•           Keep your private keys safe

A private key allows you to authorise transactions on your account, and anyone that knows your private keys can do the same. You need to keep your private keys safe and ensure you do not share them with anyone. As a precautionary measure, we recommend using the eToro Crypto wallet to add an extra layer of protection for your crypto funds. eToro Crypto Wallet is regulated and is embedded with a private key-recovery phrase that grants you access to your crypto funds even if you lose them.

•           Only purchase Bitcoin UK through regulated platforms

When you buy Bitcoin in the UK from regulated online sites like eToro, your transactions are protected. This is because regulated brokers ensure that your funds are safeguarded. They also put in place additional security measures to prevent hacking.

•           Set up two-factor authentication for your Bitcoin storage platforms

Setting up a two-factor verification (2FA) on your wallet gives your account additional protection against hackers. This security measure involves confirming your mobile phone number and email address before anyone can access your account.

•           Consider hardware storage should your investment be substantial

Hardware storage is recommended for investors who have a substantial amount of money in their wallets. You can activate this extra layer of security by purchasing hardware storage like Trezor or Ledger Nano for your funds. Hardware storage keeps your funds offline and secure.

•           Keep your software updated with the latest security measures

Updating your software allows the latest security measures to be activated on your device. These updates safeguard your device from bugs that hackers may exploit.

Click here to visit the eToro and Buy Bitcoin

How To Store Bitcoin?

Before you buy Bitcoin in the UK, one of the most important things to consider is how to store your digital asset. Below are some steps to help you safely store your Bitcoin.

•           Paper wallets

Paper wallets involve storing your delicate cryptocurrency details on paper. In such cases, offline computers create physical keys, print the keys on paper, and record the keys that are deleted from the computer. The holders of such keys will keep them on paper and use them to access their Bitcoin when the need arises. This is an unsafe method of storing Bitcoins.

•           Online (software) wallets

Bitcoin can also be held in an online wallet, and many crypto exchanges have this option. This method does not require private keys since your funds is held in custody of a third party.

•           Offline (hardware) wallets

Large Bitcoin holders often favour using hardware wallets to store their digital assets in an offline wallet that bears a resemblance to a universal serial bus (USB). All you have to do is load up your Bitcoin’s onto the device using its private key and then disconnect the device from the internet. The absence of an internet connection practically makes it impossible for hackers to steal your coins.

eToro money actually offers one of the best Bitcoin wallets, and one of the cheapest methods to buy Bitcoin in the UK.

Is It Worth Buying Bitcoin Right Now?

Bitcoin has had a very eventful one year. Even during the height of the Covid-19 pandemic, where many financial products were taking a severe hit, Bitcoin was trading way ahead of many of them.

Between November 2020 and November 2021, Bitcoin soared from $20,000 to an astonishing $57,000. That rise represents an amazing 185% gain in just one year.

If you're ready to buy Bitcoin UK, we recommend using our recommended broker eToro for its wide range of cryptocurrency inventory and low fees.

Click here to visit the eToro and Buy Bitcoin

FAQs

Can I buy Bitcoin in any country?

No, but investors can buy Bitcoin in the UK as it is 100% legal. You can buy Bitcoin using any of the ways discussed above.

Is there a limit to how many Bitcoins I can buy?

No, there is no limit to the amount of Bitcoin you can buy; however, the high price of Bitcoin may limit your purchasing power.

Can I buy Bitcoin without ID?

No. buying and selling Bitcoin via a regulated online platform requires that you complete a registration process that will include uploading a means of identification and a proof of address.  

Can I buy Bitcoin instantly?

Yes. Once you have completed the registration process and deposited some funds in your account, you can proceed to buy Bitcoin right away. 

What is Bitcoin?

Satoshi Nakamoto developed Bitcoin in 2008. The originator had the idea to make the first-ever digital currency free from the bottlenecks and centralisation with fiat currency in traditional banking. Bitcoin operates on the blockchain network, and all transactions carried out on the network are available on a public ledger.

Bitcoin is the most widely recognised cryptocurrency, and many businesses now accept the asset as a means of payment.

How does Bitcoin work?

Bitcoin is a digital currency that serves as a store of value. Investors make use of it to hedge against inflation. The digital currency can also be used for the exchange of goods and services. Bitcoin is exchanged by transferring Bitcoin or parts of a Bitcoin to private keys, or Bitcoin addresses, a process done manually by those who own the private keys. With blockchain technology, these transactions are anonymous and cannot be duplicated. 

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