|Coinburp||Fastest way to buy bitcoin|
|CoinCorner||Easiest way to buy bitcoin|
|Wirex||Buy bitcoin with debit card|
|Coinbase Pro||Cheapest way to buy bitcoin|
|Vimba||Pound-cost-average into bitcoin|
|Bisq||Buy bitcoin without ID|
|LocalBitcoins||Buy bitcoin with PayPal|
|eToro||Buy bitcoin with leverage|
What is the best way to buy bitcoin in the UK?
Britain is a big market for bitcoin buyers, and there are plenty of routes to buy bitcoin with GBP. But many of these are slow, costly, and confusing for beginners.
I’ve singled out the best places to buy bitcoin, whether your priority is convenience, low fees, speed, or privacy.
Bitcoin to GBP
Fastest way to buy bitcoin: Coinburp
The first thing I noticed about Coinburp was the name. It sounds amateurish—like a 14 year old’s YouTube channel!
But while the name doesn’t inspire confidence, the platform is actually very professional. It is extremely fast and easy to use, and has some pedigree having been built by the founder of one one of the largest crypto brokerages in the UK: BitBroker.
The biggest benefit of Coinburp is the speed of sign-up. The platform has streamlined the verification process, meaning you can get your identity and address checked in a matter of minutes, and proceed directly to buying bitcoin—without needing to wait a few hours for some remote KYC team to wake up and kick into action while the market rallies without you!
Easiest way to buy bitcoin: CoinCorner
Coincorner is an exchange on the Isle of Man run by Danny Scott and his team. The platform is very easy to use and is ideal for beginners. Buying bitcoin is made as simple as withdrawing cash from an ATM.
How to Buy bitcoin on CoinCorner: Step-by-Step
Sign-up with your email, and you can then buy a small amount of bitcoin immediately without verification. To buy larger amounts you will need to submit proof of identity and address for KYC procedures.
Best place to buy bitcoin with Debit Card: Wirex
Wirex’s crypto wallet let’s you quickly buy and sell bitcoin with low fees (~1%), and even spend it using the Wirex VISA card.
Cautious buyers can take comfort in the fact that the platform works closely with the authorities and is regulated by the Financial Conduct Authority (FCA). On the flipside, this means new users must pass through a rigorous KYC process before being permitted to purchase bitcoin.
How to Buy bitcoin on Wirex: Step-by-Step
Simply follow these four steps to buy bitcoin with a debit card via the Wirex app or web interface.
- Navigate to Accounts > Bitcoin
- Click Add Funds
- Input debit card details
First-time buyers may need to confirm card ownership. This can be done by quickly visiting your online banking app and giving Wirex a transaction code.
Should you have any problems, customer agents are usually available to help and can be quickly contacted through the online chat.
Tip: To make Wirex even cheaper than the competition, pick up some Wirex (WXT) tokens and earn yourself a discount. See my full review for more details.
Cheapest way to buy bitcoin: Coinbase Pro
If you are comfortable with an advanced trading interface you can get very low fees by using Coinbase Pro, the professional arm of the American cryptocurrency exchange Coinbase.
By using a limit order, it is possible to get a completely free buy. But as Coinbase Pro doesn’t have a BTC/GBP pair, you will first need to swap your GBP for EUR or USD via an app like Revolut, and then send it to Coinbase Pro.
Pound-cost-average into bitcoin: Vimba
Vimba is a cryptocurrency buying platform that lets you automatically drip feed funds into bitcoin every week or month. This strategy, known as cost-averaging, is ideal for new investors because it allows you to build an exposure to bitcoin without the worry of a sudden market crash decimating your holdings.
Simply sign-up, connect your bank account, and receive a set amount of bitcoin each week or month. If you want to buy more, you can also purchase a lump sum through the platform.
Buy bitcoin without ID: Bisq
Buying bitcoin anonymously will let you keep your bitcoin ownership to yourself, minimising the possibility of getting hacked or suffering a five dollar wrench attack.
If you want to buy bitcoin with no ID and preserve your anonymity, you can’t go far wrong with Bisq. This exchange comes in the form of an open source desktop application, that connects you with other traders to buy and sell cryptocurrency peer-to-peer. The interface is a little clunky, but it has no KYC/AML requirements and transactions are secured by escrow.
The range of payment methods Bisq accepts is extensive, ranging from face-to-face cash exchanges to bank transfer.
If Bisq doesn’t take your fancy, you can also use LocalCryptos to buy bitcoin with no ID.
Buy bitcoin with PayPal: LocalBitcoins
LocalBitcoins is like Gumtree for buying and selling Bitcoin. Customers can browse offers from different sellers and choose from a wide variety of payment options. All transactions are secured by escrow.
On this marketplace you are likely to be able to find a seller accepting PayPal, but they may charge higher fees for the privilege.
Buy bitcoin with leverage: eToro
Advanced traders seeking to double their exposure can buy bitcoin with 2x leverage on eToro.
Unlike competing leveraged trading platforms BitMEX, Deribit, and ByBit, eToro does not trade with cryptocurrency derivatives. Instead, you are able to multiply your trading power while still holding spot bitcoin.
Leverage explained: By using 2x leverage, you can deposit one bitcoin and trade with a value of two bitcoin. If you go long and the price drops by 10%, you will lose 20%. But if the price goes up 10%, you will make 20%. Although it is often misused, leverage is not designed to facilitate risk-taking behaviour. Instead, leverage actually allows you to minimise counterparty risk by reducing the amount of cryptocurrency you need to hold on an exchange.
Bitcoin buying FAQ
Before you dive down the rabbit hole and buy bitcoin for the first time, make sure you aren’t harbouring any misconceptions by reading my blog post on the subject.
Is bitcoin a good investment?
I am not a financial adviser, and this is not financial advice, but bitcoin has been the best-performing asset of the last decade.
Now that the cryptocurrency is ten years old, the investment case for bitcoin is increasingly gaining mainstream acceptance. Even traditional investors like Paul Tudor Jones are adopting the cryptocurrency to add a unique flavour of risk to their portfolio with an asset that bears little correlation to other asset classes.
Is Bitcoin legal in the UK?
Yes, bitcoin is completely legal in the UK. However, it is not legal tender. Bitcoin is treated as property rather than currency for tax purposes.
When was bitcoin created?
Satoshi Nakamoto published the bitcoin whitepaper on October 31st, 2008. The network then came to life on January 3rd 2009 when Nakamoto mined the genesis block.