London, United Kingdom, March 17, 2021 (GLOBE NEWSWIRE) — Bitcoin is not as complicated as it seems. It’s easy provided you know when and where to invest your funds to make the right Bitcoin Purchase. In this Guide, we at DailyBitcoinJournal will throw light on the best exchanges which allow users to buy bitcoin in the UK and help you to make a better choice for your next Bitcoin Purchase. Let’s begin, Shall we?
Coinbase:
Coinbase is considered one of the safest and easiest ways of buying Bitcoin in the UK. With GBP deposits via fast payments. Coinbase is one of the first platforms to hold an FCA-approved e-money license making them safe and approved. They only charge a transaction fixed fee of 0.5 % which is the lowest in the market and it’s very easy to use.
How to Buy Bitcoins in UK using Coinbase?
- You need to open a coinbase account by signing up at Coinbase
- Once you set up the accounts, it is highly recommended that you set up security along with it (Two-factor authentication)
- To add your funds, you need to go to Coinbase.com, login with your account and access settings→ Payment options→ Add your bank accounts to transfer the funds.
- Once your bank gets added it gets linked with your Coinbase Pro account as well. You can access coinbase pro using pro.coinbase.com.
- Once you access the page, you can click on the Deposit button and you can access the bank account that you have added using coinbase.com.
Binance:
Since its launch in 2017, Binance has come a long way and is now considered the biggest Cryptocurrency trading platform and maintains the highest 24-hour trading volume. Binance allows its users in Uk to directly deposit funds in their account with debit and credit cards. Binance charges a 0.1% spot trading fee and 0.5% instant buy/sell trading fee along with some withdrawal fees based on Bitcoin network fees. The trading fee on Binance is an affordable price to pay for a platform that offers the one of the highest number of Crypto trading pairs to trade. Binance is also known for the simple and elegant API that facilitates effective trading with utmost transparency.
How to buy Bitcoin in the UK using Binance?
1. Open up a Binance account by entering the basic details that you would be needing to open any account.
2. Once you access your account, you need to protect your account with two-factor authentication to enable security measures in place.
3. Once you are done with the basic setups, you will be inside your trading account.
4. Click on the exchange button on the task bar and choose basic for trading.
5. Once you complete that, you will be put up with a set of trading pairs that you can select from.
6. you can link your debit/credit card or bank account and Deposit your funds.
7. Make sure you have enough balance in your Binance wallet before you make the purchase.
Wirex was considered the cheapest among the other competitors where you can buy bitcoin. Wirex charges 1% fee to buy bitcoin using a debit or credit card and Bank deposits are completely free of charge but can take up to 2-3 days to show up in your account and are also only available to users with a fiat account. Wirex also charges fixed account maintenance fees but if you are ok with some extra charges, Wirex might just be what you are looking for when it comes to making your Bitcoin purchase.
Here’s how to Buy Bitcoin in UK from Wirex
- Create a wirex account and login in. Click on the accounts option that you can access on the left side and select the account to which you want to transfer the fund to.
- Click on the add funds options and once that is done, you will have to select the option via which you would add the funds.
- Complete the transaction and you should see the funds in your account. You might experience a delay in having the funds into your account depending on the partner bank/card that you use.
Paxful is a P2P Bitcoin buying and selling marketplace where you can find bitcoin buyers or sellers near you. Paxful’s customer-to-customer trading platform that permits the exchange of local currencies for Bitcoin. Bitcoin Buyers can post about their offers with exchange rates and or explore the best possible offers from multiple sellers. You can filter offers based on Seller’s Buy rate, Trust score, Payment Methods etc. The payment options offered here are huge, You can buy bitcoin with Paypal, Credit Card, Bank transfers, Western Union transfers, Cash transfers etc. Paxful also allows customers to buy or sell Bitcoins with Gift Cards. Paxful charges 0.5% – 3% fees when you sell Bitcoins on their platform depending upon the Payment method. You will also be asked to verify your identity to make it a safe space as it is a P2P trading platform.
Localbitcoin is Another leading P2P Bitcoin buying and selling platform like Paxful. LocalBitcoins faced a lot of problems during its initial days of launch and over the period of time, it became better at making trading easy and safe. It is the same as any peer-peer trading platform where you can make a purchase depending on the offers that are on the adverts or else make an offer with the cryptocurrency you have. Localbitcoin allows users to buy bitcoin with Credit card, Paypal, Bank transfers etc. Make sure you trade with a verified user when you use local bitcoins, same as what you would do with any other peer-peer trading platform.
One of the most recent popular hits in the trading space to buy Bitcoin is Coinmama. The company is known for the spectacular support that it offers with every trade and the prices mentioned seem to be as same as the ones quoted in the market. But with every privilege comes a downside and this is a bit on the heavy side. Coinmama charges its customer 5.5% transaction fee for trading. One of the most commonly mistaken facts about Coinmama is that Coinmama is not a crypto wallet and this means that you will have to have a wallet added to your coinmama account before making a purchase.
How to buy Bitcoin in UK from Coinmama?
1. Create a coinmama account and get it verified with simple on-screen prompts.
2. Once the coinmama account is created, you will have to set up the wallet in the account by entering the wallet address. (Note: Make sure that the wallet address is correct as entering a wrong wallet address will make it impossible to retrieve your coins)
3. Once the wallet is set up, you will have to select the crypto coin that you would like to buy. Once you select that, you can select the amount that you want to buy and make the purchase with the desired payment method.
4. Once the payment has been cleared from your bank, you can see the coins reflected in your wallet in 1-3 business days.
Crypto.com does not take up direct GBP transfers currently. This makes the process of buying, a lengthy one. With Crypto.com, you will have to download two applications, one is Revoult, a EUR-based banking application and the next is Crypto.com, where you make the actual purchase.
To use Crypto.com to buy bitcoin in the UK with net banking or debit/credit card, you need to create two accounts in two applications.
- Open the Revolut application (a banking application) and create an account when you are prompted with a sign up message. You can add your bank account here in the settings of the application.
- Open the Crypto.com application and open an account there as well.
- The next step is to transfer GBP from your bank account and trade it for EUR in Revolut.
- Once the EUR exchange is done, you can connect your revolut account with Crypto.com and transfer that EUR to buy Bitcoin and relevant cryptocurrencies.
Crypto.com does not charge any additional fees but revolut does if you process transactions on the weekends. When it completes a transaction that was initiated on the weekend, they charge you an extra 0.5% transaction fee. Therefore, if you are looking for flexibility and is someone new, this might not be the right platform.
CoinJar is the perfect resource for you if you are looking forward to an easy way to buy Bitcoin with extra cash to spend on for transactions. If you want to start using CoinJar, the first thing is to;
How to Buy Bitcoin in UK from Coinjar?
- Open a account in CoinJar by going to their official site
- Once you complete the sign-up, you will need to verify your account that hardly takes a small amount of time.
- Once the verification is done, you will have to activate advanced security like the two-factor authentication to ensure your account is safe.
- Once the account is authenticated and protected, you can proceed with the actual trading.
- Once you have signed into the coinjar account, you need to navigate to the quick deposit option. (Desktop-version) or navigate to add funds option that is seen when you click the drop-down arrow near your profile icon.(Mobile-version)
- Once you click on this, you will receive the PayID and reference number which you can make a payment against from your bank account.
- You can transfer the funds that you would be requiring to make a bitcoin purchase and make the purchase once your account has been recharged.
Yes, CoinJar is one of the oldest cryptocurrency brokers that charge an additional 1% fixed fee against your Bitcoin purchase. They are also known to quote a little high on the exchange rate compared to what is seen on the market. Therefore, if you have got extra bucks and look for Simplicity, CoinJar should be your option.
If you are looking for a resource that offers real-time BTC to GBP exchange rates and allows you to buy bitcoin with debit card or credit card and fast GBP payment deposits, CoinFloor is your best option.
- Open a coinfloor account by signing in with the basic information.
- Once you sign up, you will be able to access the Auto Buy deposit details in the application.
- With the Auto Buy deposit details, login to your banking application.
- You have two options.
- Choose recurring standing orders
- Make a bank transfer and complete a Bitcoin purchase.
- Once you have completed setting up your bank account with coinfloor you can directly buy bitcoin in UK and by transferring funds or scheduling recurring orders accordingly.
The only extras that you would need to be paying are a 0.3% fixed fee if you are making a low-volume purchase and £2.50 for every deposit made. These rates shouldn’t be bothering you if you are making large-volume purchases.
If you are looking forward to a simple GBP transfer and making a purchase, they are your choice. All you have to do is enter the amount which you would like to buy and based on your entry you will be connected to the cheapest broker who has registered with Bittylicious. Once the broker receives payment, you receive the fund from an escrow to your wallet. The additional overhead is somewhere between 1.5-2% when you purchase on their platform.
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