As crypto reaches a broader audience, newcomers are exploring simple ways to buy their first cryptocurrency. This poses the need for crypto trading platforms with seamless payment methods that are easy to understand and use. One of the easiest payment options that users have explored for purchasing crypto is Apple Pay, a mobile payment service provided by Apple Inc. This article discusses how to buy crypto with Apple Pay in the UK.
Whether you are a newbie, a crypto buyer seeking fast options to buy cryptocurrencies whenever their prices dip, or an investor who wants to make regular small crypto purchases, this article is for you. Apple Pay makes it easier for everyone to purchase their desired cryptocurrency.
This article highlights six top crypto platforms where you can buy Bitcoin with Apple Pay within the UK. It also outlines a 7-step process for purchasing your first cryptocurrency.
Is buying crypto with Apple Pay legal and regulated in the UK?
Yes, it is legal to buy cryptocurrencies through Apple Pay. For one thing, platforms licensed to operate in the country currently support Apple Pay as a payment option for those who want to fund their accounts to facilitate cryptocurrency acquisitions.
On the other hand, platforms that are not endorsed by the UK’s Financial Conduct Authority (FCA) may not have an inherent payment option for users to buy or sell crypto using Apple Pay. Hence, users are urged to opt for FCA-approved platforms. However, in some cases, a user may prefer a crypto exchange not regulated by the local financial authority. This could be due to its large crypto support, decentralized finance (DeFi) integration, and other features.
This article discusses crypto platforms that fall in both categories.
6 best platforms to purchase crypto using Apple Pay in the United Kingdom
Here is a list of the top platforms that allow you to use Apple Pay to buy crypto:
MEXC
MEXC is a global cryptocurrency exchange that enables the purchase, sale, trading, and custody of crypto assets. The crypto trading platform currently supports over 4,100 trending crypto assets across its spot and futures trading pairs. With numerous options, MEXC positions itself as a suitable choice for crypto investors seeking to purchase a wide range of crypto assets.
Although MEXC is regulated in countries such as Seychelles and Estonia, it does not have regulatory endorsement in the UK. Still, users can access its services. Notwithstanding, users in restricted areas cannot access the crypto platform.
After seeing their desired cryptocurrency, such as Bitcoin, users can buy the digital asset using payment options like Apple Pay. However, users will execute the trade through a supported third-party payment solution, which typically incurs a fee. MEXC reduces its fees by as much as 50% when users hold at least 500 MX tokens in their account.
Changelly
Changelly ranks among the top choices for anyone seeking to buy crypto instantly with Apple Pay and other payment options. The European government regulates the crypto trading app. The crypto platform is reputable for its swapping feature, which allows users to convert one cryptocurrency to another seamlessly. Changelly’s quick swap feature makes it an excellent choice for investors seeking platforms for fast crypto purchases during FOMO moments. Users can also buy, sell, or swap crypto using fiat currencies with speed.
The platform’s fee starts at 0.25%, making it a go-to option for affordable transactions. Adding to the crypto platform’s selling points is its no-KYC policy. This way, users can use the crypto trading app without having to submit their personal credentials. Still, users in restricted areas are unable to access the platform.
CoinJar
Launched in 2013, CoinJar is a platform that allows you to buy, sell, trade, and hold cryptocurrencies. It supports over 60 cryptocurrencies, and users can commence purchasing using as little as $10. CoinJar is compatible with users on both Android and iOS devices. The crypto trading app is regulated in countries like Australia and the UK. While it is usable in various regions, the crypto platform is inaccessible to users in prohibited areas.
Aside from simply buying and selling with Apple Pay, CoinJar also allows users to facilitate contactless payments using the Apple Pay feature. This way, users can make quick payments for goods and services when they purchase things from merchants. When using Apple Pay for transactions, CoinJar users incur a 2% fee.
BitPay
BitPay is a non-custodial crypto wallet provider that enables users to buy, sell, swap, and trade digital assets. Users can buy cryptocurrencies through Apple Pay, among other payment options. Although not regulated by the UK’s Financial Conduct Authority (FCA), BitPay entered the UK market through a partnership with Archax, a digital securities custodian licensed by the FCA. Since the crypto wallet serves the UK market, users can facilitate transactions using the GBP currency.
BitPay charges a 2% fee for transactions below $500,000. Its applicable fee decreases for higher transactions. The crypto platform is accessible to users on both mobile devices (Android and iOS) and desktop devices (Windows and Mac). Despite being a non-custodial platform, its services are not open to users in countries sanctioned by the United States.
MoonPay
MoonPay is a UK-licensed fintech company that allows users to buy, sell, swap, and transfer cryptocurrencies. The platform supports over 100 cryptocurrencies. It facilitates on-ramp and off-ramp payment solutions for users. Its services are open to users in eligible countries via the website and mobile app. Since its inception in 2019, MoonPay has onboarded over 35 million users into its ecosystem.
MoonPay allows its customers to use Apple Pay to buy crypto. This is possible through any of two options. First, users can fund their MoonPay account with a fiat balance using payment options like Apple Pay. After which, they can use the available balance to purchase their desired cryptocurrency. The second option is to buy the crypto directly through the payment platform.
MoonPay charges a fee of 1% for transactions via bank transfers and 4.5% for those involving Visa cards.
7 steps to buy crypto via Apple Pay in the UK
Having seen various cryptocurrency platforms that allow you to buy crypto with Apple Pay, the next step is knowing how to proceed with the purchase. Here is a step-by-step process to buy cryptocurrencies through Apple Pay:
- Choosing a Crypto Platform: The first step in buying any cryptocurrency is selecting a suitable crypto platform, MEXC in this case. This article discussed five top choices you can choose from. When selecting a cryptocurrency platform, consider factors such as the number of supported cryptocurrencies, the regulatory stance, applicable fees, user interface, and available payment options.
- Creating and Verifying Your Account: After selecting a crypto exchange, the next step is to create and verify your account. This typically involves undergoing a know-your-customer (KYC) assessment, where you submit documents to prove your identity and location. Notably, some other platforms, such as MEXC, will not require users to submit their personal credentials to access most services.
- Navigate to the “Buy Crypto” Section: Whether you are using a mobile or desktop interface, the “Buy Crypto” section is often in the home screen of the crypto platform. This page lists the cryptocurrencies supported on that exchange.
- Select the Crypto to Buy: The next thing is to choose the cryptocurrency you wish to purchase. Next, you will be prompted to input the amount of that crypto asset you intend to purchase. It is helpful to have the currency denominated in GBP.
- Choose “Apple Pay” as Your Preferred Payment Option: After entering the amount you wish to pay, you will be prompted to proceed with payment. The system will prompt you to select your preferred payment option. Here, choose Apple Pay as your preferred payment method.
- Review the Transaction Details: Verify your transaction details before proceeding with the payment. The applicable fees for the trade should also be displayed on the screen. The system will likely require you to complete the transaction through Face ID or Touch ID.
- Receive the crypto asset: After hitting the “Pay” option, you will be instantly credited with the crypto asset you paid for. After which, you can navigate to your available crypto balance to access your holdings.
Pros and Cons of Using Apple Pay for buying crypto
Pros
- Transaction speed.
- Supports biometric security.
- Ease of transaction for users.
- Cost-effective compared to some payment options.
Cons
- Using Apple Pay through third-party payment providers is expensive.
- Irreversible transactions.
- Some platforms have a minimum deposit a user can make at a time.
- Some exchanges mandate a KYC assessment before using Apple Pay.
FAQs
How much crypto can I buy at once using Apple Pay in the UK?
The amount varies from platform to platform. Some crypto platforms allow users to buy crypto using Apple Pay with as little as $10. Others allow for lesser amounts. Still, some have a higher minimum deposit amount.
If not Apple Pay, what’s the main alternative to buy crypto in the UK?
Other payment options aside from Apple Pay include Google Pay, credit/debit cards, and bank transfers. Users can also utilize third-party payment options, such as Cash App and Venmo. However, these third-party payment platforms are usable only when the crypto platform you’re using supports them. When choosing, you can also consider factors such as the applicable fees for each payment option.
Where can I buy Ethereum with Apple Pay in the UK?
You can buy Ethereum with Apple Pay using platforms like OKX, Changelly, BitPay, or MoonPay. These platforms are reputable for their user-friendly interface. You can also explore other options, such as MEXC or CoinJar.
Conclusion
Buying cryptocurrency with Apple Pay is very much possible in the UK. This article highlighted five top platforms where you can execute these purchases. We also outlined a step-by-step process to facilitate the trade, regardless of the platform you are using. However, it is worth noting that crypto assets are highly volatile. Hence, users are urged to exercise caution while investing in these digital assets.
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