🦲 How to buy Bitcoin in the UK: A Step-by-Step Guide

There are several guides on the internet explaining how to buy Bitcoin in the UK. However, a careful review of these articles shows that they miss some components and, sometimes, end up confusing people instead of showing them how to buy bitcoins with GBP.

In this article, we strive to do it differently, beginning with a quick guide on how to buy bitcoin in the UK using OKX.com, a leading UK-based cryptocurrency exchange.

How to Buy Bitcoin on OKX (quick guide):

1. Create a private bitcoin wallet using an app like Trust Wallet or Coinomi and generate a new address.
2. Sign up for an OKX.com account and verify your identity to be able to use their fiat channels.
3. Go to Buy Crypto > Express Buy.
4. Select GBP as your payment currency.
5. Select BTC as the coin to buy and input the amount.
6. Buy Bitcoin with GBP using your credit or debit card by following the prompts.
7. Transfer the purchased bitcoins to your private BTC address.

Where to buy Bitcoin in the UK?

The above quick guide on how to buy bitcoin in the UK using OKX is only one of the numerous options available to investors who want to invest in the new asset class. The rest of this article will focus on other platforms that allow equal access, including using Bitcoin ATMs to swap GBP to BTC.

eToro – Best Transparent Crypto Exchange

Country: UK

eToro is a trading and multi-asset management company launched in January 2007. The platform offers over 6,000 digital assets, including cryptocurrencies, to over 35 million users globally in more than 100 countries. The firm has an FCA license, enabling its operation in the UK.

Features

• Mobile app.
• NFT trading.
• Copy trading.
• Demo trading.
• Affiliate program.
• Staking service (crypto staking is unavailable in the UK).

Fees

• 1% for buying and selling crypto.
• Conversion fee between 1.5% and 3%.

Pros

• The platform has an intuitive user interface.
• The trading platform supports 100 cryptocurrencies.
• eToro has an established presence in the global financial market since 2007.

• eToro Academy allows users to learn about crypto and practice crypto trading in a virtual portfolio.

Cons

• eToro supports accounts denominated in USD. Users using non-USD fiat currencies must use a currency converter (with a fee).
• The platform does not offer as many cryptocurrencies as rival trading apps.

Supported Payment Methods: Credit and Debit Cards (Visa, Mastercard), PayPal, Neteller, Skrill, iDEAL, Klarna/Sofort Banking, Trustly, and Bank Transfer.

Visit eToro

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Crypto assets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.

Uphold – a native and secure way to buy Bitcoin in the UK

Uphold is a leading platform for buying Bitcoin and other cryptocurrencies in the UK. With a user base exceeding 10 million across 150 countries, Uphold offers a straightforward approach to purchasing, trading, and securely storing various assets, including Bitcoin and over 250 other cryptocurrencies. One of Uphold's key features is its commitment to safety and transparency. Uphold operates on a 100% reserve model, ensuring that user funds are securely held. Moreover, the platform maintains transparency by regularly updating real-time asset and liability data, which is accessible to the public every 30 seconds.

Steps to buy: 

1. Sign up for an uphold account and verify your identity 
2. Tap “Buy Crypto” tile on the homescreen 
3. Choose Bitcoin
4. Enter the amount you wish to buy 
5. Select funding source (Apple/Google pay, Debit or credit card or Bank transfer)
6. Confirm purchase

Supported Payment Options: Visa, Mastercard, Apple Pay, Google Pay & bank transfer 

Pros:

• Easy account setup, ideal for newcomers
• Intuitive user interface and app
• Abundance of advanced trading features
• Ability to trade across various asset categories (cryptocurrency, fiat currencies, metals)
• Regular addition of new, low-liquidity altcoins
• Transparent and secure reserve system

Cons:

• Limited charting capabilities

Visit Uphold

Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

OKX – the best place to buy the largest number of coins

Launched in 2017, OKX.com (formerly known as OKEx) is one of the best places to buy BTC in the UK because of its compliance with regulatory requirements in the region. The platform also has a simplified buying process, meaning you can complete a purchase within five minutes after arriving on the website.

Steps to buy :

1. Register on OKX.com and complete the user verification process.
2. Go to Buy Crypto > Third-Party
3. Enter GBP as the currency to spend and select BTC as the coin to buy
4. Choose your preferred gateway based on the offered prices.
5. Follow the prompts to complete your purchase using a debit or credit card
6. OKX will add the purchased coins to your account on the platform. 
7. Once completed, you may leave the purchased BTC on OKX or send it to your designated non-custodial address.

Supported Payment Options: Visa, Mastercard, Bank transfer (P2P), and other cryptocurrencies.

Pros

• Advanced trading functionalities
• Lists a large number of other cryptocurrencies.
• Multiple fiat deposit options, especially through P2P trading
• Reputable and trusted exchange platform to buy bitcoin in the UK
• Offers reasonable limits for retail investors buying BTC.

Cons

• Comparably high fees for card purchases
• Does not support deposit through bank transfer
• Not suitable for users who want to buy bitcoin anonymously.

Bitget

Launched in 2018, Bitget has recently emerged as one of the best places to buy Bitcoin in the UK. The reason is not far-fetched. The platform supports fiat deposits and withdrawals, and has a healthy selection of cryptocurrencies, especially for those seeking exposure to coins other than Bitcoin.

Steps to buy:

1. Sign up for a Bitget account and verify your identity.
2. Go to Buy Crypto and select GBP as your payment currency.
3. Choose Credit/Debit card purchase
4. On the next screen, enter the amount of BTC to purchase.
5. Review the order amount and click Buy BTC.
6. Follow the prompts to complete the purchase using your debit or credit card.
7. Alternatively, find the wallet icon at the top right and click Deposit.
8. Choose fiat deposit and GBP as the currency to deposit.
9. Fund your Bitget account through Faster Payments
10. Once confirmed, go to Buy Crypto > Cash Conversions
11. Choose GBP as the currency to convert to BTC and complete the swap.

Supported Methods: Faster Payments, Credit and Debit cards.

Pros:

• Transparent fees
• User-friendly interface
• A healthy selection of coins
• Responsive customer support
• Advanced trading functionalities
• Enables fiat deposit and multiple purchase methods

Cons:

• A relatively high withdrawal threshold compared to other platforms.

CoinMama

Founded in 2013, Coinmama is another popular platform that provides the easiest way for UK users to buy bitcoin. The operating company is based in Israel, while the Coinmama platform itself is registered in Ireland.

Coinmama allows users from almost every country to buy BTC using credit and debit cards, and other fiat payment channels.

Steps to buy:

• Create a non-custodial wallet using Coinomi or Trust Wallet and back up your seed phrase.
• Open an account on Coinmama and verify your email address.
• Log in to your new account and complete the identity verification process.
• Select your preferred deposit option
• Input the number of bitcoins you want to buy
• Provide the receiving BTC address to receive funds for your non-custodial wallet.
• Enter debit or credit card information to complete payment.
• If successful, your bitcoins will arrive at your address within an hour or earlier, depending on network activity.

Supported Payment Options: Visa, Mastercard, SEPA, SWIFT, and Apple Pay.

Pros

• Highly trusted and reliable platform.
• Seamless purchase experience.
• Multiple payment options
• It offers a reasonable threshold on card purchases, up to £7500 for verified UK users to buy BTC with GBP.

Cons

• There is low privacy attached to an exhaustive KYC process.
• Charges high fees on debit/credit card transactions compared to other exchanges.

Guarda

Guarda is primarily a self-custodial cryptocurrency wallet. However, the platform offers a simple service for buying Bitcoin in the UK. You can choose to do so by installing the Guarda Wallet app on your mobile and following the prompts to buy Bitcoin. Alternatively, you can buy/sell Bitcoin on their website.

Steps to buy

• Go to Guarda.com/buy-bitcoin
• Input the amount in GBP to spend and review the amount of BTC to receive.
• Click on Buy and provide your Bitcoin wallet address on the next screen.
• Choose a payment method (preferably Guardarian).
• Click Next and agree to the terms of service.
• Provide your email or phone number on the next screen.
• Complete the payment
• Guarda will process the order and send the purchased bitcoins to your designated address.

Supported Payment Options: Visa, Mastercard, SEPA, Faster Payments.

Pros

• The process is relatively straightforward.
• Guarda encourages self-custody, protecting users from risks associated with using third-party cryptocurrency exchanges.
• The platform supports a wide range of payment options to buy bitcoin in the UK.
• The Guarda platform lists a range of crypto assets, making them ideal for investors with diverse portfolios.
• Guarda has a responsive customer service desk available through LiveChat and email.
• Guarda also provides a loan service for lending your bitcoin and other crypto assets.

Cons

• There is no option for users to set limit orders or recurring purchases.

Coinbase

Based in San Francisco, Coinbase launched in 2012 and has become one of the most used cryptocurrency exchanges. The platform boasts over 100 million users and supports over 100 countries, including the UK.

Steps to buy:

1. Create a Coinbase.com account
2. Complete identity verification to access fiat payment options.
3. Navigate to Accounts and select GBP wallet.
4. Fund your account using Bank Transfer or other methods.
5. Once the deposit is complete, go to the Buy/Sell page and select GBP to BTC.
6. Select your preferred amount and wallet address for deposits.
7. Change the deposit wallet to your address outside Coinbase if that is your preference.
8. Complete the purchase.

Supported Payment Methods: Bank wire, SEPA transfers, and Debit cards.

Pros

• Coinbase is a trusted and reliable exchange
• The purchase process is straightforward, even for newcomers.
• There is high liquidity for GBP to BTC markets on Coinbase.
• Coinbase supports a wide range of crypto assets.
• Highest purchase limit compared to competitors.

Cons

• Fees are relatively high.
• Low privacy, with Coinbase also submitting user tax data with UK authorities.
•  

Kraken

Kraken is another excellent platform to consider if you’re looking for ways to buy bitcoin in the UK. The exchange is one of the oldest in the crypto space, having launched in 2013. Notably, Kraken has no record of a security breach and recently simplified the user experience to make it friendly for first-time crypto investors.

Steps to buy:

1. Sign up for an account on Kraken and complete user identity verification.
2. Go to Buy from your dashboard.
3. Input the amount of Bitcoin to buy
4. Add your preferred payment method.
5. If you choose card payment, follow the prompts to review and confirm your order.
6. Kraken will add the purchased BTC to your balance on the platform.

Supported Payment Options: Debit and Credit cards, Bank Transfer (Etana Custody).

Pros

• Deep liquidity
• Transparent fees
• User-friendly interface
• Multiple deposit methods
• Responsive customer support
• Direct BTC/GBP spot market for traders

Cons

• The platform lists fewer coins.

Bitcoin ATM

Bitcoin ATMs are another option for anyone searching for how to buy bitcoin in the UK. Although regulatory requirements have meant a decline in the number of Bitcoin ATMs in the UK, CoinATMRadar reports there is a Bitcoin ATM in Birmingham. Additionally, clearer regulations around these machines could potentially open up the opportunity for them to spring up again.

If you get the chance to convert GBP to BTC on a Bitcoin ATM, you can follow the recommend steps below.

Steps to buy:

• Initiate a “Buy Bitcoin” transaction on-screen and specify the amount.
• Scan the receiving BTC address on your mobile device.
• Feed the machine with cash to the equivalent amount, or use your bank card to complete the payment.
• Confirm the transaction and receive BTC to your address within minutes.

Supported Payment Options: Fiat, Debit, and Credit Cards.

Pros

• Bitcoin ATMs are relatively private since some allow for cash deposits.
• Transactions are settled on the spot, making it convenient to buy BTC on the go.

Cons

• A lack of adequate customer service means transactions could get stuck if any error occurs.
• Fees are usually high when compared to other options considered so far.
• Bitcoin ATMs are still not widely available in some jurisdictions.

How to Buy BTC in the UK: Privacy and Security Tips to Keep in Mind

Now that you know where to buy BTC with GBP in the UK, here are some privacy and security tips to keep in mind:

• Always enable two-factor authentication (2FA) when using an exchange to buy BTC. This reduces the risk of hackers accessing your account and stealing your assets.
• Do not publicly share information about the number of bitcoins you own. This makes you a target for hackers.
• Do not leave substantial amounts of BTC on an exchange. We recommend using a non-custodial wallet or a hardware wallet like Ledger or Trezor.
• Always back up your seed phrase securely and double-check the website's URL and address before confirming transactions. We’ve also included links to the recommended resources for your convenience.

Conclusion

Going back a decade ago, how to buy Bitcoin in the UK was a challenging process. There were few exchanges and a highly liquid market like we have today. One can easily buy BTC online and even offline using their bank cards on any of the recommended marketplaces provided in this article.

After acquiring your bitcoins, keeping them as safe as possible would be best, with the chance of prices going wild in the next few years on the cards.