💵 How to Buy Cryptocurrency in the UK

If you're looking for how to buy cryptocurrency in the UK, there's a big chance you want to hold these assets as an investment or perhaps send payment to someone. 

Buying a cryptocurrency doesn't have to be that difficult, and this guide shows exactly how to do it. It also lists platforms where you can buy, sell, and trade cryptocurrencies using various payment methods. 

A quick "step-by-step guide" on how to buy cryptocurrency on OKX

OKX is one of the most popular platforms for purchasing cryptocurrency. Here's one way to do it:

• Register at OKX.com
• Complete the email and ID verification process.
• Go to Buy Crypto and select Express Buy
• Choose your preferred payment currency on the next screen.
• Select the Crypto to buy and input the amount to spend.
• Click Buy and supply your card details
• Review and authorize the purchase
• Once approved, OKX will add the purchased crypto to your account on their platform.
• You can view the purchased assets by going to Assets > My Assets.

Steps on How to Buy Cryptocurrency

If you’re buying crypto for the first time, then it is worth noting that three steps are involved.

1. Signing up for an exchange: At this stage, you must register with a cryptocurrency exchange and complete their user verification process. The process often requires providing some personal information, an identification document, and a live selfie. The approval process typically takes a few minutes to a few hours. But once you’re verified, you can buy crypto on the platform.
2. Depositing Funds: If you’re not buying crypto with a credit or debit card, you’re likely to transfer funds to the exchange’s bank account from yours. The exchange platform usually provides their account details and an ID for the GBP or EUR transfer. Once confirmed, they will add funds to your account on their platform.
3. Buy Crypto: Following the deposit confirmation, you can now buy crypto on the platform using the purchase tab provided. You can buy Bitcoin or any other coins on the exchange and pay for the purchase with a GBP deposit. Alternatively, you can instantly purchase and pay with your credit card.

Where to buy cryptocurrency in the UK?

1. OKX – the best place to buy cryptocurrency in the UK

Founded in 2017, OKX is one of the most popular cryptocurrencies and the largest by trading volume. They rank among the best places to buy crypto in the UK because of compliance with recent regulatory requirements for crypto exchanges. OKX also supports many features that make it ideal for new and experienced investors.

How to do it:

• Register at OKX.com and complete the user verification process
• Go to Buy Crypto and use the third-party payment option
• Choose GBP or your preferred currency.
• Select a coin to buy and review various offers for the best rates.
• Click Buy Now and provide your card details to complete the purchase.
• OKX will add the purchased crypto to your wallet on the platform.

Pros

• Instant buy and sell
• Tools for advanced trading
• Supports a wide range of crypto assets.
• Proof-of-reserve (PoR) attestation of user assets.
• Educational guides for beginners and demo trading functionality.

Cons

• Does not support direct fiat deposits or GBP trading pairs.

Supported Payment Methods: Credit and Debit Cards, Bank Transfer (via P2P trading), and Cryptocurrency.

2. Bitget

Founded in 2018, Bitget is one of the leading destinations for UK users to buy crypto. The platform provides an instant purchase with a GBP option for selected coins and supports an order book trading format for experienced traders. Users can also access other functionalities such as copy and futures trading.

How to do it:

• Register at Bitget.com and complete the compulsory user verification process.
• Go to Buy Crypto and choose Bank Transfer as your preferred deposit method.
• Select Faster Payments and input the amount to deposit.
• Complete the wire transfer by following the prompts.
• Once completed, find the BTC/GBP pair (or the corresponding GBP pair for the coin you want to purchase).
• You can find supported pairs by going from the Trade > Spot menu
• Switch the order type to Market and input the amount of GBP to spend on buying the coin.
• Click Buy

Pros

• Welcome bonus
• Available on mobile
• Bitget is a reputable crypto exchange.
• The exchange is transparent with its fee schedule.
• Customer funds are insured by an insurance fund managed by the company.
• Bitget provides reliable customer support through LiveChat, and email, making it easier for customers to get assistance.

Cons

• Bitget's UI may be considered too sophisticated for new investors.
• The platform has a high withdrawal threshold compared to competitors. Users can only withdraw from $20 upwards in crypto.

Supported Payment Methods: Debit, Credit Card (Visa, Mastercard), Faster Payments, and cryptocurrencies.

3. Bitfinex 

Launched in 2012, Bitfinex is one of the oldest serving cryptocurrency exchanges and another popular choice for anyone searching for ways to buy crypto in the UK. Users can tap into numerous purchase options and access a wide range of trading products.

How to do it:

• Register at Bitfinex and complete the verification process.
• Go to Wallet > Deposit 
• Choose to deposit through Bank Transfer or Credit/Debit card
• Choose GBP as your preferred currency to deposit.
• Enter the amount to deposit and follow the prompts
• Make a deposit by providing your card details or completing a bank wire using the bank details provided by Bitfinex.
• If successful, go to Trading and choose the corresponding GBP pair for the coin you want to purchase, such as BTC/GBP.
• Switch the order type to Market and input the amount to spend.
• Click Exchange Buy to complete the order

Pros

• Deep liquidity across supported pairs
• Bitfinex offers a healthy selection of cryptocurrencies.
• Bitfinex provides advanced features for professional traders.
• Users can earn interest on their crypto using Bitfinex's lending and staking products.

Cons

• Bitfinex’s exchange interface isn’t really friendly for beginners.
• Bitfinex imposes a five-day withdrawal hold if you forget your password.

Supported Payment Methods: Bank Transfer, Credit/Debit cards (Visa, Mastercard, etc.), and other cryptocurrencies.

4. CoinCorner

Launched in 2014 and headquartered in the Isle of Man, CoinCorner is one of the oldest platforms allowing UK customers to buy cryptocurrency. It is worth noting that the platform only supports buying and selling Bitcoin, focusing most of its efforts on helping customers invest in the leading cryptocurrency.

How to do it:

• Register at CoinCorner.com and complete the Account verification process.
• Click on Deposit and fund your account using your preferred payment method.
• Wait for CoinCorner to credit your account with the deposited amount.
• Go to the Buy/Sell page.
• Select BTC as the coin to buy and choose to pay with your GBP Wallet
• Specify the purchase amount and review the order details.
• Click Buy Bitcoin to complete the order 

Pros

• CoinCorner's platform is user-friendly and ideal for Bitcoin-only investors.
• The exchange is transparent regarding its fee schedule for everyday users and professional traders.
• CoinCorner supports Auto-buys, an excellent way to set up recurring Bitcoin purchases.
• CoinCorner provides a handful of educational resources for new Bitcoin investors.
• The exchange offers a unique Bolt Card for users to earn rewards while spending BTC.
• CoinCorner offers Bitcoin custody, OTC, and corporate solutions for companies looking to allocate a portion of their capital to Bitcoin.

Cons

• CoinCorner supports only Bitcoin and thus is not an option for investors seeking exposure to other cryptocurrencies.
• The platform only offers bank transfers as a fiat deposit method.

Supported Payment Methods: Credit and Debit Cards, Faster Payments, and SEPA.

5. Coinbase

One has to be new to crypto to have not heard of Coinbase. The platform has been around since 2012 and primarily caters to the U.S. market. In recent years, though, Coinbase has expanded its services to UK customers and represents another excellent option if you’re looking for where to buy cryptocurrency.

How to do it:

• Create a Coinbase.com account.
• Complete the verification process to unlock fiat payment methods.
• Go to Settings from your account’s dashboard and choose Payment Methods.
• Use the provided option to link your UK bank account to Coinbase.
• Once confirmed, go to Portfolio to find your GBP wallet.
• Select Deposit and initiate a wire transfer from your bank to Coinbase using the provided
• Reference Code.
• Following deposit confirmation, go back to Portfolio, choose the coin you wish to buy, and choose to pay with your GBP balance.
• Alternatively, you can use the Instant Buy option to purchase your coins.

Pros

• Coinbase is a reputable cryptocurrency exchange with no history of financial security breaches.
• Coinbase’s interface is user-friendly and ideal for first-time investors.
• Customers can set up recurring purchases to build their portfolios.
• Coinbase offers a professional trading platform (Coinbase Pro) to meet the needs of experienced traders.
• Coinbase supports staking for selected PoS coins.

Cons

• Coinbase fees are relatively high compared to competitors.
• Users also report long wait hours or days to contact the customer support team. 

Supported Payment Methods: Wire Transfer via Faster Payments, SEPA, Debit and Credit Cards (Visa, Mastercard), and other cryptocurrencies.

6. Wirex

Launched in 2017 and headquartered in London, Wirex claims to be a “crypto-friendly currency account.” The platform’s primary offering is a mobile app and card that lets users easily convert between fiat and cryptocurrencies. Customers can use the conversion feature to buy and sell cryptocurrency anytime.

How to do it:

• Download and install the Wirex app from your app store.
• Register on the app and verify your identity.
• Go to Preferences > Linked Cards and link your local bank card.
• Once approved, go to Accounts and select the cryptocurrency you want to purchase.
• Click Add Funds at the bottom of the page and choose to pay with a linked card.
• Review the order details and complete the transaction.
• Alternatively, you can Add Funds via a bank transfer using the details provided by Wirex when you choose the option.
• Once confirmed, use the Exchange Currencies tab to convert GBP to your desired cryptocurrency.

Pros

• The UK FCA regulates Wirex.
• Wirex has a user-friendly trading interface.
• The platform supports a wide range of fiat currencies.
• The Wirex debit card lets users spend on crypto and offers additional perks.
• Fees on Wirex are very friendly when compared to competitors.

Cons

• Wirex supports fewer cryptocurrencies.
• The user verification process is tiring and can take time.

Supported Payment Methods: Credit and Debit Cards, Swift, SEPA, and Faster Payments. 

7. Kraken

Founded in 2011, Kraken is another reputable crypto exchange that opens the door to UK crypto investors. You can buy crypto with GBP on the platform and access a range of trading pairs for the fiat currency. 

How to do it

• Register at Kraken.com and verify your identity
• Click the Buy button
• Select the cryptocurrency to buy and input the amount.
• Choose your preferred payment method, preferably a bank card.
• Review the order details and complete the purchase.
• Alternatively, you can go Transfer and fund your Kraken account through bank transfer.
• Reopen the Buy Tab and pay with your account balance. 
• Advanced traders can use Kraken Pro to access other sophisticated trading options.

Pros

• High-deposit limits
• User-friendly interface
• Responsive customer support
• Available on Android and iOS mobile
• Regular proof-of-reserve (PoR) attestation to confirm user deposits are fully backed.

Cons

• Fewer fiat deposit methods
• Supports fewer cryptocurrencies compared to competitors.

Supported Payment Methods: ACH, Credit and Debit Cards, Bank Transfer (via Etana Custody)

8. Bitpanda

Based in Australia, Bitpanda is another excellent platform for UK investors to buy cryptocurrency. The exchange has been around since 2014 and mainly caters to the needs of retail users. Recently, Bitpanda has expanded its offering to include precious metals and stocks.

How to do it:

• Register on Bitpanda and complete their ID verification process.
• From your account’s dashboard, click Deposit to fund your account using your preferred payment option.
• Once confirmed, go to Wallets and select the coins you want to purchase.
• Click Buy on the coin and enter the amount.
• Choose to pay with your wallet balance.
• Complete the transaction and Bitpanda will add the purchased coins to your wallet.

Pros

• Bitpanda’s platform is easy to navigate and suits the needs of regular investors.
• The exchange includes native support for using GBP and EUR to buy crypto.
• Bitpanda offers direct Crypto Swaps, an interest-saving wallet, and other features.
• Users can invest in stocks, precious metals, and other assets from the same place.
• Bitpanda employs stringent KYC and security processes to ensure the safety of user funds.

Cons

• The platform lists a limited number of cryptocurrencies.
• Having so many features can confuse investors who only want to buy crypto.

Supported Payment Methods: Wire Transfer, Bank Cards (Mastercard, Visa), Neteller, Skrill.

9. Coinjar

Coinjar is an Australia-based cryptocurrency exchange and one of the oldest, having launched in 2013. The platform supports some of the most popular cryptocurrencies and is notable for having numerous deposit options for UK users.

How to do it:

• Register at Coinjar and verify your account.
• Click the Buy/Sell tab once logged into your account.
• Select the coin you want to buy and your preferred payment method.
• If you choose a card, you can complete the purchase instantly.
• Alternatively, you can fund your Coinjar account and make the purchase after deposit confirmation.

Pros

• User-friendly interface
• Multiple fiat deposit methods
• Available on Android and iOS.
• Coinjar offers a debit card for spending crypto.
• Users can gain exposure to a broad basket of crypto assets using Coinjar Bundles.
• Coinjar boasts a reliable customer service desk, including phone support.
• Customers can swap from one coin to another using the Convert function.

Cons

• Coinjar is not ideal for sophisticated traders.
• Supports a limited number of coins compared to competitors.
• Users may occasionally encounter issuers using Coinjar on a desktop browser.

Supported Payment Methods: Faster Payments, SEPA, Credit and Debit Cards (Mastercard, Visa), Osko, Google Pay, Apple Pay. 

10. Bitcoin ATM

Bitcoin ATMs are becoming popular, with over 20 machines currently located in the United Kingdom. Some allow users to buy Bitcoin, sell it, or use their bank card or physical cash as payment.

Although most Bitcoin ATMs vary in their display and functionality, anyone with a basic knowledge of crypto and how to operate a traditional ATM can use these machines.

How to do it:

• Initiate a purchase transaction on the ATM.
• Provide your KYC details if required.
• Enter the amount of BTC to purchase.
• Scan the QR code from your wallet address so that you will receive the coins.
• Insert cash or card to make payment.
• Once confirmed, the purchased coins will be sent to your wallet within the time stipulated by the ATM provider.

Pros

• Bitcoin ATMs represent one of the few methods for spending physical cash on crypto purchases.
• Bitcoin ATMs that do not require KYC are ideal for preserving the buyer's privacy, especially if they accepts cash payments.
• These machines allow users to spend spare cash on crypto more easily.
• Machines that support selling allow users to cash out on crypto as they would cash.

Cons

• Some machines only support Bitcoin purchases.
• Fees on Bitcoin ATMs are typically high, around 5-10% 

Supported Payment Methods: Cash, Bank Transfer, Bank Cards. 

Things to consider before buying crypto

If this is your first time buying cryptocurrency, then you will find it helpful to consider the following points:

Time in the Market: Like every other market, the cryptocurrency market has bull and bear markets. Put simply, there are times when prices remain low for a while and when prices soar. After an epic bull market in 2017, the crypto space witnessed a bear market in 2018. The bear market was followed by a meteoric rise in 2020-21 and another bear market in 2022.

Since the objective of every investor is to generate returns, bear markets are usually a good time to buy coins with the hope of selling them in a bull market. However, buying into cryptocurrency when prices are high could mean waiting longer to realise tangible profits.

Investment Strategy: Every prospective crypto investor must determine whether they want to spend a lump sum on a one-off purchase or whether they want to build their position over time. The former approach may be ideal for a passive long-term investor, while the latter is an excellent choice for active investors looking to build their crypto portfolio.

Dollar-cost averaging (DCA) – the process of spending a specified amount periodically on crypto purchases  – is a popular choice for new investors as it allows them to lower their buy-in price and profit from any significant market rise.

Associated Risks: Prospective crypto investors must abide by the rules of not investing more than they can afford to lose. The crypto market is highly volatile, and 50% price movement in either direction is not unheard of. 

Additionally, investors could lose their coins if they fail to properly secure their wallets or exchange accounts. Understanding these risks is essential for anyone considering whether or not to invest in cryptocurrencies.

Where to store your coins

Given the industry’s muddy history with security breaches and wallet hacks, anyone with substantial amounts in cryptocurrency must consider where to store their coins. 

Many experts agree that investing in a hardware wallet such as Trezor or Ledger is one of the best security practices, at least for the everyday investor. These devices store your coins offline to mitigate any risk of losing them to hackers.

Users who leave substantial amounts on exchanges like Coinbase or Binance must recognise that, although relatively reliable, these platforms present third-party risks. Operators could get hacked, face regulatory action, or other unexpected developments that might put user funds at risk.

Privacy and security tips

Abiding by the following measures can help you secure your crypto from hackers:

• Never enter your wallet’s private key or passphrase on any website.
• Never publicly disclose the number of bitcoins you own, as this might make you a target for online and offline criminals.
• Always use strong passwords and advanced security features such as two-factor authentication (2FA) to secure your crypto exchange account.
• Make sure to double-check addresses before sending transactions. If you’re sending a large sum, consider sending a test transaction to the recipient's address first and then the rest if successful.
• When visiting exchange websites or installing wallets, ensure you’re on the correct URL and install only the latest applications.

Conclusion

Cryptocurrencies are here to stay and will likely continue co-existing alongside traditional financial and currency markets. However, getting in on the act is as crucial as choosing the right platform.

This article detailed how to buy cryptocurrency in the UK, providing a list of reputable exchanges and brokers where interested investors can get started. It also covers the pros and cons of choosing each platform and hopes to help readers choose one that satisfies their investing needs. 

Conclusively, it provided security tips and guidance for investors to safeguard their money. Happy investing!