If you want to know how to buy Ethereum in the UK, either as an investment or for transactional purposes, then you’re not alone. Second, only to Bitcoin, Ethereum is a promising blockchain project and has already achieved significant adoption rates when compared to other cryptocurrencies.
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Here’s a typical example of how to buy Ethereum with GBP using cryptocurrency exchanges where ETH is listed.
How to Buy Ethereum (quick guide):
- Create a new private Ethereum wallet using Trust Wallet or Ledger and generate a new ETH address.
- Sign up on a crypto exchange like Binance and verify email.
- Fund your account using your preferred deposit method (bank cards or other cryptocurrencies). To do this, click on “Funds” from your dashboard and select “Deposit.”
- Search for the pair you want to trade (ETH/GBP)
- Choose your preferred order type and amount to trade.
- Place the order.
- Transfer the purchased ETH from exchange to your private wallet address.
How to buy Ethereum with GBP
The above example shows how to buy Ethereum in the UK using some popular cryptocurrency exchanges, especially those that list tens if not hundreds of other cryptocurrencies.
Since that process may be a little complex for first-time investors, we provide a shortlist of other exchange platforms where buying Ethereum can be a plug and play affair.
CEX.IO – best way to buy Ethereum in the UK
CEX.io is one of the oldest cryptocurrency exchanges (launched in 2013) and remains a viable option for any looking for how to buy Ethereum in the UK. The minimum purchase amount is pegged at £20 while you can buy as much as £7500 at a go.
Accepted Payment Options: Visa and Mastercard, Bank Transfer (SEPA, SWIFT, Faster Payments, Cryptocurrency
Steps to buy:
- Sign up for a CEX.io account and verify email and identity.
- Add your debit card or fund your account via your preferred channel.
- Go to the ETH/GBP page if you want to use your card for payment.
- Specify the amount of ETH you want to buy.
- Provide your card details and complete the transaction.
- To use the order book, head to “Trade” on your CEX dashboard and select the ETH/GBP pair after funding your account via bank transfer.
- Scroll past the chat and select order type “Market Order.”
- Enter the amount and complete the trade.
- Transfer ETH from your CEX.io wallet to your private ETH address for safekeeping.
- CEX is a trusted and reliable exchange.
- The platform provides an easy-to-use interface for first-time buyers.
- The stringent KYC process means you can’t invest in Ethereum anonymously using CEX.io.
- The exchange charges a high 7% fee on card transactions. Some platforms charge lesser.
Coinmama launched in the same year as CEX and unsurprisingly has a similar transaction flow So if you’re searching for how to buy Ethereum in the UK and have a large capital to play with, both platforms are a good option and can suffice for each other.
Coinmama’s faster payments have a £30,000 maximum limit per transaction for verified accounts.
Accepted Payment Methods: Bank cards, Faster Payments.
Steps to buy:
- Create an account with Coinmama and verify your identity.
- Go to the “Buy” page and select Ethereum as the currency to buy
- Fill in your order details and click buy
- Provide a wallet address.
- Make sure to complete the payment either via card or Faster Payments.
- The transaction should be completed within a couple of hours with the ETH deposited in your specified address.
- Coinmama is a trusted and reliable exchange for UK users.
- No processing fees on deposits via Faster Payments
- Transactions are completed within a few minutes or one business day at most.
- Coinmama doesn’t allow crypto purchases without KYC
Binance is arguably the largest cryptocurrency exchange in the industry and offers an excellent option for those who want to buy Ethereum. We explained how to buy ETH using Binance Jersey in our first quick-guide.
You can also buy ETH with GBP via Binance.com since the global platform offers a range of options for U.K users. For this guide, we focus on using bank cards. The minimum purchase amount is £15 while the maximum for card purchase is £5000.
Accepted Payment Options: Bank Deposit, Debit/Credit card, P2P Trading, Third-Party Transfer, Faster Payments.
Steps to buy:
- Sign up for a Binance account and complete the verification process (You can skip verification if you’re buying ETH for another crypto)
- Click on the “Buy Crypto” option on the dashboard. Change currency to GBP and select Credit/Debit card.
- Input amount on the next screen and confirm payment details.
- Complete the Safety Certification process
- Complete the payment.
- Multiple fiat gateways for how to buy Ethereum in the UK
- Responsive customer support team.
- You can buy ETH without KYC using other cryptocurrencies.
- Unparalleled liquidity when compared to other platforms.
- There would be a strict identity verification process if you chose to use bank cards for your transactions.
Coinbase is another popular choice for investors in the UK who want to buy ETH or any other cryptocurrency. Coinbase launched in 2012 and has stood the test of time as one of the oldest cryptocurrency exchanges not to report any security breach. So you can trust that your funds are safe when using the platform.
Accepted Payment Options: Credit/Debit cards, Bank Wire, SEPA Transfer, Faster Payments.
Steps to buy:
- Sign up for a Coinbase account and verify your identity.
- Fund your account via bank cards or bank wire transfer.
- Once your account is credited, click Buy/Sell and select ETH as the crypto buy.
- Specify the amount of ETH to buy and Click “Complete Buy.”
- Once the transaction is complete, you can choose to leave your ETH or move to your private address.
- You can buy Ethereum on a fully secure and regulated platform.
- Easy to use interface for first-time investors.
- Coinbase charges a competitive 3.99% fee on card transactions.
- The Coinbase platform is prone to downtimes when there’s a wild market move. Thus, it may not be a good option for buying or selling crypto during such times.
LocalCryptos (formerly known as LocalEthereum)
Unlike the other platforms we’ve reviewed so far, LocalCryptos is a peer-to-peer platform for buying and selling cryptocurrencies. In other words, you will buy Ethereum from other sellers on the platform instead of the operator itself.
LocalCryptos is able to support UK users because it doesn’t keep custody of the transacted assets and also lets buyers and sellers choose from a wide variety of payment options.
Supported Payment Options: Bank Transfer, Cash Payments, Skrill, SEPA Transfer, PayPal, Revolut.
Steps to buy:
- Create an account on LocalCryptos
- Visit the Buy Ethereum page and set your country and preferred payment option
- Select a suitable offer and open a Trade chat.
- Finalise deal terms with the trader and receive your coins to your specified Ethereum address.
- It is a highly trusted and reliable platform.
- You can buy Ethereum without KYC since LocalCryptos is light on regulations.
- The platform supports a variety of payment options for UK users.
- Offers on LocalCryptos are usually above market price.
- Being loose on regulatory requirements means a higher risk of encountering bad traders.
Despite launching in 2014, it wasn’t until September 2018 that Wirex enabled support for Ethereum, allowing users to hold, buy, sell and store the cryptocurrency directly from their Wirex account.
Supported Payment Methods: SWIFT, Faster Payments, SEPA transfer, Credit, and Debit Cards.
Steps to buy:
- Signup for a Wirex account and complete the identity verification method
- Fund your GBP wallet using any of your preferred payment methods.
- After the funding is complete, Select GBP account as the “Exchange From” account and Ethereum as the “To” account.
- Specify Exchange transaction amount and complete the transfer
- Transfer received ETH to your non-custodial wallet or leave on Wirex.
- Wirex is a trusted exchange for those searching for how to buy Ethereum in the UK.
- You can exchange up to £50,000 in a single transaction.
- Support for 50 other cryptocurrencies other than ETH
- Wirex card allows you to spend your crypto in case you choose to store it on your Wirex Ethereum wallet.
- An extensive KYC process means your identity is disclosed in the process of buying cryptocurrency.
Launched in 2017, BC Bitcoin is another popular option for UK users looking to buy Ethereum. It offers a simple user experience, presenting a simple flow for completing the transaction.
Supported Payment Methods: SEPA Transfers, Visa, Mastercard.
Steps to buy:
- Sign up for a BC Bitcoin account and verify your identity
- Open the “Buy” page and select Ethereum as the coin to buy and GBP as payment currency.
- Enter transaction details, including your external Ethereum address.
- Complete the payment process and receive your ETH coin in the specified address.
- BC Bitcoin offers a simple user experience for even first-time buyers
- Supports recurring buys
- No hidden fees
- Highly responsive customer support team.
- The verification process can be slow and also deanonymise the process of investing in cryptocurrencies.
Privacy and Security Tips To Keep in Mind When Buying Ethereum
- It is best practice to store your ETH using a hardware wallet such as Ledger or Trezor. This way, you keep your coins offline and less susceptible to hackers.
- It is known that malware on your computer could swap a copied address on your clipboard, and replace it with one provided by hackers. Therefore, we recommend that you double-check addresses before sending coins.
- Beware of fraudulent sellers if you’re using a peer-to-peer platform like LocalCryptos. Only trade with trusted and verified.
In this article, we provided a list of exchanges and platforms that offer how to buy Ethereum in the UK using a variety of payment options like SEPA, bank transfers, Faster Payments, and Bank cards.
The promise of Ethereum growing more considerably than its current size makes it an exciting prospect for investors, and holding ETH is a first step to positioning for any future benefits.