Luxury watches transcend simply telling the time; they define the owner’s status, accomplishments, and investments. Whether you are a wealthy individual or have a flair for prestigious timepieces, you must have wondered if it is possible to buy watches with crypto in the UK. Look no further, as we have curated everything you need about this topic.
This article discusses six UK watch sellers that allow customers to pay for watches with crypto. It also highlights a step-by-step process to execute the purchase. Finally, we will answer several questions individuals may have on the topic.
Table of Contents
A quick overview on buying luxury watches with crypto
Luxury watches are widely known for their durability and store of value. Imagine owning a luxury timepiece that you can pass down to future generations. Instead of their value depreciating over time, these prestigious watches often gain value with age, making them a sought-after investment.
Luxury watch purchases with crypto is a concept that has garnered attention over the past few years. It allows you to ditch fiat currencies and online payment options that charge shocking fees and take longer to process. You can quickly complete luxury watch payments using cryptocurrencies like Bitcoin at unbelievably cheap fees.
With crypto, anyone can own a luxury watch. Because cryptocurrencies are volatile, an upward trend can enable holders to convert pennies into thousands or millions. This advantage allows even someone with minimal earnings to own a prestigious timepiece. At the same time, a purchase that would have been termed lavish spending will become easy to execute.
5 steps to buy luxury timepieces with cryptocurrency in the UK
Here is a step-by-step process to pay for watches with crypto:
Step 1: Choosing the Appropriate Luxury Watch Seller
The first step when buying a watch with Bitcoin or other cryptocurrencies is ascertaining whether the seller supports crypto payments. We have listed six watch sellers who do.
Step 2: Setting Up the Right Crypto Wallet
If you haven’t already done so, you need to set up a crypto exchange or wallet. Some top choices include Ledger, Trezor, and MetaMask. Next, fund the account with sufficient cryptocurrencies to cover the luxury watch and transaction fees.
Step 3: Select Your Desired Luxury Watch
Once your crypto wallet is well-funded and operational, you can select your desired luxury watch on the platform.
Step 4: Confirm Payment Details
Each watch seller has a unique process for users to pay for watches with crypto. Follow the prompt on the platform and choose crypto as your desired payment method. Input the cryptocurrency you intend to spend. While at it, keep an eye on the transaction fees to ensure you have enough to cover it. Also, take note of applicable tax when executing the trade.
Step 5: Execute the Transaction
Finally, review the transaction details and confirm the trade. Once completed, you will be notified of your purchase and be told how to receive the physical timepiece.
6 reliable UK watch sellers to buy timepieces with cryptocurrency
Here is a list of six reputable UK watch sellers where you can buy luxury timepieces using cryptocurrencies:
Banks Lyon
Banks Lyon is a top choice among luxury watch sellers, allowing customers to buy their desired timepiece using crypto. The Lanchester-headquartered company’s origin dates back to 1887 when it started as a shoe shop. However, since 1985, the firm has offered jewelry, including luxury timepieces. The company’s commitment to quality and personal service has remained untampered with over the decades.
The platform allows users to buy Rolex with crypto. Other prestigious watches include Breitling, Omega, Cartier, Tag Heuer, Hubolt, and Longines. To facilitate crypto payments, Banks Lyon partnered with the payment platform xMoney. Anyone can buy watches with Bitcoin, Ethereum, or other cryptocurrencies.
C.W. Sellors Jura Watches
Jura Watches is an independent, family-run luxury watch retailer under C. W. Sellors Jewellers, created in 1979 in the UK. The company has the largest selection of Swiss watches for men and women. With over 20,000 luxury watches displayed online and in-store, the company prides itself on being one of the country’s leading online watch stores.
C.W. Sellors Jewellers is one of the first online retailers to accept crypto payments. They offer the option to pay for jewelry and world-leading watch brands like IWC Schaffhausen, Bremont, Grand Seiko, Bell & Ross, and many more. The company collaborated with Coinbase Commerce to facilitate crypto-based payment solutions. Buyers are redirected to Coinbase’s platform when they choose the crypto payment option, allowing them to buy watches with Bitcoin, Ethereum, and other cryptocurrencies.
Watches of Wales
Founded in 2013, Watches of Wales is a renowned UK watch marketplace that allows users to buy and sell luxury watches. The platform specializes in second-hand Rolex watches, pre-owned Omega timepieces, Chopard, and other vintage watches. It also features watches for men and women. The timepiece marketplace also hosts competitions where participants can win a luxury watch. These features have earned the platform a 4.8 rating on Trustpilot.
Watches of Wales allows customers to pay for watches with crypto via xMoney. Users can buy Rolex with crypto like Bitcoin, Ethereum, or other supported digital assets.
The Watch Collector
Established in 2016, The Watch Collector prides itself on being one of the most sought-after luxury watch marketplaces. The platform allows users to buy and sell watches. Customers can own a prestigious timepiece for less than £1,250 or above £5,000. Top brands featured on the platform include Omega, Rolex, Heuer, and IWC. It also features various collections of watches, including vintage, modern, anniversary, and more.
The vintage watch company has expanded its payment options to include volatile cryptocurrencies like Bitcoin and Ethereum.
Swiss Watch Trader
As its name implies, Swiss Watch Trader specializes in buying and selling various Swiss watches to UK customers. Touting itself as “the pre owned watch specialist,” this timepiece marketplace offers renowned brands such as Breitling, Omega, and Rolex. It has also earned the trust of its customers through a 24-month warranty, free deliveries within the UK, and a 14-day return policy.
Customers can make luxury watch purchases with crypto assets like Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT).
Watts on Watches
Watts on Watches is one of the recently launched luxury watch marketplaces. Despite being launched in late 2021, the timepiece platform has soaked up attention from watch enthusiasts across the UK. One way it achieves this is through its repair services, which allow watch owners to have their timepieces fixed within less than eight weeks. While at it, the platform facilitates the buying and selling luxury timepieces like Rolex, Cartier, and Omega.
The company has partnered with xMoney to offer seamless and secure payments for these products using selected cryptocurrencies.
3 best crypto wallets to use for buying a luxury watch
Ledger
Ledger is a hardware wallet that allows users to store crypto assets offline, safe from hackers. To own a Ledger wallet, one needs to purchase the physical hardware. They can monitor their crypto assets through the Ledger Live app. This makes it an expensive option for users seeking a free crypto wallet. However, the hardware crypto wallet is a top choice for users seeking to prioritize security when buying a watch with Bitcoin.
Trezor
Trezor is another much sought-after hardware crypto wallet that allows users to keep their crypto assets offline. The platform supports over 1,000 cryptocurrencies, making it a top choice for those buying luxury watches using a select number of crypto assets. Crypto users enjoy using crypto wallets like this because they allow holders full ownership of their digital assets. At the same time, the platform offers wallet backup in cases where holders misplace their funds.
MetaMask
MetaMask is a software crypto wallet that allows users to interact with various blockchain networks like Ethereum, Avalanche, Arbitrum, BNB Chain, and Polygon. It is a non-custodial wallet, meaning users fully own their private keys and funds. Each user account generates 12 seed phrases granting access to digital assets. The downside is that the account is non-retrievable if users misplace their private keys. Another perk of non-custodial wallets is their seamless integration with decentralized applications (dApps).
FAQs
What cryptocurrency is the most accepted for watch purchases?
The most accepted cryptocurrency for buying luxury watches is Bitcoin (BTC). Being the oldest and most popular digital currency, it is widely used by many retailers. Some timepiece marketplaces also accept other well-known cryptocurrencies like Ethereum (ETH), USDT, and USDC. However, Bitcoin remains the most trusted and common choice for luxury items. Before purchasing, it is best to check directly with the seller to know which cryptocurrencies they accept.
What is the best place to buy Rolex with crypto in the UK?
This article discusses the best places to buy Rolex with crypto in the UK. They include Banks Lyon, Watches of Wales, The Watch Collector, and Swiss Watch Trader. While choosing from these marketplaces, it is vital to weigh factors like fees, taxes, customer rating, and warranty.
Is it safe to purchase luxury watches for cryptocurrency in the UK?
Yes, buying from a trusted and professional timepiece marketplace can be safe. To ensure a secure purchase, buy from known retailers like those discussed in this article. Choose sellers with good customer reviews and an established market presence. You can safely use crypto to purchase luxury items in the UK by doing your own research and using reliable platforms.
Do I pay taxes when spending crypto on watches in the UK?
Yes, using cryptocurrency to buy goods like luxury watches in the UK can lead to taxation. The UK government treats spending crypto the same as selling it, which means you may need to pay capital gains tax if the value of your crypto has increased since you got it. Therefore, you are encouraged to contact a tax advisor if you are unsure about your tax obligations before purchasing luxury timepieces.
Conclusion
Cryptocurrencies have gone beyond being solely speculative assets and become a medium of exchange for high-end products like luxury watches. This article discussed six companies in the UK that allow users to purchase their desired timepiece using crypto and provided a step-by-step process for executing the trade.
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