Looking to buy Bitcoin (BTC) in the UK without overpaying? With Bitcoin’s rising popularity, UK investors seek the cheapest ways to buy Bitcoin while minimizing fees and gaining exposure to the world’s leading cryptocurrency. From crypto exchanges and peer-to-peer (P2P) platforms to regulated ETFs, your chosen method can significantly affect how much BTC you get for your money.
In this guide, we explore five of the most cost-effective ways to buy Bitcoin in the UK, comparing fees, platforms, and the pros and cons of each method. Whether you're a seasoned investor or just getting started, this breakdown will help you make smarter, fee-conscious decisions.
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Top Options to Buy BTC in the UK: Our Review
Here are the most effective and affordable methods for UK residents to buy Bitcoin with minimal fees. Each approach offers its own advantages, catering to different investor needs and preferences.
Crypto Exchanges
Crypto exchanges are among the most popular ways to buy Bitcoin in the UK. These platforms facilitate the purchase, sale, and trading of BTC through an easy-to-use interface. Many offer competitive fees, strong liquidity, and fast execution, making them ideal for both beginners and seasoned investors.
Pros
- High liquidity and fast transactions, which enable efficient market participation.
- Multiple payment options
- Advanced trading features
- Easy to use, ensuring investors can confidently navigate the platform.
- Regulated options are available in the UK
Cons
- Some of these exchanges have high fees for card purchases
- Requires identity verification
P2P Platforms
P2P platforms connect buyers and sellers directly, bypassing traditional intermediaries. Users can negotiate prices and payment methods, often resulting in lower fees than centralized exchanges.
P2P enables users to purchase Bitcoin at negotiated prices without incurring additional fees associated with the need for intermediaries.
Pros
- Competitive pricing (negotiable rates)
- Lower fees than traditional exchanges
- Flexible payment options
- Offers greater privacy
Cons
- Higher risk of scam
- Often slower than exchanges
ETFs
Exchange-traded funds (ETFs) allow investors to gain exposure to BTC without directly owning the asset. Instead, these funds track Bitcoin’s price/performance. ETFs can be purchased through traditional stock brokers, making them ideal for conventional investors.
Pros
- Regulated and secure
- Investors would not require a crypto wallet
- Suitable for traditional investors
Cons
- Does not confer actual ownership of Bitcoin
- Management fees apply
- Limited to market hours
Where to buy Bitcoin in the UK: 5 cheapest crypto exchanges
Not all exchanges were created equal, as some offer better fee structures while others may have certain price limitations that can impact trades. Below are platforms that let you buy Bitcoin with minimal fees while providing good features and optimal security.
OKX
OKX is a globally recognized cryptocurrency exchange known for its user-friendly interface and strong reputation among traders. Founded in 2017, it has grown into a trusted option for buying Bitcoin in the UK. It offers a clean layout, excellent mobile and desktop usability, and responsive customer support. Its interface is accessible to beginners and advanced users, making trading easy and enjoyable across devices.
OKX prioritizes security and offers measures such as multifactor authentication and two-factor authentication to ensure the safety of user funds. UK investors can use OKX’s broad asset support for easy swaps between Bitcoin and multiple asset options.
It also supports several payment options, including PayPal, debit and credit cards, Apple Pay, and Google Pay. A P2P trading option adds flexibility for those seeking to negotiate purchases directly. OKX is known for its low fees, making it an excellent option for investors who intend to buy Bitcoin.
Features
- Good security measures which ensure safety of funds
- User-friendly with an easy-to-navigate interface
- Low trading fees
- Mobile and desktop apps
- Offers P2P trading
Fees
Trading Fees: Dependent on different user tiers
- Taker fee: 0.15% to 0.10%
- Maker fee: 0.01% to 0.08%
Withdrawal fees: Varies by cryptocurrency
Best for: Users who want to buy Bitcoin at the lowest price using bank transfers.
eToro
eToro is a multi-asset trading platform regulated by the UK’s Financial Conduct Authority (FCA), making it a trusted choice for UK investors. Founded in 2007, it allows users to invest in stocks, ETFs, and cryptocurrencies like Bitcoin through a single platform. This makes it appealing for traditional investors looking to diversify into Bitcoin without navigating complex trading environments.
Its user interface is beginner-friendly, offering a smooth and intuitive mobile app and web-based experience. eToro is particularly useful for users seeking educational tools, providing a wide range of resources to help investors understand the market. Its regulatory compliance and strong security protocols, including two-step verification and biometric login, add an extra layer of trust for investors.
It is a cost-effective platform with ETF commissions and free deposits, making it a good option for investors who prefer to gain exposure to Bitcoin through ETFs.
Features
- Well-regulated with FCA approval
- Supports multiple assets
- User-friendly interface suitable for inexperienced traders
- Offers educational resources
- Offers Bitcoin ETFs
Fees
ETFs: no fee
Cryptocurrencies: 1 - 2% trading fees
Withdrawal fees: $5 (£3.85)
Inactivity fee: $10 (£7.82) This is charged after 12 months of inactivity
Best for: Those looking to buy cheap Bitcoin alongside other assets cheaply.
Gemini
Founded in 2014, Gemini is a US-based cryptocurrency exchange with a solid presence in the UK due to its simple user interface and high security standards. It is ideal for investors of all experience levels. It offers an efficient setup process and multiple funding options, such as Apple Pay, debit/credit cards, bank transfers, and third-party processors.
The platform is designed with investor protection in mind, utilizing strong security measures, including biometric login, multi-factor authentication, and third-party audits. Gemini also insures its users’ crypto holdings and stores most of their funds in cold storage. With support for GBP and an easy-to-use mobile app, Gemini provided a convenient and secure environment for UK residents looking to buy Bitcoin.
Features
- Supports GBP
- Insurance on crypto holdings in theft, loss, or other unforeseen circumstances.
- Simple user-interface
- Has a mobile app
- Strong security features
- Multiple deposit options for seamless investments
Fees
Trading Fees
0.00% - 0.20% (Maker fee) and 0.03% - 0.40% (Taker fee)
Deposit fees: 2.50% (PayPal), 3.49% (Debit cards), other deposit methods (Free)
Withdrawal: Fiat currency withdrawals are free
Best for: Beginners and those wanting to purchase Bitcoin with minimal fees via bank transfer.
MEXC
Founded in 2018, MEXC is a well-known cryptocurrency exchange and P2P platform. It has a simplistic and intuitive user interface and is known for its fast transaction processing.
MEXC offers some very interesting features, such as “Locked Savings,” which allows investors to lock up their assets, preventing them from withdrawing or trading them within the locked period. This feature makes it suitable for investors who aim to hold their Bitcoin for a long time. Users who do this also earn yields on their savings.
MEXC supports various deposit methods, including credit and debit cards, bank wire transfers, and third-party payments. It also supports over 25 fiat currencies, including the GBP, making it a suitable choice for investors in the UK. The exchange prioritizes security and uses a combination of cold and hot wallets to keep users' funds safe. Deposits on MEXC are free.
Features
- No KYC is required for small trades
- Offers high liquidity
- Supports P2P trading
- Locked savings to prevent premature coin withdrawals
- Supports GBP
- Offers multiple deposit methods for ease of investment
Fees
Trading Fees:
- Spot trading fees: 0.05% Makers and Takers.
- Futures trading: 0% (Makers) 0.02% (Takers)
Deposit Fees: None
Withdrawal Fees: Depends on network congestion at the time of withdrawal.
Best for: Those seeking BTC at the best price, especially if using stablecoins to swap for BTC.
Coinbase
Coinbase is a widely used crypto exchange known for its simplicity, educational features, and high-security standards. Founded in 2012, it has become a go-to platform for beginners in the UK who want an intuitive way to purchase Bitcoin with fiat currency. Its interface is clean and accessible (both on mobile and desktop), making it ideal for users unfamiliar with crypto platforms.
The platform offers educational incentives through its Learn to Earn feature, helping users gain crypto knowledge while receiving small rewards. Coinbase is highly secure and regulated, with features like two-factor authentication, cold storage, and crime insurance.
UK users can fund their accounts through multiple methods, including bank and wire transfers, SEPA, and SWIFT, adding flexibility and convenience.
Features
- Well-regulated and insured, ensuring the protection of user funds
- Offers vault storage option for digital assets
- User-friendly interface
- Multiple deposit option
- Extensive educational resources
Fees
Deposit fees:
- Wire transfer: $10 (£9.07)
- SEPA: €0.15
- SWIFT: none
Withdrawal fees:
- Cryptocurrency- dependent on network
- Fiat – wire transfer ($25), SWIFT (£1 per transaction), SEPA (free)
Best for: Convenient for beginners, but not the cheapest way to buy Bitcoin with a credit card.
FAQs
Is it possible to get Bitcoin for free?
Yes. Getting Bitcoin for free is possible. However, it is rare and usually involves small amounts of Bitcoin. Below are some of the ways to get Bitcoin for free.
- Bitcoin faucet: Some platforms offer free Bitcoin faucets for completing tasks.
- Airdrops and giveaways: Sometimes, exchanges and specific crypto communities offer their users and members Bitcoin airdrops and giveaways. Investors might get lucky and be gifted some BTC by influencers on social media platforms. However, this rarely occurs.
- Referral bonuses: An individual can earn bitcoins by inviting friends and new users to a platform.
Why does Bitcoin's price vary across different exchanges?
Prices vary due to differences in supply and demand, trading volume, and exchange fees. High-volume exchanges tend to reflect the most accurate market price. To buy BTC at the best price, compare prices on multiple platforms or use an aggregator.
What is the cheapest way to buy Bitcoin with a credit card?
Buying Bitcoin with a credit card often comes with higher fees. However, P2P platforms or exchanges such as MEXC and OKX can provide a cost-effective option for purchasing Bitcoin with a credit card.
Conclusion
Buying Bitcoin in the UK doesn’t have to be an expensive endeavor. Often, the cheapest payment available to a person will depend on their preferred payment methods and their investment goals. Whether you are seeking to buy cheap Bitcoin through P2P platforms, want to cheaply invest in Bitcoin via an exchange with low fees, or indirectly invest through ETFs, the options above provide value.
By choosing a low-cost platform and avoiding unnecessary charges, you can get BTC at the best possible price and keep more of your investment. Exchanges like OKX and MEXC offer BTC at the best price, while P2P platforms provide better flexibility. To purchase Bitcoin with minimal fees, constantly compare prices from different platforms and opt for bank transfers over card payments.
Be sure to pick a method that suits your needs. These may include convenience, low fees, or privacy. Always double-check the fee structure before making a transaction. Learn to start small, conduct proper research, and cheaply invest in Bitcoin without overspending fees.
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