How to Buy Bitcoin UK in 2024

Where to Buy Bitcoins UK in October 2024:

When choosing a platform for buying bitcoin in the UK, it's important to consider factors such as fees, security measures, user reviews, and customer support.

Ensure the platform is regulated and compliant with relevant laws and regulations. It's also a good practice to set up a secure wallet to store your purchased bitcoins.

Remember to do your due diligence, research each platform thoroughly, and consider factors like liquidity, security, and ease of use before making a decision on how to buy bitcoin in the UK.

1. eToro – Best Site to Purchase Bitcoin in UK
2. BlockFi – Best US-Based Platform to Invest in Bitcoin UK

Review of 3 Top Platforms for Bitcoin Investment UK

Here are a few examples to get you started:

Buying bitcoin in the UK through eToro provides individuals with a platform that combines trading simplicity and social networking elements.

eToro offers a user-friendly experience for both newcomers and experienced traders looking to invest in bitcoin.

To get started, you'll need to sign up for an account on the eToro platform. eToro adheres to regulatory guidelines, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. This step ensures the security of your account and compliance with regulations.

When you buy bitcoin on eToro, the platform manages the custody of the cryptocurrency on your behalf. This means eToro holds the bitcoin on your behalf, and you do not need a separate wallet for storage.

One of eToro's unique features is its social trading aspect. Traders can connect with and learn from other users through the platform. This can provide insights and enhance your trading knowledge.

If you decide to sell your bitcoin or withdraw funds, eToro offers a seamless withdrawal process. You can transfer funds back to your linked bank account or other supported withdrawal methods.

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 two mins to learn more.

Buying bitcoin in the UK through BlockFi offers individuals an opportunity to invest in bitcoin while also exploring the potential for earning interest on their holdings.

BlockFi provides a unique platform that combines cryptocurrency trading with interest-earning accounts.

To begin, you'll need to create an account on the BlockFi platform. BlockFi follows regulatory guidelines and requires users to complete the verification process. This involves submitting identification documents to verify your identity, ensuring a secure and compliant trading environment.

BlockFi provides an easy-to-use interface that allows you to navigate to the trading section, select 'bitcoin', specify the amount you wish to purchase, and confirm the trade.

One of BlockFi's standout features is its interest-earning accounts. After buying bitcoin, you have the option to transfer your holdings to an interest-earning account. This allows you to earn interest on your bitcoin while it's stored in your BlockFi account.

BlockFi offers competitive interest rates on bitcoin deposits, and you can choose from various interest-earning account options. This feature makes BlockFi appealing to individuals looking to potentially generate passive income from their holdings.

BlockFi places a strong emphasis on security, employing industry best practices to safeguard your funds. The majority of customer funds are stored in secure offline storage (cold storage), reducing the risk of online attacks.

Why Should I Buy Bitcoin?

There are so many investment opportunities, from forex to property to commodities.

But for those wondering what investment to make next (or first), Bitcoin has several advantages. Here are a few reasons to invest in Bitcoin now.

What Is Bitcoin?

First, bitcoin is a cryptocurrency or digital currency. It has a monetary value but no physical presence.

In 2008, Satoshi Nakamoto created Bitcoin in response to the money-printing policies used to bail out the banking system after the crash.

The idea was that Bitcoin would be apolitical, and therefore immune to the needs and desires of global governments. No government can request it be printed, and it does not follow the same inflation as the currencies in circulation today.

Nakamoto also stated that there would be no more than 21 million bitcoin, making it desirable and finite.

Second, Bitcoin is also an entire blockchain that securely oversees financial transactions.

Whenever you pay for something on your credit or debit card, the transaction is processed through:

• The card machine
• The payment networks like Visa and Mastercard
• Your bank
• The merchant bank

At each stage, communication and verification are required, meaning that information is shared.

Bitcoin aims to remove all these stages, making the process more secure, streamlined and cost-effective.

Digital Currencies Are the Future

Any investment or trade comes with risk, and you should never invest what you can't afford to lose.

Bitcoin is known for its volatility – some days its value is $30,000; other days it's $300.

That being said, the blockchain technology behind Bitcoin is predicted to revolutionize industries such as supply chain, healthcare and banking.

By removing intermediaries and creating more secure networks, blockchain will enable new types of economic activity previously thought impossible.

This alone makes it a desirable investment.

For those who believe digital currencies are the way forward, investing in Bitcoin is a way of supporting the future of technology while potentially earning lots of money.

It's Free From Politics

Unlike fiat money, bitcoin is capped at 21 million.

Yes, a single bitcoin can be broken down into hundredths, but ultimately, cryptocurrency has a limit capped by mathematical algorithms.

This means that not only can governments not dilute the value, but they also can't tax it.

Mistrust in bankers and financial institutes grew exponentially after the 2008 recession.

Investing in bitcoin removes the risk of banking failures and hyperinflation.

It's Proven and Secure

Bitcoin has a large lead and a proven usage case as a store of value, making it more secure than the altcoins available.

It is also more accessible, with a greater selection of merchants, exchanges, software and hardware.

Overall, the ecosystem that Bitcoin has created is far more superior compared to altcoins.

Bitcoin is more liquid with larger volumes compared to other cryptocurrencies.

Buying your first chunk of bitcoin can be exciting, scary and possibly confusing.

Many people lose out on investment opportunities, not because of a lack of investment money, but because they find the process complicated.

Below is a guide to the steps you need to take to make your first Bitcoin investment.

How to Buy Bitcoin With Cash

To buy bitcoin with cash in the UK, you can use peer-to-peer platforms like LocalBitcoins or Paxful. These platforms connect you with sellers who accept cash payments.

You can search for sellers in your area, negotiate terms, and arrange an in-person meeting to exchange cash for bitcoins.

Additionally, some bitcoin ATMs in the UK allow you to deposit cash and receive bitcoins in your digital wallet.

Remember to exercise caution, verify the seller's reputation, and conduct transactions in a secure environment.

Can I Buy Bitcoin With Google Pay?

You can use Google Pay to link a debit or credit card to a supported cryptocurrency exchange platform. Then, you can use the linked card to purchase bitcoin through the exchange.

Also you can find online Google Pay bitcoin brokers that allow users to buy BTC with google pay as a payment method. To proceed with such a transaction, it is advisable to thoroughly research and verify the legitimacy, security, and regulatory compliance of the specific broker or service you choose to use.

Can I Buy Bitcoins With Apple Pay?

You can use Apple Pay to link a supported debit or credit card to a cryptocurrency exchange platform. Then, you can use the linked card to buy BTC with Apple Pay through the exchange.

It's recommended to check the latest updates from Apple Pay or consult the platform directly to confirm their current cryptocurrency-related features and partnerships.

Step 6: Convert Cash to Bitcoin

Find the option that says buy/sell and select it.

Choose the option that says, ‘buy Bitcoin’, and enter how much you want to spend.

For some exchanges, the minimum Bitcoin investment is a small amount like $5; others will ask for $100.

Again, never spend more than you can afford to lose.

Step 7: Use Your Bitcoin

Once you have enough bitcoin and are comfortable with the digital currency, you can begin buying using your digital wallet.

You can currently use bitcoin at Microsoft, Expedia, Dell and Lush. There are also rumors that Amazon will soon allow digital currencies.

For more info on how you can spend your bitcoins, check our article on what you can buy with bitcoin.

Step 8: Send and Transfer Your Bitcoin

The exchange you use will allow you to send your bitcoin to another wallet.

For this, all you need is the Bitcoin (BTC) address of the wallet.

If you are taking advantage of sign-up offers from different exchanges, transferring all your BTC to one wallet at a later date will allow you to consolidate your coins.

Tips For Buying Bitcoin UK in 2024

• Bitcoin is not legal in every country, so check local laws before investing. Turkey, Russia, and China, for example, do not allow Bitcoin trading. There is also a growing list of countries that are either banning Bitcoin or limiting its use.

• Check the tax rules before cashing in. As BTC is not legal tender, you may be subject to capital gains tax when you sell. In the UK, cryptocurrencies cannot be held in an ISA.

• If you receive BTC as payment for a product or service you offer, you must declare it to your tax agency.

• Scams in the form of fake wallets or exchanges are becoming increasingly common. Before committing to one, do your research.

• Scammers draw people in by offering a great product. If an introductory offer seems too good to be true, it most likely is.

• Don't rule out other cryptocurrencies. Bitcoin is the strongest because of the network it has, but other cryptos also have value and may increase in popularity over time.

• Due to its volatility, Bitcoin and cryptocurrency should not be the central part of your investment portfolio.

The Difference Between Mining and Buying Bitcoin

You may have heard the term mining bitcoin, and there is a difference between mining and buying bitcoin.

Buying bitcoin is instant as the coin already exists. Mining involves verifying lots of transactions on the blockchain and then releasing the new bitcoin.

The release is seen as a reward for your verification.

Depending on the network, mining can be very complicated and can take anything from a couple of hours to a few days or weeks.

Frequently Asked Questions

Final Thoughts

Buying bitcoin is easier than it sounds.

So long as you use a reputable exchange and only buy as much as you can afford to, you can make money with Bitcoins.

It is also an exciting investment as the technology is new. There are so many opportunities for cryptocurrencies to make their mark.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.