Best Place to Buy Crypto in the UK – Top 4 for October 2024
Updated July 22, 2024
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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.
- Where to Buy Cryptocurrency in the UK – 4 Best Crypto Trading Platforms for 2024
- Comparison Chart of the Best Crypto Trading Platforms in the UK
- Best Crypto Trading Platforms in the UK – Reviewed (October 2024)
- How to Buy Cryptocurrency in the UK in 2024
- Things You Need to Consider When Buying Cryptocurrency in the UK
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- Should I Invest in Cryptocurrency in the UK?
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- Frequently Asked Questions
- Final Thoughts
While the UK may be a relatively small island, it stands as one of the world’s top cryptocurrency-friendly countries.
To date, just over two and a half million people have purchased cryptocurrency in the UK, according to the Financial Conduct Authority (FCA).
Where to Buy Cryptocurrency in the UK – 4 Best Crypto Trading Platforms for 2024
- eToro – One of the Best Cryptocurrency Trading Platforms
- Uphold - Diverse asset support
- Switch Markets – Best Cryptocurrency Trading Platform in the UK for Beginners
- Binance – Cheapest Way to Buy Crypto in the UK
Platform
| Regulation FinCEN, FCA, etc. | Cryptos 210+ | Fiat currencies USD, EUR, GBP, etc. | ||
Platform
| Regulation CySEC, FCA, ASIC | Cryptos 20+ | Fiat currencies Multiple | ||
Platform Switch Markets | Regulation ASIC | Cryptos 20+ | Fiat currencies Multiple | ||
Platform
| Regulation Various | Cryptos 100+ | Fiat currencies Multiple |
1. eToro
Pros
- Wide range of cryptocurrencies
- Social trading
- Regulated platform
- Multiple payment options
Cons
- Higher fees
- Limited wallet control
Best known for: Social copy and cryptocurrency trading
Aimed at: Investors, from beginners to experts
eToro is best known for its social copy and cryptocurrency trading.
The platform is an easy way for people to purchase cryptocurrencies.
eToro has a range of integrated charts and analysis tools to enable you to track coin trends. You can even create a custom watchlist and stay informed with real-time updates.
eToro has great social trading features to connect with over 20 million crypto traders worldwide and copy their performance through the CopyTrader platform.
To find out more, read our eToro review.
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.
2. Uphold
Pros
- Easy account setup, ideal for newcomers
- Intuitive user interface and app
- Abundance of advanced trading features
- Ability to trade across various asset categories (cryptocurrency, fiat currencies, metals)
- Regular addition of new, low-liquidity altcoins
- Transparent and secure reserve system
Cons
- Limited charting capabilities
Best for: Diverse asset support
Type: App & web
Uphold stands out as a top choice for purchasing cryptocurrencies in the UK.
With over 10 million users spanning 150 countries, Uphold makes buying, trading, and storing assets, including Bitcoin and 250+ other cryptocurrencies, simple and secure.
Uphold prioritizes safety and transparency, operating on a 100% reserve model to hold user funds securely.
Additionally, the platform regularly updates real-time asset and liability data, accessible to the public every 30 seconds, ensuring transparency.
3. Switch Markets
Pros
- Regulated by ASIC
- Low minimum deposits
- No deposit fee
- No inactivity fee
- Free VPS
- Social trading
- Tight spreads
- Useful trading tools and research
Cons
- No US clients
- Not FCA regulated
Best known for: Regulated broker for all trader types
Aimed at: Investors looking to sharpen their trading
Through Switch Markets, you can trade CFDs, Forex, commodities and cryptocurrency.
You can trade the most popular digital currencies, such as Litecoin, Ethereum, Bitcoin and Ripple on a contract for difference (CFD) basis.
One of the major appeals of Switch Markets is that it offers ultra-competitive spreads. You can also trade on the award-winning MetaTrader 4 platform (MT4).
Near-instant deposits are possible (with no deposit fees), and you only need around $50 to start trading. You can even leverage up to 1:500 if you wish.
The platform itself promotes the growth of its members and is ideal for beginners too. You can put your skills to the test with a demo account by testing up to 100,000 virtual funds of your chosen currency.
4. Binance
Pros
- Low trading fees
- Large range of cryptocurrencies and altcoins
- Comprehensive user interface
- The maximum trading amount is unlimited
- Low trading fees at 0.1%
- Easy sign-up process
Cons
- High withdrawal fees
- No built-in wallet feature
- Medium levels of security
Best known for: Crypto exchange
Aimed at: Investors (from beginners upwards)
With nearly 1.5 million transactions per second, Binance is one of the best places to buy crypto in the world.
Although its primary exchange is crypto-to-crypto, it has recently enabled fiat deposits and withdrawals (supporting bank account and credit card deposits).
Binance offers more than 500 cryptocurrency pairs, making it one of the biggest cryptocurrency exchanges globally.
You can expect the usual currency pairs, as well as small and even micro-cap tokens.
As another attractive feature, the trading fees are very low (standard fees at 0.1%), which can be brought down further when you hold Binance Coin.
If you’re philanthropic, you’ll be interested to know that Binance is also famous for helping those less fortunate through its Binance Charity Foundation.
How to Buy Cryptocurrency in the UK in 2024
The below is a guide to help you to determine which crypto to buy today for long-term and which are the best cryptos to buy in 2024.
To buy crypto in UK, following these steps:
Step 1. Research and Choose a Cryptocurrency
Start by researching various cryptocurrencies and their potential for long-term growth. Consider factors like technology, use case, adoption, and community support.
This article will guide you with identifying the cheapest crypto to buy within the cryptocurrency trading UK.
Keep in mind that the cryptocurrency market is highly volatile, so thorough research is crucial.
Step 2. Choose a Reputable Exchange
Select a cryptocurrency exchange that operates in the UK and supports the cryptocurrency you're interested in. Popular UK exchanges include Binance UK and Kraken.
Step 3. Sign Up and Verify Your Account
Create an account on the chosen exchange by providing your email address, creating a secure password, and agreeing to the terms of service. Complete the necessary identity verification (KYC) steps, which typically involve uploading identification documents.
Step 4. Deposit Funds
Deposit funds into your exchange account using your preferred payment method, such as bank transfer or credit/debit card. Some exchanges might also accept payment through PayPal or other digital payment methods.
Step 5. Place an Order
Navigate to the trading section of the exchange and select the cryptocurrency you want to buy. Choose between a market order (buying at the current market price) or a limit order (setting a specific price at which you want to buy).
Step 6. Secure a Wallet (Optional)
Consider transferring your purchased cryptocurrency to a personal wallet for added security. Hardware wallets or software wallets provide more control over your holdings and protect them from exchange vulnerabilities.
Things You Need to Consider When Buying Cryptocurrency in the UK
So, what is the best place to buy crypto in the UK?
What different types of cryptocurrencies are there? And, more to the point, what is the safest way to buy cryptocurrency in the UK?
It depends on what you want to achieve. Are you simply wanting to use cryptocurrency to supplement personal savings, or are you looking to trade?
You may not be entirely sure at this stage.
However, there are a few things that every inexperienced crypto customer needs to be aware of when buying cryptocurrency for the first time, and these are:
Online Wallet
You’ll need an online wallet. This is an online app that holds your cryptocurrency.
Typically speaking, there are two types of storage commonly referred to as light and heavy purses. As you would expect, a light purse storage solution would be for someone purchasing small amounts of cryptocurrency.
There are hundreds of these, and so you’ll need to do your research, or you may find that your chosen trading platform has a light purse app.
For larger sums of money that you want to transfer into crypto, it’s a good idea to store your coins on a PC and make sure they are backed up and recoverable.
You will also find that many of the best places to buy cryptocurrency in the UK offer secure offline wallets using sophisticated trusted technology solutions.
Be Careful With Purchasing
Look for a provider that supports convenient and safe payment methods when deciding on the best place to buy crypto.
Think About Your Timing
How and when you purchase digital currency is entirely up to you, but you’ll want to exercise some caution before purchasing a new crypto coin because it is just taking off; a sharp rise could simply be a currency correcting itself after a fall.
Do a bit of research first, to be able to choose the best time to trade crypto.
Check Out Reviews
Before settling on a specific crypto trading platform, check out what other people have to say. The best reviews can be found on financial news sites.
Should I Invest in Cryptocurrency in the UK?
Deciding whether to invest in cryptocurrency UK requires careful consideration of your financial situation, risk tolerance, and investment goals.
Here are some factors to consider regarding how to invest in cryptocurrency UK:
Research and Education
Before cryptocurrency investment UK, thoroughly research the market and the specific cryptocurrencies you're interested in.
Understand the technology, use case, team, and market trends. Cryptocurrency is a complex and volatile market, so proper education is crucial.
Risk Tolerance
Cryptocurrency investments are known for their high volatility. Prices can experience rapid fluctuations, leading to significant gains or losses.
Assess your risk tolerance and only invest what you can afford to lose without affecting your financial stability.
Diversification
Diversifying your investment portfolio is a key principle in managing risk. Don't put all your funds into a single cryptocurrency.
Consider spreading your investment across different assets to minimize the impact of a poor-performing investment.
Regulatory Awareness
Be aware of the regulatory environment for investing in cryptocurrencies UK.
Regulations can impact the legality and security of your investments. Make sure you're using regulated exchanges and complying with tax regulations.
Long-Term vs. Short-Term Goals
Decide whether you're investing for the long term or short term. Long-term investors often believe in the potential of blockchain technology and the growth of specific cryptocurrencies over time.
Short-term traders aim to profit from price fluctuations.
Security Measures
Invest in secure wallets for storing your cryptocurrencies.
Hardware wallets are considered one of the safest options for storing digital assets offline and away from potential cyber threats.
Stay Informed
The cryptocurrency market is constantly evolving. Stay informed about the latest news, developments, and market trends.
Join reputable online communities, forums and social media platforms to engage with fellow investors.
Seek Professional Advice
Consider consulting with a financial advisor who has knowledge of the cryptocurrency market.
They can provide personalized guidance based on your financial situation and goals.
Dollar-Cost Averaging
A strategy called dollar-cost averaging involves investing a fixed amount of money at regular intervals, regardless of the cryptocurrency's price.
This strategy can help mitigate the impact of market volatility.
Be Cautious of Scams
The cryptocurrency market is also known for various scams and fraudulent schemes.
Be cautious of unsolicited investment opportunities, and avoid sharing your private keys or personal information.
Frequently Asked Questions
Cryptocurrency is becoming more popular and more banks exchange cryptocurrency for other nominal currencies.
Royal Bank of Scotland, Standard Chartered Bank, Nationwide, TSB Bank and NatWest are some of the UK banks that allow crypto.
The best places to buy and exchange cryptocurrencies in the UK are markets with strong reputations and security procedures.
eToro is a great trading platform for buying cryptocurrency because of the integrated crypto wallet and its advanced trading tools.
Don’t invest in unless you’re prepared to lose all the money you invest.
For all three of these features eToro is the most accommodating trading platform. It has been operating for a considerable amount of time and it has built-in trading features that are easy to navigate.
eToro also has a 0% commission on real stocks when you trade.
Don’t invest in unless you’re prepared to lose all the money you invest.
For penny stocks, Capital.com is a great platform for entry-level traders who want to learn how to trade with little financial risk.
For beginners in the UK, Binance is an excellent choice to buy cryptocurrency due to its wide range of coins, low fees, and user-friendly interface. Kraken and Gemini are also good options, offering strong security and reliable customer support.
Investing in cryptocurrency in the UK and internationally is more accessible than it ever has been. There are a few ways of investing in cryptocurrency. You can do this through an online trading market like eToro.
Don’t invest in unless you’re prepared to lose all the money you invest.
Because cryptocurrency is still fairly new, hacks and cybercrime are not uncommon. If you are the victim of a crypto scam, it is very unlikely that you will be able to recover your funds.
Because of this, it is always important that you choose a cryptocurrency service with strong security features. Stay vigilant and check for a list of fake crypto exchanges to protect your assets. However, there are ways which you use to try and recover any stolen cryptocurrency.
Don’t invest in unless you’re prepared to lose all the money you invest.
Hiring a crypto bounty hunter will give you the best chances to recover any stolen currency.
Bounty hunters are experienced users who have strong knowledge of blockchain sequences. They will be able to investigate where your funds have been taken from and at what point they were stolen during the blockchain sequence.
These services can be expensive depending on the amount of crypto you wish to recover.
The best way to buy crypto in the UK is by setting up an online wallet that allows you to purchase the cryptocurrency of your choice.
If you want to invest in cryptocurrency in the UK via an online trading market, you are best doing this through a trading platform like eToro.
Don’t invest in unless you’re prepared to lose all the money you invest.
Some popular exchanges for buying altcoins include:
Binance: Binance is known for its wide selection of altcoins and high trading volumes. It's one of the largest and most popular cryptocurrency exchanges globally.
Kraken: Kraken is known for its security features and diverse range of altcoins available for trading.
Bittrex: Bittrex provides a variety of altcoins and has a reputation for security and compliance.
Huobi: Huobi is another well-known exchange with a range of altcoin options.
Bitfinex: Bitfinex offers a wide range of altcoins and is known for its advanced trading features.
KuCoin: KuCoin offers a wide variety of altcoins and often lists newer projects.
Some lower-priced cryptocurrencies that were notable at that time included:
Dogecoin (DOGE): Originally started as a meme, Dogecoin gained significant attention due to its community and celebrity endorsements. Its low price per coin made it accessible to a wide range of investors.
Stellar (XLM): Stellar aims to provide fast and low-cost cross-border transactions, focusing on financial inclusion. Its lower price might make it appealing to investors looking for a more affordable option.
VeChain (VET): VeChain focuses on supply chain management and has partnerships with various industries. Its relatively lower price per coin could attract investors interested in its use case.
TRON (TRX): TRON is a blockchain platform for decentralized applications and content sharing. It gained attention for its partnerships and acquisitions in the entertainment industry.
Cardano (ADA): While not necessarily among the lowest-priced cryptocurrencies, Cardano offers a lower price compared to more established coins like Bitcoin and Ethereum. It's known for its academic approach to development and scalability.
Yes, cryptocurrency is legal in the UK. As of my last knowledge update in September 2021, the United Kingdom recognizes cryptocurrencies as legal forms of property.
This means that owning, buying, selling, and trading cryptocurrencies are legal activities in the UK.
The minimum age to invest in cryptocurrencies can vary depending on the jurisdiction and the specific platform or service you're using.
In many countries, the legal age to enter into financial contracts and investments is typically 18 years old. However, some platforms might have their own age requirements, and regulations can vary from country to country.
Some examples of what you could potentially purchase with cryptocurrency included:
Online Retail: Some online retailers, both large and small, were beginning to accept cryptocurrencies as payment for products.
Travel and Accommodation: Certain travel agencies and booking platforms allowed customers to pay for flights, accommodations, and travel-related services using cryptocurrencies.
Gift Cards: Cryptocurrency users could buy gift cards for popular retailers using their digital assets.
Digital Goods and Services: Cryptocurrencies were often used to buy digital goods such as software, online courses, and subscriptions.
Charitable Donations: Some charities and nonprofit organizations accepted cryptocurrency donations.
Food and Beverages: A limited number of restaurants and cafes were starting to accept cryptocurrency payments.
Yes, cryptocurrency trading operates 24/7, unlike traditional financial markets that have specific trading hours. Cryptocurrency markets are decentralized and global, meaning they are accessible for trading around the clock, seven days a week.
If you're looking for the best cryptocurrency to invest in for 2024 or any future year, it is strongly recommended to conduct thorough research and consulting with financial experts or professionals who are up-to-date with the latest market trends.
Here are some general guidelines to consider:
Research: Look into the technology, use case, team, and market potential of different cryptocurrencies. Understand the problem they aim to solve and how they differentiate themselves from others.
Market Trends: Keep an eye on industry trends and developments. Look for cryptocurrencies that are addressing current or emerging market needs.
Adoption and Partnerships: Consider cryptocurrencies that have partnerships with established companies or organizations, as these can potentially enhance adoption and credibility.
Community and Development: Active development teams and a supportive community can indicate a strong project. Check the project's GitHub repository and community engagement.
Regulation: Understand the regulatory environment in the jurisdictions where the cryptocurrency operates. Regulatory clarity can influence long-term prospects.
Diversification: Avoid putting all your investment in a single cryptocurrency. Diversification can help manage risk.
Long-Term vs. Short-Term: Decide whether you're looking for short-term gains or long-term potential. Different cryptocurrencies might align better with your investment goals.
Risk Management: Only invest what you can afford to lose. Cryptocurrency investments come with risks, and the market can be unpredictable.
While there's no foolproof strategy, here are some considerations to help you make informed selling decisions:
- Set Clear Goals:
Define your investment goals before buying any cryptocurrency. Are you looking for short-term gains, long-term holding, or a specific return on investment? Having clear goals will guide your selling decisions.
- Research and Analysis:
Regularly monitor the market and the cryptocurrency you're holding. Analyze factors such as market trends, price movements, trading volumes, and news that could impact the project's fundamentals.
- Technical Analysis:
Learn about technical analysis techniques, such as chart patterns, indicators, and trendlines. These can provide insights into potential price movements and help you make more informed decisions.
- Fundamental Analysis:
Understand the technology, use case, team, partnerships, and adoption potential of the cryptocurrency you're holding. Strong fundamentals can provide a solid basis for holding or selling.
- Profit Targets:
Set profit targets for your investment. Decide in advance what percentage gain or specific price level would trigger a sell order. This helps prevent emotional decision-making.
- Risk Management:
Determine how much of your portfolio you're willing to allocate to each cryptocurrency. Consider using stop-loss orders to automatically sell if the price drops to a certain level, limiting potential losses.
- Market Sentiment:
Consider the overall sentiment in the market. If there's significant fear, uncertainty, or negative news, it might be a signal to reevaluate your position.
- News and Developments:
Stay updated on news and developments related to the cryptocurrency you're holding. Positive or negative news can have a significant impact on the price.
- Emotion Control:
Avoid making impulsive decisions driven by fear or greed. Emotional trading can lead to losses.
- Reassess Regularly:
Regularly review your investment portfolio and strategy. Market conditions and your own financial situation can change over time.
- Take Profits:
Consider taking partial profits when your investment has achieved a significant gain. This allows you to secure some returns while still having exposure to potential future growth.
Here are a few exchanges that were well-known for offering leverage trading in cryptocurrencies:
BitMEX: BitMEX was known for its high leverage options and was popular among experienced traders. However, please note that as of my last update, BitMEX was facing regulatory challenges, and its situation may have changed since then.
Binance: Binance is one of the largest and most popular cryptocurrency exchanges globally. It offers a variety of leverage options for trading various cryptocurrencies.
Bybit: Bybit is a platform specifically designed for leverage trading. It gained popularity for its user-friendly interface and a range of trading pairs.
Kraken: Kraken is a well-established exchange that provides leverage trading with a range of cryptocurrencies. It also emphasizes security and regulatory compliance.
FTX: FTX offers a wide range of leverage options and various innovative trading products. It has gained attention for its features and user experience.
Final Thoughts
If you’re an experienced cryptocurrency trader, you’ll already have a good idea of what you need from a platform, but the choices can be quite overwhelming if you’re just starting out.
When deciding on the best place to buy crypto in the UK, our best advice is to do your research (hopefully, this guide has helped) and set up a demo account with your chosen platform, if available.
The key points to take away are to make sure:
- Your money is protected through a secure wallet (or equivalent)
- You understand the fees and rewards
- You are happy and able to take the risk (if trading)
Most importantly, don’t be afraid to ask for help. Most of the crypto trading platforms listed here have an in-built customer service facility and an existing community of members all too happy to offer their support.
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.
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.
