The first step is choosing a regulated crypto exchange or broker such as OKX, Coinbase, or eToro. Once you’ve created an account and completed identity verification (a requirement of all FCA-registered crypto exchanges), you can fund your account with GBP through options like a bank transfer or debit card. From there you can purchase popular cryptocurrencies like Bitcoin or Ether.URL :theinvestorscentre.co.uk
If you prefer to buy in person, cryptocurrency ATMs are another option. These machines accept cash and then deposit the Bitcoin or other supported crypto directly into your digital wallet. They can be found in places like convenience stores, restaurants, malls and airports. However, these machines often charge high fees and aren’t a great alternative to online trading platforms.
Beginner’s Guide to Buying Bitcoin in the UK
One important thing to remember when buying Bitcoin or other cryptocurrencies in the UK is that you’ll likely need to pay taxes on any profits you make. The UK’s tax authority, HMRC, treats crypto assets as taxable investments, similar to how they treat stocks and other financial assets. To learn more about how to report and pay your cryptocurrency taxes, check out HMRC’s guidance.
Many investors buy Bitcoin speculatively as part of their long-term investment portfolio. As a result, there’s no guarantee that you’ll see a return on your investment, and the price of Bitcoin can be highly volatile. To help mitigate this risk, we recommend storing your purchased cryptocurrency in a secure hardware wallet.