How to buy Bitcoin in the UK: A Step-by-Step Guide

how to buy bitcoin

That’s not to say there aren’t scams linked with Bitcoin. Many people let greed get the better of their judgement, don’t do their research and see buying Bitcoin as a get rich quick scheme. So if you’re serious about buying buy bitcoin and using Bitcoin, you’ll want to get your own BTC wallet that you control and sits on an offline USB stick. Websites like Coinbase give you an online Bitcoin wallet, which is easy to use and fine to get you started.

how to buy bitcoin

You can actually buy Bitcoin with Ethereum, Cardano, Solana, Dogecoin, and a boatload of other coins right now. This makes Bitcoin even more accessible for buyers and traders, although of course, you must first buy the primary coin before making a Bitcoin conversion this way. Rapid transfers have been around for a number of years now. Basically, when you perform a transaction, you have the option to do so with ‘rapid transfer’, which allows you to execute an action instantly. This is ideal because it lets you fund your account and buy Bitcoin almost immediately. EToro has various products you can access to purchase Bitcoin.

Do financial institutions support bitcoin?

In addition, we process withdrawals quickly and securely, so you can rest assured that your money is in good hands. The blockchain itself is shared between a vast global network of computers making it impossible to alter.

What is the best place to buy Bitcoin?

  • Coinbase.
  • Gemini.
  • Paxful.
  • SoFi.
  • Bisq.
  • BlockFi.

However, not all of them will be suitable for your preferred way of investing. Therefore, we’d encourage you to become familiar with each individual product type before diving in at the deep end. More importantly than how much you buy is where you buy. It’s critical that you buy Bitcoin only through trusted platforms such as eToro. These platforms are the best way to make safe, reliable, and trustworthy Bitcoin purchases. For the most part, you can do anything that you can do with regular state-run currencies like GBP – with the added bonus that transactions are much faster.

Compare up to 4 providers

If you are serious about buying Bitcoin beyond the realm of just understanding how it works, you can check out Coinbase Pro. In the tutorial and example above of how to buy Bitcoin, I choose to use Coinbase due to its simplicity and relative security.

how to buy bitcoin

Double-check the receiving address before sending a Bitcoin payment or moving Bitcoin off an exchange. There is no way to refund BTC sent to the wrong address.

Step 3: Purchase at BTC Direct

This offline, in-person transaction allows you to trade as much Bitcoin as you want without needing legal documents. All you need is a fiat currency or any other asset that the seller is requesting. What many beginner Bitcoin users don’t realize is that purchasing Bitcoin in person might even be cheaper than using a platform. For instance, you do not have to deal with transaction fees or any other additional costs, as the transaction is completely up to you and your chosen seller. As one of the most popular and most valuable cryptocurrencies in the world, Bitcoin has become highly sought after.

Some people argue that Bitcoin shares traits with gold – it’s a tradeable asset defined by its scarcity, finite supply and the difficulty of creating it. Buy, sell, send and even spend your crypto with the UK’s favourite cryptocurrency app. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up.

Things to consider before investing in bitcoin

To secure your account, you’ll now be asked to link up your mobile phone. Bitcoin address – A string of numbers unique to you, that allows you to receive Bitcoin . The curious – Bitcoin’s an exciting new technology, and many want to just understand the future of money and be part of the conversation. There’s so much fragmented or misleading information out there. My aim here is to cut through the noise with a simple and concise explanation of how Bitcoin works before walking through the buying process I used. But before we get to the tutorial steps of how to buy Bitcoin safely, it’s really important to know what we’re getting into. Increasingly I hear from students making mistakes due to rushing into Bitcoin investing because of all the hype.

how to buy bitcoin

If successful, your bitcoins will arrive at your address within one hour or earlier depending on network activity. Transfer the purchased bitcoins to your private BTC address. Create a private bitcoin wallet using an app like Trust Wallet or Coinomi, and generate a new address.

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You may end up losing your initial investment and being charged fees and interest by your credit card provider. Once you’ve set up your account, you’ll need to deposit funds to buy Bitcoin with. We’ve listed out some popular ways to buy BTC and what you should know about each payment method below. Make a deposit Once verified, you can deposit GBP using the payment method that best suits you – debit card, Neteller, PayPal and wire transfer payments are widely accepted. You just need to create an account with a crypto trading platform like eToro or Koinal.

  • Basically, when you perform a transaction, you have the option to do so with ‘rapid transfer’, which allows you to execute an action instantly.
  • When investing it is a good idea to have as wide a portfolio as possible, so that you can hedge yourself against one particular asset class falling in value.
  • Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service.
  • This leads you to the Bitcoin price charts, so you will need to tap the button again to bring up the transaction screen.

Author: Shaurya Malwa