The United Kingdom was recently announced has having the most crypto users in Europe, but buying and selling Bitcoin is by no means an easy feat for its citizens. To help out, here are 3 of the best places to buy Bitcoin in Britain.
Bitcoin is currently approaching its eleventh birthday, and while the very fact that it survived for this long is praiseworthy, it pales in comparison with what the coin has achieved in the past decade. Bitcoin is the reason why the crypto markets around the world exist in the first place.
However, when it comes to the UK, many still do not know where to buy BTC and how to get involved with cryptocurrency. New FCA guidelines on cryptocurrency businesses and ownership has perhaps also made this more difficult.
How to get Bitcoin in the UK?
Whether you live in the UK or any other part of the world, the methods of obtaining Bitcoin are pretty much the same. The best ones are through crypto exchanges, crypto custodian services, and crypto brokers.
Crypto exchanges are well-known to everyone who has had any contact with the crypto industry. They are the most popular way of exchanging coins, as well as for buying or selling crypto.
Bitcoin, as the most widespread cryptocurrency, is listed on pretty much every exchange in the world.
Crypto brokers may be a better option for those who plan to buy or sell large amounts of cryptocurrencies because placing a buy or sell order on the exchanges can often result in price slippage, multiple transactions and incomplete orders. It is sometimes unlikely that there will be another person that will buy or sell the same volume as your own order, which is why the process often includes several people.
Multiple transactions can, therefore, lead to greater chances of having issues with the process of exchanging coins for fiat money, or another coin. Brokers do it in a single transaction, ensure faster settlements, and ensure the process runs safely.
Meanwhile, custodians are the best service for buying, selling, and particularly storing coins in a safe spot until the user wants to retrieve them, and sell them off. They often target businesses and wealthy owners who can afford larger volumes of coins.
Where to actually buy Bitcoin in the UK?
With all of that out of the way, here are particular services that can be accessed by UK traders and investors that will allow the easy purchase of BTC and other coins.
One of the best choices for buying BTC in the UK is Coinbase — a US-based exchange that has also expanded to other countries, including several European countries. It has over 30 million users, and it has traded over £116 billion in cryptocurrencies during the last 7 years, which is how long it has been since its launch.
It also allows credit and debit card deposits, SEPA transfers, as well as a few other payment methods that make it very popular among crypto users. The only issue with it is that settlements can sometimes take a long time — up to 5 days.
Another good platform for obtaining BTC is LocalBitcoins, which connects buyers and sellers directly. It is a P2P platform that allows private purchase and sale of Bitcoin, although the fact that the service does little beyond connecting two individuals means that the buyer needs to trust the seller and vice versa.
This makes it a good place for scammers to try and trick people, which is why being extra cautious pays off.
Finally, there is Binance.Jersey — the first fiat-to-crypto exchange launched by Binance itself. Binance is one of the world’s largest and busiest crypto exchanges, but it doesn’t support fiat transactions, meaning that its users cannot simply deposit their fiat currencies and buy Bitcoin on the main platform.
This is why Binance launched a number of subsidiaries in 2019, with Binance.Jersey being the first one. This particular subsidiary was specifically designed for European crypto users, and it represents one of the best ways for UK crypto enthusiasts to enter the market easily.
Are you interested in buying Bitcoin in the UK? If so, one of the services mentioned above will definitely see to your needs. All you need to do is register on one of them, and you can have access to BTC in no time.
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