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How to buy in the UK
Learn how to buy in the UK.
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 2 mins to learn more.
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Key takeaways
- On 19 April 2024, Bitcoin completed its fourth halving, reducing the rewards earned by miners from 6.25 to 3.125.
- The best and simplest way to buy crypto like Bitcoin in the UK is to use a cryptocurrency exchange.
- You can choose how much Bitcoin to buy as an investment – it could be several Bitcoin down to a fraction (known as a Satoshi).
- To invest, you’ll need to create an account on a crypto exchange, decide how much Bitcoin you want to buy, and then make a purchase.
How to buy in 4 steps
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Compare crypto exchanges
The first step to buying is to choose a crypto exchange from the dozens of options available in the market. Comparing in the table below helps you find one with the features you want, whether it's low fees, ease of use, or 24-hour customer support.
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Create an account
After selecting an exchange, the next step is to sign up for an account. This involves providing some personal information like your name, email address, and identity verification documents, such as your driving license or passport. Have these details and documents at hand to speed up the registration process.
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Deposit funds
To buy Bitcoin, you'll need to deposit funds into your account. Exchanges offer a variety of deposit methods, including bank transfers, credit and debit cards, and even third-party payment solutions like PayPal.
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Buy
With your account funded, you're all set to buy . On user-friendly exchanges, this is as simple as entering the amount you want to purchase and clicking "Buy". If you like, you can transfer your to your personal wallet after purchase.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Capital at risk. T&Cs apply.
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Where to buy
Find an exchange to buy, sell and trade by comparing deposit methods, supported fiat currencies and fees. Select "Go to site" to sign up directly with the exchange.
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Alternative ways to buy bitcoin
Other than crypto exchanges, you can also buy Bitcoin using:
- Traditional brokerages like eToro.
- Banking and financial apps like Revolut.
What are the fees to buy Bitcoin?
The types and amount of fees to pay when buying Bitcoin vary across different platforms. Here are the common charges:
- Deposit fee. Depending on the method used, you may have to pay a fee for depositing funds into your account. Bank transfers are typically free on most exchanges, whereas paying with a credit card usually incurs a fee.
- Exchange fee. Most exchanges impose either a percentage-based or flat fee for each transaction carried out on their platform. The exact amount is unique to each platform.
- Network fees. Transactions on the Bitcoin blockchain itself also carry a fee. This is a separate cost from those imposed by the exchange.
- Withdrawal fee. Transferring Bitcoin from a crypto exchange to your wallet or another exchange can also incur a fee.
What is the safest way to store Bitcoin?
Cold wallets
This type of wallet isn’t connected to the internet, which prevents illegal or unauthorised access to your portfolio via online hacking.
Cold wallets include:- Hardware wallets. This type of wallet stores private keys (essential information needed to access your crypto and transfer them on the blockchain) on physical devices like USB thumb drives.
- Paper wallets. This entails printing out private keys on paper.
Hot wallets
You can also store your Bitcoin in a hot wallet. This type of wallet keeps your private keys online. You can access your Bitcoin from anywhere in the world as long as you have an internet connection. But while many hot wallets are quite secure, their online nature means they still carry some risk of unauthorised access and theft.
Is it legal to buy Bitcoin in the UK?
Yes, it’s perfectly legal to buy and hold Bitcoin in the UK. But note that cryptocurrencies are not officially recognised as legal tender.
Additionally, HMRC considers cryptocurrencies to be taxable assets, meaning they are subject to either income tax or capital gains tax (CGT), depending on how you transact with them. For example, if you buy Bitcoin, hold it, and then sell it later on for a profit, you could be liable for CGT if the gains exceed your annual allowance.
How much should I invest in Bitcoin to start with?
Whether a beginner or an experienced investor, the golden rule is to invest only an amount you can afford to lose.
Bitcoin, like many other crypto assets, is highly volatile and unpredictable. While it carries a substantial profit potential, so is the potential for loss.
Can I buy a fraction of a Bitcoin?
Purchasing an entire Bitcoin is likely to be financially impractical for many due to its market price. Not to mention the enormous risks of investing so much money in such a volatile asset.
The good news is that Bitcoin is divisible. This means you can buy fractions of the asset, allowing you to tailor your total investment to your budget, investment strategy, and risk tolerance.
Is it a good time to buy ?
Only you can make the decision about when is the best time to buy . However, here are some things to consider as part of your research.
Take a look at the fundamentals of . What type of coin is it? Utility, payment or governance token etc? How large is its market cap? How many coins are in circulation? All this will help you to understand how works and how much risk is involved.
Also consider how has performed so far. Our charts below show you 's performance over time as well as its all time high.
to USD and GBP calculator
Our calculator works out how much would be worth in USD and GBP, depending on how much you hold or are looking to purchase.
price last updated 20 November 2024, 02:11 UTC.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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