How to buy Bitcoin in the UK

As of 14 November at 08:29, Bitcoin has increased 4.11% from $87,652.19 over 24 hours. Learn how to buy Bitcoin.

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.

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 Bitcoin in 4 steps

  1. Compare crypto exchanges
    The first step to buying Bitcoin 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.
  2. 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.
  3. 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.
  4. Buy Bitcoin
    With your account funded, you're all set to buy Bitcoin. 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 Bitcoin 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.

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  • 260+ fiat/cryptocurrencies
  • Debit card for spending crypto
  • Earn 1% GBP cashback

Best for beginners

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  • Copy trading features
  • Simple 1% trading fee
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  • 200+ cryptocurrencies
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Where to buy Bitcoin

Find an exchange to buy, sell and trade Bitcoin by comparing deposit methods, supported fiat currencies and fees. Select "Go to site" to sign up directly with the exchange.

Name Product GXFCY Finder Score Deposit methods Available cryptos Cost of investing £100
eToro UK
4.2
★★★★★
Bank transfer, Credit card, Debit card, eToro Money
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 90 more

£1 + spread

Finder Award
Kraken
3.8
★★★★★
Bank transfer, Credit card, Cryptocurrency, Debit card, PayPal, Faster Payments (FPS), Apple Pay, Google Pay, SWIFT
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, USDT, BEAM & 227 more

Maker fee: £0.25
Taker fee: £0.40

Uphold
3.9
★★★★★
Bank transfer (ACH), Debit card, Apple Pay, Google Pay
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO & 274 more

$0.99 + network fee + trading fee

CoinJar Cryptocurrency Exchange
4.4
★★★★★
Bank transfer, Credit card, Cryptocurrency, Debit card, SEPA, Faster Payments (FPS), Apple Pay, Google Pay
BTC, ETH, LTC, XRP, XLM, ALGO, EOS, SOL, ADA, XTZ & 53 more

£1.10

Coinpass Cryptocurrency Exchange
Coinpass Cryptocurrency Exchange
4.0
★★★★★
Bank transfer, Cryptocurrency
BTC, XRP, ETH, LTC, BCH, DOT, LNK, XLM & 3+ more & 5 more

£0.35

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Crypto.com App
4.6
★★★★★
Credit card, Cryptocurrency, Debit card, SEPA, Faster Payments (FPS), Apple Pay, Google Pay
BTC, ETH, XRP, BCH, EOS, FET, LTC, ADA, XLM, USDT & 289 more

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Revolut
Revolut
4.2
★★★★★
Bank transfer, Debit card, Apple Pay, Google Pay
BTC, ETH, XRP, BCH, EOS, LTC, XLM, OMG, ZRX, XTZ & 164 more

Maker: £0.00
Taker: £0.09

Gemini Cryptocurrency Exchange
4.0
★★★★★
Debit card, Apple Pay, Google Pay, SWIFT
BTC, ETH, BCH, FET, LTC, ZRX, MKR, BAT, LRC, KNC & 96 more

Maker fee: £2.75
Taker fee: £2.95

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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.
Be careful when using cold wallets, however, if you misplace or forget your private keys, you may permanently lose access to your Bitcoin.

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 Bitcoin?

Only you can make the decision about when is the best time to buy Bitcoin. However, here are some things to consider as part of your research.

Take a look at the fundamentals of Bitcoin. 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 Bitcoin works and how much risk is involved.

Also consider how has performed so far. Our charts below show you Bitcoin's performance over time as well as its all time high.

Recent Bitcoin developments

2 November, 2023: Bitcoin rose by 22% in October as a result of rumours that a spot Bitcoin ETF was due to be approved in the US.
3 October, 2023: The Bitcoin network is facing congestion issues due to the popularity of Ordinals, which are a way of tokenising assets on the Bitcoin network. Bitcoin reached a peak of 700,00 unconfirmed transactions on September 6, and has no dropped to 40,000 a the time of writing.
1 September, 2023: A court ruling in favor of Grayscale allows its Bitcoin Trust to convert into an ETF, creating a new opportunity for a Bitcoin spot ETF in the US.

Where could Bitcoin's price be heading?

Bitcoin's price is expected to rise to US$87,125 by year-end 2025, according to the average prediction from Finder's panel of fintech specialists. Panelists also predict that BTC will hit US$220,708 by 2030.

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*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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Editor

James Edwards was the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions. He has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in boiling down complex topics into language his parents can understand. His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds. He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad. See full bio

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