How to Buy and Invest in Bitcoin in UK in 2020
Bitcoin is the world’s original and preeminent cryptocurrency. If you want to buy Bitcoin UK, we’ve got all of the knowledge you need. In our experience, eToro is the easiest way to invest in Bitcoin in the UK, but there are other methods which will appeal to certain individuals. Stay tuned, because we’ve got a lot of information to cover. At the end, you’ll know how to buy Bitcoin in the UK, and much of the rest of the world.
5 Quick Steps to Buy Bitcoin in UK
- Create a new eToro account – it only takes 2 minutes!
- Choose Your Payment Method (WebMoney, Credit/Debit Card, Skrill, Neteller, Bank Wire Transfer)
- Deposit Funds (Min £200) – eToro is CysEC & FCA regulated, so your funds will be in good hands
- Place an Order to Buy Bitcoin
- Watch Your Profits Grow!
Is Bitcoin Legal in the UK?
Bitcoin is legal in the UK, though making it illegal would be all but impossible. Bitcoin is a decentralized currency, meaning that it is self-regulating, not controlled by a government or centralized body. Some countries have resisted Bitcoin, but the UK is not among the most aggressive. Buy Bitcoin with confidence.
How Popular is Bitcoin in the UK?
Bitcoin is the most well known and widely used digital currency in the world. Massively popular in the UK, as nearly everywhere else, Bitcoin’s profile will likely continue to grow in the United Kingdom.
Are There Any Taxes For Buying Bitcoin in the UK?
Bitcoin is not taxed at purchase, though there are fees which will go to the exchange, as well as to the miners who perform the actions necessary to complete Bitcoin transactions. Bitcoin traders in the UK will be taxed when they sell, according to capital gains laws which are, at the time of this writing, very much in a time of transition.
What is the Best Site to Buy Bitcoin in the UK?
eToro is simply the most convenient way to invest in Bitcoin the UK. It is CySEC & FCA regulated, for perfect user security and confidence. Users can simply perform social & copy trading actions. Its CFD model requires no true ownership or transfer (and all of the problems they cause new traders). eToro accepts a wide variety of payment and withdrawal methods. It allows investment without requiring the use of wallets. Finally, the user interface and intuitiveness of the platform make it simpler than any other options we’ve discovered.
We’ll list other methods, but feel free to buy Bitcoin with eToro right now. Read our complete eToro review here.
How to Buy Bitcoin in the UK with eToro
To get started trading Bitcoin with eToro, follow these simple steps.
Step 1: Open an Account with eToro
Signing up with eToro is easy. Click “Sign Up” on the homepage and input the requested information as shown below.
Step 2: Deposit Funds
Once your account is active, simply click “Deposit” at the top of the page, select your favourite method, and link/deposit using the clear steps, as pictured below.
Step 3: Buy Bitcoin!
Choose Bitcoin from all available assets, after clicking the “Crypto” button as pictured below. After that, simply buy as much as you want, using the payment method you linked in the previous step.
Buy Bitcoin in the UK Through Exchanges
There are other ways to buy Bitcoin, some of which will be necessary if you wish to spend Bitcoin rather than simply invest. These exchanges are, for the most part, unregulated, so we can’t recommend them for security as we can eToro.
Coinbase may have higher fees than the average exchange, but it is just about the most user friendly way to do so. Think of it as the Facebook of Bitcoin exchanges. Sign up quickly and get to buying Bitcoin at currency market prices.
Buying Bitcoin : Payment Methods
Investors can use nearly any conventional (and sometimes unconventional!) payment channel to buy Bitcoin in UK. Here are several of the most versatile methods.
Credit Card & Debit Card
Check out our complete guide about how to buy Bitcoin with Paypal. Most of these methods will work for investors in the UK, though some are more relevant to American users.
Best Wallets in the UK to Store Bitcoin
In almost all cases, Bitcoin wallets are universal. It doesn’t matter if you live in the UK or Morocco, you’ll still be able to download and use these wallets all the same. A digital Bitcoin wallet is the only way to store Bitcoin, and a quality wallet is necessary to do so securely. We recommend high quality wallets like Bitcoin Core, Exodus Wallet, and the Ledger Nano S.
You can see a complete breakdown of these and other high quality Bitcoin wallets at our Bitcoin wallets page.
Can I Purchase Bitcoin in the UK with ATMs ?
Bitcoin is now available for purchase in the physical world, using new Bitcoin ATMs that are starting to pop up everywhere. Below you’ll see where to find some of these, with exact addresses in large British cities. This list is accurate as of late June 2019, but in all likelihood, these ATMs will only become more widely available as time goes by. There are currently 107 Bitcoin ATMs in the UK
Buy Bitcoin in Luton ATMS
- Family Choice | Luton: 188 Biscot Road, Luton, LU3 1AY, UK
Buy Bitcoin in London ATMs
- Best One | Queens Part: 28 Salusbury Rd, London, NW6 6NL, UK
- Retail 24 | Wimbledon: 24 The Broadway Wimbledon, London SW19 1RE, UK
Buy Bitcoin in Croydon ATMs
- Skunk House | Croydon: 213 High Str, Croydon, CR0 1QR, UK
Buy Bitcoin in Erith ATMs
- Festa Afro Caribbean: 240 Bexley Rd, Erith, DA8 3HB, UK
Other Ways to Get Bitcoin in the UK
There are simply too many ways to get Bitcoin in the UK to name in a short Buy Bitcoin guide like this. You can connect with individual sellers using LocalBitcoins, for example. This method allows you to transact online or in person, using a huge variety of payment methods. This method is virtually anonymous, which is a feature that raises the cost associated with this method.
You could also choose to mine Bitcoin on your own. This will require you to buy specialized, expensive hardware. These devices only do one job: mine Bitcoin. Though they do this very well, you may have to buy a significant amount of power before you’ll be able to compete with large miners all around the world, who have a lot more equipment than you have or can afford. Bitcoin mining will make your electricity bill go through the roof, but you still may find it worth it after you learn more about the process.
At the end of the day, there are tons of ways to buy Bitcoin in the UK. As you can tell from our eToro review, we find eToro to be the most useful and intuitive option, especially for Bitcoin investors who do not necessarily wish to spend Bitcoin. eToro is not appropriate for every purpose (nor is any other exchange), but the simple interface, idiot-proof design, and all around versatility make this our go-to recommendation whenever someone asks us the best way to get into this Bitcoin thing for the very first time.
- Where can I spend My Bitcoin? A growing number for physical and digital retailers around the UK are now accepting Bitcoin. Look for the Bitcoin logo in coffee and clothing shops. If you have a favorite store you want to accept Bitcoin, just let the manager or owner know!
- Is Bitcoin Dead? After falling more than 70% in value since late 2017, many people want to know if Bitcoin UK is dead. Bitcoin’s popularity is bigger than ever, even though its value has fallen. We don’t think you’ve heard the last of Bitcoin. In fact, it’s likely we’ll look back at this time as a new beginning for Bitcoin.
- Can I Transfer My Bitcoin Out of the UK? This is the brilliant thing about Bitcoin. You can move it anywhere in the world without using conventional payment networks, with fees of just a few pennies. It truly is an international currency.
- What is the Safest Way to Store My Bitcoin? The Ledger Nano S is likely the most secure way to store Bitcoin for the long term. Order yours from the original company in France, and you’ll enjoy security and peace of mind once it arrives.