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Can I buy Cryptocurrencies with AJ Bell Youinvest?
The AJ Bell brokerage platform does not currently offer any cryptocurrency services like digital assets wallets, or trading. This means that AJ Youinvest customers will need to buy crypto-related stocks & ETFs if they want exposure to the asset class.
That said, crypto companies like Coinbase or Microstrategy have typically underperformed the underlying assets like BTC and ETH. This is why we recommend signing up to a platform that lets you buy the underlying digital asset.
How to buy Crypto with an AJ Bell Youinvest Alternative
The easiest way to buy digital assets in the UK is through the Uphold platform who is the world's largest multi-asset trading platform. Their platform offers fast and cheap GBP and EUR deposits to trade over 50 cryptocurrencies, and even the ability to stake them to earn interest.
You can get started with the simple guide below:
- Sign up to the Uphold platform and verify your identity (personal or company).
- Connect your GBP or EUR bank account or Credit/Debit Card to Uphold by selecting the 'My Banks' button on your dashboard.
- You can then select the 'Connect Bank' button to link your bank account to Uphold and deposit your selected currency.
- Find the cryptocurrency you want to buy and execute your trade.
If you buy a cryptocurrency on the Uphold platform, it will be automatically stored in your Uphold Managed Wallet for secure custody.
Is Cryptocurrency investing legal and taxed in the United Kingdom?
Yes, it is legal and taxed in the UK. Cryptocurrency trading can be treated as an investment or capital gains activity subject to taxation. Additionally, if you are buying and selling cryptocurrency for profit, then you may also need to pay income tax on any profits generated from that activity. The UK government treats cryptocurrencies like property rather than regular currency.
This means that gains made from trading crypto may be subject to Capital Gains Tax (CGT). Any profits from crypto trading could also be taxed as income if it forms part of a regular business activity. Similarly, any losses incurred can be used to off-set tax liabilities in the same way as other investments or capital assets. As always, consult your local tax professional for advice on how to report any cryptocurrency trading income.
About AJ Bell Youinvest
AJ Bell Youinvest is a UK-based online broker that offers trading in stocks, ETFs, mutual funds, and more. The brokerage was founded in 1995 and today they have over 200,000 customers. AJ Bell also has its own investment platform called AJ Bell Investcentre.
AJ Bell Youinvest has commission-free dealing for UK stocks and ETFs as well as some international markets like the US and Australia. They also offer a mobile app for Android and iOS devices. You can open an AJ Bell Youinvest account starting at £1 per month.
