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How to Buy Crypto with GBP

How to Buy Crypto with GBP

Adrian Graham
Fact Checked
Sep 26, 2022

Key Takeaway: There are many ways to buy Cryptocurrencies like Bitcoin and Ethereum with Great British Pounds (GBP) in the UK. The most popular method is by depositing GBP into an FCA-licensed crypto exchange with a Bank Transfer, Debit Card, Credit Card or PayPal transfer.

If you are looking tog get startedquickly, we recommend a platform like eToro for investors in the UK. They are the largest and most trusted that accept direct GBP deposits to invest in thousands of different assets.

Table of Contents

Best GBP Crypto Exchange

Platform Highlights

  • Fast and cheap Great British Pound (GBP) deposits from any UK Bank.
  • Buy and sell 80+ Cryptos and over 7,000 Stocks & ETFs for zero fees.
  • Licensed by the Financial Conduct Authority (FCA) in the United Kingdom.

How to Buy Bitcoin or Crypto with GBP

The best way to buy Cryptocurrencies with GBP in the United Kingdom is with a Financial Conduct Authority (FCA) licensed trading platform. With this method, investors will be able to deposit GBP into a brokerage account to buy digital assets like Bitcoin, Ethereum, Solana and others.

You can get started in 4 simple steps with over 10 different GBP payment methods:

  • Step 1: Sign up to eToro UK and verify your personal or company identity.
  • Step 2: Select the 'Deposit Funds' button on the bottom of your dashboard to transfer Great British Pounds (GBP) from any of the available deposit methods.
  • Step 3: Once the GBP hits your account, find the crypto you want to buy.
  • Step 4: Input the GBP amount you want to buy and execute your trade.
Deposit GBP to buy Crypto
Deposit GBP via Bank Transfer and other methods to buy Crypto.

Do I need to Provide ID to buy Crypto with GBP?

To buy Crypto with GBP in the United Kingdom, you will need to complete a ‘Know Your Customer’ (KYC) process with the FCA-licensed broker. This involves providing personal identification documents like a passport or driver’s license as well as proof of address.

The KYC process is designed to protect both the customer and the company from financial crime. It is a legal requirement for companies to verify the identity of their clients before allowing them to trade.

Best Exchanges to buy Crypto with GBP

The 4 exchanges below are the best FCA-regulated platforms in the United Kingdom that allow you to buy cryptocurrencies with Great British Pounds (GBP). We have also made notes on which platform is best for different GBP deposit methods.

  • eToro - Best Overall (Bank Transfer, Debit Card/Credit Card + more).
  • Uphold - Best for Google Pay and Apple Pay.
  • Paxful - Best for GBP Gift Cards (e.g Amazon Gift Card or Apple Gift Card)
  • Nexo - Best for GBP Stablecoin deposits and interest.
eToro App
Join over 18 million users on the eToro trading platform.

Bank of England Cryptocurrency Policy

The Bank of England has stated that it has no plans to regulate cryptocurrencies, but that it is monitoring their development. It has also warned of the risks associated with investing in them Governor Andrew Bailey said that while crypto-assets do not pose a risk to financial stability at present, "this could change if they became more widely used".

He said that the bank was "looking closely" at them and would work with other authorities, including the Financial Conduct Authority, to ensure any risks were properly managed.

Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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