How to Buy Crypto with GBP

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 like Uphold. Uphold accepts GBP deposits via Bank Transfer, SEPA, Google Pay, Apple Pay, Credit Card or Debit Card. Follow the below steps to buy Bitcoin with GBP.

1. Create a free account on Uphold with your email address and complete your verification.
2. Connect your bank account or card to Uphold by selecting the 'GBP' button on your dashboard.
3. You can then select the 'connect bank' button to link your account to Uphold.
4. Select the cryptocurrency you want to buy and execute your trade.

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. Uphold requires KYC to use their platform, if you would like to avoid verifying your identity, we recommend using a non-KYC exchange like Bybit.

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Best Exchanges to buy Crypto with GBP

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

• Uphold - Best Overall Crypto Exchange (Bank Transfer, SEPA, Google Pay, Apple Pay & more).
• Paxful - Best for GBP Gift Cards (e.g Amazon Gift Card or Apple Gift Card).
• Nexo - Best for GBP Stablecoin Deposits and Interest.
• Bybit - Best Non-KYC Crypto Exchange with third party payment providers (Simplex, Banxa).

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.

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Final Thoughts

In conclusion, buying cryptocurrencies with GBP in the UK is a straightforward process. With FCA-licensed exchanges like Uphold, investors can easily deposit GBP via multiple methods and trade a variety of cryptocurrencies. The KYC process is a legal requirement to protect both the customer and the company from financial crime. In terms of the best exchanges to buy crypto with GBP, Uphold is the best overall exchange, Paxful is best for GBP gift cards, Nexo is best for GBP stablecoin deposits and interest, and Bybit is best for non-KYC trading.