How to Buy Crypto UK

How to Buy Crypto in the UK

As outlined above, the best way to buy Cryptocurrencies is by connecting a bank account or payment method to an FCA-licensed broker.  For UK-based investors, Uphold is our recommended choice because they are regulated and offer the best onboarding and GBP deposit experience for users in the country. They also offer a comprehensive services with over 200 cryptocurrencies and staking options available.

You can get started on their platform in 4 simple steps:

1. Sign Up: Create an account on Uphold and complete your verification (personal or company).
2. Connect Account: Select the currency you want deposit on the Uphold Platform (GBP + 30 more).
3. Deposit Funds: Connect your UK or European Bank account to quickly deposit your selected fiat currency.‍
4. Buy Crypto: The final step is to find the cryptocurrency you want to buy and execute your trade.

Best Crypto Exchanges in the UK

The United Kingdom is a hub for the adoption and trading of cryptocurrencies. With the rise of digital currencies, more and more people are looking to invest in this new asset class. To make it easier for UK residents to buy cryptocurrencies, a number of exchanges have emerged that offer a simple and secure way to purchase digital currencies.

In this guide, we will be highlighting the 6 best exchanges to buy crypto in the UK. These exchanges have been selected based on their security measures, user-friendly interfaces, and the range of cryptocurrencies they offer.

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1. Uphold

Uphold is one of the largest crypto investing platforms in Europe and the United Kingdom that offers fast and cheap Great British Pound (GBP) deposits for investors in the UK. Their platform has over 200 cryptocurrencies and hundreds of stocks, ETFs, commodities and other assets available to trade with low fees.

The Uphold exchange is regulated by the Financial Conduct Authority (FCA) and has audited proof-of-reserves for all its assets. Uphold also offers a Visa debit card that you can use to spend your cryptocurrencies and other digital assets in stores or online anywhere Visa is accepted.

• ‍Available Assets: 70 Cryptocurrencies and over 7,000 Stocks, ETFs, Commodities and more.
• Trading Fees: Zero commissions.
• Licensing: Financial Conduct Authority (FCA) & Cyprus Securities and Exchange Commission (CySEC).

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2. Coinbase

Coinbase is one of the most popular cryptocurrency exchanges in the world and offers a great user experience for buying crypto in the UK. The exchange accepts GBP deposits via bank transfer and credit/debit card, and fees start at 3.99% for bank transfers and 1.49% for credit/debit card purchases. Overall, Coinbase is a great option for those looking for an easy-to-use platform to buy crypto in the UK.

• Available Assets: 150 Cryptocurrencies.
• Trading Fees: 2.99% per trade.
• Licensing: Financial Conduct Authority (FCA).

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3. Binance

Binance is another popular cryptocurrency exchange that offers a great user experience and a wide range of accepted payment methods, including GBP deposits via bank transfer, credit/debit card, and PayPal. Fees on Binance start at 0.5% and the exchange also offers a wide range of altcoins, making it a great option for those looking to buy crypto in the UK.

• Available Assets: 600+ Cryptocurrencies.
• Trading Fees: 0.5% per trade.
• Licensing: Unclear - recently banned by the FCA.

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4. Kraken

Kraken is a well-established cryptocurrency exchange that offers a great user experience and a wide range of accepted payment methods, including GBP deposits via bank transfer and credit/debit card. Fees on Kraken start at 0.26% and the exchange also offers a wide range of altcoins, making it a great option for those looking to buy crypto in the UK.

• Available Assets: 100+ Cryptocurrencies.
• Trading Fees: 0.26% per trade.
• Licensing: Financial Conduct Authority (FCA) & Cyprus Securities and Exchange Commission (CySEC).

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5. Bitstamp

Bitstamp is another well-established cryptocurrency exchange that offers a great user experience and accept GBP deposits via bank transfer. Fees on Bitstamp start at 0.25% and the exchange also offers a wide range of altcoins, making it a great option for those looking to buy crypto in the UK.

• Available Assets: 50+ Cryptocurrencies.
• Trading Fees: 0.4% per trade.
• Licensing: Financial Conduct Authority (FCA) & Cyprus Securities and Exchange Commission (CySEC).

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6. CEX.IO

CEX.IO is a popular cryptocurrency exchange that offers a great user experience and accepts GBP deposits via credit/debit card and bank transfer. Fees on CEX.IO start at 3.5% for credit/debit card purchases and 1% for bank transfers, making it a great option for those looking to buy crypto in the UK.

• Available Assets: 50+ Cryptocurrencies.
• Trading Fees: 1% per trade.
• Licensing: Unregulated - does not require KYC.

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Is Investing in Crypto legal in the UK?

In the United Kingdom, it is legal to trade and own cryptocurrencies like Bitcoin. The Financial Conduct Authority (FCA) has released guidance on crypto assets including exchanges, wallets, and ICOs. The FCA does not consider crypto assets to be currency or money. Instead, they are classified as commodities​. This means that any crypto-related activity falls under the regulatory perimeter of the FCA.

In the United Kingdom, there is no specific legislation surrounding cryptocurrencies. However, because they are commodities, they are subject to general tax principles. For example, Crypto gains may be subject to Capital Gains Tax (CGT).

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Can I buy Crypto with Binance UK?

No, investors in the United Kingdom cannot buy cryptocurrencies with the Binance UK platform because they were banned from operating in the country by the Financial Conduct Authority (FCA).

Binance was ordered by the FCA to cease all market activities in the UK by June 30, 2022 - which means they are officially shut down in the country.

Are Banks in the UK Crypto-Friendly?

The short answer is, yes. UK Banks are crypto-friendly because they allow their customers to deposit and withdraw funds into FCA-licensed digital asset trading platforms.

This means that although they do not support cryptocurrency services themselves, they do allow customers to invest in the space without freezing accounts.

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Final Thoughts

Buying crypto in the UK is easier than ever before thanks to a wide range of FCA-licensed cryptocurrency exchanges. Each exchange offers a unique user experience and different accepted payment methods, so be sure to do your research and find one that best suits your needs.

Overall, the best pick is Uphold because it offers a wide range of cryptocurrencies, low fees, and integrated bank transfers for GBP deposits. However, there are other reliable and trustworthy exchanges that also offer great services, such as Coinbase and Kraken.