After browsing the internet and learning about Bitcoin, you are probably where you can buy Bitcoin in the United Kingdom.
This is where Bitpremier comes in, as this guide will compare and contrast the top Bitcoin and cryptocurrency exchanges in the UK.
First on this list is Coinbase. Coinbase is the ultimate beginner Bitcoin exchange. It features a beautiful yet simple user interface for buying Bitcoin along with a custodial wallet for customers.
Coinbase is also pretty accommodating of all limits and allows for higher verification tiers. By default, your account should be able to trade around $10,000 a day.
For fees, Coinbase charges a 1.49% fee on buys and sells with a bank account. This fee is increased to 3.99% on credit and debit card transactions.
Bitpanda, known by some as the Coinbase of Europe, is another extremely popular exchange. This exchange features several pairings and cryptocurrencies making it a great choice.
The exchange also has a beautiful interface that makes it easy to buy and trade cryptocurrency.
Luno is another common option for users in Europe. Luno is a true exchange meaning that you are buying cryptocurrency directly from another user, rather than the site itself. This may be why their fees are on the lower end at 0%-1.49%.
Coinmama is another brokerage that has been around for a while now. They specialize in card transactions and charge a 5.5% fee.
Unlike some of the other exchanges mentioned here, Coinmama does not have wallets for their users. You must have your own Bitcoin wallet or address before making a purchase on here.
Kraken is another US-based cryptocurrency exchange that supports Bitcoin and several other cryptocurrencies. Their fees are pretty low and the exchange offers margin trading. For deposit methods, Kraken supports bank transfers such as SEPA, Swift, and more.
Bitstamp is one of the oldest exchanges out there and is based in London. Due to their established history, the crypto community views them as a very trustworthy exchange.
The exchange offers fee-free deposits for non-international users, and then a .1%-.25% fee depending on trade volume per trade. They also have some of the best customer support of the exchanges mentioned.
LocalBitcoins is one of the more unique exchanges on this list. It’s a peer to peer escrow service that allows users to exchange funds in person and online. In exchange for their escrow service, LocalBitcoins takes a 1% fee on transactions. This is well worth paying as it makes it near impossible to get scammed.
Please note that sellers on the exchange may offer premiums on their offers due to the extra privacy this option offers.
Bitcoin ATM’s are another private option for purchasing Bitcoin. This method allows for cash deposits for around a 10% fee. If you’re interested in using a Bitcoin ATM in the United Kingdom, check out the Coinradar link to see where all of the ATM’s are near you.
Bitcoin in the UK
The year 2009 witnessed the beginning of a cryptocurrency era championed by Bitcoin. Bitcoin is known for promoting users’ anonymity during transactions and because its decentralization, no central body has authority over it.
With Bitcoin, cross-border transactions have become more convenient and cheaper, as goods and services can now be purchased with the digital currency from online retailers.
Is Bitcoin Legal In The UK?
Bitcoin has a good reception in the United Kingdom. In fact, the UK has campaigned for more support for Bitcoin from its regulatory body. Certain tax regulations apply to the use of Bitcoin in the UK.
To add to this, the United Kingdom has seen it fit to create a cryptocurrency that will be regulated and backed by the government.
In the near future, it is expected that large scale payment of cryptocurrency will begin as the UK Financial Conduct Authority is making plans towards its implementation.
Bitcoin Adoption In The UK
The current Brexit drama has brought about increased adoption of Bitcoin in the UK. As March draws near, when the UK will leave the EU, a lot of concerns have been raised about the £70 trillion worth of trades that are hanging in the balance.
Unless something drastic is done to prevent such a huge loss, it could be very problematic for all parties involved.
With the uncertainty surrounding the Brexit, a lot of UK residents are moving in the direction of Bitcoin to secure their wealth.
In recent years, many Bitcoin startups have sprung up in the UK as the adoption of Bitcoin has continued to grow.
The growing rate of Bitcoin adoption in the UK also comes a number of Bitcoin scams; one of them is the loss of £120,000 by Matalan and Pathé UK to Bitcoin scammers.
The fraudsters made their move by claiming to be Elon Musk, a Silicon Valley entrepreneur, promising a fake cryptocurrency giveaway which led to the hacking of the company’s Twitter account and the stealing of £120,000.
Bitcoin Regulation in the UK
All indications suggest that the UK Financial Conduct Authority may soon regulate Bitcoin.
The UK government has expressed readiness to empower Britain’s financial regulator to supervise all crypto assets because of the warning from MPs which described digital assets as “wild west” assets that are high risk for consumers.
The Financial Conduct Authority (FCA) is the regulatory body which oversees digital assets, and the Treasury select committee has called for more to be done by the regulatory body to ensure that investors are protected and also for money laundering to be prevented.
Treasury’s economic secretary and City minister, John Glen, stated: “The government will consult early next year to explore whether other crypto-assets that have comparable features to specified investments but that fall outside the current perimeter should be captured in regulation.”
What UK Residents Think About Bitcoin
The majority of Bitcoin users in the UK are males in their 20s or 30s, and many of them are not satisfied with the lack of adequate retail businesses that accept Bitcoin for the payment of goods and services.
Concerning the proposed Bitcoin regulation by the UK government, UK bitcoin users are already on board with the plan.
UK residents tend to save their Bitcoin rather than spend it. That can be seen in the ongoing Brexit issue whereby residents use Bitcoin to secure their wealth.
Some users also engage in bitcoin spending, but the majority of them are good savers.
Also, it appears that UK bitcoin users believe that other countries are ahead of them regarding Bitcoin adoption.
This can be improved with more favorable regulations for cryptocurrency in the UK.
Actually, there is no way to measure the impact of Bitcoin adoption across countries. Any effect that results from the use of Bitcoin across countries is hardly noticeable.