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Bitcoin has had a place in the United Kingdom ever since it’s creation.
According to the UK’s top financial regulator, the country has seen mass increases in consumer adoption.
A recent study concluded 2.6 million residents have purchased Bitcoin or cryptocurrency.
If you remove those under 18, 5.35% have held or own cryptocurrency before.
Today, we’re going to help you join this smart bunch and assist you in buying Bitcoin.
Some of the best options for United Kingdom residents to purchase Bitcoin are:
Keep reading to learn about each exchange, as well as view full annotated buying tutorials for these exchanges.
Let’s jump right into it!
BEST FOR FEES
Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface.
Supported Payment MethodsVisit Coinbase Read Review
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!
Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily and $20,000 monthly.
Click here to see a step by step guide on how to purchase Bitcoin on Coinmama.Visit Coinmama Read Review
Kraken is another popular exchange based in the United States that's been around since 2011. When it comes to currencies, Kraken supports dozens of cryptocurrencies and fiat currencies such as USD, GBP, and EUR.
Fees on the exchange can range from 0%-.26% depending on the type of order and your trading volume. For funding options, Kraken offers deposits in USD (FedWire), EUR (SEPA), and CAD(Wire & EFT).Visit Kraken Read Review
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. On the exchange, users to trade among themselves by posting a quick buy or quick sell ad on the exchange platform. Fees and limits will depend on the offer or ad that you select.Visit LocalBitcoins Read Review
Bitcoin ATMs are a great way to purchase Bitcoin privately and with cash. According to CoinRadar, there are 279 Bitcoin ATMs scattered across the country. Many of the ATMs are in Londom, Birmingham, Glasglow, and Southampton.
Check out this video of Crypto Notes going to a Bitcoin ATM in London.
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.
Where is there not!?
You can learn more about the UK government’s stance on cryptocurrency tax law. Cryptocurrency in the UK is subject to capital gains tax. If you’re interested in cryptocurrency tax software, we also have an article on that!
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.
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 that 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.”