How to buy Bitcoin (BTC) in the UK (2020)
Current Price: £5,055.22 24hr: -3.01%
Bitcoin is the ‘flagship’ cryptocurrency: the first and most popular. For this reason, Bitcoin the most common trading pair for other cryptocurrencies (altcoins).
Buying cryptocurrencies like Bitcoin can be intimidating at first, and is not helped by the presence of unreputable exchanges or brokers. This page presents various options for safely buying Bitcoin in the UK, in British Pounds (GBP). We’ve bolded our top recommendations.
IMPORTANT: Always store your coins securely. Learn how…
Buying Bitcoin in British Pounds (GBP)
Fortunately, some exchanges offer the ability to buy BTC with GBP, avoiding fees associated with buying in other currencies such as Euros or US dollars.
Option 1: CEX.io
CEX.io is a fast and easy way to buy BTC (and other cryptos like Ethereum) in the UK, and allows you to use your credit or debit card, or a bank transfer, to fund your account and buy your crypto.
- Convert from: GBP, EUR, USD, BTC
- Fund your account with: Credit or debit card, bank transfer
How to buy GBP on CEX…
- Sign up for an account here
- Add your payment method, which will be either a credit/debit card or bank account – you’ll be funding your account in British Pounds
- Head to the TRADE page via the top-left menu
- From the left-hand panel, expand the BTC panel and choose BTC/GBP
- Scroll to below the charts, and enter the amount you wish to purchase in the Buy BTC box
Option 2: LocalBitcoins
LocalBitcoins has been around since 2012, with no major issues, making it one of the most reputed bitcoin marketplaces. It’s important to note that it is not an exchange, but rather a peer-to-peer buying/selling directory. The service links local buyers with sellers, who can then complete the transaction via an agreed method, such as bank transfer or Paym.
Buying Bitcoins with GBP in LocalBitcoins easy:
- Create your account here
- Head to the main page, where you see the search bar at the top (see image below)
- Enter your amount, make sure GBP is set as your currency, UK the location, and optionally select your payment method; though ‘All online offers’ is a good place to start
- Now, you’re presented with a list of sellers
- It’s best to select a seller with a good reputation score and high number of trades – see the image below for how to identify this in the results
- Hit Buy, and read the instructions. If you’re happy that you can complete payment swiftly after initiating the trade, then enter your amount and click the Send trade request button
- Make the payment, and mark the payment as complete
- Once the trader has verified payment, your BTC will appear in your LocalBitcoins wallet, and can then be sent to any BTC address
Option 3: Coinbase
This is our least recommended option, as Coinbase doesn’t have a great track record in terms of customer service. However, it is a large exchange, and can be a good option for buying BTC fast with Euros.
It is strongly recommended that buyers are sure to not leave their coins on the exchange after their purchase, storing them instead in a private wallet.