Bitcoin is the first decentralized peer to peer currency that has proved to be one of the most cost-effective and secure forms of currency that got global acceptance within no time. Countries like the United States of America, Canada, Australia and other nations from the European Union have said a big yes to this form of electronic cash variant and the United Kingdom is no exception in this regard.
Looking at the trend of crypto-trading, the UK Government has currently kept cryptocurrency freed from the VAT. Buying Bitcoin in the UK is a similar process to buying Bitcoins around the globe. Popular exchanges like Coinbase, Coinmama, Local Bitcoins, Coinfloor, CEX.io and others have offered a variety of cryptocurrency variants along with Bitcoin successfully encouraging the UK traders to join their portal for an easy and smooth purchasing experience.
Buying process
First one needs to create an account by joining a legitimate cryptocurrency portal. Then after proper authentication, one needs to log in to the site. Then need to add a payment account looking at the daily volatility of the coins. Finally, purchase the needed amount of Bitcoin via convenient payment method.
Sites offering Bitcoin purchase in the UK
1. Coinbase
Coinbase is one of the most trusted and reputed portals in the UK for crypto-trading. There are two methods by which the UK citizens can purchase Bitcoins via Coinbase. It includes credit or debit card (Visa or Master) and via fiat currencies like EUR and GBP. It charges a standard fee of 3.99% on all credit/debit card purchases.
2. Coinmama
It is considered to be one of the leading crypto platforms in the UK but does not have an inbuilt wallet for Bitcoin. On each transaction, it charges a fee of 5% offering proper security. One can purchase Bitcoins using a credit card. Before transacting one needs to be a valid user of the portal.
3. Local Bitcoins
Being one of the favorites for the UK citizens, where one can meet online sellers and make a deal in order to purchase Bitcoins. One can use PayPal, wire transfer, cash, SEPA or direct bank deposit for doing fiat money transaction. The fee rate is quite minimal but needs registration via email id before eligible to do transactions.
4. Coinfloor
In the year 2011 this London-based Bitcoin exchange started its journey and today it stands as one of the most trustworthy cryptocurrency portals amongst others. Valid UK residents can purchase Bitcoin using fiat currencies such as USD, EUR, and GBP according to their own convenience. They have a fee structure ranging from 0.10%-0.30% which is quite a descent.
5. CEX.io
This UK based crypto trading platform today supports more than five variants of cryptos that include Bitcoin also. Purchase via debit/credit card and fiat currency is available which includes GBP, EUR, USD, and RUB. For trading, KYC check is a must.
Thus we can conclude that unlike every other country, purchasing of Bitcoin in the United Kingdom is a very easy and stress-free process.
Please do share your views and feedback in the comment box below.