Ethereum (ETH) is the second-largest cryptocurrency network. It supports loads of ERC-20 tokens on its blockchain, and it’s traded on most crypto exchanges.
But if you’re not careful?
You’ll get ripped off. You might end up unnecessarily paying high fees when buying Ethereum (ETH) with GBP in the UK.
In this post, I’ll show you the cheapest way to buy Ethereum (ETH) in the UK with GBP.
Intro: Cheapest Way to Buy Ethereum with Each Payment Method
Buying Ethereum (ETH) as a UK resident used to be difficult and expensive.
In 2021, it’s easier and cheaper than it’s ever been before.
Here are the cheapest ways to buy Ethereum (ETH) with the most popular payment options in the UK.
|Provider||Payment Method||Fees||Find Out More|
|Binance||UK Bank Transfer (Faster Payments)||Up to 0.1%|
|Coinbase Pro||UK Bank Transfer (Faster Payments)||Up to 0.5%|
|CoinJar||UK Bank Transfer (Faster Payments)||Up to 1.5%|
|Crypto.com||Debit & Credit Card||2.99%|
This post is about how to buy Ethereum (ETH) directly with GBP in the UK.
If you’d like to buy Ethereum (ETH) with Bitcoin (BTC), then you’ll want to check out this guide to learn how to buy Bitcoin (BTC) at the cheapest possible rate in the UK.
Once you have Bitcoin (BTC), you can exchange it for Ethereum (ETH) in loads of places.
Here are just a few options:
Best Ways to Buy Ethereum (ETH) in the UK
Binance is currently one of the cheapest and quickest ways to buy Ethereum (ETH) in the UK with a UK bank transfer.
Binance launched in 2017 and has grown into one of the largest and most popular cryptocurrency exchanges in the world (with over 15 million users). In addition to Ethereum (ETH), Binance supports dozens of other cryptocurrencies – including Bitcoin (BTC), Ripple (XRP), and Monero (XMR).
You can deposit GBP on Binance with a UK bank transfer for FREE. This is processed via the Faster Payments Service (FPS), which means that it should usually be credited within just a few hours.
You can then buy Ethereum (ETH) with your GBP balance at the REAL exchange rate with low fees (up to 0.1%). You’ll have to pay withdrawal fees, but this is the same in most places that I’ve recently checked out.Register Now
2. Coinbase Pro
Coinbase Pro (previously GDAX) is one of the cheapest and quickest ways to buy Ethereum (ETH) in the UK with a UK bank transfer.
Coinbase Pro was the first major cryptocurrency exchange to accept GBP deposits through the UK Faster Payments Service (FPS). This means deposits to Coinbase Pro should be credited in about an hour – but my experience is that the GBP arrives on Coinbase Pro within minutes.
On Coinbase Pro, you’re able to buy Ethereum (ETH) with GBP at the REAL market rate and low fees (up to 0.5%). Like Binance, you’ll need to pay fees to withdraw your Ethereum (ETH) from Coinbase Pro.
Coinbase and Coinbase Pro (formerly GDAX) are owned by the same company. When you create a Coinbase account, you’ll automatically have access to Coinbase Pro (using your Coinbase credentials).
Coinbase is intuitive, easy-to-use, and perfect for beginners. Coinbase is the world’s most well-recommended and popular cryptocurrency broker.
In contrast, Coinbase Pro is a cryptocurrency exchange which is targeted at cryptocurrency traders and high-value cryptocurrency purchases. The fees on Coinbase Pro are much lower (up to 0.5%), but it’s harder to use and intimidating for beginners.
In the long-term, you’ll probably save a lot of money by learning to use Coinbase Pro.
Buy Ethereum (ETH) on Coinbase Pro [GUIDE]
Create an account on Coinbase. It doesn’t take long.
Link your UK bank account.
You can add your UK bank account by going to ‘Settings > Linked Accounts > Link a New Account’ and following the on-screen instructions.
Send GBP funds to your GBP wallet on Coinbase Pro.
Coinbase supports UK Faster Payments (FPS), so deposits are usually credited in less than an hour. My experience is that, after your first deposit to Coinbase, GBP is credited within minutes.
Here’s how you find Coinbase account information (and reference number):
- Login to pro.coinbase.com
- In the left sidebar, select ‘Deposit
- In the dropdown box, select ‘British Pound’
- You’ll be shown everything you need to transfer GBP directly to your Coinbase Pro account.
Buy Ethereum (ETH) on the ETH/GBP market on Coinbase Pro.
Coinbase Pro recently changed their fees, so that you’ll pay 0.5% in fees if you have a trading volume that’s under $10,000 per month. You’ll pay this regardless of whether you’re a market maker or a market taker.
It’s easier to submit a market order, but this video provides a good explanation of how to submit a limit purchase order in this video.
If you’d rather read a text guide on how to complete a limit order, check out this.
Withdraw Ethereum (ETH) from Coinbase Pro.
Coinbase Pro recently introduced fees for Ethereum (ETH) withdrawals. These are based on the current network fees (which are quite high).
- In the left sidebar on pro.coinbase.com, select ‘Withdraw’
- In the dropdown box, select ‘Ether’
- You’ll then tell Coinbase Pro how much Ethereum (ETH) you’d like to send, and where you’d like it to go.
- If you don’t have your own Ethereum (ETH) wallet, jump to the wallet section at the end of this post.
CoinJar is yet another great place to buy Ethereum (ETH) and other cryptocurrencies with GBP in the UK.
It supports UK bank transfers via the Faster Payments Service (FPS), which means that any GBP you send over to CoinJar (after your initial deposit) should be credited within about an hour. Like on Coinbase Pro, I’ve found that CoinJar usually credits my GBP within minutes.
You’ll be charged a fixed 1% fee when you buy Ethereum (ETH) on CoinJar. There’s an additional fee in the exchange rate. This varies day-to-day, but I’ve not seen it above about 0.5%. This is more expensive than Binance or Coinbase Pro, but it’s MUCH easier to use than either of these alternatives – which makes it more suitable for beginners.
But if you want to pay lower fees, you could take advantage of the CoinJar Exchange. With this, you’ll pay fees of up to 0.2% to buy Ethereum (ETH) or other cryptocurrencies with GBP. However, you’ll pay fees of up to just 0.05% to trade between cryptocurrencies (e.g. ETH/BTC).
Signing up and getting verified doesn’t take long.CoinJar ReviewCoinJar Website
From my research, Crypto.com seems like one of the cheapest ways to buy Ethereum (ETH) in the UK with a debit or credit card.
Although it did previously support UK bank transfers via the Faster Payments Service (FPS), Crypto.com have temporarily suspended GBP wallets (until further notice). While this sucks, you’re still able to buy Ethereum (ETH) and dozens of other cryptocurrencies with a debit or credit card.
When I checked, they were charging users 2.99% in fees to use a debit or credit card to buy Ethereum (ETH) or any other supported cryptocurrency.
In contrast, Coinbase will charge you 3.99% in fees if you buy Ethereum (ETH) using a debit card. To put this into perspective, you’d (needlessly) lose an extra £10 in fees for every £1000 of Ethereum (ETH) that you buy from Coinbase with a debit card.
Since I’ve started using Crypto.com, I’ve been really impressed with what it offers. It’s much more than just another place to buy, sell, and store cryptocurrency though. Check out my Crypto.com review to learn more (there’s a short summary near the start).Crypto.com ReviewDownload Mobile App
LocalCryptos is a peer-to-peer (P2P) marketplace where you can buy and sell Ethereum (ETH) and Bitcoin (BTC) with other people. It’s available worldwide and supports all traditional (i.e. fiat) currencies. When I checked, there were over 6000 active offers (across the world). It was previously known as LocalEthereum.
Like other P2P crypto marketplaces, it supports all payment methods – as long as you can find someone willing to accept that payment method.
In the UK, these are the most popular payment methods on LocalCryptos:
- UK Bank Transfer (via Faster Payments)
- Cash (in-person)
- PayPal (+ other similar services)
Unfortunately, there were only about 30 sellers with open offers in the UK when I checked. The lowest rate I found was approximately 1% above the real ETH/GBP exchange rate.
When buying Ethereum (ETH) through LocalCryptos, the seller will need to place the Ethereum (ETH) you’re buying into an escrow smart contract on the Ethereum blockchain.
This is pretty cool! Here’s how they explain it:
“Escrows are decentralised using the Ethereum blockchain, which means that the seller is not sending ether to a trusted third-party (although it works similarly) but instead a ‘smart contract’… in short, this makes localethereum trustless; there’s no way for staff to access this ETH — we can only intervene and send it to one of you if either party opens a dispute” (Source)
You can read more about this here.
Communications between buyers and sellers are also end-to-end encrypted so that you can communicate privately with one another.
Registration takes less than a minute.Check it Out
Don’t like the options above?
Here are some other places you can buy Ethereum (ETH) directly with GBP in the UK.
|Website||Payment Method||Fees (Approx.)||Full Review|
|Wirex||UK Bank Transfer, Debit Card, & Credit Card||2.5%||Official Website|
|Bittylicious||UK Bank Transfer||4%||Bittylicious Review|
|Coinbase||UK Bank Transfer, Debit Card, & Credit Card||4%||Coinbase Review|
|BC Bitcoin||UK Bank Transfer, Debit Card, & Credit Card||5%||BC Bitcoin Review|
|Cryptomate||UK Bank Transfer||6%||Cryptomate Review|
EXTRA: Best Ethereum Wallets
Ethereum Hardware Wallet
Once you’ve bought Ethereum (ETH), it’s best practice to immediately move it into an external crypto wallet which YOU control.
Hardware wallets are extremely popular and well-recommended across the world. They make the process of securing your cryptocurrency simple and easy – even for non-technical users.
I’ve reviewed nearly every cryptocurrency hardware wallet that’s available. I’ve ranked my favourite cryptocurrency hardware wallets in this post.
One of the best hardware wallets I’ve come across is the Ledger Nano S. It’s the most popular crypto hardware wallet, with over 1.4 million units sold worldwide. It also costs under £60, which makes it great value for money.
Other Ethereum Wallets
This isn’t an exhaustive list, but these options appear well-recommended across the crypto-community. My favourite is the Atomic Wallet.
- Mist Wallet: Ethereum wallet created by the Ethereum Foundation.
- MyEtherWallet or MyCrypto: Both are well-recommended ethereum web wallets.
- Atomic Wallet: Feature-packed multi-currency wallet which lets you manage ethereum, as well as 300 other coins and tokens.
- Exodus Wallet: User-friendly multi-currency wallet which allows you to manage over 95 cryptocurrencies.
Other Buying Guides
Looking to buy other cryptocurrencies?
Check out my other popular guides: