Cheaply Buy Ethereum in the UK (2020)

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 2020, 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.

ProviderPayment MethodFeesWebsite
Crypto.comUK Bank Transfer (Faster Payments)0%Official Website
BinanceBitcoin (BTC) & Altcoins0.1%Official Website
Coinbase ProUK Bank Transfer (Faster Payments)Up to 0.5%Official Website
WirexDebit & Credit Card1%Official Website
VimbaUK Standing Order2.49%Official Website
LocalCryptosCash (In-Person)5%Official Website
Buying Ethereum (ETH) with Bitcoin (BTC) in the UK

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:

#1: Cheapest Route: Crypto.com

Crypto.com is the best place to buy Ethereum (ETH) in the UK with GBP.

It supports UK bank transfers via the Faster Payments Service (FPS), which means that any GBP you send over to Crypto.com will be credited within just a few hours (usually sooner).

If you deposit GBP using a bank transfer, you’ll be able to buy Ethereum (ETH) at the real exchange rate without paying ANY fees (0%). This is madness, as it makes it cheaper to use Crypto.com than cryptocurrency exchanges like Coinbase Pro.

Crypto.com is also the best place to buy dozens of other cryptocurrencies, like Ripple (XRP) and Litecoin (LTC), too. It supports many of the most popular cryptocurrencies available, but continues to add support for more and more.

Buying Ethereum (ETH) with Crypto.com

  • Create a Crypto.com account. Verification doesn’t take long.
  • Deposit GBP (via a UK bank transfer or debit card) to your Crypto.com GBP wallet.
  • Buy Ethereum (ETH) with your GBP balance (0% fees).

Since I’ve started using it, I’ve been really impressed with what Crypto.com 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 if you just want the cliffnotes).

Signing up and getting verified doesn’t take long either.

Crypto.com ReviewGet Started

#2. Quickest Route: Coinbase Pro

Coinbase Pro (previously GDAX) is the one of the cheapest and easiest 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 are usually 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) at the REAL market rate and low fees with GBP (max. 0.5%). Unfortunately, you will have to pay additional network fees to withdraw your Ethereum (ETH) from Coinbase Pro.

What’s the difference between Coinbase and 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

If you haven’t already, take advantage of Coinbase’s signup bonus. It’s a no-brainer.

You’ll get a $10 (approx. £7) bonus when you buy more than $100 (approx. £77) of bitcoin (BTC) on Coinbase.

Signup through this link to get your bonus.

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.

Coinbase ReviewCreate an Account

#3. Buying With Debit Card: Wirex

Wirex is a crypto-friendly currency account. With Wirex, you can effortlessly buy Ethereum (ETH) and other cryptocurrencies with a debit or credit without paying excessive fees.

From my research, Wirex looks like the cheapest way to buy Ethereum (ETH) with a debit or credit card in the UK. It’s also the cheapest way to buy Bitcoin (BTC) in the UK with a debit or credit card.

Here’s how Wirex compares to their closest competition.

ExchangeFees (Approximate)
Wirex2.5%
Crypto.com3.5%
Coinbase4%
Cryptopay4%
Uphold4.5%
Bitpanda5%
Coinmama14%

With Wirex, you’ll pay fees which are about 1% lower than the closest priced alternative (Crypto.com). To put that into perspective, you’ll (needlessly) lose an extra £10 in fees for every £1000 of Ethereum (ETH) you buy from Crypto.com with a debit card.

Wirex promotional image

Wirex also issues GBP, EUR, and USD debit cards. In my recent roundup, I ranked Wirex as one of the best crypto debit card which is currently available.

Signing up and getting verified takes less than 10 minutes.

Wirex ReviewGet Started Now

#4. Peer-to-Peer Route: LocalCryptos

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

#5. Regularly Save Ethereum: Vimba

Vimba.co Header (Dark Background)

Vimba.co is a platform which allows you to setup automatic regular purchases (i.e. cost-average) of Ethereum (ETH) from your UK bank account.

It’s really simple to get started with Vimba:

  1. Create an account (+ verify your identity).
  2. Setup a standing order (every week, every half-month, or every month) to leave your account on Monday morning. It needs to have a minimum value of £10.
  3. You’ll receive Ethereum (ETH) direct to your wallet every Friday (after receiving the payment).

Vimba charges a fixed fee of 2.49%. I think this is a competitive charge for the convenience it provides.

If you want to setup smaller (less than £100 per week) automatic purchases of Ethereum (ETH), then Vimba is a great choice. There’s no cheaper way to setup automatic cryptocurrency purchases than this.

Want to know more? Check out my full Vimba review or their official site.

Vimba ReviewOfficial Site

Alternatives

Don’t like the options above?

Here are some other places you can buy Ethereum (ETH) directly with GBP in the UK.

WebsitePayment MethodFees (Approx.)Full Review
BittyliciousUK Bank Transfer4%Bittylicious Review
BC BitcoinUK Bank Transfer4%BC Bitcoin Review
CoinbaseDebit or Credit Card4%Coinbase Review
CoinCornerDebit or Credit Card5%CoinCorner Review
CryptomateUK Bank Transfer6%-

EXTRA: Best Ethereum Wallets

Ethereum Hardware Wallet (Recommended)

Trezor vs Ledger Nano S vs Digital BitBox (Angled Shot)

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 the best cryptocurrency hardware wallets in this post.

Confirming transaction address on the Ledger Nano S

One of the highest-ranking options 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.

Learn more about the Ledger Nano S.

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:

 

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