Coinbase‘s (Advanced Trade) seems to be the cheapest place where you can buy Immutable X (IMX) in the UK (max 0.6% fees). However, this isn’t a beginner friendly option.
Another option is CoinJar, which has a great user interface (on web and mobile) which is intuitive and perfect for beginners. Fees are slightly higher though (1% if using a UK bank transfer).
Read on for more details.
Where Can You Buy Immutable X in the UK?
Here’s a quick rundown of some popular cryptocurrency exchanges and brokers where you’re able to buy Immutable X (IMX) in the UK.
|Provider||Payment Method||Trading Fees|
|Coinbase (Advanced)||UK Bank Transfer||0.60% or less|
|CoinJar||UK Bank Transfer||1%|
|Coinbase (Simple)||UK Bank Transfer||2% (if > £200)|
|Crypto.com App||UK Bank Transfer||Variable Exchange Rate|
|Crypto.com App||Debit Card||2.99% + Variable Exchange Rate|
|Coinbase (Simple)||Debit Card||5.49% (if > £200)|
Places to Buy Immutable X
Coinbase is the cheapest place that I’ve found where you can buy Immutable X (IMX) in the UK.
However, you’ll have to use Coinbase’s Advanced Trade dashboard to get these low fees. Everyone with a Coinbase account should have access to this, but it has to be toggled on.
Unfortunately, it’s not currently possible to directly buy Immutable X (IMX) with GBP using this Advanced interface.
This means you must go through some extra faff:
- Deposit GBP with a UK bank transfer. After your initial deposit, you should find that anything you send over is credited quickly (as it’s processed via Faster Payments).
- Buy Tether (USDT) with your GBP account balance on Coinbase’s Advanced Trade dashboard (max. 0.001% fees).
- Buy Immutable X (IMX) on the IMX-USDT market using the Tether (USDT) that you’ve just bought (max. 0.6% fees).
It’s worth emphasising: Coinbase Advanced (cryptocurrency exchange) isn’t anything like Coinbase Simple (cryptocurrency broker). The TLDR is that Coinbase’s Advanced dashboard is more suited to traders or enthusiasts – as it’s not beginner friendly.
Coinbase WebsiteCoinbase Review
Founded in 2013, CoinJar is a simple and quick way to buy a growing number of cryptocurrencies in the UK and Australia (currently 50+).
In addition to Immutable X (IMX), you can use its web interface or mobile app to buy Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and more.
You can have two ways that you can buy cryptocurrencies on CoinJar:
- Cheapest Option: Deposit GBP with a UK bank transfer (via Faster Payments) and then use your account balance to buy whatever you want. [1% fixed fee]
- Quickest Option: Use a debit card to instantly buy any supported cryptocurrency. [2% fixed fee]
Although using a debit card is instant, it’s also quick to deposit GBP with a UK bank transfer (via Faster Payments). I’ve typically had GBP credited to my account with minutes of sending it. (You first deposit might take longer than this though!)
But either way: it still works out as a much more beginner-friendly destination to buy cryptocurrencies like this than Coinbase.
3. Crypto.com App
Although Crypto.com promotes that you can buy cryptocurrencies like Immutable X (IMX) at “true cost”, you will find that the exchange rate you’re quoted is higher than on places like Coinbase or CoinJar.
This seems to vary based on a few things, so I can’t put a number on how large this gap is – but I’ve typically found it to be at least 1% higher than it should be.
This sucks and has put me off using the Crypto.com app to buy or sell cryptocurrencies (unless I can’t find what I’m after elsewhere).
However, the Crypto.com app is much more than just a destination to trade cryptocurrencies. Amongst other things, you can use it to earn interest on cryptocurrencies or get one of the best crypto debit cards around (with cashback available on some card types).
What is Immutable X (IMX)?
Immutable X (IMX) is the native token for Immutable X, a layer-2 scaling solution for NFTs that are on the Ethereum Network.
The goal of Immutable X is to provide a faster and easier way to mint and trade NFTs without the high gas fees that are normally associated with Ethereum transactions. The IMX token is mostly used for fee payments, network liquidity through staking, and governance.
Immutable X was created in late 2021 by entrepreneur and software developer James Ferguson. The company behind Immutable X was founded in 2018 and is based in Australia. Immutable X entered the spotlight in February of 2022 when GameStop announced that it would partner with Immutable X to create its own NFT marketplace.
Immutable X is a layer-2 solution for the Ethereum Network that’s designed specifically for minting and trading NFTs.
What makes Immutable X unique is that it provides a highly scalable, gas fee-free, super-fast, and user-friendly NFT trading experience. It achieves this functionality through a technology called zKRollups.
ZKRollups aren’t unique to Immutable X (they’re used by other Ethereum layer-2 solutions like Loopring), but Immutable X is one of the first projects to use them specifically for NFTs. The idea behind zKRollups is that they bundle lots of transactions together for processing off-chain before the whole bundle is finalised on the Ethereum network.
By taking lots of transactions and bundling them together, zKRollups let platforms like Immutable X provide much faster and much cheaper transactions than what you’d get on Ethereum without the need to build a whole new blockchain.
Immutable X took the idea of fast and cheap transactions to a whole new level with their NFT marketplace by completely removing gas fees and allowing for near-instant transaction settlement. The Immutable X protocol can handle up to 9,000 transactions per second (TPS), and it lets anyone build, create, and distribute ERC-20 or ERC-721 tokens.
The Immutable X (IMX) token is the native utility token for the Immutable X protocol. It has three main functions:
- Governance: Anyone that holds IMX tokens can vote on proposed changes to the Immutable X protocol.
- Transaction Fee Payment: All transaction fees for NFTS minted or traded on Immutable X are paid at least partially in IMX tokens. A minimum of 20% of all transaction fees need to be paid in IMX. But if you don’t have IMX in your wallet, the protocol will instantly convert your Ethereum (ETH) to IMX on your behalf to process your trade.
- Staking Rewards: Holders of IMX tokens can stake their tokens on Immutable X to provide liquidity to the network and receive staking rewards. These rewards are paid out in IMX from trading fees collected on the protocol.
Best Immutable X (IMX) Wallets
Immutable X (IMX) token is an ERC-20 token, so it’s widely supported by major Ethereum network wallets.
If you want to use your IMX tokens to interact with the Immutable X protocol and NFT marketplace, some software wallets that you can use include:
- MetaMask: One of the world’s most widely used software wallets, MetaMask is a mobile app and browser extension that supports all ERC-20 tokens, including IMX. MetaMask also directly integrates with the Immutable X NFT marketplace so you can use your tokens to buy and sell NFTs.
- Magic.link: Immutable X offers its own wallet service through Magic.link. With Magic.link, you can create an Ethereum network wallet for your ETH and IMX tokens using your email address. However, you can only use your Magic wallet on the Immutable X NFT marketplace and on other Immutable X projects.
There are many other software wallets besides MetaMask and Magic.link that support IMX tokens – but that can’t connect to the Immutable X protocol. If you just want to buy and HODL your tokens, you can use other popular wallets like Atomic Wallet, Trust Wallet, and Coinbase Wallet.
What if you want to use a hardware wallet for your IMX tokens?
Unfortunately, your IMX hardware wallet options are currently very limited.
The Ellipal Titan is one of the only major hardware wallets that can store and manage the private keys to IMX tokens.
You can use Trezor and Ledger devices to store the private keys to your IMX tokens, too. But you can’t manage IMX in Trezor Suite or Ledger Live (the Trezor and Ledger wallet interfaces). So you have to connect your hardware wallet to MetaMask or another similar service in order to send, receive, and manage your tokens.
Thanks for Reading
Thanks for checking out this post about the best places to buy Immutable X (IMX) in the UK!
Got a question? Leave a comment below and fire over an email to me.