USD Coin (USDC) is an ERC-20 token that launched in late 2018. It’s a stablecoin that is pegged to the United States Dollar (USD) on a 1:1 basis.
For every USDC that is available on the market, there is an equivalent number of USD that are held. Coinbase claims that “these funds are held in a special bank account that is constantly monitored and audited”.
But how do you buy USD Coin (USDC) in the UK?
Check out this quick guide to learn how.
Best Ways to Buy USDC in the UK
Binance is currently the cheapest way to buy USD Coin (USDC) in the UK.
But there’s a catch: you can’t buy USD Coin (USDC) directly with GBP on Binance.
Instead, you’ll have to buy another cryptocurrency – like Tether (USDT) – which can be traded for USD Coin (USDC).
This is more faff and will increase the amount of fees that you pay (as you need to make two trades, instead of just the one).
You can deposit GBP onto Binance with a UK bank transfer for FREE. You’ll then pay maximum trading fees of 0.1% whenever you buy or sell something.
These are amongst the lowest trading fees you’ll find on cryptocurrency exchanges.
2. Coinbase Pro
Coinbase Pro is another cheap place where you can buy USD Coin (USDC) in the UK.
But, as with Binance, you’re not able to directly buy USD Coin (USDC) with GBP on Coinbase Pro.
This means you’ll need to buy a cryptocurrency which can be exchanged for USD Coin (USDC) with your GBP first.
You have lots of options here – including Bitcoin (BTC), Ethereum (ETH), and Dai (DAI).
You can deposit GBP into Coinbase Pro with a UK bank transfer for FREE. You’ll then pay up to 0.5% in fees whenever you buy or sell something on this exchange.
Compared to alternative cryptocurrency exchanges, this is quite high.
And keep in mind: you’ll need to make two trades on Coinbase Pro to go from GBP into USD Coin (USDC). This will double the amount in fees that you need to pay (to about 1%).
CoinJar is one of the cheapest places in the UK to buy USDC directly with GBP.
You can deposit GBP with a UK bank transfer for FREE. After my initial deposit, I’ve found that my transfers have been quickly credited in my CoinJar account (within minutes).
You can then buy USD Coin (USDC) and other supported cryptocurrencies quickly and easily through their browser interface or mobile app.
You’ll be charged a fixed 1% fee whenever you buy or sell anything on CoinJar, but the exchange rates you’re quoted also appear a little higher than you can find elsewhere (by about 1%).
It’s worth clarifying: these exchange rates are pulled from the CoinJar Exchange – so they’re set by other people, NOT CoinJar. These exchange rates do appear to be getting closer and closer to what you’ll find elsewhere.
But while this option is more expensive, it is much more beginner-friendly.
Thanks for checking out this guide on how to buy USD Coin (USDC) in the UK!
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