Wrapped Bitcoin (WBTC) is an ERC-20 token on the Ethereum network that is pegged to the value of Bitcoin (BTC).
It’s commonly used to leverage the value of Bitcoin (BTC) in DeFi apps (e.g., by lending it out and earning interest, or using as collateral to get your hands on other cryptocurrencies).
Although you can turn Bitcoin (BTC) into Wrapped Bitcoin (WBTC) yourself, you can also just buy it on an exchange or with a broker.
In this post, I’m going to cover some of the best places (that I know of) where you can buy Wrapped Bitcoin (WBTC) in the UK.
Where to Buy Wrapped Bitcoin (WBTC) in the UK
Here’s a quick overview of where you can buy Wrapped Bitcoin (WBTC) in the UK. Scroll down to learn more about my favourite choices.
|Coinbase (Advanced)||UK Bank Transfer||Up to 0.60%|
|Kraken||UK Bank Trannsfer||Up to 0.26%|
|CoinJar||UK Bank Transfer||1%|
|CoinJar||Credit & Debit Card||2%|
|Crypto.com App||UK Bank Transfer||Variable Rate|
|Crypto.com App||Credit & Debit Card||2.99%+|
How to Buy WBTC UK
1. Coinbase & Kraken
Both are two of the best cryptocurrency exchanges available in the UK.
With both these crypto exchanges, you can deposit GBP with a simple UK bank transfer. This is processed via the Faster Payments Service (FPS), so it shouldn’t take long to be credited either.
You can then buy Wrapped Bitcoin (WBTC) on WBTC markets on either exchange. When using Coinbase’s Advanced terminal, you’ll be charged maximum trading fees of 0.6%. On Kraken, you’ll be charged half that – a maximum of 0.26% per trade instead.
But there is a catch:
As you can’t buy Wrapped Bitcoin (WBTC) directly with GBP, you’ll need to:
- Deposit GBP using a UK bank transfer.
- Convert that GBP for Bitcoin (BTC).
- Exchange the Bitcoin (BTC) for Wrapped Bitcoin (WBTC) on the WBTC/BTC market.
Because this process requires two trades, you’ll pay twice as much in fees if you use either of these exchanges.
Established in 2013, CoinJar is a cryptocurrency broker and exchange where UK and Australian residents can buy, sell, and store Wrapped Bitcoin (WBTC) and 50+ other cryptocurrencies.
UK users can deposit GBP into CoinJar using a UK bank transfer. You can then buy Wrapped Bitcoin (WBTC) directly with your GBP balance. If you take this route, you’ll be charged a 1% fee.
Alternatively, you can instantly buy Wrapped Bitcoin (WBTC) with a credit or debit card. More convenient? Yeah, but also a little more expensive (2% fees instead).
Compared to cryptocurrency exchanges, CoinJar is simpler and more intuitive. You’re likely to have a problem – even if you have no experience buying cryptocurrencies like Wrapped Bitcoin (WBTC).
3. Crypto.com App
Crypto.com (originally known as Monaco) is another destination where you can buy, sell, and store Wrapped Bitcoin (WBTC).
You can deposit GBP with a UK bank transfer. If you take this route, you can then exchange the money you’ve deposited for Wrapped Bitcoin (WBTC) in just a few taps. You can also instantly buy Wrapped Bitcoin (WBTC) with a credit or debit card.
When you buy using funds you’ve deposited into your GBP wallet inside the app, you won’t be charged an explicit fee. If you use a credit or debit card, UK users will be charged a fee of 2.99%.
However, I’ve consistently found that the exchange rate you’re quoted in the app when buying cryptocurrencies is higher than what’d you find on an exchange. When I was writing this post, it was about 2% higher (but this will vary).
But the Crypto.com app is more than just a destination for buying, selling, and storing cryptocurrencies like Wrapped Bitcoin (WBTC). Amongst other things, you can earn interest on your crypto holdings and get a crypto debit card (with decent cashback).
You can find out more by heading over to my full review.
Thanks for checking out this guide about how to buy Wrapped Bitcoin (WBTC) in the UK!
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