Want to buy bitcoin without getting ripped off?
Although it’s simple and convenient to buy bitcoin with a debit or credit card, it’s NOT the cheapest way.
There are some exceptions, but most places will charge upwards of 4% in fees when buying bitcoin with a debit or credit card in the UK. That’s 100% unnecessary.
In this guide, I’m going to walk through some popular, well-recommended, and cheaper ways that you can buy bitcoin in the UK.
Remember: I’m not a financial advisor. Read my full disclaimer for more information.
Cheapest Place to Buy Bitcoin in the UK
The cheapest way to buy bitcoin in the UK is to deposit GBP into Crypto.com with a UK bank transfer. With this cryptocurrency app, you’re able to buy bitcoin at the real exchange rate without paying any fees.
You can also use Coinbase Pro to buy bitcoin cheaply in the UK. On this cryptocurrency exchange, you can deposit GBP with a UK bank transfer and buy bitcoin (and other cryptocurrencies) at the real exchange rate without paying high fees (just 0.5%).
Who is the Cheapest Bitcoin Seller?
When comparing bitcoin sellers in the UK, you’ll need to consider:
- How close is the asking price to the real BTC to GBP exchange rate?
- Are there any fees (for depositing, buying, or withdrawing)?
- Are you purchasing in GBP or EUR?
- Is there a minimum deposit?
If you don’t ask these questions, you’ll probably end up getting fewer bitcoins (or satoshis) than you otherwise could.
Cheapest Purchase Options
The cheapest place to buy bitcoin in the UK is with Crypto.com. This platform allows you to buy bitcoin (and other cryptocurrencies) with a debit card, credit card, or UK bank transfer.
If you use a UK bank transfer to deposit GBP into Crypto.com, you won’t be charged any fees. There are no hidden fees in the exchange rate either – it’s the real BTC to GBP exchange rate.
UK bank transfers are processed via the Faster Payments Service (FPS), which means funds will usually be quickly credited to your Crypto.com. My GBP deposits have been credited in under an hour.
You’ll usually be charged a fee of 3.5% if you buy any cryptocurrency with a debit or credit card, but they’ve waived this fee until the end of September 2020. This makes Crypto.com the cheapest place to buy bitcoin with a debit card in the UK too.
Crypto.com is much more than just a place to buy bitcoin though:
- Buy dozens of other popular cryptocurrencies (at the real exchange rate, with no fees).
- ‘Crypto Earn’ allows you to deposit and earn interest on your cryptocurrency. It’s like a normal savings account, but it gives you much better returns (up to 18%).
- Exchange your cryptocurrency for dozens of different UK gift cards (e.g. Just Eat, Uber Eats, Tesco).
- Crypto.com’s bitcoin debit card gives you decent cashback on all your spending, as well as other perks. This is available in the UK, EU, USA, and Singapore.
- The cheapest way to buy bitcoin in the UK.
- Access to the real BTC to exchange rate (no hidden fees).
- No fees when you buy bitcoin with a GBP deposited with a UK bank transfer.
- It’s free to withdraw GBP from Crypto.com with a UK bank transfer.
- There’s usually a 3.5% fee to buy cryptocurrencies using a debit or credit card on Crypto.com (temporarily waived).
- You’ll need to pay a small fee to withdraw bitcoin from Crypto.com to your own wallet.
- You’ll need to use the Crypto.com app on your smartphone. There’s no desktop alternative.
#2: Coinbase Pro
Coinbase Pro (previously GDAX) is still one of the cheapest places to buy bitcoin in the UK.
Coinbase Pro was the first major bitcoin exchange to receive an e-money license from the Financial Conduct Authority (FCA). This means Coinbase Pro accept GBP deposits through the UK Faster Payments Service . This means that all UK residents should be able to use a simple UK bank transfer to deposit GBP into Coinbase – without incurring any fees from their bank.
The bottom line?
- You can now send GBP to Coinbase and it’ll be credited within minutes.
- You’ll be able to buy bitcoin at the best possible rate and incur barely any fees (0.50%)
When you signup to Coinbase through this link, you’ll receive an £8 bonus (paid in bitcoin) when you buy more than approx. £80 of bitcoin.
If you signup through this link and bought £100 worth of bitcoin on Coinbase (not Coinbase Pro), you’d actually end up with £108’ish worth of bitcoin.
Want to see how it works? Check out these guides.
FYI: All images can be enlarged by clicking them.
- One of the cheapest way to buy bitcoin in the UK (0.5% above the real market rate).
- Withdrawals are free!
- Coinbase supports UK bank deposits via Faster Payments Service.
- Reputable and trusted exchange (holds FCA e-money license).
- High limits.
- Don’t need to verify identity with multiple companies (just Coinbase).
- Terrible Trustpilot rating (2*).
- Coinbase attracts animosity from segments of the crypto-sphere (for good reason).
- Beginners might struggle with Coinbase Pro’s interface.
Wirex allows you to buy bitcoin and other cryptocurrencies with a debit card, credit card, or UK bank transfer at the real exchange rate. There’s just a flat fee of 1% when you buy bitcoin – regardless of the payment method.
This isn’t the cheapest way of buying bitcoin in the UK. However, Wirex does allow you to quickly buy bitcoin with a debit card. This isn’t something you can usually do on cryptocurrency exchanges like Coinbase Pro.
Wirex supports UK bank transfers (via the Faster Payment Service), which means that deposits are usually credited to your account in less than an hour.
You can also just fund your wallet with a GBP debit card, which is credited to your account instantly. You’ll be able to deposit up to $5000 (equivalent in GBP) per day. If you want to deposit more than that, you’re better off depositing GBP with a UK bank transfer.
- Simple, quick, and convenient.
- Access to the real BTC to GBP exchange rate.
- Low fees (flat 1% fee).
- Fund account with a debit card or UK bank transfer (via Faster Payments Service) without paying any fees.
- Unlimited account balance.
- Browser-based and mobile apps available.
- You need to order a Wirex Card and pay a £1 account management fee to deposit GBP with a UK bank transfer.
- You’ll need to pay withdrawal fees to send your bitcoin elsewhere.
#4: OTC Services
Your fourth best option is to buy bitcoin through over-the-counter (OTC) services with a GBP UK bank transfer.
The table below shows the most popular and well-recommended options in the UK.
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While you won’t get the best possible price when using these options, they are still quite competitive. Most of these options are usually selling bitcoin at rates which are no more than 2% above the real BTC to GBP exchange rate.
This is still better than many options recommended across YouTube, Reddit, and other websites. (For example, Coinmama charges you 5.9% in fees when buying bitcoin.)
- Convenient, quick, and easy way to buy bitcoin in the UK (with GBP).
- Competitive prices (usually less than 2% above the real exchange rate).
- Reputable and well-recommended, with (usually) better support than cryptocurrency exchanges.
- You’ll need to verify your identity (ID, bank card, and maybe more).
- Bitcoin prices will be above the real BTC to GBP exchange rate.
- Many options pass on blockchain fees to you (which can get high).
#5: Revolut Route
Since mid-2017, this was a popular workaround used by UK residents to buy bitcoin as cheaply as possible. It was necessary as many cryptocurrency exchanges, like Coinbase Pro and Bitstamp, didn’t use to accept GBP deposits via a UK bank transfer.
In 2020, it’s not necessary to jump through all of these hoops to buy bitcoin cheaply. It is much easier, quicker, and convenient to use Option #1 or Option #2.
- Cheap way to buy bitcoin in the UK (about 0.5% in fees).
- Revolut allows you to exchange currencies at the real exchange rate, with no fees for the first £1000 exchanges every month.
- Bitstamp seems well-recommended in /r/BitcoinUK threads.
- You only need to verify identity through two companies (Revolut and either: Bitstamp or Coinbase Pro).
- Send, spend, withdraw, and exchange (in a non-GBP currency) the first £1000 FREE every month. After that, you’ll pay a 0.5% fee for cross-currency transactions (Source).
- Revolut charges a 0.5% fee if you exchange currencies on a weekend.
- Transferring EUR to a cryptocurrency exchange can take up to 48 hours (but usually less).
- SEPA transfers are only processed on weekdays. If you send EUR on a weekend, it won’t be processed until Monday.
- No desktop version of Revolut is available.
Here are some of the most frequently asked questions about using this route to buy bitcoin in the UK.
Which Option Is Best?
If you want to buy bitcoin at the best possible price, then you’ll want to use the Crypto.com app (option #1).
- You can buy bitcoin at the real exchange rate, with 0% fees.
- You can deposit GBP with a debit card, credit card, or UK bank transfer.
- GBP deposits via UK bank transfers are usually credited in less than 1 hour.
If you’d prefer to use a cryptocurrency exchange, Coinbase Pro (option #2) is another cheap way to buy bitcoin in the UK.
What if you don’t want to use Coinbase Pro or Crypto.com?
The other options I’ve mentioned are still competitive. In fact, they’re only becoming more competitive with popular exchanges.
For instance, Wirex (listed in option #3) is a fantastic option.
- Get verified quickly.
- Supports debit cards, credit cards, and UK bank transfers (via Faster Payments)
- Provides you with the real exchange rate, and a flat 1% fee when you buy or sell bitcoin (or other supported cryptocurrencies).
Hardware wallets aren’t mandatory, but they are popular and well-recommended across the crypto-community.
Hardware wallets are small USB devices which help keep your hard-earned cryptocurrency secure.
I’ve reviewed nearly every hardware wallet on the market. Without a doubt, the Ledger Nano X is the best cryptocurrency hardware wallet which is currently available.
It’s reasonably priced, extremely easy to setup and use, and is Bluetooth enabled too (so you can use it on-the-go if you want). I think it’s 100% worth the investment to keep your cryptocurrency safe.Check out my recent review to learn more about the Ledger Nano X.
Looking for something a little different?
Check out my quick rundown of the best hardware wallets on the market.
Have a Question?
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Anything to Add?
Thanks for reading this guide to cheaply buying bitcoin in the UK! I hope you found it useful.
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