What are the best ways to buy bitcoin in the UK?
There are loads of options available, but many aren’t competitively priced.
In this quick list, I’ll show you where you can buy bitcoin in the UK without getting completely and unnecessarily ripped off.
Here’s a peek at the best options in the UK:
8 Best Ways to Buy Bitcoin in the UK
You can deposit GBP using a UK bank transfer to Crypto.com. This is handled via Faster Payments, which means that your money will be credited to your account within about an hour.
Crypto.com also allows you to buy bitcoin (and other cryptocurrencies) with a debit or credit card. You’ll usually pay a fee of 3.5%, but this has been waived until the end of September 2020. Until then, Crypto.com is the best place to buy bitcoin with a debit card in the UK.
Let’s put this into perspective. Coinbase charges about 4% above the actual BTC-to-GBP exchange rate when buying bitcoin with a debit card. On a £1000 purchase, you’d get more bitcoin (equivalent to £40) if you used Crypto.com instead of Coinbase.
2. Coinbase Pro
Since the introduction of GBP deposits via a Faster Payments, Coinbase Pro has been one of the cheapest ways to buy bitcoin in the UK with a UK bank transfer.
Coinbase was the first major bitcoin exchange which was granted an e-money license. This was a big deal at the time, as no other (major) cryptocurrency exchange used to offer GBP deposits via Faster Payments. It means that you can make a simple UK bank transfer to deposit GBP into Coinbase.
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 without incurring high fees (just 0.5%).
There’s only one catch. If you’ve never used a cryptocurrency exchange before, it might be a little intimidating.
If you want more details about this, check out my guide to buying bitcoin in the UK. (It includes a walkthrough of the entire process.)
Wirex allows you to buy bitcoin (and other cryptocurrencies) with a debit card, credit card, or UK bank transfer without paying crazy fees. It provides you with the real exchange rate and charges a fixed fee of 1%. I think the interface sucks, but it’s easy enough to navigate around.
It’s one of the cheapest ways you’ll be able to buy bitcoin in the UK without using an exchange like Coinbase Pro. It’s usually the easiest cheapest way to buy bitcoin with a debit or credit card in the UK, but it has been temporarily de-throned by Crypto.com.
Read my quick guide for further details.
4. Solidi & Bittylicious
Both operate in much the same way:
- You plug in how much you’d like to buy and then you’ll be matched with the cheapest registered broker (who can fulfil that order).
- Once you’ve sent the money to the broker’s bank account, the funds are released from an escrow (held by Solidi/Bittylicious) to your wallet.
Using either option is fast, easy, and painless.
I’ve used both options interchangeably – depending on who is cheapest. Rates usually float somewhere around 1.5 – 2% above the actual BTC-to-GBP exchange rate (which is competitive).
Coinfloor has been around since 2013, which makes it the longest established UK bitcoin exchange. They’re a reputable exchange, which seems especially popular with traders, brokers, and large investors.
It supports UK bank transfers (via Faster Payments), which means that GBP deposits should be quickly credited to your Coinfloor account. It provides you with access to the real BTC-to-GBP exchange rate, but there are trading fees of 0.3% for low-volume users. On top of this, there’s a fixed fee of £2.50 for each deposit you make.
This isn’t too bad if you’re buying large chunks. If you deposited and bought £1000 worth of bitcoin on Coinfloor, you’d only pay about 0.55% in fees. That’s about the same as Coinbase. However, it currently has a 0.0005 BTC withdrawal fee (approx. £4 at the moment).
Localbitcoins is a peer-to-peer (P2P) trading site which allows you to exchange local currencies for bitcoin. It allows buyers/sellers to post adverts which set the exchange rate and the desired payment method. Other sellers/buyers can browse and reply to these adverts.
There are many different payment methods available. Some examples:
- Bank transfer (Faster Payments)
- Western Union
- Altcoins (e.g., DASH, XRP, XMR)
- Gift cards
You’ll have to verify your identity to buy more than a small amount. Lots of bitcoin sellers will ask for ID verification (to comply with rules/regulations).
Localbitcoins was founded in 2012 and still remains popular in the UK and around the world.
CoinJar is a cryptocurrency broker (founded in 2013) which allows you to buy bitcoin (and other cryptocurrencies) with a UK bank transfer.
You’ll be charged a 1% fixed fee when you buy or sell bitcoin on CoinJar, but you’ll also be quoted bitcoin prices that are a little above the real exchange rate. When I tested it out, I found that I’d paid about 1.5% in fees (which is competitive).
Deposits are credited in minutes and its intuitive interface makes it simple and easy to use.
Read my review for more details.
BeyondCC offers competitive bitcoin rates if you want to buy bitcoin in the UK with a GBP bank transfer. They offer a similar experience to Solidi and Bittylicious. But rather than rely on a network of brokers, they handle all of the sales themselves.
Interested? Read my review for more details.
What do you think?
What do YOU think is the best way to buy bitcoin in the UK?
Is there somewhere cheaper, faster, or easier which I should check out?
Let me know in the comments section below!
I’m not a financial advisor and nothing I write on this website should be construed as financial advice.
For more details, check out my full disclaimer.
If you search for “Buy Bitcoin in the UK”, you’ll find some strange recommendations sprinkled around.
I was interested in what popped up the most, so I counted up all the services mentioned at least twice in the top 10 search results.
In aggregate, these suggestions don’t look too bad.
Let me know in the comments section below if your favourite option isn’t listed!