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
1. Coinbase Pro
Since the introduction of British Pound (GBP) deposits via 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 that 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 (max 0.5% trading fee).
There’s only one catch. If you’ve never used a cryptocurrency exchange before, it might be a little intimidating to buy bitcoin using something like this.
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.)Coinbase WebsiteGuide: Buy Bitcoin in the UK
You can deposit GBP into Kraken with a UK bank transfer (via Faster Payments) without incurring any fees. After your initial deposit, anything you transfer over to Kraken from the same bank account should be credited on the same day (but there’s no guarantee of this).
You’ll be charged 0.0005 BTC (about £12) to withdraw any amount of bitcoin from your Kraken account. This seems a little steep. To put this into context, I’ve recently been charged less than a few pounds to withdraw bitcoin from Coinbase Pro.
Check out Kraken’s website to learn more about what they offer.Kraken Website
CoinJar is a cryptocurrency broker (founded in 2013) which makes it easy 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 recently, I found that I’d paid a total of about 1.2% in fees (which is competitive).
Deposits are credited in minutes and its intuitive interface makes it simple and easy to use.
Read my review or check out their site for more details.CoinJar WebsiteCoinJar Review
Established in 2013, Luno is a UK-based cryptocurrency broker that’s made it simple to buy bitcoin (and a small number of other cryptocurrencies).
If you deposit GBP with a UK bank transfer, you’ll be charged a fixed fee of 1.5% when you buy or sell bitcoin. When I’ve used Luno, I’ve found that they quoted prices that were close to the real exchange rate.
You can also buy bitcoin with a debit card or credit card on Luno. But if you do, you’ll be charged a fixed fee of 3.5% instead. I don’t see much point in paying a premium like when GBP I deposited with a UK bank transfer was credited in about 20 minutes.
Read my review for more details.Luno WebsiteLuno Review
Gemini was founded in the US in 2014, but has only been available in the UK since August 2020. It currently allows you to buy bitcoin and 39 other cryptocurrencies with GBP.
You’ll be charged a 1.49% transaction fee if you buy more than £150 of bitcoin, but the prices you’re quoted include an extra 0.5% in fees. If you’re looking to buy smaller chunks, then you’ll be charged higher fees than this.
You can deposit GBP into Gemini for free with a UK bank transfer, but I’ve found that it takes hours for it to be credited to your account – which is slower than many other places I’ve tested.
It’s also not the cheapest place to buy bitcoin with a debit card or credit card (3.49% extra fees).
Read my review for more information about them.Gemini WebsiteGemini Review
6. 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 the cheapest. Rates usually float somewhere around 1.5 – 2% above the actual BTC-to-GBP exchange rate (which is competitive).Solidi Review Bittylicious Review
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.Coinfloor Website
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)
- Debit & Credit Card
- 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.Localbitcoins Website
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!