How to Buy Cryptocurrency in the UK

Buy Bitcoin, altcoins and cryptocurrencies in the UK
How to Buy Bitcoin in the UK

This is an overview of how to buy bitcoin, altccoins and other Cryptocurrencies if you live in the UK – there are lots more options, but from what I gather these are the most legit companies to deal with.

You need to purchase your bitcoin with GBP or Euros in an exchange, then your Bitcoin gets sent to your wallet, which can be online, on your Desktop or offline on a Hardware wallet. It is not as straightforward a process as changing currency at your local Post Office or Bank Account, but once you get set up it  is fairly straightforward.

Hardware Wallets (where you store your crypto at home):

• Ledger Nano S
• KeepKey
• Trezor

Desktop Wallets:

• Electrum is a Desktop Wallet for Bitcoin only (you can’t use it to store Ethereum or alt coins.)
• Exodus is a Desktop Wallet for Bitcoin and Ethereum and a few altcoins

App Wallets:

• Mycelium is an iOS and Android Bitcoin wallet app. Very easy to install, for daily basis use

Online Wallets:

• Coinbase (Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency. It has had a lot of bad press recently after it refused to pay out Bitcoin Cash, but it has now backtracked and says it will)
• Blockchain.info (If you are storing your cryptocurrency in an online wallet then this site is probably safest) – You can only buy Bitcoin through Blockchain.info but you can then convert it to Ethereum if you want. There is a limit to how much you can buy online (£800).

Online Exchanges – Buy and Sell or Trade in Cryptocurrency

• Bittylicious is a site selling Bitcoins primarily for UK bank transfers and UK and Europe credit cards. … Bittylicious also offers users the ability to sell Bitcoins to Bittylicious brokers.
• Coinify is linked to Blockchain.info
• Kraken (You can buy Ripple (XRP) here but the fees are high)
• Poloniex
• Bittrex

Cloud Mining Contracts (Riskier but possibly worth trying out for fun and diversification)

• Genesis Mining

Useful Apps:

• CoinCap
• Blockfolio
• Mycelium

Be Aware:

Mt. Gox was hacked in 2014 and filed for bankruptcy losing 850,000 bitcoins. bitcoins https://en.wikipedia.org/wiki/Mt._Gox (This risk of wallet hacking, is why it is safer to store your Cryptocurrency on your Desktop or in a Hardware Wallet.

Further Notes:

When you set up a Desktop wallet you are given a seed (which is a phrase containing 12 words in a specific order. You need to write this down and store it safely for if you ever need to restore your wallet.) The seed allows a user to easily back up and restore a wallet without needing any other information

• Setting up these online accounts requires verification using photo id
• The verification process varies from site to site and can take anything from a few minutes to a number of days to complete.
• On all of these sites you should use the Google Authenticator App on your phone to activate 2 factor authentication (or an equivalent app).
• Most of these sites require depositing money in foreign bank accounts so be aware of bank charges from your account.
• There are also fees involved in transferring between wallets and exchanging one currency for another.
• If you are moving your currency to a desktop or hardware wallet I think you can buy it from the broker and have it sent directly to your wallet. I don’t think you need to go through another wallet like Blockchain or Coinbase – this just ends up costing more.
• You can actually alter the cost of the fee you are willing to pay in online wallets like Blockchain.info. It is not immediately obvious, but when you go to buy there is an option to customise the fee. The lower you make it, the longer it takes for the transaction to complete and the bigger the transaction, the higher the fee should be. You can get a rough idea of an appropriate fee cost here: https://bitcoinfees.21.co/

 

 

 

 

 

 

How to buy Cryptocurrency in the UK Altcoin Bitcoin Ethereum
How to buy Cryptocurrency in the UK Altcoin Bitcoin Ethereum

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