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If you’re interested in how to buy Bitcoin in the UK, you’ve come to the right place. You can use our primer to find the best way to buy Bitcoin and where to buy it.
The majority of users in the crypto community get their Bitcoin by going to a crypto exchange or CFD broker. Typically these platforms require you to create an account by providing personal data. However, once you’ve made an account, you can then deposit GBP or EUR and start trading Bitcoin.
There are plenty of options available to sell or buy Bitcoin in the United Kingdom. This is especially true if you’re planning on trading a well-known cryptocurrency. We recommend a few platforms as the best way to sell or buy Bitcoin. Plus500 and Coinmama are excellent platofrms which are a great place to start.
Below we share how to sell and buy Bitcoin in the UK using both Plus500 and Coinmama.
80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd authorized & regulated by the FCA (#509909). You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website.
To gain exposure to Bitcoin without the hassle of needing to hold the cryptocurrency, you can use a Contract for Difference. All you have to do is select the price at which you wish to enter the contract. When it reaches the point where you’re ready to sell, just close the contract. You get the difference between the price when you entered the contract and the price when you closed it. Thus the term, Contract for Difference.
We prefer using Plus500 as a simple way to get exposure to the Bitcoin price. You can monitor the price of the cryptocurrency before you get into trading. Additionally, Plus500 is a well-regulated, CFD platform, so you don’t have to worry about whether or not it’s legit.
Lastly, when using Plus500 to sell or buy Bitcoin in the UK, you don’t have to worry about storing cryptocurrency. That means you don’t have to mess with a wallet or trying to find a place to deposit your Bitcoin.
Using Plus500 gives you an easy way to gain exposure to Bitcoin while viewing its price without the need to purchase the coin itself. If you like to trade while you’re out and about, you can also download its mobile app available on both Android and iOS.
For those that are ready to jump right in and start holding cryptocurrency, then a standard crypto exchange is probably the right choice for you. Through a standard exchange, you can buy, sell, and trade Bitcoin.
We really like Coinmama (see our detailed guide) as the best way to buy Bitcoin in the UK through a standard exchange. You’ll find it easy to navigate on the exchange, with a straightforward interface and pleasant user experience. When it comes to buying Bitcoin, Coinmama is the way to go.
If you’re looking for how to sell and buy Bitcoin in UK, look no further than Plus500. Using this platform, you can “trade” Bitcoin without the need to keep it in a wallet. Getting exposure to Bitcoin via CFD has a certain appeal, which is why we recommend Plus500.
Get started by registering an account with Plus500 (80.6% of retail CFD accounts lose money). Click on the “Start Trading Now” button in the middle of the main page.
On the next screen is the option to select your account mode. If you want to learn more about Plus500 before you start buying Bitcoin, choose Demo Mode. We’re going to choose Real Money to move forward in the process.
If you want to use Plus500 on the go, there are links at the bottom of the page that will let you download the app to your Android or Apple devices.
Now, Plus500 provides a short form that you’ll have to complete. At this point, all you need is a valid email address and a password. If you’d prefer not to create a new one, you can use a Google or Facebook account to register as well.
Select the blue “Create Account” button to head to the next step.
The following screen will request a little more personal data from you, as well as some form of identification. This is to give Plus500 a way to verify your identity. Most exchanges require this type of data, so there’s nothing to worry about. Think of it as an extra layer of security to determine exactly who is using the site.
Once Plus500 has the information they need, they’ll activate your account.
After Plus500 confirms your account information, you can begin depositing GBP. This can be done with a credit card, debit card, through Paypal, Skrill, or via a wire transfer.
Once your GBP shows up in your account, you’re ready to get started “buying” Bitcoin. Click on the “Trade” button located in the menu on the left side of the page. Next, select “Cryptocurrencies, and you’ll have a list of digital currencies that Plus500 supports.
Bitcoin sits at the top of the list and using Plus500 to “buy” it is a quick and easy process.
When it comes to purchasing crypto Contracts for Difference, Plus500 makes it simple and painless. As soon as you’re ready to purchase Bitcoin, select the “Buy” button. A window will show up on the right side of the screen where you can input your contract preferences.
Put in how much Bitcoin you wish to buy. If you’re comfortable using advanced features, here is where you have more granular access to the parameters of your CFD. When you’re happy with what you’ve entered, select “Buy” to make your purchase.
At this point, Plus500 fills your request. You’ll get a notification once everything completes and you’ll see your purchase show up. Now, you can see how much GBP you have available to trade, your current profit and loss, along with your margin. When Bitcoin gets to a point where you’re ready to close, just click on the “Close” link to finish the contract.
To buy Bitcoin in the United Kingdom using Coinmama, all you need to do is visit the Coinmama platform. Unfortunately, Coinmama doesn’t offer a mobile app right now, so you can only use the website to purchase Bitcoin.
Located in the top right of the Coinmama home page is a button that says “Sign Up.” Click on that to get started.
On the next screen will be a form that you’ll need to fill out for registration purposes. Provide Coinmama with your email address and password and some other basic data. Once you have that filled in, select the blue “Create Account” button.
The following screen asks for some personal info. Coinmama uses this information to create additional security for all the users on its platform. The vast majority of crypto exchanges ask for this type of information, so there’s not much to worry about here.
Next, Coinmama will want documentation to verify your identity. This helps the platform to complete its Know-Your-Customer process. You can send Coinmama a photo of your passport, drivers license, or other government-issued identification.
With Coinmama, you won’t wait long for approval. The platform usually gets you confirmed in just a couple of hours. Now that you’re registered and approved on the site, you can start buying Bitcoin in the UK.
One thing to know about Coinmama is that your credit or debit card information is not stored on the platform itself. Some people like that since it keeps their information safe, however, others don’t like entering their data each time they want to make a purchase. Regardless, you don’t have to wait on funds when you want to buy Bitcoin.
The next thing you’ll do is click on the “Buy” button located in the top right of the page. Since you want to buy Bitcoin, choose BTC. Also, since you’re buying Bitcoin, don’t forget to select EUR as your currency.
Enter in the amount of Bitcoin you want to buy. If you’re not sure, you can always select EUR so you can enter a specific fiat amount. At this point, Coinmama will want your Bitcoin wallet address. Coinmama doesn’t store your Bitcoin for you, so you’ll need an offsite wallet you can send it to.
Put in your Bitcoin wallet address, enter your debit or credit card info, then select “Buy BTC.”
First, Coinmama will verify your credit or debit card info. Once that clears, your Bitcoin will show up in your wallet. Keep in mind that Coinmama does have a minimum purchase amount, so be sure you’ve entered at least that much so you can buy your Bitcoin.
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