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BTC or Bitcoin is the first cryptocurrency. Well, BTC is one of the most popular and reputed digital currencies currently available in the market. There are several platforms meant to convert your fiat money into BTC. However, let’s learn the essential guide to buying BTC generally without any platform.
How To Buy Bitcoin in the UK?
After making a firm decision to invest in Bitcoins, you need to implement some basic procedures to buy Bitcoins.
1. Sign up for a Cryptocurrency Exchange Platform
Bitcoin is the most renowned Cryptocurrency. Hence, all the exchange platforms and brokers offer digital currency. So, signup for a UK Cryptocurrency exchange platform to buy BTC in the UK. You need to have your appropriate identity cards for the process.
2. Get an E-Wallet
Getting an E-Wallet is an optional choice if you can get it if you want. However, it is recommended to have an E-Wallet. It will help you keep your BTC and other Crypto coins well separated. So, if you wish to implement saleable crypto marketing, you need to get an E-wallet.
3. Deposit your Capitals into your Account
To buy BTC on a Crypto Exchange platform in the UK, you’ll have to deposit capital in your account. It will let you buy Bitcoins with those funds per the exchange price.
4. Analyse the Bitcoin rates
Cryptocurrency is a highly volatile asset, so its price keeps on fluctuating. Moreover, being an investment, you should buy them at their lowest price Io avail huge returns. It will help to fetch you the best returns. So, it’s essential to analyze and monitor the BTC rates to grab BTC at the right time.
5. Buy the Bitcoins
While monitoring the BTC rates, whoever you find Bitcoins to be at optimum rates, you can buy your Bitcoins.
6. Deposit the BTC in Your E-Wallet
After purchasing your required amount of Bitcoins, it is preferred to deposit those in your E-Wallet. Doing so will protect your BTC from hackers and other online thefts.
There are several exchange platforms to swap your fiat currency for BTC. In such a scenario, it will be difficult for you to select the right one for you. However, our list of Crypto Exchange Platforms with the method prescribed will help you choose one.
Buying Bitcoin in the UK via Crypto Exchange Platforms
So, when it comes to buying BTC the Crypto Exchange Platform is the easiest way. Moreover, after signing up, you have to complete your Know-Your-Customer (KYC) procedure to get started with BTC on your Crypto Exchange Platforms.
Coinbase
To begin with BTC, you have to create your Coinbase account. You can buy BTC assets with your debit cards and cards. Even you can implement a bank transfer using GBP. Its KYC process is more straightforward than most other Crypto exchange platforms out there.
For that, you have to implement the following:
- Verify your Photo Identification Document.
- Navigate to the app’s “Add Payment Method” option.
- Among the options, select Card.
- You have to allow Coinbase in your phone, so it enables two verification transactions in your account.
- You can then analyze your bank statements to know the changes that Coinbase has made.
Visit the Buy/Sell fan of the app’s Dashboard and select Card from the Payment Method options displayed under Buy Bitcoin. It will let you use a card for payments. Moreover, after you select the amount you wish to invest in buying BTC, the exact amount will be deducted from your bank account. Some banks and financial institutions that are crypto-friendly allow their clients to buy bitcoins using debit and credit cards.
However, it charges additional services fees to you, so read the instructions well before investing. Later, the BTC will be transferred to your Coinbase wallet. You can use them the way you want.
CEX.io
While signing up with CEX.io, you have to implement the steps given below:
- After signing up, you will be prompted to enter all the necessary detail regarding your credit or debit card, depending upon the card you choose to proceed with.
- You have to upload a selfie then hold your Card (Debit/Credit) next to your face.
- Then, you can upload another picture of your ID card beside the front side of your card (Debit/Credit).
- After completing the uploading process, you need to input the security code from the backside of your card into the given text box.
CEX.io
- Once you open the CEX.io account, you need to enter all the necessary details of the card (credit or debit). Upload your selfie while holding your card next to your face. You also need to upload the ID selfie next to the front side of the card.
- When your documents are successfully uploaded enter the security code from the card. For authenticity, CEX.io will charge you a small amount from your card. You can get the information of the transaction via text message from the bank.
- You will then be prompted to input the amount that has been charged from your account.
- Now, apply. Then you’ll have to wait for CEX.io to approve your account.
Suppose that the platform has approved your ID and Debit/Card, then you start using Bitcoin right away. While you buy, BTC will be deposited into your CEX.io account; so you can use it wherever you want.
However, if you think to capitalize on your CEX.io account by bank transfer, as it is an available option, then you shouldn’t. The prime reason is that its service charge will be more expensive for you for smaller purchases.
Conclusion
Another way to buy BTC in the UK is by Crypto ATMs. However, you have to find a Crypto ATM for the same. Search engines can help you find a Crypto ATM near you. Even some of the Microsoft Stores in the UK let you use Cryptocurrency for purchase.
Bitcoin (BTC) is a universal digital Cryptocurrency available on all Crypto platforms and one of the best bitcoin trading platforms in the UK is the Bitcoin Loophole website where you can learn the strategies practically and develop your own trading style. However, being a volatile asset, you must explore the Crypto markets well before investing.