When it comes to buying Bitcoin in the UK there are a number of options available. Since the ban on Binance UK offering crypto trading services, there has been a shift towards retail investors seeking out reputable and regulated places that show value when it comes to trading options.
In this article we will present the options available when looking at buying or selling cryptocurrencies, taking into consideration factors like the digital wallet, bank account, user-friendly interface, and professional services.
Trading cryptocurrencies shouldn't be complicated, nor should there be any vulnerabilities that could lead you to get scammed. Here we will show you the best options when it comes to buying crypto at the best value, for anyone from beginners to the seasoned trader looking to engage in the Bitcoin network.
What is Bitcoin and how does it work?
Bitcoin is the world's first and biggest cryptocurrency. The cryptocurrency was launched in 2009 by an anonymous entity, Satoshi Nakamoto as a peer-to-peer payment system.
Designed to allow people to have more control over their money, Bitcoin does not need a bank, financial institution or government to operate. Instead, users hold their Bitcoin in a digital wallet to which only they have access.
As Bitcoin holds value, users can transact it much like any other currency, however as it exists only in the digital realm, these transactions can only take place over the internet.
Due to the impressive price gains, Bitcoin is often also used as an investment tool, where investors buy the cryptocurrency and make a profit from the gains it generates.
How Bitcoin works is simple, users will hold the funds in their digital wallet and send and receive the cryptocurrency as they please. Alternatively, users can store the cryptocurrency long-term and use it as a store of value, similar to an investment.
Through an intricate network of computers, blockchain technology facilitates all transactions on the network and provides the backbone of the new payment system.
Options for how to buy Bitcoin in the UK
When looking to buy Bitcoin or another crypto, there are three main avenues to take. Since the digital currency entered the mainstream media, there has been plenty of news coverage of how to trade Bitcoin for cash in the UK for a fair market price.
Whether using Bitcoin as a payment option or an investment option, everyone in the UK should know how to buy Bitcoin, as well as sell Bitcoin. In this article, we're exploring the best options available, which include a Bitcoin ATM, peer-to-peer crypto exchanges, and a convenient crypto exchange.
There are a number of crypto exchanges in Britain, however, we're going to focus on the most convenient, secure and reliable options to spend your money and make your first investment in digital currencies. Whether through credit or debit card or UK bank transfer, there are plenty of options available when it comes to how to buy Bitcoin in the UK.
What is a Bitcoin ATM?
You will need to locate a Bitcoin ATM in your area and physically visit it to make use of the device. While you can deposit GBP for the cryptocurrency, you are likely to experience higher deposit fees to purchase Bitcoin than if you go the exchange route.
Through the process, you will need a credit or debit card linked to a bank account and a Bitcoin wallet. While not a terribly complicated process, there are easier ways for a beginner to buy Bitcoin.
What is a peer-to-peer cryptocurrency exchange?
There are a number of peer-to-peer exchanges available to traders in the UK. You will need to ensure that you find a reliable P2P Bitcoin exchange where the traders are verified. These exchanges typically pair the buyer with a seller and facilitate the contact.
Some exchanges use escrow services to ensure that no one gets scammed, while some exchanges simply facilitate that meeting and it is up to the buyer and seller to move forward with caution. The buyer will agree with the seller on a means of payment and terms of the buy offer.
What is a cryptocurrency exchange?
A crypto exchange allows users in the UK to buy and sell Bitcoin safely and securely. Using a fully regulated service, traders can rest assured that they are operating above the law and safely obtaining the world's biggest cryptocurrency.
Here at Tap Global, we provide reputable (and fully regulated) services to traders in the UK. With a convenient mobile app from where all trades can take place to an even more convenient prepaid crypto card that allows you to spend your crypto assets anywhere in the world (from merchants to ATMs).
How does a cryptocurrency exchange work?
A crypto exchange is a centralized means of buying Bitcoin, and facilitates the buy order with convenient payment methods, for example, bank account, credit or debit card, or wire transfers. Users will need to create an account from where they are required by law to provide personal information that complies with anti-money laundering requirements.
From there, they are able to purchase small to large amounts of Bitcoin, which is usually stored in the users' wallets on the platform (depending on the platform).
How do you buy crypto on cryptocurrency exchanges?
Each platform is different, however, generally, users will need to open an account, deposit funds on the platform (through UK bank transfer or debit card) and then conduct a buy order by entering how much Bitcoin they would like to purchase. Once the payment clears the crypto is released to the user's wallet from where they can choose to store or trade the funds.
How much money do you need to buy crypto?
Again, each platform is different with the minimum amount ranging anywhere from £10 to £50. On Tap Global, users can start buying crypto with as little as £20.
Why buy Bitcoin from Tap Global?
There are a number of reasons why we provide one of the best crypto services to residents of the UK, and we'll outline them below.
Convenient mobile app
Convenient and secure trading right at your fingertips. The Tap app allows traders to take their crypto with them wherever they go, with instant access to your entire fiat currency and crypto portfolio in seconds.
Tap's smart engine
When conducting trades through the Tap app the smart engine technology automatically executes and scans hundreds of order books and top exchanges around the world. This means that once you confirm the trade, you have locked in the best price available on the market, in real-time.
Fully licensed and regulated
Tap is an authorized DLT provider, licensed and regulated by the Gibraltar Financial Services Commission, the "FCA of Gibraltar" which is a self-governing British overseas territory.
Integrated hot and cold wallet
To ensure maximum security with minimal wait time, Tap makes use of a hot and cold wallet system, where funds are stored in cold wallet storage solutions offline. A small percentage of funds are also stored in a hot wallet allowing users to instantly gain access to their funds and conduct trades whenever they like.
Prepaid crypto card
Alongside the trade services, Tap also provides residents of the UK and EU with access to a free prepaid crypto card that links directly to the app. Users can then tap into their crypto funds anywhere around the world, whether swiping their card at a merchant, using it online, or even at an ATM to withdraw fiat currencies.
Crypto and fiat
The Tap Global app currently supports Euros, British Pounds, Bitcoin, Ethereum and a number of other leading cryptocurrencies, allowing users to trade freely between these currencies and safely store them on the mobile app. From fiat to digital currency, Tap has you covered.
Join the crypto revolution
When it comes to trading or investing in cryptocurrencies, Tap Global is a leading platform on which to buy Bitcoin and other digital currencies. From great features to excellent customer service to seamless crypto trading, Tap provides it all and more, from the convenience of your mobile phone.