How to Buy Cryptocurrency in the UK is legal and safe, provided you choose a trusted crypto exchange. The UK’s Financial Conduct Authority (FCA) regulates and oversees the performance of crypto asset firms, protecting consumers from fraud and market manipulation.
A reputable and FCA-registered crypto exchange like OKX is the most reliable way to buy cryptocurrency in the UK. After verifying your identity, you can fund your account with GBP fiat currency from bank transfers or debit cards. You can then use this to purchase Bitcoin and other cryptocurrencies. Many exchanges also have a wallet option where you can store your new coins. Some wallets are free and others charge a small fee to transfer your crypto from the exchange to a different ‘hot’ or ‘cold’ wallet.
How to Buy Cryptocurrency in the UK: Step-by-Step Guide
In addition to buying cryptocurrency on a regulated exchange, you can also find a variety of crypto ATMs in the United Kingdom that offer an instant method for purchasing crypto. These ATMs typically have higher fees than online exchanges, but can be a convenient and secure way to purchase crypto if you live near one.
As a UK resident, you should be aware that any transactions made with digital assets are subject to tax. Depending on the type of transaction you make, you may be liable for Capital Gains or Income taxes. For this reason, it is important to consult a tax professional to ensure you are following all applicable laws regarding your cryptocurrency activities in the UK.