How To Buy Cryptocurrency


Despite the popularity of cryptocurrencies among tech enthusiasts and investors, the Financial Conduct Authority has taken a cautious approach to them. On one hand, it means that transactions are very hard to monitor, making them popular with people who are concerned about government surveillance. This is why cryptocurrencies are also popular among some criminal groups. You can check the government website to find out more about when you need to pay tax on your crypto investments. If you plan to invest in cryptocurrencies, it’s important to be aware of current tax legislation so that you don’t run into any unexpected issues. The first step is setting up a wallet that supports the type of crypto coin you want to purchase.


Visit Coinbase and download the app, then follow the steps to set up your account. This is a cryptocurrency broker that was founded in 2013 and can be a good place to buy bitcoin and other cryptocurrencies. If you’re new to trading cryptocurrency, CoinJar can be a great way to start as its simple and intuitive interface makes it very easy for beginners to use. Bid / offer spread – the difference between the buying and selling price. If you are buying at $15,000 and the offer price is $15,100, then you will effectively incur a $100 charge. Forex conversion costs – If you are UK based and your account on the platform is denominated in another currency, for example USD, then there will be costs.

What is the minimum amount you can buy crypto on Coinbase?

However, if you want to maximise your profits, while also staying safe, you should look for a cryptocurrency exchange that offers both low fees and strong security features. This can mean that your money often isn’t as safe with cryptocurrency purchases as it is when you’re trading traditional investments, such as buying stocks and shares. However, there has been a considerable amount of controversy surrounding it, partly due to official concerns that criminals are using cryptocurrency transactions for money laundering purposes. This suspicion has made many people concerned about the legality of crypto exchanges.

Once you’ve made that connection, you can agree with the to meet in person and complete the transaction in a way that suits both parties. When you meet the seller, make sure they confirm that they have received cash in front of you. That way, the transaction will be completed automatically and there won’t be any risk of scams or fraudulent activity. Bitsquare is another peer-to-peer marketplace that allows you to exchange cryptocurrencies in a fully decentralized environment. It does not require any legal documentation or verification procedures.

Choose Where to Get Bitcoin

It’s no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how Bitcoin wallets work before transferring any of your funds. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not GBP.

  • You won’t be able to create an account on a the FCA-registered platform without providing identification as part of the Know Your Customer verification process.
  • We accept the fees by clicking Buy again, and within seconds this transaction has hit the network.
  • You could even lose your investment if you forget or lose the codes to access your account.
  • This is worth checking because some exchanges only allow customers to buy cryptocurrency using another crypto.

The easiest and most common way to purchase Bitcoin is through cryptocurrency exchanges. These exchange platforms serve as a matchmaking service between sellers and buyers who are offering or seeking the same assets. One of the most popular examples of crypto exchanges is Coinbase. Headquartered in San Francisco, California, Coinbase makes for one of the largest and most reliable cryptocurrency exchange platforms in the world.

Things You Need to Consider When Buying Bitcoin for March 2023

According to Coinbase, 98% of digital currency is stored offline in vaults and safe deposit boxes. Based in California, Coinbase is one of the leading crypto exchanges in the world and a popular choice when buying bitcoin. The company offers both a wallet and an exchange for customers. You also need access to a crypto wallet to store bitcoin and other cryptocurrencies. You can also buy bitcoin on platforms like Paypal and Robinhood. Beginners will probably find it easiest to buy Bitcoin from a crypto exchange that offers instant purchases with GBP.

How do beginners buy Bitcoins?

To buy Bitcoin or any cryptocurrency, you'll need a crypto exchange where buyers and sellers meet to exchange dollars for coins. There are scores of exchanges out there, but as a beginner, you'll want to opt for one that balances ease of use with low fees and high security.

Uphold makes it simple to buy, sell and trade bitcoin including bitcoin and 57 other altcoins. Uphold was launched in 2015, and since then it has handled more than $4 billion in transactions, trading in 184+ countries with more than 30 currencies. The card is free in the US but in the UK, a fee of £4.95 applies. There are also other fees applied for things like withdrawing more than the daily limit or using the card abroad.

Even if you decide to go ahead, its volatility has led to many experts recommending that you do not allocate a large percentage of your how to buy bitcoin to buying it. Many crypto exchanges have an integrated Bitcoin wallet, or at least a preferred partner where you can safely hold your Bitcoin. Some people, however, do not feel comfortable leaving their crypto connected to the internet, where it may be more easily stolen by hackers. Make sure to check if your exchange has aBitcoin walletbuilt into its platform; if not, you’ll need to find one of your own.

What is the best way to buy Bitcoin?


Founded in 2012, Coinbase is considered by the majority of investors as one of the best places to buy Bitcoin. Coinbase has over 68 million users and went public in April of 2021. The platform is available in over 100 countries and supports more than 100 cryptocurrencies with more being added regularly.

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