Almost 10 years have passed since the world saw the birth of Bitcoin, the first digital currency secured by cryptographic algorithms. Bitcoin is still the major player in the cryptocurrency space, occupying a 53% share of the total market cap.
Clearly, Bitcoin is revolutionary and has a huge potential for growth. The above-mentioned properties are the key factors driving Bitcoin’s demand, and as more people across the globe want to own the crypto coin, the exchanges create new opportunities for buying it. In addition to offering multiple payment methods, major trading platforms introduce various fiat pairs for Bitcoin. Although USD and EUR are still the most popular currencies to buy the token with, the BTC/GBP markets are getting highly-sought as well.
Finding a reputable exchange that provides the option of trading Bitcoin against the British pound is not a simple task. To help you with it, we have compiled a list of three platforms that have active BTC/GBP markets.
Obviously, the best way to buy Bitcoin with GBP is to go to a UK-based exchange. Founded in 2013, CEX.IO is a top-rated British company that offers cryptocurrency services to over 2.6 million traders around the globe. The website allows users to trade Bitcoin not only against GBP but also against RUB, USD, and EUR.
If you want to start buying cryptocurrency here, you need to register and verify your identity - this step is essential at any legit exchange. Once the verification is done, you can make a GBP deposit either via a wire transfer or using a payment card. While the wire transfer is free, paying with VISA or Mastercard will result in a 2.99% fee.
At CEX.IO, you will be provided with two options of purchasing Bitcoin. As a rule, the beginners opt for an instant purchase in the BUY/SELL section, where you can obtain cryptocurrency at a set market rate. For more experienced users, the option of trading will be more attractive (check the TRADE section). With it, you can choose the most favourable price for BTC to be bought at, and place a custom order.
No matter which method you’ll eventually decide on, you can be sure that the buying process will be safe and fair. It is a known fact that security is of utmost importance for CEX.IO.
The exchange has only recently enabled GBP deposits for UK customers. Although the BTC/GBP pair was available to users early on, to make use of it, you needed to make a deposit in Euros first, and then convert your funds to British pounds.
Just like CEX.IO, Coinbase will allow you to buy Bitcoin at a predefined price in a matter of seconds. All you need is to link a credit card to your account, go to the BUY/SELL tab, enter the amount of money you are going to spend, and click BUY. As a rule, credit card purchases are processed instantly, while bank transfers may take several days. ID verification is also required here.
The fees at Coinbase depend on the payment method you use, and range from 1.49% to 3.99%.
Note that you won’t be able to perform trading activities at Coinbase - it acts as a cryptocurrency broker. If you are a seasoned trader, you will benefit most from Coinbase Pro, a standalone exchange platform.
This website differs from the two above-mentioned because it acts as an online marketplace for individual buyers and sellers. LocalBitcoins has a world-wide coverage and allows for buying Bitcoin with virtually any national currency, including GBP.
This is a completely decentralized platform for making peer-to-peer Bitcoin exchange deals. Users are allowed to post ads defining specific conditions under which the trade will be fulfilled - usually, these include the exchange rate, appropriate payment methods, fees, etc. If you find the terms acceptable, you can connect with the seller directly and perform the swap. The commission of 1% is paid only by the user who created the advertisement.
Keep in mind, however, that LocalBitcoins does not require ID verification, thus allowing for anonymous trades. So there’s a risk of getting scammed by unscrupulous users or fraudsters. To avoid this, buy from reputable sellers that have many positive reviews.
Now that you know where to buy Bitcoin with GBP easily, make sure to do additional research on each of the platforms and pick the one that better meets your needs. Pay closer attention to security features, feedback from regular users, and track record of the exchange. Happy investing!
Member since: 30th January 2018
Mandy Bular is a freelance content writer. She has written many good and informative articles on different categories such as technology, health, fashion, education, career, travel etc. She is a featured...