Looking to Buy & Sell Cryptocurrency with GBP (Great British Pounds)?
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UK investors have several options to buy Bitcoin and other popular digital currencies such as Ethereum and Dogecoin. The most common way to purchase crypto in the UK is to buy directly from exchanges such as Coinbase, Binance or FTX. These exchanges allow users to buy cryptocurrencies using traditional fiat currencies such as GBP, EUR or USD. Challenger banks, such as Revolut and investment platforms like eToro, give UK investors an alternative method to invest in crypto.
There are also several Bitcoin ATMs across the UK, although this method won’t be the cheapest. Another option is to use a peer-to-peer platform such as LocalBitcoins.com. These platforms allow users to buy crypto directly from other individuals.
Bitcoin and other cryptocurrencies are legal in the UK. However, some restrictions exist; for example, crypto-assets are not regulated by the Financial Conduct Authority (FCA), and businesses that deal in them are not subject to the same rules as other financial institutions.
Additionally, the UK government has stated that they do not recognise Bitcoin as a legal tender. This means that businesses are not required to accept it as payment, and individuals cannot use it to pay their taxes. Despite these restrictions, Bitcoin and other cryptocurrencies remain popular in the UK, with many exchanges and businesses dealing with them.
While some banks have taken a cautious approach to Bitcoin and cryptocurrencies in general, several UK-based banks are open to Bitcoin and other crypto transactions. Due to the growing interest in digital currencies in the UK, more banks and investment platforms are offering ways to invest in crypto assets.
However, if you’re based in the UK, you may be wondering which banks are crypto-friendly. Fortunately, UK investors do have several options available. To find out which banks are crypto-friendly, check out our guide on Best Crypto-Friendly Banks in the UK for 2022.