How to Invest in Cryptocurrency in the UK? – Read This!

Benefits of Learning How To Invest in Cryptocurrency in the UK

If you’re going to invest in cryptocurrency for the first time, you’ll be entering a market that has grown to over $1 trillion in market value.

We’ll teach you everything you need to know about investing in cryptocurrencies in this beginner’s guide. The greatest digital currencies to add to your portfolio, choosing the finest cryptocurrency exchanges, and how to invest in less than five minutes are just a few of the major subjects covered.

How to Invest in Cryptocurrency in the UK?

By registering with a crypto exchange like eToro, Uphold, or Coinbase, you can invest in cryptocurrency in the UK.

The decision of which coin to invest in and which cryptocurrency platform to use is really the only difficult part of investing in cryptocurrencies. Visit a website like Coinbase, which provides price and other details on cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), and many more, to discover more about each cryptocurrency.

After registering with a crypto exchange, you must pass security tests, including giving your cell phone number and passport, before you can provide a payment method. With the help of this payment option, you can exchange funds from your bank account for cryptocurrency.

Different currencies are paired with various cryptocurrency quantities. You may find the current price of bitcoin in your local currency at any moment by performing a simple Google search for “bitcoin” or “bitcoin price.”

Building a varied financial portfolio is something we constantly advise when it comes to investing. In order to prevent a complete loss in the event that one cryptocurrency fails, it may be more prudent to invest in a number of cryptocurrencies as opposed to just one.

If you want to own just one cryptocurrency, you can diversify your stock portfolio even further by adding it to it. Please keep in mind that you could lose every penny you invested because your capital is at danger.

How to Keep Cryptocurrency?

Cryptocurrency can be kept either online or offline. The most common place to keep cryptocurrencies is online, in a crypto wallet or crypto exchange. Using your computer, tablet, or smartphone, you may safely store cryptocurrency, transmit, receive, and convert cryptocurrency thanks to crypto exchanges and wallets.

The Best Cryptocurrency to Invest in

Due to the tremendous impact of the cryptocurrency bear market on the price of hundreds of tokens, most of which are many percentage points below their peaks, crypto investors have found it difficult to generate continuous gains in 2022.

Finding the greatest cryptocurrency presale projects and making an early investment in them, however, is one method some cryptocurrency investors have continued to make gains over the winter.

The greatest cryptocurrency presales take several steps to ensure investor confidence, such as being public and doxxed, taking measures to audit their tokens, and presenting comprehensive and detailed blueprints of their projects, even if presale initiatives can be perceived as having a high risk.

Top Presales Projects

Dash 2 Trade

A new cryptocurrency trading signals and analytics tool called Dash 2 Trade seeks to assist investors and traders in maximizing returns on their holdings. It achieves this by leveraging a variety of indicators and insights to assist traders and investors in making better selections.

Early on in its presale, the project has already generated a ton of interest, selling out stage 1 in only three days and earning $4 million in less than a week. The dashboard will provide a variety of the top crypto analysis tools, send out trade recommendations, monitor social sentiment and on-train data, and develop a custom rating system for new coin presales.


A new green crypto system called IMPT seeks to increase individual and corporate carbon offsetting activities in order to combat the climate issue. By allowing consumers to earn carbon credits while shopping and making them tradeable to anyone, it will accomplish that.

Amazon, Microsoft, and LEGO are just a few of the retailers among the 10,000 firms that have already joined with IMPT. IMPT has experienced similar success and enthusiasm in its presale as Dash 2 Trade, raising more than $11 million in just three weeks.


The new game project Calvaria, which just started its presale, is our final choice for a top cryptocurrency presale.

Due to high startup costs and a lack of technological expertise, very few casual and conventional players have made the leap to play-to-earn despite the huge promise of Web3 gaming.

With its bestselling title Duels of Eternity, Calvaria hopes to address that issue. The card-battle strategy game will be made available in both play-to-earn and free-to-play variations. In addition to gamified instructional tasks to teach players about the blockchain, they will put a tracker in the free game to show players how much they may be making.

Other Leading Cryptocurrencies to Invest in

There are dozens more digital tokens to pick from outside of the top presale projects, but figuring out which cryptocurrency to invest in can be a time-consuming and difficult process.

Having said that, if you are considering investing in cryptocurrencies for the first time, you might want to have a look at some of the reliable projects covered below.


Ever questioned how much Bitcoin you ought to purchase right now? If this is your first time investing in cryptocurrencies, it probably won’t come as a surprise to find that Bitcoin is the greatest option. As the first and only de facto cryptocurrency in the world, Bitcoin has the longest history in this field.

Aside from stablecoins like Tether, Bitcoin also sees the most trading activity. Theoretically, Bitcoin is one of the least volatile cryptocurrencies to own because it has the highest crypto market capitalization of any cryptocurrency. One of the greatest coins to mine in 2022 is bitcoin.


XRP is a different cryptocurrency with a proven track record in this area. The native cryptocurrency of the Ripple blockchain, XRP, was introduced in 2012. This initiative offers technologies that can carry out cross-border cryptocurrency transactions to banks and significant financial institutions.

Regardless of the currencies involved, Ripple and XRP enable cheap and very instantaneous transfers, in contrast to existing systems.


BNB was established in 2017, making it newer than its Bitcoin and XRP equivalents, but it’s still one of the top cryptocurrencies available right now. The biggest exchange in the world, Binance, is supporting this virtual money.

The main token on the Binance Smart Chain, which hosts thousands of projects, is BNB, one of the top five cryptocurrencies by market valuation. Additionally, traders use BNB to lower Binance exchange commissions by 25%.


Since Ethereum’s inception in 2015, the value of its native ETH token has surged by more than 28,000%. The Ethereum blockchain enables the deployment of decentralized apps and smart contracts (DApps).

Importantly, Ethereum is not only the second-largest cryptocurrency in the UK by crypto market capitalization; it is also the blockchain technology of choice for many other prosperous initiatives. This contains Uniswap, Maker, Axie Infinity, Basic Attention Token, and many others.

Where to Purchase Cryptocurrency in the UK?

If you live in the UK, you can purchase cryptocurrencies online through a crypto exchange like eToro, Coinbase, or If you live in the UK, you can purchase cryptocurrencies online through a cryptocurrency broker like eToro, Coinbase, or Uphold. The best apps, crypto trading platforms, and best crypto exchanges for purchasing cryptocurrencies in the UK are listed below.

Disclaimer: Cryptocurrency assets do not have UK or EU investor protection and hence are an extremely risky, unregulated financial product. You could lose your entire investment.


A multi-asset trading and buying platform called eToro provides CFD trading along with stock and cryptocurrency investing. Over 120 different cryptocurrencies are available on eToro, including well-known ones like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB), and Solana.

Opening an account with eToro is completely free, and all registered customers receive a free US$100,000 demo account that they may use to try purchasing cryptocurrency and other crypto assets before making a purchase. While there is no deposit cost on eToro, there is a 1% trading fee for all cryptocurrency positions.

Additionally, the minimum withdrawal amount is $50 and there is a $5 fee for each withdrawal.

Customers in the UK can download the free eToro Money app from the company’s website to convert their GBP to USD and avoid paying exchange fees. The program also serves as a crypto wallet where you may store your crypto assets and easily move them between wallets or crypto exchanges.

eToro also provides other goods, including as equities with 0% commission, in addition to cryptocurrency.

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


With Coinbase, you can buy cryptocurrency, trade, earn, and keep track of a variety of popular digital currencies in one location. Tokens and coins like Bitcoin, Ethereum, USD Coin, Tether, Dogecoin, and Cardano are just a few of the more than 500 cryptocurrencies and other digital assets available through Coinbase.

By planning purchases on a daily, weekly, or monthly basis, you can create recurrent trades and invest in cryptocurrency gradually over time. The web interface as well as the iOS and Android mobile apps let you keep track of your trades and keep an eye on market activity.

You can keep all of your cryptocurrency and NFTs in the Coinbase Wallet, trade more than 500 crypto assets on DEXes, and get interest.

When trading crypto on Coinbase, there are a variety of costs associated. Fees are calculated at the moment of order placement and may be based on a number of variables, such as the chosen payment method, the order size, and market circumstances including volatility and liquidity. Coinbase provides USDC trading without commissions.

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


Over 90 cryptocurrencies and utility tokens, including majors, altcoins, and emerging tokens, are available for purchase and sale on Uphold, a cryptocurrency broker that is user-friendly for beginners. Additionally, you can purchase and sell up to three different national currencies, including GBP, EUR, and USD.

With Uphold, you may use AutoPilot to schedule routine transactions. This lets you create recurrent buy or sell orders and lessens the effects of price fluctuation. Additionally, Uphold enables quick, fee-free withdrawals to 36-country bank accounts or private wallets on five cryptocurrency networks. Over 2 million people use Uphold globally at this time.

When trading crypto on Uphold, there are a variety of costs associated. The price you see before you trade is the same price you pay when you trade cryptocurrency because fees are computed at the moment of your order. Trading costs, FX fees, and market spreads are the three types of expenses that need the greatest attention.

Disclaimer: Crypto assets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


Based in the UK and Australia, CoinJar is a cryptocurrency app and exchange. Using Coinjar, you may buy cryptocurrency, sell, trade, or invest in more than 50 cryptocurrencies, including well-known ones like Bitcoin, Ethereum, XRP, and USD Coin. The CoinJar crypto wallet and software allow users to purchase, trade, keep, and spend cryptocurrency.

You may use your cryptocurrency in the UK to make purchases with the CoinJar Card both offline and online. There are no monthly fees to use the card, and it is free to activate. Every time you make a purchase with your card, you also receive CoinJar Rewards. Both beginning and experienced investors should use CoinJar.

With CoinJar, a £10 deposit is required to start an account. FX costs do not apply when deposits are made in GBP. The CoinJar mobile app and website charge a 1% trading fee. For market orders and aggressive limit orders, the CoinJar Exchange charges 0.00% for taker orders and 0.04-0.1% for maker orders (limit orders).

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


Gemini Logo

Tyler and Cameron Winklevoss launched Gemini, a user-friendly bitcoin exchange appropriate for both novice and experienced traders. Gemini makes it simple to learn about the cryptocurrency market, purchase Bitcoin, Ethereum, and more than 50 other cryptos, and create a portfolio of digital assets.

You can trade cryptocurrencies, assets, manage your crypto holdings, establish recurring trades, receive dynamic price notifications, and select GBP, USD, AUD, CAD, EUR, HKD, or SGD as your default currency with Gemini.

Through the web app or the iOS and Android mobile apps, you can also keep track of your trades and keep tabs on market activity. Customers in the UK have access to the Gemini Exchange, which provides both simple and complex crypto trading tools.

The Gemini wallet, which enables you to keep all of your assets in an insured hot crypto wallet or institutional-grade cold storage system, is also available to consumers in the UK.

Customers from the UK can also use the Gemini wallet, which enables you to keep all of your assets in a secure cold storage system or insured hot wallet.

Depending on whether you use the mobile app, web app, or ActiveTrader interface to access the Gemini Exchange, there are a variety of fees associated with trading cryptocurrencies on Gemini, such as transaction fees, Maker-Taker fees, and withdrawal fees. For transactions made through the mobile and online apps, Gemini charges between £0.75 and 1.49%, plus Maker-Taker fees for orders placed through ActiveTrader.

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


The goal of Coinsmart, an intuitive cryptocurrency exchange, is to make cryptocurrencies available to everyone. It is intended to be a user-friendly, straightforward crypto trading platform. On both desktop and mobile devices, Coinsmart enables you to swiftly and conveniently purchase and trade Bitcoin, Ethereum, Litecoin, and other virtual currencies.

Trading cryptocurrency on Coinsmart entails a number of fees. Withdrawal fees (based on your withdrawal method) and trading fees are a few of the costs.

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


With the help of the cryptocurrency exchange OKX, you can buy crypto, trade, and store hundreds of well-known cryptocurrencies and altcoins. The popular cryptocurrencies Bitcoin, Ethereum, Tether, USD Coin, XRP, ADA, SOL, and DOGE can all be traded by OKX customers.

A wide variety of DeFi cryptocurrencies, including Uniswap, AAVE, Maker, Synthetix, and Compound, as well as cryptocurrencies related to NFT, like ApeCoin, FLOW, Chiliz, and MANA, are also available for trading by users (Decentraland). Using GBP, more than 30 other fiat currencies, or your current cryptoassets, you can purchase cryptocurrency on OKX.

For institutions as well as novice and experienced traders, OKX offers cryptocurrency trading instruments. Users can also participate in OKX’s mining pool, earn large returns, get early access to new tokens, or borrow money at cheap interest rates using their cryptoassets.

Maker-Taker fees are levied by OKX for all trades made on the exchange. Regular and VIP users pay varying costs. The total OKB holdings of regular users determine their tier, whereas the 30-day trading volumes and daily crypto asset balances of VIP users determine their tier. Every day, the trade tiers are modified.

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.


With order response times of less than one millisecond and 300,000 transactions per second, Phemex is a crypto trading platform. It uses trading engines that were specifically created for it. The founding team is made up of former Morgan Stanley executives with years of real-world Wall Street experience.

With Phemex, you may purchase major cryptocurrencies including Bitcoin, Ethereum, Tether, Dogecoin, Chainlink, Cardano, XRP, Litecoin, and others using a debit or credit card. Both newcomers and experienced cryptocurrency traders can use the platform.

However, experienced traders will find Phemex particularly appealing because it offers $0 trading costs for trading BTC, ETH, and more than 224 Crypto Pairs (Premium users only). By utilizing the platform’s 400+ articles on trending cryptocurrency projects, users may additionally advance their understanding of the industry.

When trading cryptocurrency in the UK on Phemex, there are a number of expenses associated with it, including trading and withdrawal fees. These charges differ depending on whether you trade cryptocurrencies through Phemex cryptocurrency wallets, trading accounts, spot trading platforms, or contract trading platforms.

Disclaimer: Cryptoassets are highly volatile and are not regulated in the UK. They are not protected by any consumer protection which means you could lose your entire capital. Additionally, tax on profits may apply.

What Is Cryptocurrency?

Digital currency that may be used online is called cryptocurrency. Cryptocurrencies can be used to transmit value between parties, just like any other kind of money.

Consider all the things you can currently do with the money in your bank account or the actual currency in your wallet, such as making cryptocurrency purchases or receiving payment for services rendered. Crypto is designed to accomplish all of these things and more.

With cryptocurrencies, you may transact without an intermediary like a bank or payment processor because they are not issued by the government or central bank, unlike traditional forms of money.

On crypto exchanges, you can also trade, invest, buy cryptocurrency, and sell bitcoins. Similar to traditional stock markets, crypto exchanges allow you to purchase and sell a variety of assets. When you trade or invest in cryptocurrencies, their value might fluctuate based on supply and demand, and you run the risk of losing all of your money.

Although there are many of cryptocurrencies in existence today, bitcoin, ethereum, dogecoin, bitcoin cash, and litecoin are the most well-known ones. The first cryptocurrency ever made was called Bitcoin. It was introduced in 2008 and is still the most widely used cryptocurrency worldwide.

Greek word kryptos, which means “hidden,” is the source of the first half of the phrase, “crypto.” Cryptography is frequently used to protect cryptocurrency transactions so that they remain private and secure from those not directly involved in the transaction. Blockchain technology is used to verify these transactions.

A bank’s ledger or database is comparable to a cryptocurrency blockchain. However, it is spread between all users inside the bitcoin network as opposed to being maintained by a single bank. The blockchain is open to all users and is not controlled by any one entity, including businesses, banks, or authorities.

How Does Cryptocurrency Work?

Without a middleman like a bank or payment processor, cryptocurrency enables secure online value and money transfers as well as interest-bearing transactions. Imagine being able to send money to anyone in the world without being concerned about transfer caps, excessive fees, foreign exchange rates, or governmental restrictions. This is feasible because of cryptocurrency.

Instead of using a bank or other government-appointed regulating agency, as is the case with the conventional banking system we have grown accustomed to, it uses decentralized technology that allows transactions between peers to take place directly between them.

A blockchain, which is a database of all transactions made using a particular cryptocurrency, serves as the foundation for cryptocurrency safety and security instead of government control or protection.

Cryptomining, which involves using computers to solve challenging equations and puzzles in exchange for cryptocurrency, is the procedure used to create cryptocurrency units. Bitcoins are awarded to the first computer to answer each mathematical puzzle.

You can either mine a cryptocurrency or purchase one from someone who already has it. A trade is when you buy crypto or sell cryptocurrency, and it happens on a crypto exchange. Today, purchasing cryptocurrency on an exchange like Coinbase or eToro is the most popular way to do it. You can use the funds in your bank account to purchase cryptocurrency or trade your current cryptocurrency for another.

What Is Blockchain?

A blockchain is a particular kind of database that houses a list of transactions that anybody can access and validate. The blockchain for bitcoin keeps track of every time someone buys or sells bitcoin.

The blockchain is a ledger of past transactions that keeps data in units called blocks that are tied together in an irreversible timeline. When new data enters the system, it creates a block, which is then chained to earlier blocks after being verified through a process known as cryptomining.

Every cryptocurrency has its own blockchain, which serves as a continuous, continually updated log of all transactions ever made with that coin.

Blockchains for cryptocurrencies are used in a decentralized way, meaning that no one user or organization has control over them; instead, all users jointly maintain control. Since the data entered into these decentralized blockchains cannot be changed, it cannot be changed back.

This implies that transactions for Bitcoin are publicly accessible and permanently recorded. No organization, nation, or other entity has control over the blockchain, and anybody can use it.

If anyone can witness your transaction, how private is cryptocurrency, you might wonder. That is a reasonable query. You are protected from identity theft and hacking because cryptocurrency payments do not need you to enter any personal information.

Beyond cryptocurrencies like bitcoin, the blockchain is a safe, open, private, and self-reconciling ledger of transactions. Currently, blockchain is being utilized for a variety of purposes, including supply chain management, tracking music royalties, real estate transactions, and securely exchanging healthcare data.

In a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” attributed to Satoshi Nakamoto, the theory underlying blockchain and bitcoin initially surfaced online in late 2007.

What Is Cryptocurrency Mining?

The process of solving challenging mathematical equations in order to obtain cryptocurrency is known as cryptocurrency mining (or cryptomining for short). Following the validation of a block of transactions by these calculations, the block is added to the blockchain.

Cryptocurrency is awarded to the first computer that correctly solves a challenging equation or algorithm, providing an incentive for bitcoin owners or those considering purchasing cryptocurrency to use their computers to complete the task.

The process then repeats again as the block of transactions can be added to the blockchain when it has been verified.

A computer and an internet connection are required for bitcoin mining. However, it is important to note that mining is not always successful. Investing in pricey computing equipment is frequently necessary to mine competitively.

Given that cryptocurrency mining requires a significant amount of computing power, the price of these machines and electricity in your area may lower the earnings you make from mining. Because of this, the majority of mining today is performed by specialized businesses or teams of individuals pooling their computing resources.

Tax on Cryptocurrency in the UK

The majority of people invest in cryptocurrencies personally, usually in the hopes of making money. Because of this, HMRC mandates that you pay Capital Gains Tax (CGT) on gains made from cryptoassets in the same manner as gains made from the sale of traditional assets like equities.

Anyone who earns money from the sale of cryptocurrencies must pay taxes on the amount of their profit that is more than £12,300.

Your annual CGT allowance is £12,300, and any earnings that exceed it is typically taxed on capital gains. You would be required to pay tax on £1,700 (that is, £14,000 – £12,300) if you sold your bitcoin and made a profit of £14,000, for instance.

It is also crucial to emphasize that investment profits from stocks and shares are included in the CGT allowance of 12,300. Therefore, you will be required to pay tax on your cryptocurrency income if, for example, you have already used up your CGT allowance on equities.

You will also be required to pay income tax and national insurance contributions on cryptocurrency assets you get from:

  • ‍your employer as a form of non-cash payment
  • mining, transaction confirmation or airdrops

Read the government’s instructions for further details on bitcoin taxation.

Risks of Investing in Cryptocurrency

Risks associated with cryptocurrency investing include scams, hacking, cryptojacking, and volatility.

Scams involving cryptocurrencies are getting more frequent. The Financial Conduct Authority (FCA) claims “The majority of cryptocurrency fraudsters advertise on social media, frequently utilizing the likenesses of famous people or other well-known people to sell cryptocurrency investments.

The adverts then provide links to websites that appear professional. Then, customers are convinced to invest in the company using fiat money or cryptocurrencies.” Use the FCA’s reporting form to file a complaint about the company or scam if you think you have been a victim.

Up until recently, the largest bitcoin breach cost $532 million and happened in 2018. However, on August 10th, 2021, Poly Network was compromised, and the hacker stole over US$610 million, making it the largest cryptocurrency hack ever recorded.

Cryptojacking is yet another danger. Cryptojacking is the practice of deploying malicious software to mine bitcoin on the computer of an unwitting user while keeping the profits for oneself.

The frequency of reported cryptojacking varies significantly within a given year as well as from year to year. According to the Cyber Threat Alliance (CTA), the frequency of cryptojacking increased by 459% between 2017 and 2018.

However, Kaspersky Security discovered that from 2019 to 2020, the number of attempts to commit cryptojacking decreased from 13 million to slightly under 9 million.

The high level of volatility in the value of cryptocurrencies is a final concern that is immediately apparent. In May 2021, Bitcoin’s price fell by 30% in a single day. The fluctuating demand for cryptocurrencies is one factor contributing to the volatility. The volatility index measures the volatility of cryptocurrencies and can be used to compare various cryptocurrencies.

Purchasing a stablecoin that is tied 1:1 to the value of an external element, usually a fiat currency like the US dollar or a commodity like gold, is an easy approach to reduce this volatility. Stablecoins’ value is simpler to forecast because it does not change much day to day. The USD Coin, or USDC, is a stablecoin that serves as an illustration.


Is cryptocurrency a good investment?

Cryptocurrency can be a terrific investment option for your portfolio if you’re trying to access a developing market that is still in its infancy. Since the debut of Bitcoin in 2009, this industry has outperformed the general stock markets.

Before moving forward, you must take into account the increased dangers related to bitcoin investing. Pre-sales of cryptocurrencies offer a fantastic chance for significant returns on investment.

How do I invest in cryptocurrency?

You can use exchanges like eToro, cryptocurrency brokers, or good presale projects to invest in cryptocurrency online.

How should I invest in cryptocurrency?

Finding the greatest cryptocurrency presale projects and investing early are the best ways to invest in cryptocurrency.

What kind of cryptocurrency should I buy?

Tens of thousands of different cryptos are available. Pre-sales of legitimate cryptocurrencies incur higher risk but have the best possibility of high rewards. Less risk and a lesser likelihood of big rewards come with more established.

How many cryptocurrencies are there and what are they worth?

There are various cryptocurrencies available, and they all put distinct emphasis on expanding their utility and reach. There are about 7,812 cryptocurrencies, however bitcoin and ethereum are the two most well-known, according to CoinMarketApp.

As of January 2021, the market capitalization of all cryptocurrencies was US$324.716 billion. That is 80 times what Disney paid to purchase Lucasfilm, for instance (the film and television company responsible for Star Wars, among other things).

Are cryptocurrencies safe?

If you exercise caution and are aware of the hazards, using cryptocurrencies is safe. Scams pose the most hazards because cryptocurrency is still in its infancy. Be cautious when transacting with cryptocurrencies, and keep your private key secure and, most importantly, private.

Is your cryptocurrency in the UK trackable by the government?

Although bitcoin “may be used to buy products anonymously,” according to cryptocurrency primers, cryptocurrencies are not anonymous. They are fictitiously anonymous.

Financial activity can be tracked even though there are no banks or other authorities involved in the transaction and it just involves a buyer and a seller by connecting the transaction to the fixed crypto wallet address and keeping a public record of every transaction completed on their blockchains.

The USA has further complicated matters by putting up a rule requiring that any transactions using self-hosted wallets exceeding US$10,000 be disclosed to FinCEN. However, the UK is exempt from this restriction and only the USA is affected.

This contentious regulation aims to discourage people from earning cryptocurrency in the UK through illicit means. Such regulations, however, damage the idealized notion of autonomy that cryptocurrencies are attempting to realize.

Can I still purchase cryptocurrency in the UK?

In the UK, you can still purchase cryptocurrency. The Financial Conduct Authority (FCA)-registered cryptocurrency exchanges eToro, Coinbase, and Uphold make it simple to buy cryptocurrency, sell, and hold up to 500 cryptocurrencies and digital tokens in the UK.

How can beginners purchase Bitcoin?

Beginners can purchase Bitcoin from a crypto exchange like eToro, Uphold, or Coinbase online. Using your smartphone, tablet, or computer to purchase and sell Bitcoin and other cryptocurrencies is simple thanks to many cryptocurrency exchanges. They also enable you to keep tabs on the activity and performance of your cryptocurrency investments.

How do I purchase cryptocurrencies in the UK?

In order to purchase cryptocurrency in the UK, you must:

  1. Join a cryptocurrency exchange like eToro, Coinbase, or Uphold.
  2. Put GBP into your account.
  3. Do some cryptocurrency research
  4. Buy the cryptocurrency of your choice.
  5. Register for a cryptocurrency wallet, such as the Coinbase or eToroMoney wallets
  6. Keep your cryptocurrency at the exchange or keep it in your wallet

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