The United Kingdom’s markets are regarded as the most open, especially where immediate bitcoin and cryptocurrencies are concerned. It stands to reason then, that the UK, has some of the most cryptocurrency markets available. An important point to remember when purchasing, bitcoin is that the prices can be different. What this means is that you have to take into account what the coin is trading at, at the point you wish to purchase and the price you are being offered, to buy it at. There are also cash options when buying bitcoin. The price could depend on where you choose to buy it, that is to say, which exchange you are opting to use.
What are Crypto Exchanges?
If you are new to buying immediate bitcoin UK, then it is best to purchase it from a reputable crypto exchange. This requires you to furnish the exchange with some information. This is in line with the (KYC) Know-Your-Customer, a requirement in place in the UK. If you are a UK citizen and have an active bank account there, then this process should be seamless. There are several steps before you will be able to convert your fiat for Bitcoin. Firstly, as mentioned before the exchange first needs to complete a full verification process, such as I.D verification, then you have to grant the exchange authority to make two transactions in the account, just to be sure that it is the correct account. The last step is for you to check your account and enter the necessary information.
Do Exchanges Charge a Fee?
Most exchanges do charge a nominal fee for the conversion of your fiat funds into cryptocurrency. The percentage of the fee is dependent on how much crypto you want to purchase. It is, therefore, advisable to consider a wire transfer, if you intend to buy a lot of cryptos. If you are not doing so, then you can use your debit/credit card to do so. Once this transaction has been completed, the money will be deducted from your account and deposited into your hardware wallet or you can choose to trade straight from your exchange account. Each exchange has its way of doing things, some restrict their customers to purchasing only a certain amount of bitcoin, while others give their clients the freedom to make that choice for themselves. In some cases, such transactions can take up to 20 days to be completed, since the money has to first reflect in the account holders account before they can start trading.
Other ways to Purchase Bitcoins?
In the UK, there are other ways to get bitcoin, for those who do not want to use the routes of bank cards or wire transfers. With the cash option, buyers and sellers are put into contact with each other either directly or through a third party, which means these transactions could be completed within a matter of minutes. This option can also provide complete anonymity. This, however, could mean that as the seller, you can set your price to any amount, which means for the buyer, you will probably be paying more here than if you bought it at an exchange.
The UK has no shortage of ways for traders to obtain and trade in cryptocurrencies. The good thing is that if you choose to go the verification route and going through the bank and exchange options, you can be sure to get the best-priced bitcoin available. The only time this causes an issue is when you intend buying a huge amount of bitcoin, because of the fees involved. On the other hand, doing it through a third party or even personally as in the cash option means that you could end up paying more than you bargained for.