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Cryptocurrencies in the UK have not been welcomed with open arms yet. Though cryptocurrencies are not illegal it seems a bit unfair to say that it is all legal and open. The freedom of using cryptocurrencies has rather been carefully measured as it lacks standard money-related definitions and procedures.
In this article, we are going to discuss websites and applications you can use to create and manage your cryptocurrencies, mainly Bitcoin.
Are Cryptocurrencies Legal in the UK?
Many investors and traders turn their attention away from the world of cryptocurrency when they hear the word ‘illegal’ but here’s the catch. What is legal is trading and investing in cryptocurrency and what is illegal is buying commodities and instead of paying cash you pay Bitcoins.
Still, confused? Let me elaborate! It is illegal in the UK to go visit a supermarket and use Bitcoins to buy your weekly groceries. You can’t physically purchase an item by paying via Bitcoin. What you can do is buy and sell Bitcoins on online trading platforms. If you wish to use the Bitcoin money, feel free to convert them into cash and fulfill your purchases.
How do I convert my Bitcoins into pounds? What websites are safe enough to perform Bitcoin transactions? Are the trading fees high? If you are overwhelmed with such questions, read along to know the answers.
Best Websites for Cryptocurrency Trading (Bitcoin) in the UK
The best way to learn more about Bitcoin and Bitcoin wallets is to check out Bitcoin UK. This website not only acts as an exchange platform but also gives you an idea about terminologies like Blockchain and digital wallets. Here are some of the popular cryptocurrency trading platforms in the UK. Check out Bitcoin Prime login if you are planning to invest in Bitcoins.
Open to the public since 2011, it not only supports Bitcoin trading but also provides users with their personalized Bitcoin wallets. You can also install their mobile app to take full advantage of the freedom of buying and selling this website provides. You can buy Bitcoins with your credit or debit card or you can directly link your bank account to the website. Linking your bank account will require you to go through all the authorization and verification processes.
The drawback of this application is the rate at which Bitcoins are bought. There is slight inflation in the rates of Bitcoin shown on your screen on the website. Hence, the purchase rate is according to the website’s market order and not the raw price of Bitcoin.
Coinbase quotes itself as the most trusted place for the conversion and trading of Bitcoin. You can either link your bank account to the website or use applications like Paypal. You can also perform Bitcoin transactions with credit and debit cards.
Coinbase also provides users with an online wallet and has a mobile application too. All you will need to do is create an account, get yourself a wallet if you don’t already have one and go through the verification process to link your bank account to the website.
The only drawback is that Coinbase has a high fee for every transaction you make. Some websites only charge you for converting your Bitcoins to pounds but Coinbase charges you a fee for every buy and sell. You will spend at least $3 for every transaction.
Binance is known for its fast and secure Bitcoin transactions. In some countries, you cannot buy Bitcoin using the standard currency. In such cases, you can opt for trading platforms like Coinbase to buy Bitcoins and then use these to trade on Binance.
Another drawback is that unless you have a ‘stable coin’ you won’t be able to use the option of bank transfer. You can still trade and invest in Bitcoins via debit or credit card and third-party applications such as Google Checkout and Paypal. Also, check about the Bitqt app review.
Binance offers a very low trading fee and zero deposit fee and bank transfer fee. Binance is a good option to begin your Bitcoin trading if you are a newbie in the world of cryptocurrency.
Bittylicious is a cryptocurrency broker based in the UK. It is meant for those traders who don’t want to go through lengthy and boring verification processes. You simply add your Bitcoin wallet address and the amount you wish to spend. You will be asked to enter your email ID too. All Bitcoin transactions are currently done via an IP address in the UK.
This website does not provide you with an online wallet. So, see to it that you have one online or a physical wallet like Ledger Nano. Bittylicious does not allow any third-party payment. Only payments coming from a UK bank account are accepted.
The rates provided on the websites are much higher than the actual rates you will see on the internet. This is because Bittylicious adds all its deposit fees and transaction fees before you even decide which cryptocurrency to buy. Bittylicious is not the safest option but if you want to stay anonymous with your transactions, then this is the way to go.
There are many more online exchange platforms open to trading in the UK. Some worth mentioning is eToro, Kraken, and LocalBitcoin.com. LocalBitcoin offers peer-to-peer exchange as well as exchanging your local currency with Bitcoins. You can buy, sell and trade using Kraken. It also has its own mobile application.
Bitcoin trading is highly volatile and risky. It is advisable not to spend your life savings on it. Enter the world of cryptocurrency only when you are debt-free or don’t owe anybody any money. There are high chances of losing more than you had invested before.
We recommend doing a background check on the vendor if you are aiming to buy Bitcoins. Check whether the vendor has a good reputation and uses a payment method you have an idea about. When it comes to storing Bitcoins, make sure after every purchase, you transfer your Bitcoins to your private wallet. Happy trading!