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Is It Legal to Buy Cryptocurrency in the UK, US

The world of cryptocurrency continues to gain popularity, especially during this pandemic season when most people have the luxury of time to check their phones more often. Some traders consider cryptocurrency as investment or real currencies. Regardless of how they view it, they surely invest time in it. "How do I buy cryptocurrency?" you might ask. You can look at different options in terms of crypto wallets, coins, and even instruments. In this article, we will be covering the basic thing that you need to know about how to purchase cryptocurrency in the UK. 

What Is Cryptocurrency?

Cryptocurrency is an online trading instrument that traders can buy and sell depending on the season. You can consider it as your "online money." One of the key features of cryptocurrency is its decentralization, meaning it is free from the government's control and interference. The number of companies viewing it as a legit mode of payment is increasing. Some big names in the market are now starting to accept crypto payments. The future of cryptocurrency looks promising. Let’s take a look at how it is in the UK.

Buying Cryptocurrency in the UK

Cryptocurrency can be purchased and leveraged in almost any part of the world, including the UK. However, recent modifications to the rule that the UK has imposed in terms of purchasing these virtual assets. While it's legal to buy and sell cryptocurrency in the UK, cryptocurrency derivatives trading is temporarily banned.

How to Buy Cryptocurrency in the UK

Purchasing cryptocurrencies in the UK is quite easy. Different platforms can cater to the different needs of online traders. Interestingly, the UK has crypto ATMs – something that you don’t normally see. It cannot be denied, though, that the crypto market in the UK is still trying to keep up with others. Nevertheless, you can still buy cryptocurrency in this part of the world.

1. Sign up on a cryptocurrency exchange.

This step starts your whole cryptocurrency adventure. In the UK, there are also cryptocurrency gambling and betting where you can buy purchase cryptocurrency from.

2. Set up a cryptocurrency wallet.

This step might be optional, but a rather important one. Having a crypto wallet is like having storage where you can put your cryptocurrencies in one place when you withdraw from various sources, such as exchange, ATM or peer-to-peer.

Crypto wallets are encrypted, thereby securing your cryptocurrencies. These wallets can be virtual or "physical," like a hard drive or a USB. If you choose to go this route, make sure that you have a good memory not to lose your "wallet."

3. Withdraw your cryptocurrencies.

As they say, everything you do online is between you and everybody. Storing your cryptos in an exchange widens the risk of hacking. To avoid this scenario, make sure to transfer your cryptos to your wallet with a private key.

These three things are good reminders that you can note if you are starting in cryptocurrency mining.

Where Can You Buy Cryptocurrency?

You have two options where you can purchase in the UK: virtual or through ATM. Both methods have their pros and cons. You may take a look at them in helping you decide which method to go for.

Virtual (cryptocurrency exchanges online) Pros:

  • Accessible anytime, anywhere
  • Hassle-free transactions since everything is done online
  • Internet is all you need to get started

Virtual (cryptocurrency exchanges online) Cons:

  • It might not be as secure as the ATM.
  • There is always going to be the risk of hackers.
  • There might be some glitches that a computer error can cause.

Bitcoin ATMs Pros:

  • More private and secured compared to online crypto exchanges
  • You can use cash as a payment method
  • Usually set up in frequently visited places

Bitcoin ATMs Cons:

  • Purchase fees can range up to 5%-10%
  • Exerting effort to find one is needed
  • There is a daily buying limit that traders need to be aware of.

Choosing the best method is always up to you. Try to weigh both methods' pros and cons and decide which you think will work best for you.

What Is the Best App to Buy Cryptocurrency?

Again, it’s a matter of your personal choice. To help you decide, we have listed the top five most recommended apps for buying cryptocurrency in the UK.

1. Coinbase Pro

This platform is one of the earliest crypto platforms in the UK. It is also considered one of the cheapest platforms where you can purchase bitcoin from. Moreover, traders can now send British Pound (GBP) to it within minutes.

2. Binance

It has a low exchange rate of not more than 0.1%. Moreover, transfers are usually done within 15 minutes. In terms of deposit, it is usually done through Faster Payments (bank transfer) without any service fee. Those reasons are why Binance is considered a favorite of online traders.

3. CoinJar

This platform is designed for both novice and expert traders. They have a downloadable app for both Apple and Android where traders can manage their accounts at any time, anywhere. Deposits are also processed almost instantaneously.

4. Coinmama

This platform is available almost anywhere, not just in the UK. It has the highest buying limit using a credit card, and users say that this platform is secured, indeed.

5. Gemini

This exchange has been around since 2014 but only made its introduction to the UK in 2020. It has a variety of available coins that traders can buy with GBP. This platform is ideal if you will purchase large sums of crypto since there is a transaction fee.

There are other crypto exchanges that you can find apart from these five. A little research goes a long way. When deciding, consider the following:

  • Transaction fee
  • Payment methods
  • Customer reviews
  • Daily buying limit
  • User interface

Just like with any other thing, you need to research well first before you decide whether to go for that crypto exchange or if you need to look elsewhere. Remember, your finances are the main players in this game, so it is important to keep them safe and secure.

Which Cryptocurrency Can You Buy?

There are different coins in the market that you can buy depending on what your app supports. Online crypto exchanges have different sets of coins they offer, but most of them have the same "favorites" on their list. However, the real determiner of what is the best cryptocurrency to buy now is the market trend. There are certain predictions of how these coins will perform this year. Below are some of the experts' top picks:

  • Ethereum (ETH)
  • Binance Coin (BNB)
  • Bitcoin (BTC)
  • Dogecoin (DOGE)
  • Polkadot (DOT)

Experts have studied these coins' performance, and many analyses have been in place to make these predictions. Take note, though; the crypto-market is looking at high volatility this year, so that these predictions might change anytime.

What Can You Buy With Cryptocurrency?

This question determines it all. Is the world of cryptocurrency all just a big game of buying, selling, and trading? The answer is both yes and no. You can imagine it as a game with benefits. Participating in the online trading business is always an exciting thing. Predictability is the last thing that this industry gives, so it brings excitement to traders. On the other hand, it has a real-world impact because you are not just shelling off pretend money; you’re using your own money to buy. So, let’s take a look at the things that you can do with cryptocurrency.

Certain businesses accept cryptocurrencies as a payment method. Below are some examples:

1. Microsoft

The team recently announced that it would accept cryptocurrencies from buyers looking to purchase mobile phones, games, music, or anything from their store.

2. eGifter

eGifter is an online shop where you can buy different gift cards. They have added cryptocurrency as a payment method for people buying gift cards from Adidas, Walmart, Uber, and Amazon.

3. AT&T

One of the first major mobile service providers to have cryptocurrency as a payment option.

These companies have big markets and submarkets, so surely, you can use your cryptocurrency to purchase goods and services.

Cryptocurrency in the UK continues to grow in popularity. As a result, more and more people are turning their attention to online trading. Staying up to date with current crypto news is crucial if you want to buy and sell cryptocurrency in the UK and the rest of the world.

To help you further, you may also search for the best app to buy cryptocurrency from. However, in terms of the best cryptocurrency to buy now, you can only rely so much on experts' predictions. These predictions, though, have gone through serious technical analysis to give traders a better view of how to play their cards in this industry.

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