Where to Buy Cryptocurrency?
Your first priority is to find a safe, reliable cryptocurrency exchange that offers reasonably attractive fees and a professional level of service. UK investors that want to buy crypto have a number of options, and they all have different strengths and weaknesses. These are some of the best sites for buying crypto:
Zeply offers a safe and secure way to buy Bitcoin easily, with their intuitive and user-friendly app. With super speedy transactions, you won’t be waiting hours for your Bitcoin funds to appear. Read our Zeply review to find out more about this provider.
This is a really good option for beginners. Coinbase is a very user-friendly site and it makes the process of buying crypto really simple, quick and effective. There is nothing overwhelming about the site. The design is clear and uncluttered, and the user experience is very pleasant.
Coinbase does charge higher trading fees than some other sites, and the range of cryptocurrencies that you can buy is quite narrow, while customer service is slow, but it remains arguably the best choice for newcomers wondering how to buy cryptocurrency.
This is the world’s largest cryptocurrency exchange by any conceivable metric. It has high liquidity and the slippage is low, while there are lots of advanced trading tools and charting capabilities, so it is popular among experienced traders that buy cryptocurrency and sell it.
Binance has a huge range of cryptocurrencies to buy, sell, trade and exchange, and the wider Binance ecosystem includes ICOs, mining and much more. Trading fees are pretty attractive, especially if you pay them in Binance coin. The site can be a little overwhelming for newcomers, but many people like it once they learn its intricacies.
This is a UK-based site that allows you to buy cryptocurrency or join a mining pool. You can buy and sell major cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, XRP and Litecoin, and fiat transfers of pound sterling into your bank account are rapid if you sell crypto there.
This European cryptocurrency exchange allows you to buy cryptocurrency using a debit card, credit card, an online bank transfer, an e-wallet like Skrill or Neteller, or more niche options including Sofort and GiroPay. It is known for low fees, ease of use, high limits and strong trustworthiness, and it also covers a wide range of cryptocurrencies, so it is another good choice for anyone wondering where to buy cryptocurrency.
You have probably seen the eToro ads featuring Alec Baldwin and a sock puppet, as they are almost ubiquitous on YouTube and other online platforms. eToro is famous for allowing people to copy traders they admire, but it also allows you to buy cryptocurrency, sell it and go long or short on how certain cryptocurrencies will perform. It is quick and blessed with a clean interface, while the limits are pretty high, but it does not cover as many cryptocurrencies as certain high-profile rivals.
This is now one of the world’s oldest cryptocurrency exchanges, as it was founded more than a decade ago. It is also among the most popular exchanges by trading volume, which is testament to its high limits, low fees, trusted reputation and strong security record. It is not the most user-friendly site, but it is definitely worthy of your consideration if you want to purchase cryptocurrency.
This site was created by the Winklevoss twins, who were awarded damages from Mark Zuckerberg relating to the founding of Facebook – a tale documented in Hollywood movie The Social Network. They reinvented themselves as crypto gurus, and the site is known for slick service, a polished interface, low fees and good customer service.
What Cryptocurrency to Buy
There are thousands of different options at your disposal when you decide to buy cryptocurrency. These are the largest and most popular coins:
BTC is by far and away the largest cryptocurrency, accounting for almost two-thirds of the overall market cap for the crypto sector. It was also the original cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto. The supply of Bitcoin is capped at 21 million coins, and the mining difficulty continues to grow harder, so the price has soared over the past decade. Many see Bitcoin as a store of value, essentially a digital version of gold, but it can also be used to buy a huge range of goods and services.
Ethereum is actually a decentralized financial network and Ether is the name of the native token on the blockchain. Ether is easily the world’s second largest cryptocurrency. Many cryptocurrencies run on the Ethereum network, but Ether is the largest and it forms a key component in many investors’ portfolios.
This is a stablecoin designed to track the price of the US dollar. The initial sales pitch was that the company behind it would hold a dollar for every Tether coin (USDT) issued. That is not quite the case any longer, but USDT does a good job of following the price of the dollar, so it is an attractive cryptocurrency for anyone that wants to avoid volatility.
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source. The native coin is called ADA. Cardano is similar to Ethereum, and was actually set up by one of Ethereum’s co-founders.
Another Ethereum co-founder set up Polkadot to enable cross-blockchain transfers of any type of data or asset, not just tokens. The Polkadot token (DOT) is the native coin for the network.
This is the native token for the Ripple network. At one point, XRP became the second largest cryptocurrency by market cap. It is not a decentralized cryptocurrency, so many argue that it goes against the spirit of the crypto project, but it remains popular, despite legal troubles in the United States.
Charlie Lee created this coin in 2011 to serve as the “silver to Bitcoin’s gold”. It is similar to Bitcoin, but allows smaller transactions to be facilitated quicker.
The native cryptocurrency of the Binance exchange and ecosystem.
A cryptocurrency created in a hard fork from Bitcoin in 2017 following a disagreement in the community about Bitcoin’s future direction. It is designed to solve scalability issues with Bitcoin and allow much quicker transactions, but it really splits opinion.
How to Buy Cryptocurrency
Once you decide which cryptocurrency you would like to buy, you have to find a site that sells it. Most exchanges sell Bitcoin and Ether, but the range of altcoins varies. Binance sells a large range of cryptocurrencies, so we have used it for this step-by-step guide on how to buy cryptocurrency:
- Visit Binance.com and click on the yellow “Register” button on the homepage.
- Enter your email address, choose a password, click to agree to the terms of service, and click “Create Account”.
- You will have to move a jigsaw puzzle piece across to the centre of the screen to confirm that you are not a robot.
- You will receive an email, and you can click on a link within it to verify your email address.
- The registration process is now complete, and you can buy cryptocurrency. If you decide you want to buy cryptocurrency in larger amounts, you will need to complete a further verification process whereby you upload a scan of your passport or driving licence, but the process mentioned above works for buying and selling moderate amounts of crypto.
- The easiest way to buy cryptocurrency is to click on the “Buy Now” button. You can explore more complex options when you grow familiar with the platform. Clicking “Buy Now” will trigger a new page,
- It is automatically set to spend USD and buy BTC. You can change it to spend GBP and buy Bitcoin UK or the cryptocurrency of your choosing. Enter the amount you wish to spend and link up a preferred payment method, such as a debit or credit card.
- When you have entered the details, click “Buy BTC” or “Buy ETH” or whatever cryptocurrency you have chosen.
- It will tell you the amount you stand to receive in your chosen cryptocurrency and the exchange fee. You can then click to confirm the transaction, and your crypto should arrive in your account almost instantly. You can then send it to an external wallet, sell it, exchange it, trade with it or simply leave it in your account wallet and hope it increases in value.
Tips for Buying Crypto
You now know how to buy cryptocurrency and you should have a good idea of where to buy cryptocurrency. These tips should help you stay safe and get the best deal possible:
- Stick to trustworthy, reputable cryptocurrency exchanges that have displayed a commitment to treating customers fairly over a prolonged period of time. The crypto space is new and it is not heavily regulated yet, so there are a lot of dodgy companies trying to scam you. Conduct thorough research about each site and only buy cryptocurrency from credible exchanges that have high liquidity.
- Follow general safety measures to protect yourself from hackers and phishing scams. Choose a strong password, only using sites that offer two-factor authentication, stick to private computers, and ensure you use a credit card, buy Bitcoin with PayPal, or use a similar service that you trust. Do not download anything from an untrustworthy source and avoid any deals that sound too good to be true. Try not to tell many people that you are holding crypto, and certainly do not post about it on public forums, as you could quickly become a target for scammers.
- Once you have identified safe, reliable places to buy cryptocurrency, compare the rates on offer. Many people buy cryptocurrency as an investment, hoping to earn a profit, and high fees can really eat into any margins you might make. Choose the site that offers the most reasonable fees, as long as it still provides robust security and a decent user experience. Remember that many exchanges also charge withdrawal fees, which is worth bearing in mind if you move your crypto to an external wallet. Withdrawal fees on most coins are pretty low at Binance, but Bitcoin withdrawal fees are high.
- If you are buying cryptocurrency in a bull market, try to buy the dips. The price of Bitcoin and altcoins never goes up in a straight line. There are multiple corrections, so wait until it dips to buy. You can also consider cost averaging – spend the same amount each day, week or month – if you are worried about buying at the wrong time.
- Have a plan for your cryptocurrency. Are you trying to turn a profit? If so, how much would be acceptable to you? Selling at the right time is just as important as buying at the right time. If you want to use it for online transactions, seek out cryptocurrencies that are widely accepted and have a lot of use cases.
Where to Store Crypto
Once you buy cryptocurrency, you need to figure out where to store it. One option is to leave it in your exchange account. This is very convenient, but it is known as a “hot wallet”, because it is not particularly safe. Many crypto exchanges have been hacked over the years, resulting in the theft of thousands of Bitcoins and other cryptocurrencies, so it is generally better to move your coins to an external wallet.
That might not be the case if you plan to buy cryptocurrency and trade it on a regular basis, but external wallets are usually best if you are holding onto your crypto for a reasonable period of time. Some people enjoy the convenience of software wallets that sit on their desktops or mobile devices. This is certainly a sensible option if you plan on making regular transactions. Exodus is one of the leading providers. It is free, user-friendly and has an exchange built in.
Yet many people want something more secure for holding large amounts of cryptocurrency. Software wallets can also fall prey to hackers and other scam artists when you connect to the internet, so they are less secure than hardware wallets that offer cold, offline storage. You can buy a hardware wallet from a provider such as Ledger or Trezor.
There is an upfront cost involved, but you may find that it is worth the investment for peace of mind. You can alternatively go down the old-school route of printing off a paper wallet at a site like GitHub, but make sure you keep the paper safe. Remember that it is always best to have a wallet whereby you control the private keys, and it should offer strong backup and restore functions.
Conclusion – Our final words on how to buy cryptocurrency
This article has explained how to buy cryptocurrency as clearly as possible. We have explained what to look for in a cryptocurrency exchange and walked you through the process of buying crypto. You can now go and buy cryptocurrency, but remember to stick to the security advice provided in this article. The sector moves rapidly too, and new places to buy cryptocurrency will spring up on a regular basis, so return to our site for updated news on how best to buy cryptocurrency in order to get the best possible deal.
Buy Cryptocurrency FAQ
❓ What is the best way to buy cryptocurrency?
The best way to buy cryptocurrency is to visit an established crypto exchange with high liquidity and a reputation for trustworthiness and strong security measures. Try to find the crypto exchanges with the most attractive fees, while also bearing things like user experience, customer service and range of cryptocurrencies in mind.
💰 How much money do you need to buy cryptocurrency?
The minimum purchase will vary from exchange to exchange, but it is generally as little as £2 or $2. You certainly do not need to buy a whole Bitcoin, as they are now very expensive. You can buy fractional amounts of the leading cryptocurrencies.
🚀 How do I get my first cryptocurrency
You must first register for an account at a crypto exchange site. You may need to upload proof of ID and address. You can then start to buy cryptocurrency using a fiat currency like pound sterling or the US dollar, before storing them in a dedicated crypto wallet.