Buying cryptocurrencies like Bitcoin is easier than it seems. The first step is choosing a trusted exchange platform. Most reputable cryptocurrency exchanges, like OKX and eToro, are regulated by the Financial Conduct Authority (FCA) and comply with UK law. Once you’ve chosen a platform, you can create an account, complete identity verification and fund it with GBP via a bank transfer or debit card. How to Buy Cryptos Safely in the UK.
Then, you can start researching and purchasing cryptocurrencies. Once you’ve bought your cryptocurrency, it’s important to store it securely. There are many secure wallet options available, ranging from web wallets to paper wallets. It’s also a good idea to diversify your portfolio by investing in different coins.
How to Buy Cryptos Safely in the UK: Avoid Scams and Pitfalls
Another option is to invest in a crypto ETF. These funds trade on a public exchange and give you exposure to a range of different cryptocurrencies without having to deal with the technicalities of setting up and managing a wallet.
There are also peer-to-peer (P2P) exchanges that allow you to buy and sell cryptocurrencies directly with other users. These platforms offer some of the lowest fees for buying and selling, but are not suitable for beginners due to the risks involved with dealing with strangers online. In addition, P2P exchanges often have strict KYC and security requirements, so new investors should be prepared for a long wait time while their identity is verified.