How to Buy Bitcoin in the UK

The bitcoin crypto currency has grown to be enormously popular during the last several months and the demand keeps on growing. There are several possible ways to acquire the virtual money – the potential buyer only needs to figure the optimal way to do it – online through an exchange, via marketplace or in person from the local sellers. Some countries, like the UK for example, still do not have their own country based bitcoin exchange; therefore the UK investors need to find alternative ways to purchase the digital cash.

Buy In Person from another User
Acquiring bitcoins for cash is the most straightforward form of trade: you meet the seller in a chosen location, pay cash and receive the appropriate amount of bitcoins into your digital wallet or in form of metal coins. This type of personal encounter provides the highest level of privacy; however, you should follow some basic safety rules. For example, it is recommended to meet in a public place with cameras and security. Also, check up on your potential seller’s reputation and reliability: many websites nowadays offer activity tracking record and users’ feedback system to rate each participant accordingly. Though some buyers may prefer receiving the bitcoins in coins rather than electronic currency.

Buy Online Using Marketplace Websites
There are several well-known online marketplaces that allow trading bitcoins in specific areas. Bitbargain, for example, is a platform for an instant exchange of bitcoins within the UK. Localbitcoin is another marketplace covering a wider area and letting you set the desired country or the city of operation. Transactions are completed quickly and securely; each seller and buyer is encouraged to have a high reputation score, verified phone number and positive feedback score. Besides, these websites provide clear instructions regarding the form of payment; they show the bitcoin rate of the day and you can also see which buyers and sellers are currently online. Buying and selling Bitcoins on these 2 site is between private parties also called OTC trading, you might expect to pay between 5-10% over the “wholesale” bitcoin price from larger exchanges. The main advantage of Localbitcoins is the speed, some transactions are completed in minutes.

Buy Bitcoin Within The EU With a SEPA Bank Transfer
Another well accepted form of purchasing bitcoins within the European Union is by using SEPA wire transfer. SEPA stands for Single Euro Payments Area and is a domestic payment market. Being highly convenient for cash deposits and internet banking transfers with SEPA you may complete cross-border transactions across the Eurozone with low fees (within the EURO zone) . Be aware that UK banks are charging SEPA wire at higher rates than the continent counterparts. The advantage of SEPA is that the wires are quite fast and they should be completed within 1 or 2 working days.

Despite the fact that there is no home-based BTC exchange in the UK at the moment, its investors and citizens have multiple ways to acquire the virtual currency without high premiums. Bitcoin trusted marketplace platforms and European exchanges allow making purchases quickly and efficiently.

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Amir Abid
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