Cryptocurrencies are global currencies, and that means they are borderless. It does not even matter whether you are buying and selling Bitcoins from the UK or the US. The market for Bitcoin in GBP is not that liquid, and you have to keep in mind the high volatility of the Bitcoin market considering the recent price history. However, if you are a resident of the UK, you might still want to set up your Bitcoin account to start trading. Here are some methods you can use to buy and sell your Bitcoin in the UK.
1. Buy/ Sell Bitcoin in an Exchange
You can buy/ sell Bitcoins in an exchange. CEX.io and Coinfloor are among the leading UK registered exchange where you can buy or sell your Bitcoins (Read also: How to Buy Bitcoins With a Credit Card?). Alternatively, you can use other trusted non-UK based exchange sites like Coinroom or Kraken for trading purpose. Exchange sites like LocalBitcoins can also be used to exchange your Bitcoins to fiat money in the UK.
Steps to Buy/ Sell Bitcoin in an Exchange
- Open an account in one of the trusted exchanges you want to trade in.
- Enable 2-F-A authentication for more security.
- Connect and verify your bank account.
- Click Deposit GBP to transfer funds if you want to buy Bitcoin or transfer your Bitcoin to sell them.
- Place a buy/ sell order.
- Transfer your funds to/ from your bank account.
Bitcoin is a global currency, therefore, buying and selling it in a developed country like the UK is not at all a rocket science. However, it is always good to do some research before trading your coins. All the exchange platforms are good enough to buy/ sell your Bitcoin but not safe for storing them. Nearly every day, we get to know about people whose Bitcoins were stolen from the web-based wallets by hackers.
Instead, store all your Bitcoin in a hardware cold wallets such as Ledger Nanos, Trezor, KeepKey and Cool Wallet. These wallets allow you to store your private keys in the hardware device on a Microcontroller that cannot be connected to the web or infiltrated. In addition to these security features, your private key cannot be transferred out of the device making it highly secure (Read also: Bitcoin Wallets for Beginners to know more about wallets).
2. Buy/ Sell Bitcoin in Bitcoin ATMs in the UK
One of the easiest ways to buy and sell Bitcoin is through Bitcoin ATMs. These ATMs allow you to buy Bitcoins at a fair price using cash, debit/ credit cards and receive them instantly into your wallet. Some Bitcoin ATMs also let you sell Bitcoin and pay out cash. You can use ATMs like SatoshiPoint Bitcoin ATM in Nincomsoup, Bitcoin ATM in Birmingham, Bitcoin ATM Kentish Town in London, UK and several others. There are around 200 ATMs in the UK, and the complete list can be found here.
Buy/Sell Bitcoin in UK
|Withdrawal Fees||Trading Fees||
|VISA & Mastercard: 3.5% + $0.25 USD, 3.5% + £0.20 GBP, 3.5% + 3.5% + €0.24 EUR, 5% + ₽ 15.57 RUB|
|Coinmama||None||5.90%||Credit card: 5%|
|Coinbase||Varies||$0.99 for $10.99 and below;
$1.49 for $11.00 up-to $26.49;
$1.99 for $26.50 up-to $51.99;
$2.99 for $52.00 up-to $78.05
PerfectMoney: 5% (USD)
Payeer: 7% (RUR) & 5% (USD)
AdvCash: 4% (RUR) & 2$ (USD)
Capitalist: 4% (RUR), 7% (USD)
Credit card: $6 + 5% (USD) & ?70 + 7% (RUR)
Yandex.Money: 5-8% (RUR), QIQI: 7% (RUR)