Ethereum is one of the most popular cryptocurrencies you can buy today. However, you need to consider plenty of things about the crypto buying process before making any decisions. We’ll be looking at how you can purchase Ethereum in the United Kingdom, including payment methods and other considerations. We’ll list the top platforms for buying Ethereum in 2022 and cover the entire process.
What Options Do I Have When Buying Ethereum in the United Kingdom?
There are plenty of ways to purchase Ethereum if you are living in the United Kingdom. These include:
One of the top crypto buying methods is a cryptocurrency exchange. Essentially, this is a marketplace where you buy and sell Ethereum and other types of cryptocurrencies with ease. When you sign up for this type of service, you trade your regular fiat currency (in this case, GBP) for Ethereum tokens. In addition, many exchanges also give you the chance to trade cryptocurrencies for other types of cryptocurrencies.
A cryptocurrency broker is somewhat different from an exchange. They are a platform that acts as a middleman when you need to buy and sell Ethereum. These brokers may be referred to as a trading platform. You can often use these services to trade Ethereum at a fixed rate. Some brokers also have an in-app interface that lets you trade Ethereum CFDs.
P2P Marketplaces and Decentralized Exchanges:
You can also buy and sell Ethereum in platforms known as decentralized exchanges (or P2P marketplaces). You can pair with other traders directly and do away with third-party interference. These types of platforms allow for more anonymity than you would get on an exchange or brokerage.
How To Buy Ethereum in the United Kingdom?
There are some steps you need to follow to buy Ethereum in the United Kingdom:
Find an exchange that suits your requirements
There are lots of exchanges that you can use if you want to buy Ethereum in the United Kingdom. That being said, you need to be aware of their individual pros and cons. For example, Coinbase is one of the best places for new traders to buy and sell Ethereum as it is very easy to use. However, you’ll have to contend with higher fees compared to other platforms. Therefore, you need to find an exchange that works for your individual needs.
Create your account and deposit funds
When you finally settle on an exchange, you need to follow their registration process and become a user. This step may not be exactly the same on every platform, but generally, you have to provide some form of identification and other details such as your email and phone number. You then have to deposit funds into your account to make your trades. Ensure this exchange lets you deposit funds via your preferred method before signing up.
You are then free to purchase your Ethereum with fiat currency or cryptocurrency (depending on which types of funds you’ve deposited).
Get a suitable wallet
Plenty of exchanges will have a dedicated exchange wallet where you can store your Ethereum tokens. However, we suggest purchasing a more secure hardware wallet to keep your crypto tokens safe when you are not trading them.
Where To Buy Ethereum in the United Kingdom?
There are multiple brokers and exchanges where you can trade Ethereum in the United Kingdom.
Some of the top Ethereum platforms that you can use to buy and sell tokens as a beginner include:
Robinhood is one of the easiest trading services for anybody who is new to the Ethereum game. When you sign up for an account, you can view commission-free stocks as well as option trades. Unfortunately, customer support leaves a lot to be desired, especially when you compare it to other beginner-friendly platforms.
Coinbase is an easy-to-use crypto service that makes it straightforward to trade Ethereum, especially if you are new to the whole thing. While the fees can be pretty costly compared to its competitors, Coinbase’s user-friendly design makes this an accessible option for newbies.
For Experienced Users
If you already have plenty of experience buying and selling Ethereum, but are looking for additional services to try, you may be interested in the following recommendations:
eToro is one of the more popular trading services around, with a wide array of cryptocurrencies. You can also use eToro to mirror other traders.
Kraken is the platform if you are looking for low fees and a high trading limit. The platform is also big on security and gives you many currency options. It is a good option if you are looking for additional features as well.
Bittrex offers quick registration and account verification. Usually, this means a website lacks security, but Bittrex has beefed up its security features to ensure your safety when using the service. You also have access to one-minute charts. If you want to trade at high volumes, you’ll appreciate its low fees, making Bittrex excellent for day trading.
BlockFi represents one of your best crypto options if you want to earn interest on your Ethereum savings. You can also earn a relatively good interest if you sign up for a BlockFi Interest Account. Additionally, you don’t have to contend with hidden fees or a minimum balance when purchasing Ethereum.
What To Consider When Buying Ethereum in the United Kingdom?
There are several things you should keep in mind when buying Ethereum in the United Kingdom. This is an integral part of the process as you need to be informed about the market and security steps you’ll need to take to ensure you stay safe when trading Ethereum.
Volatility is a constant feature of the crypto market and ethereum is no exception. However, experienced short traders do take advantage of constant volatility but if you intend to hold on to your Ethereum for sometime you must be comfortable with the fluctuations in price. Still, profits are never guaranteed with any investment strategy.
It’s important to remember that exchanges are a target for hackers. If your platform is corrupted somehow, you may lose any funds in your wallet forever. Therefore, you should think about investing in a personal wallet.
Crypto Transactions Are Irreversible
Remember that crypto transactions cannot be altered or reversed once they are finalized. If you input your wallet address, you need to make sure you do not make a mistake. So, you are better off copying the address from another file and double-checking before you hit confirm. If you type the address by hand, you are more likely to make a mistake and lose a lot of money.
Ethereum Trading Is Not Anonymous
You’ll have to supply personal details before signing up to any regulated exchange or broker. As such, if you want to buy and sell Ethereum, you need to be prepared with several documents and other pieces of information to confirm your identity and address. If anonymity is important to you, you may prefer to use P2P marketplaces instead.
Exchanges and brokers based in the United Kingdom are overseen by the FCA, which ensures these platforms meet anti-money laundering and counter-terrorism standards. These exchanges will have to verify your identity and follow other procedures to ensure transparency and fairness when using their service.
Who Accepts Ethereum as Payment in the UK?
If you buy Ethereum tokens wanting to spend them on goods in the future, you’ll want to know the many places where you can spend them without hassle. Many companies accept cryptocurrencies like Ethereum as payment. As cryptocurrencies grow in popularity, you can spend your money on more things and in more places. Coinmap can help you find ATMs and stores that accept Ethereum and other cryptocurrencies in your geographical location.
What Payment Methods Can I Use To Buy Ethereum in the United Kingdom?
There are several ways you can purchase Ethereum in the United Kingdom, though you’ll have to consider the pros and cons of each method:
- PayPal: PayPal is a payment service that can be used to buy things online and in many stores across the country. You can use this service to withdraw and deposit funds into your wallet on many brokers and exchanges. As of 2022, PayPal has broadened its horizons, and it’s now possible to buy, sell, and store Ethereum with your PayPal account.
- Credit/Debit Card: Debit and credit cards are some of the easiest ways to buy Ethereum and deposit funds into your exchange account. Simply input your details and link your card to the account or pay for your Ethereum tokens directly.Credit card fees however, can be high.
- Bank Transfer: This is another easy way to move funds into your exchange account via a secure wire transfer. This is a very secure way of buying Ethereum, which will usually be processed instantly.
- Other Types of Cryptocurrencies: Some exchanges will let you buy Ethereum with other types of cryptocurrency, such as Bitcoin and Litecoin.
You should place great emphasis on which service you’ll use to buy your Ethereum tokens. You have the choice of a P2P, broker, and exchange. You also need to think about how your chosen platform can benefit you. Although there are plenty of big names and niche crypto services, you should read reviews before committing to any one of them. As we have previously stated, Coinbase is great for new investors, while eToro is an all-round service that’ll give you many advanced features.
As well as all this, you need to understand key concepts such as volatility and specific regulations. Our guide should point you in the right direction, but you’ll want to conduct further research to make an educated decision on the right crypto strategy and service for you.