Bitcoin

Cheapest Way to Buy Bitcoin: Ultimate 2022 UK Guide

Do you want to buy bitcoins without getting scammed?

Although it is simple and convenient to buy bitcoin with a debit or credit card, it is not the cheapest way.

Reading: Cheapest way to buy bitcoin uk

There are some exceptions, but most places will charge more than 4% in fees when you buy bitcoin with a debit or credit card in the UK. that’s 100% unnecessary.

In this guide, I am going to explain some popular, well-recommended and cheapest ways to buy bitcoin in the UK.

Remember: I am not a financial advisor. Please read my full disclaimer for more information.

cheapest place to buy bitcoin in the uk

the cheapest way to buy bitcoins in the uk is to deposit gbp to coinbase pro using a uk bank transfer. on this cryptocurrency exchange, you can buy bitcoins at the real exchange rate without paying excessive fees (up to 0.6%). on top of this, it seems to charge lower bitcoin withdrawal fees than I’ve come across somewhere else.

who is the cheapest bitcoin seller?

when comparing bitcoin sellers in the uk you should consider:

  • how close is the asking price to the real btc to gbp exchange rate?
  • are there any fees (to deposit, buy or withdraw)?
  • are you buying in gbp or eur?
  • is there a minimum deposit?

If you don’t ask these questions, you will probably end up receiving less bitcoins (or satoshis) than you otherwise would.

cheaper purchase options

These are the best options if you are looking to buy bitcoins in the UK as cheaply as possible.

1. coinbase pro

Coinbase Twitter header

coinbase pro (formerly gdax) is still one of the cheapest places to buy bitcoin in the uk.

coinbase pro was the first major bitcoin exchange to receive an e-money license from the financial conduct authority (fca). This means Coinbase Pro accepts GBP deposits via the UK’s fastest payment service. This means that all UK residents should be able to use a simple UK bank transfer to deposit GBP to Coinbase, without incurring any fees from their bank.

the end result?

  • you can now send gbp to coinbase and it will be credited within minutes.
  • you will be able to buy bitcoin at the best possible price and incur hardly any fees ( 0.60%).

guide

Do you want to see how it works? take a look at these guides.

FYI: All images can be enlarged by clicking on them.

advantages

disadvantages

coinbase websitecoinbase review

2. coin jar

See also: Patriots QB Mac Jones Gifted His Offensive Line Bitcoin for Christmas

coinjar is another option that allows you to buy bitcoin cheaply with gbp via a uk bank transfer.

coinjar supports faster payouts, which means GBP deposits made with a UK bank transfer should be credited to your coinjar account within hours.

In my experience, it took around 3 hours for the initial deposit to post, but subsequent deposits posted within minutes. this is awesome and what you should expect from a platform that supports faster payments, but not the case in some alternative places I’ve tried (eg crypto.com app).

You will not be charged anything to send gbp to coinjar, but there is a flat 1% fee every time you buy or sell bitcoin (or any other cryptocurrency).

The quoted btc to gbp exchange rate is taken from the currency exchange, which appears to vary between 0.2% and 0.5% above the real market exchange rate. this means you shouldn’t expect total fees to exceed 1.5% when buying bitcoins with coinjar (but it’s usually less).

Although it is more complex to use, you can also use currency exchange. this is similar to coinbase pro and is made for more experienced users.

the advantage of using this is that you will pay maximum fees of only 0.2% when buying bitcoin with gbp. When you get a coinjar account, you will automatically get access to the coinjar exchange.

advantages

disadvantages

coinjar websitecoinjar review

3. other services

Solidi homepage

Solidi is one popular OTC option in the UK.

Your third best option is to buy bitcoin through over-the-counter (OTC) services with a GBP UK bank transfer.

The table below shows the most popular and recommended options in the UK.

While you won’t get the best possible price using these options, they are still quite competitive. Most of these options typically sell bitcoin at rates no more than 2% higher than the actual btc to gbp exchange rate.

this is still better than many recommended options on youtube, reddit and other websites. (for example, coinmama charges you a 5.9% commission when you buy bitcoins).

advantages

disadvantages

4. revolutionary route

Revolut black logo

Since mid-2017, this has been a popular solution used by UK residents to buy bitcoins at the lowest possible price. It was necessary as many cryptocurrency exchanges, such as coinbase pro and bitstamp, did not accept GBP deposits via UK bank transfer.

In 2022, you don’t need to go through all these hoops to buy bitcoin cheaply. It’s much easier, faster, and more convenient to use option #1, #2, or #3.

guide

advantages

disadvantages

frequently asked questions about the revolution

These are some of the most frequently asked questions about using this route to buy bitcoins in the UK.

what is the cheapest place to buy bitcoins?

See also: Bitcoin circulation reaches 19M milestone

if you’re looking for who offers the lowest overall fees, then coinbase pro seems to be the winner.

This is why:

  • you can deposit gbp with a uk bank transfer without paying any fees.
  • you can buy bitcoins at the real exchange rate, with a maximum fee of 0.6%.
  • after your initial deposit, money sent via uk bank transfer appears to be credited within minutes.
  • charges low bitcoin withdrawal fees compared to alternatives (when I checked, it was only £1).
  • li>

what if you don’t want to use coinbase pro?

The other options I’ve mentioned are still competitive. In fact, the market is getting more competitive in the UK, which is great for us!

for example, coinjar (listed in option #2) seems like a good option for beginners:

  • Accessible via browser and easy-to-use mobile app.
  • Sign up and get verified quickly.
  • Supports UK bank transfers (via faster payments). after your initial deposit, the gbp I send to them is credited within minutes.
  • charges a fixed fee of 1% and a variable fee between 0.2% and 0.5% when buying or selling bitcoins.
  • If you prefer, you can also instantly buy all supported cryptocurrencies with a debit or credit card (2% + variable fee).

what’s next?

Hardware wallets are not required, but are popular and highly recommended in the crypto community.

hardware wallets are small usb devices that help keep your hard-earned cryptocurrency safe.

I have reviewed almost every hardware wallet on the market. Without a doubt, I think the Nano X Ledger is the best cryptocurrency hardware wallet currently available.

It’s reasonably priced, extremely easy to set up and use, and it’s also bluetooth enabled (so you can use it on the go if you want). Check out my recent review for more information on the ledger nano x.

Looking for something a little different?

Check out my short rundown of the best hardware wallets on the market.

Do you have any questions?

Do you have a problem you can’t solve? or a question you can’t find an answer to?

Comment below and let me know! I usually respond within 24-48 hours.

anything to add?

thanks for reading this guide to buying bitcoins cheaply in the uk! I hope you found it useful.

Did I miss something? or do you want to share something?

let me know in the comments below or send me a tweet.

See also: ▷ Bitcoin Tutorial For Beginners [2022] What is Bitcoin?

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button