While at one point in time, buying Bitcoin might have been a difficult process that only a handful of people could execute, nowadays, it is actually just as simple as buying any other asset out there. All you really have to do is find an excellent broker that will offer you access to competitive fees, and after you’ve made your decision, the next thing you’ll need to do is deposit funds using your credit card, debit card, or e-wallet and decide how much you actually want to invest in Bitcoin.
Where to buy bitcoin? There are platforms out there that will allow you to buy Bitcoin at an affordable rate.
However, it is not common knowledge that buying Bitcoin in the UK is actually this easy, to begin with, so today we will be looking at some of the online brokers out there who have developed the technology that allows you to purchase Bitcoin with ease. Today, you will learn everything you need to know about buying Bitcoin in the UK.
Table of Contents
How To Buy Bitcoin – UK’s #1 Broker: eToroHow To Buy Bitcoin UK – Choose a broker eToro Coinbase BinanceHow to Buy Bitcoin in the UK – A Quick Guide For 20211. Open an account2. Upload ID3. Deposit funds4. Buy BitcoinWhere to Buy Bitcoin in the UK 1. eToro: Best Platform to Buy Bitcoin UK2. Coinbase3. BinanceHow to Buy Bitcoin – Detailed & Explained in Full Step 1: Opening a Brokerage Account Step 2: Downloading The eToro Application Step 3: Making your initial deposit Step 4: Buying the cryptocurrency itself Buy Bitcoin Online – Best Place To Buy Bitcoin Bitcoin Price Analysis: Should I buy Bitcoin? Bitcoin Price PredictionWhy Buy Bitcoin in the UK?Bitcoin Is One of the Fastest-Growing Assets Within the Cryptocurrency WorldThe Supply of Bitcoin is Limited, as Such, It Cannot Be ManipulatedYou Retain Full Control Over your BTC At All TimesThe Cost of Buying BitcoinHow to Buy Bitcoin Using PayPalWhere To Buy Bitcoin – BTC Exchanges How to Buy Bitcoin Anonymously UKWhere to Buy Bitcoin: Safest Way to Buy Bitcoin UKRisks of Buying Bitcoin in the UK Financial Losses Unknown Future Regulations Theft Selling Bitcoin: A Quick OvervieweToro – Best Broker for Buying Bitcoin in the UKFAQsIs Buying Bitcoin in the UK Safe?Should I Buy Bitcoin to become Rich?What Can You Buy with Bitcoin?Can You Buy Bitcoin Anonymously?Can You Buy Bitcoin in the UK With Pounds (GBP)?What Is the UK Bitcoin Minimum Investment?How Much Bitcoin Should I Buy Starting Out?Can You Sell Bitcoin in the UK, and if so, How?What Is the Best Place to Buy Bitcoin?
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Before we dive too deep into buying Bitcoin in the UK, you will first need to find the perfect brokerage or exchange that will fill this requirement. You can compare the best brokers as well as exchanges out there, but for the time being, here are the top three contenders that you should consider due to the fact that they work exceptionally well within the UK.
eToro lets you invest in many cryptocurrencies You can even copy the methods of other investors and their decisions You get an eToro crypto wallet by default Has one of the biggest communities out there You can withdraw the funds to your private wallet Coinbase is fully licensed by the FCA (Financial Conduct Authority) Trade across hundreds of crypto pairs The low commission when it comes to trading at 0.1% Has the widest range of trading tools and features
However, keep in mind that there are over 380 cryptocurrency exchanges in existence, so you are not limited here in any way. These are just the best options selected due to their feature set, low fees, and UK availability. BTC as a cryptocurrency has dominance across the entire cryptocurrency sector, and that is why it is one of the most popular options when it comes to beginner investors. In the UK, investors are just starting to get into cryptocurrencies, and BTC is quite possibly one of the most valuable currencies they can buy.
This being the case, this guide is built with the intention of helping you buy BTC by teaching you everything you need to know. Here, we will cover which brokers are actually worth your consideration when it comes to purchasing Bitcoin, how a cryptocurrency investment actually works, what are the benefits as well as the risks, and how you can make your first purchase starting today. Let’s dive in.
If you want to get started with buying Bitcoin in the UK right away, and do not really have the time to go throughout the entirety of the article, we understand things.
As such, by far one of our best picks when it comes to buying Bitcoin in the UK is eToro, and to get started with it all you have to do is the following:
Open an account with eToro by heading over to the official website and clicking on “Join Now” to get started.
You will have to upload your ID and verify your identity. This can also be your passport or driver’s license.
You will need to deposit funds into your trading account by making a deposit through the usage of a credit card, debit card, e-wallet, or even bank transfer.
The only thing left here for you to do is actually buy the Bitcoin, it should be under the ticker BTC in the “Trade” section, where you can place your order.
Congratulations, you have successfully learned how to buy BTC in the UK in just a matter of minutes, good luck with all of your trading endeavors.
If you’re still reading, and want to take an in-depth look at how all of this works, keep reading, as we’ll be going over everything else now.
Originally launched in 2007, eToro is the ultimate recommendation when it comes to buying Bitcoin due to the fact that it has stood the test of time and has a high reputation alongside a community of over 17 million users. It operates in 100 countries, and is the perfect option for people just getting into the world of cryptocurrencies and are trying to buy Bitcoin for the very first time.
This is due to the fact that the platform has a streamlined design that simply works, and the fees are competitive when compared to the other options you have as an investor. You get access to 22 cryptocurrencies alongside BTC, which gives you a lot of flexibility at a point in time where you decide to shift away from BTC and try out trading other cryptocurrencies as well. The setup and account creation processes are quick, and it is fully regulated which is always an excellent sign.
Pros Cons Accepts a wide range of deposit methods such as credit cards, debit cards, e-wallets, and bank transfers. You will have fees associated with the conversion of GBP to USD when making purchases. You can copy the investment methods implemented by the most successful traders on the platform. Not a lot of variety in terms of altcoins. Access to 23 cryptocurrencies. Over 17 million users and a wide community. Commission-free cryptocurrency purchases.
Buy Bitcoin at eToro with 0% Commission >
67% of all retail investor accounts lose money when trading CFDs with this provider.
Coinbase is slightly newer than eToro, releasing in 2012, however, it is also fully regulated and licensed. The main reason why it is a top recommendation here is due to the fact that it originally started as a platform through which you could only trade Bitcoin, and not much else. Over time, however, it evolved from that and now provides a wide range of cryptocurrency availability to its 56 million users.
There is also an additional service called Coinbase Pro and this service offers an intuitive interface with real-time order books as well as many charting tools. When you decide to make an account here, the process is straightforward and you can browse and view assets in the range of thousands. A handful of them are tradable, however, new ones are constantly added to the platform.
Pros Cons Designed initially for Bitcoin trading. Unless you’re using Coinbase Pro, expect higher fees Simple user interface You aren’t really getting any wallet key control from the platform User Friendly High Liquidity More than 56 million users Optimized for mobile through its application
Start Trading at Coinbase with 0% Commission >
67% of all retail investor accounts lose money when trading CFDs with this provider.
Binance is by far the newest platform out of all of these, having been founded in 2017 in China. U.S. residents have to use Binance.US, which launched in September of 2019 specifically for them due to the differences in regulations. This means that the platform truly tries to operate based on all of the pre-set parameters. Aside from being an exchange, it has its own blockchain and cryptocurrency, making it an entire ecosystem. On Binance, you have the opportunity to trade over 300 cryptocurrencies through their own online wallet known as the Trust Wallet. The signup process is simple, and the platform runs amazingly just on just about any device out there.
Pros Cons Gives you by far the most cryptocurrencies to trade, with over 300 You have to learn a lot about cryptocurrencies before you can get comfortable using it Only 0.1% trading commission Has a fee when you make FIAT card deposits of 2% It supports a lot of UK credit and debit banks as well as bank transfers Is known for its guides and support for its community Has its own liquidity pools
Buy Bitcoin with 0% Commission >
Or go to Binance >
67% of all retail investor accounts lose money when trading CFDs with this provider.
If you are keen on Buying Bitcoin UK, you should consider eToro as it is the simplest method through which you can purchase cryptocurrencies in the UK. This broker has been selected due to the fact that it offers lower fees when compared to most of the competition and supports a wide range of cryptocurrencies as well as a high level of security alongside this.
The process is similar to many other exchanges and brokerages out there, so by learning this method here, the chances are high that you can apply it just about anywhere.
The very first step that you need to take is to actually open up an account. This account will enable you as a future trader to facilitate all of your purchases and trades on the platform.
To do this, what you will essentially need to do is go to the official eToro website and select the “Join Now” button in order to be prompted to the account creation screen. Here, you will be asked various questions when it comes to your information such as contact details, and if you have had any prior trading experience. This is by far the simplest sign-up process out there, however, keep in mind that you will need to ensure that all of the information is legitimate as you will need to verify it at a later point in time through the KYC (Know Your Customer) procedure if you end up withdrawing a certain amount of GBP.
Here’s the thing. You have two ways to use eToro, one is through the web-based app that you can access through your internet browser on any device, and then there’s the eToro application itself. Now, what you need to know about the Bitcoin cryptocurrency is the fact that it is volatile, meaning that its price can change at any time. This is the process through which the cryptocurrency shifts rapidly at any point in time. If you are the kind of person that wants to have access to all of this information at any time, the eToro application is your best chance of getting to this information quickly. The application will send you real-time pricing updates directly to your mobile device and you can easily buy as well as sell cryptocurrencies on mobile as well.
If you want to make a deposit and live in the United Kingdom, the minimum deposit that you can make is $200. There is an exception to this, however, as when you decide to go through Wire Transfer methods, the minimum is $500 instead. $200 is valid for credit or debit card transfers and e-wallets only. Moving forward, all of the redeposits have to be at least $50, and when you fund your account using GBP, you will have an additional charge due to the fact that your funds need to be converted into USD. Keep in mind that you can instantly fund your account using a credit card, debit card, or an e-wallet as a payment method. The other methods will take a bit of time by comparison.
So, you’ve created an account, downloaded the application, and added some funds into it through a deposit, perfect. The next step you need to make is to go over to the Markets page, where you can select crypto to access the full list of the available cryptocurrency assets on eToro.
Select the cryptocurrency you would like to buy and click on “Trade”.
You will need to follow this up with the Buy selection and make sure that the leverage is set to X1, this is especially important if you are a beginner. Enter the amount or number of units that you want to trade, and set the take profit parameter. You can select open trade to finish things off.
Congratulations, you have learned how to buy cryptocurrencies using eToro.
Let’s face it, you cannot really go into Bitcoin investing without understanding what it is, and how it works. The more you know about the currency, the better you can make predictions about how you will invest in it. It’s important that you get a bit of background knowledge on what Bitcoin actually is before you end up making an investment. So, let’s dive in.
Bitcoin is a digital currency that was created in January of 2009 by a mysterious person or a group of people that go by the name of Satoshi Nakamoto. It follows the ideas set in the whitepaper by Satoshi Nakamoto and promises lower transaction fees when compared to any traditional payment mechanism out there, including FIAT currencies. The main aspect of it that a lot of people love is that it is fully decentralized. Bitcoin has no physical bitcoins, and all of the balances are kept on a public ledger that anyone can view and has access to.
All of these transactions are verified by the processing power of computers that are run by people or organizations. These are known as miners. Bitcoins are not issued by banks or governments, and they are not valuable as a commodity. Bitcoin is a system that is a collection of computers all of which run the bitcoin code and store its blockchain.
You can think of the blockchain as this collection of blocks, where all of the computers that run the blockchain have the exact same list of blocks as well as transactions and can see the new blocks filled with each transaction that is added. This makes the system fully decentralized, and it cannot be compromised due to this. The transfer of cryptocurrencies such as Bitcoin is conducted through the usage of public keys and private keys which are stored on cryptocurrency wallets.
You can think of it this way: Bitcoin, unlike traditional FIAT currencies such as the GBP or USD, cannot be manipulated or printed. A new Bitcoin is created by code every 10 minutes.
This will occur every single day until the digital currency reaches 21 million BTC. By holding BTC, you can transfer your coins to another user.
Many people tend to purchase BTC in the UK as a form of investment, and they hope that its value will increase over time, and they can then sell it at a much higher price and withdraw their funds in GBP.
In 2009, the Bitcoin software was made available to the public. In 2010, bitcoin was valued for the very first time. Keep in mind that, at this time, it was difficult to assign value to Bitcoin, and as such, since it had no monetary value, 10,000 BTC were given to purchase two pizzas. Now, you might be thinking that those were the two most expensive pizzas ever, and you’d be right from today’s perspective, but at that time, this was the very first time BTC had any value.
In 2011, rival cryptocurrencies began to pop up due to the popularity of Bitcoin, these are known as altcoins. As we move on to 2013, the price of bitcoin reached over $1,000 for the very first time. Then all of a sudden, it started to decline, and, throughout time, dropped to $300. It would take two more years for it to get up to $1,000 again. In 2016, we saw the Ethereum platform slowly catching up, however, it would never get the same high value as BTC has, at least not for now.
As we move over to 2018, BTC started rising again and even got to over $10,000 for the very first time. The cryptocurrency industry rose to a market cap of over $300 billion.
Now, as the COVID-19 pandemic hit, we saw a heightened interest in cryptocurrency investments. Why does this matter? Well, Bitcoin, being the largest cryptocurrency at that time, just kept on growing. AT the start of 2020, it was priced at $7,300, and over a year later, it got to over $30,000. IT managed to hit its all-time high at $63,729 throughout the year but has fallen in value again after that. At the time of writing, its value is $36,495.
This high volatility is what makes it such an appealing investment for a lot of UK investors. They can get it at $36,495, and wait for it to go upwards to potentially over $60,000 at some point in the future, after which they can withdraw their earnings in GBP.
We cannot really say with certainty where the price of Bitcoin can be headed next though, due to its volatile nature.
On the other hand, you always have experts that agree that Bitcoin will actually stay, and only a few financial analysts are writing it off as a fad as many did in 2017 before it sky-rocketed in value.
This is a cryptocurrency that has been used around the world and has proven as durable as traditional financial systems. Furthermore, many companies are now accepting BTC for payment, and even banks are starting to figure out creative ways of offering it to as many people as possible.
They are attempting to implement bitcoin-based transactions. Coinbase held an IPO on the NASDAQ stock exchange at the start of 2021 which is a sign of the power cryptocurrencies as a whole have.
This would lead us to believe that throughout a prolonged period of time, Bitcoin actually has the power to rise in value. Supply is limited to 21 million Bitcoin that can ever be mined, and the demand will only increase if financial institutions make it easier for everyone to use Bitcoin alongside FIAT currencies.
We could, potentially once all of this is figured out, live in an era where cryptocurrencies are used for everyday purchases, such as for groceries or paying bills, and as such, this increased demand will make the value go higher.
In the short term, however, it’s a lot more difficult to predict how volatile Bitcoin will actually be. The sky-high prices of over $60,000 didn’t really last that long, however, a larger crash is less likely to happen given the fact that investors who neglected BTC a few years ago would now see the crash as an investment opportunity. Even at its lowest this year, it’s still far more valuable than it was throughout the previous years.
In the remainder of 2021, Bitcoin will probably enter a holding pattern around $30,000, where the price could go up or down 10%, however, given its volatility, it is also a possibility that it can get to $60,000 again.
The vast majority of people in the UK that end up buying Bitcoin, do it as a form of a long-term investment. It is a high-risk investment, due to the fact that, as previously discussed, the price of BTC is highly, highly volatile and can shift tremendously throughout each passing minute. That being the case, let’s explore and see some of the main reasons why you might want to consider purchasing BTC in the UK right now.
One thing you should note is that you can purchase Bitcoin using GBP, however, the currency through which it is discussed is USD, and as such, an exchange might even convert your GBP into USD in order to complete the transaction. Just something to keep in mind.
Think about it for a second, if you decided to say hey, let’s invest ￡100 in BTC in 2009, that investment would now be worth over ￡400 million. However, while you might have missed out on the opportunity to get BTC for a few cents, the cryptocurrency is still performing far better than most asset classes nowadays.
Another way to look at it is as follows, if, in March of 2020, you purchased $5,000 worth of BTC, a year later, that would be x10 more valuable.
Bitcoin’s growth has outpaced almost every single other traditional asset class, such as stocks, bonds as well as real estate. If you want to get a high return of your investments in cryptocurrencies, Bitcoin could quite possibly be one of the best assets to consider when doing this.
Remember when we mentioned that there can only ever be 21 million BTC in circulation? Well, this means that over the course of time, the value of BTC should continue to rise indefinitely. Keep in mind that all of this is based on assumptions. Bitcoin is in essence a phenomenon that is here to stay for the long term.
If the Bank of England actually decided to print out money, this will devalue the British pound. BTC on the other hand is decentralized, and creating more coins than the underlying code allows is an impossibility. When you invest in stocks, the company in question could, theoretically, issue new shares. This will dilute your investments, as there will be more shareholders in circulation. This is not possible with BTC.
You can buy a fraction of 1 BTTC, as it is a currency that can be fractionalized. It can be broken down to 0.00000001 so that $30,000 BTC can be turned into a few cents.
The minimum amount of BTC you can buy in the UK will depend on the brokerage you decide to use, however. FCA-regulated eToro will allow you to invest just $200, to begin with.
Many bitcoin buyers enter the market due to the fact that, when they or you buy Bitcoin UK, you will own that currency.
If you decide to withdraw the coins out of the broker you’ve chosen to buy them through, into a private bitcoin wallet, no one else, but you will ever have access to that cryptocurrency.
This is because you are the only person that has control over your private key. This is the secret password that gives you access to your Bitcoin funds and allows you to transfer it to another wallet. By comparison, within a traditional bank, you entrust the bank to look after your money, and the bank has full control over your money. They have the capacity to, for whatever reason, restrict your access to your FIAT currencies stored there. As long as you store your cryptocurrency wallet safely, no one will be able to touch your currency without your permission.
Note that, if you forget your password to your cryptocurrency wallet, it might be lost forever as well, as there is no central authority or system to recover your password and allow you to access your BTC. You have full control, so naturally, you also have the full responsibility of keeping your cryptocurrency as secure as possible.
The price of BTC is determined by the market. The constantly changing demand will see the price increase, and if the opposite happens, it can decrease as well.
If you are exactly curious how much it will cost you to buy 1 BTC, the broker you end up choosing is highly likely to price this in USD. You can, however, buy only a % of that 1 BTC, depending on how much money you decide to invest.
There are plenty of investors out there located in the UK that simply want to buy bitcoin through the use of PayPal. This is due to the fact that PayPal is simple, safe, and convenient when it comes to making purchases online. There are only a handful of brokers out there that actually allow you to use e-wallets in order to make an investment, and instead, they typically focus on debit cards as well as bank transfers.
The FCA-regulated platform known as eToro supports PayPal deposits for example, but you can also use Skrill and Neteller if that is your cup of tea. All you need to do is meet the $200 minimum deposit and decide how much BTC you want to actually buy.
Bitcoin is a decentralized digital currency and this means that it is a completely different type of system when compared to traditional stocks. However, when you look at the principles behind both of them, they are quite similar. Bitcoin is listed on third-party cryptocurrency exchanges such as stocks. The price of both of them is based on the demand as well as the supply which has the possibility of rising or falling in value. In other words, there are many different ways through which you can invest in BTC through the brokerages or exchanges on offer.
When it comes to purchasing BTC in the UK anonymously, this is definitely a possibility, however, this is only the case when using an unregulated cryptocurrency exchange. This is due to the fact that almost every regulated cryptocurrency exchange out there will require you to verify your identity in order to comply with government know-your-customer (KYC) regulations. Unregulated Bitcoin exchanges do not have government protection for investors and have frequently been the target of many attacks in terms of hacking.
Keep in mind that if you look at the history of Bitcoin, you will find that there have been many scandals that have occurred. This is due to the fact that cryptocurrency exchanges have the potential of being hacked for millions of dollars worth of Bitcoin.
With all of this in mind, you need to know where to buy Bitcoin safely, and the first step towards doing so is to always use a regulated platform.
eToro for example is licensed by the United Kingdom’s Financial Conduct Authority, alongside regulators in both Australia and Cyprus. You always have peace of mind while using eToro that it is safe due to the fact that it allows you to buy and sell BTC in one of the safest environments out there. This means that every time you put in your credit or debit card information; you know that your data will remain as secure as possible.
When you compare this to unregulated and unlicensed exchanges, you will be putting your funds at risk. Always use a regulated platform for the highest level of security and safety.
Keep in mind that with just about any investment you ever make, there will be risks involved. The same can be said about buying cryptocurrencies. In fact, there are several risks that you need to consider and be aware of before buying Bitcoin.
When you end up purchasing Bitcoin, you will be doing so with the intention of having that cryptocurrency rise in value throughout time. However, the one thing that you should always have at the back of your head is the fact that things do not always go according to plan, and when we invest in the financial markets, at one point in time financial losses might occur. There is no guarantee that the price of BTC will go up. If you sell your bitcoin at a price lower than the one you purchased it at, then you will have financial losses.
Aside from a few exceptions, Bitcoin is not regulated in most countries across the globe. This includes the UK. When the UK, eventually, enacts cryptocurrency-specific legislation, it remains to be seen if this will embrace or hinder the future of all cryptocurrencies, not just bitcoin.
The FCA announced as of January of 2021, cryptocurrency CFDs will no longer be permitted in the UK. This was due to the speculated and high-risk nature of the cryptocurrencies, which intend to protect UK retail clients.
Many people will end up buying cryptocurrencies due to the fact that they like the thought of simply owning an asset, without the need to entrust the funds with a third party. In order to achieve this, you would need to store the coins in a private digital wallet.
If you lose your private keys or passphrase, it would be impossible to regain access to your funds. If you are using a hot wallet, or in other words, a wallet that is connected to the internet, there is always the risk of that wallet being hacked.
When you do eventually get around to the point where your BTC has gotten higher in value, the process will vary depending on how you bought it, and how you ended up storing it.
If you bought it on eToro, the BTC was held at eToro on your behalf. A few years later, you can sell it, and to do so, you simply instruct eToro to sell it with a click of a button. After you end up selling it, the money is added to your eToro cash balance, which you can then withdraw back to your debit card.
However, if you used a traditional cryptocurrency exchange, and moved your coins to a private wallet, things start to look a bit different. Once you purchase the Bitcoin, you can withdraw the coins to your private wallet. When you decide to sell them, you need to transfer the coins back from your private wallet onto the exchange, and then you need to convert the BTC into GBP. Most exchanges will only allow you to convert it to USD, after which you can convert the USD into GBP. Finally, you can transfer the proceeds back to your bank account.
It’s easier to use eToro for this, and you won’t have to worry about storing your cryptocurrencies in a private wallet or going through all of that conversion. You can instantly cash out your BTC as well, without any delay.
At this point, hopefully, you are aware of all of the ways through which you can buy Bitcoin UK, as well as all of the risks involved with it. If you came to the conclusion that the benefits far outweigh the risks, eToro is the best broker through which you can purchase Bitcoin (BTC) as well as other cryptocurrencies.
The beauty of eToro is in the fact that it is fully regulated, and that you also have access to 22 additional cryptocurrencies to invest in alongside BTC including Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Dash (DASH), Litecoin (LTC), Ethereum Classic (ETC), Cardano (ADA), IOTA (MIOTA), Stellar (XLM), EOS (EOS), NEO (NEO), TRON (TRX), ZCASH (ZEC), Binance Coin (BNB), Trezos (XTZ), Compound (COMP), Chainlink (LINK), Uniswap (UNI), Yearn.Finance (YFI), Dogecoin (DOGE), Aave (AAVE), and Decentraland (MANA). This means that you will always have peace of mind each and every time you buy cryptocurrencies.
Min Deposit￡150Exclusive promotionOur score10
Invest in a wide range of cryptocurrenciesWorld’s best trading platform for CryptoCopy over 12 million traders and investors 0% Commissionstart TradingOur score 10More InfoClose More InfoCryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.Offer Terms CySEC RegulatednoIFSC RegulatednoFCA Regulatedno
As long as you purchase Bitcoin through the usage of an exchange or a brokerage that is fully licensed as regulated such as eToro, you will not have any issues and the process will be completely safe.
You only need to fulfill the brokerage or exchange’s minimum deposit, which in the case of eToro is $200 in order to start buying Bitcoin.
Many people in the UK will buy bitcoin as a form of investment. This is done with the intention of profiting out of it. Bitcoin is a digital currency that allows you to send and receive funds and can be used with any online merchant that accepts Bitcoin when it comes to purchases.
You can buy Bitcoin anonymously at an unregulated cryptocurrency exchange, but this is not recommended due to the risks of scams, fraud, and theft. These exchanges have typically also been a target of many hacking attempts.
This is a possibility, however, the broker in question is highly likely to perform an FX exchange. The default currency is used to purchase and trade cryptocurrencies in USD, so if you deposit GBP, they will be converted to USD, and you will be charged a fee for this.
Deposits in the United Kingdom have a minimum requirement of $200. The only exception to this rule is if you are depositing through the usage of a Bank Wire Transfer, where the minimum rises to $500.
Never buy more Bitcoin than you are willing to lose, and use this as a general rule of thumb when buying any speculative asset or currency.
You sell it the same way you have purchased it, by using a cryptocurrency brokerage or an exchange. Here, you execute a sell order instead of a buy order.
The top recommendation when it comes to selling Bitcoin is eToro due to the fact that it has low fees and is fully FCA licensed. There are other popular platforms that you can choose from such as Coinbase and Binance to name a few.