A cryptocurrency, or digital asset, is a form of money that has been developed and run by groups or individuals. They are largely unregulated and not covered by the Financial Services Compensation Scheme (FSCS). Because of this, people investing in cryptocurrencies should be prepared to lose all their investment.Learn how to buy cryptocurrency in the UK
While cryptocurrencies aren’t widely accepted as a payment method, there is potential for them to be useful in certain situations. For example, they can be used to make payments internationally quickly and securely, without being subject to currency conversion fees.
Learn How to Buy Cryptocurrency in the UK: A Beginner’s Guide
To buy cryptocurrency, you’ll need to sign up for an account with a crypto exchange or trading platform. Many of them allow you to buy cryptocurrencies directly with GBP, which simplifies transactions and can save on currency conversion fees. You can also deposit funds into your crypto account using a bank transfer or card. You’ll need to check with your provider before doing this, as some TSB, Virgin Money and Nationwide banks block crypto purchases.
When choosing an exchange, consider its fees and liquidity. Liquidity is the amount of a cryptocurrency that’s available to trade, and higher liquidity means that you can buy and sell assets more easily and at competitive prices. Lastly, look for an exchange that offers a variety of cryptocurrency assets, including Bitcoin. Changelly is a good choice for UK users, as it offers low fees, a wide selection of cryptos and instant order executions.