The UK has over 2.6 million cryptocurrency users, which goes to show that crypto adoption in the region is on the rise. Many businesses have also accepted the use of cryptocurrency payments. For instance, car dealers in the UK have entered into a partnership with Autocoincars, a London based cryptocurrency car trader. The partnership will help clients buy cars using cryptos from some of the most prominent car dealers in the UK.
If you would like to spend cryptocurrencies in the UK, you must first know how to get them and understand the crypto regulations in place. This article provides all the details you need to acquire and use crypto in the UK.
Crypto Regulations In the UK
The UK has no specific set of laws concerning cryptocurrency. However, cryptocurrencies are not considered as a legal tender. Cryptocurrency exchanges also have to be registered with the Financial Conduct Authority (FCA) to operate in the UK. Entities engaging in crypto-related activities also require authorization. Cryptocurrency taxability relies on the activities and who is involved. Profits and losses on cryptocurrencies are subject to capital gains tax in the UK.
Buying Crypto in the UK
The easiest way for you to obtain cryptocurrencies in the UK is to buy some. Thankfully, cryptocurrency use is widespread, and there are several ways you can buy some digital currencies. Here are some of the most common ways to buy cryptos.
- Crypto Brokers
Brokers are suitable when one is buying large numbers of cryptocurrencies. When using crypto brokers, trade is facilitated in a single transaction, making it a fast way to buy cryptocurrencies.
- Crypto Custodian Service
Crypto Custodian Service is a licensed and regulated third party that facilitates the purchase of cryptocurrencies. This service also securely facilitates the storage of crypto.
- Crypto Exchange
This exchange offers centralized, peer to peer or decentralized crypto exchanges. After you purchase your crypto from an exchange, it is wise to put your coins in a wallet to protect them from being stolen.
Exchanges You Can Buy Cryptos
This is one of the secure places you can buy crypto in the UK with low transactional charges. CEX.IO also allows users to purchase crypto using credit cards.
Skrill has a crypto tab where users can choose the crypto coins they want to buy, and this makes it very simple to use. It is also a secure way to buy your cryptocurrency because it provides a custodian for your tokens. Skrill also offers more than 40 pairs of standard currencies, making it easier to exchange your fiat currency for cryptocurrencies.
LocalBitcoins provides a peer to peer service, making it a private place to buy cryptocurrencies. This service is available in the UK, and you can buy directly from other crypto users. You do not need an ID to purchase crypto coins when using LocalBitcoins. You can also use cash to buy cryptocurrencies using this service.
Mobile Apps Where You Can Buy Crypto in the UK
- Bitcoin Wallet App
Bitcoin Wallet is an app that is available for both iOS and Android users. You can buy all of the major cryptocurrencies in this app. Bitcoin Wallet App allows you to have full control of your cryptocurrencies. The app also gives alerts on current crypto prices and the market trends that will help you make the right decisions when buying cryptos.
- Coinbase App
Coinbase App allows you to buy cryptos easily and faster. This app also facilitates the storage of your coins. It has comparison tools and gives you updates to help you build your knowledge on cryptocurrencies. The app is available for both iOS and Android users. Coinbase App is suitable for both beginners and experts in crypto trading.
- Blockchain Wallet App
Blockchain Wallet App has market access to 36 countries, including the UK. This app has charts to help you compare crypto prices. It also features enhanced security, thanks to the two-factor authentication, and you are the only one who has access to your coins and private keys.
The use of cryptocurrencies is gaining momentum in the UK and the world as a whole. More people are now using cryptocurrencies for investments, trading, and even daily commercial use. The increase in the use of these digital currencies has led to a rise in their demand. Luckily, there are a variety of ways that you can use to obtain digital currencies.
If you are looking to get cryptocurrencies in the UK, your best bet would be to buy them. You can do this from an exchange or an app. You only need to ensure you have a wallet that will keep the cryptos safe after you purchase them.