How to Buy Cryptocurrency in United Kingdom
Buying cryptocurrency in United Kingdom
In the UK, there seems to be a unified attitude towards crypto regulation. Since the UK is no longer part of the EU, the UK now has more leeway to create its crypto-regulation framework. Currently, different government authorities influence use of cryptocurrency to some degree, but the Financial Conduct Authority (FCA) is the main regulatory body, regulating the prudential requirements, conduct of firms and anti-money laundering control. While there is a rising number of investigations conducted by the FCA, there seem to be no serious enforcement action taken deriving from crypto. However, this might change, considering the UK's 2021 ban on selling crypto-derivatives to retail consumers. Nevertheless, the UK banking sphere is quickly expanding. In January 2020, the first Authorized Payment Institution license was issued by the FCA to a crypto firm. Basically, the firm now provides payments services (online payment processing or money transfer) across the European Economic Area.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from United Kingdom. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
Not a very beginner-friendly interface.
- No card deposit options
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