www.banklesstimes.com
HomeEthereumHow to buy Ethereum in the UK

How to buy Ethereum in the UK

Last updated 12th May 2022
Disclosure

Ethereum is one of the world’s largest cryptocurrencies by market capitalisation and poses excellent buying opportunities. If you live in the UK, you’ll find plenty of places to purchase ETH — whether you want to use the coin or hold it as part of your investment strategy.

Before buying Ethereum, it’s worth keeping a lot of essential information in mind. This guide will cover everything you need to know about purchasing ETH in the UK, from places to buy the currency to the different payment methods you can use.

Best Brokers To Buy Ethereum in the UK in 2022

To save you time and effort, we have created a list of some of the best brokers.

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Atani
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Popular among traders
Fast system for trading
Popular for beginners
3
Coinmama
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Easy to use tool
High profit potential
Offers Phone Support
4
UpHold
Minimum Deposit
$1
Exclusive Promotion
User Score
7
130+ cryptocurrencies and utility tokens available
Highly rated
Clear user interface
5
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers
6
Paybis
Minimum Deposit
$50
Exclusive Promotion
User Score
5
First transaction fee free
24/7 customer service
Instant payouts

What Options Do I Have When Buying Ethereum in the UK?

There are several ways to buy Ethereum in the UK, so it’s worth researching to find the platform that best suits your needs.

Below, you’ll find all the different options you have for purchasing ETH.

Brokers

Brokers like eToro allow you to buy and sell Ethereum in a safe and easy way. Most reputable UK brokers are regulated by the Financial Conduct Authority (FCA), meaning they have to adhere to high customer protection standards.

Exchanges

A cryptocurrency exchange is one of the most accessible places to buy Ethereum in the UK. Most will also offer several other cryptocurrencies, such as Bitcoin, meaning you can diversify your crypto portfolio without needing to sign up for several platforms.

Decentralised Exchanges

Decentralized exchanges allow you to trade directly on the blockchain without having to verify your identity. Naturally, you would have to pay transaction fees depending on the blockchain you’re on.

ATMs

Cryptocurrency ATMs are becoming more common around the world, and you’ll likely find some that offer ETH as well.

Buying Ethereum from these machines is simple. Follow the onscreen instructions to get the funds sent to your private wallet.

Wallets

When you buy Ethereum, you’ll need to store them in a wallet. So, wouldn’t it be easier for you to purchase them directly from there as well?

Many cryptocurrency wallets have built-in exchanges where you can buy ETH directly. You can also use wallets to exchange other cryptocurrencies you already have for Ethereum.

How to Buy Ethereum in the UK?

There are many ways through which you can buy cryptocurrency within the UK. To make this process a lot more streamlined for you, we have created a step-by-step guide that will walk you through the whole process.

Step 1: Find a broker
Step 2: Sign up for an account and deposit funds
Step 3: Make you Ethereum purchase order

Pros and Cons of Buying Ethereum in the UK

Pros

One of the most popular cryptocurrencies in the UK

Cons

High transaction fees

Before you buy Ethereum in the UK, you’ll need to consider several things. Below, we’ve listed the most important ones:

Legality

Many countries have begun cracking down on cryptocurrencies. However, buying crypto — including Ethereum — is legal in the UK.

Regulation

Most reputable platforms that offer their services here are authorised by the FCA, with eToro and Coinbase being two examples. Regulation ensures greater standards and security for consumers.

Tax on profits

When you buy and sell Ethereum, it’s essential to keep UK tax laws in mind. Refer to the HMRC website to find out the most up to date laws.

Ethereum’s volatility

Cryptocurrencies are highly volatile assets and Ethereum is no exception. Make sure you know what you’re getting into before you put money into this market.

Transactions are irreversible

Sending transactions on the blockchain is irreversible. As such, double check all the wallet addresses that you may use.

What Payment Methods Can I Use to Buy Ethereum in the UK?

You can use one of several payment methods to buy Ethereum in the UK. The list below gives you more insight into each method.

Bank transfer

One of the most widely accepted payment methods on cryptocurrency exchanges. Follow the onscreen instructions to deposit the funds. This can take anywhere from 1-5 business days to clear.

Credit/debit card

Also accepted across most cryptocurrency buying platforms. You can purchase ETH after funding your account. This is usually faster than bank transfers, but fees are often higher.

Cash

If you buy Ethereum from an ATM, you can sometimes use cash to fund your purchase.

Cryptocurrencies

If you already own some cryptocurrencies, you can often change them into ETH on an exchange.

PayPal

PayPal lets you purchase ETH directly from the app .Keep in mind, however, that you can’t withdraw your ETH into a private wallet.

Skrill

Skrill is another digital wallet that allows you to buy Ethereum. You can convert around 40 fiat currencies into ETH.

Neteller

Neteller is quite similar to Skrill and also lets you buy ETH. When you do so, you won’t need to show any additional verification. Neteller enables you to make fiat-to-crypto withdrawals.

Final thoughts

Ethereum is the second largest cryptocurrency in the world in terms of market capitalization which currently stands at over $500 billion.

Numerous applications have been deployed on its blockchain, which are making use of its highly advanced technology.

Given its popularity, you won’t find it difficult to find a broker/exchange that allows you to buy ETH in the UK.

If you’re a beginner, we’d recommend using either Coinbase or eToro to get started as they both offer user-friendly features and various tools that can help you on your way.

Remember to follow the recommended security features and only invest with money you can afford to lose.

FAQs

Do I need to pay tax on crypto in the UK?
Are there crypto ATMs in the UK?
Can you buy crypto without an ID in the UK?
Danny Maiorca

Danny Maiorca

Danny is a freelance writer specialising in technology and finance. Prior to working for himself, he spent several years working within those sectors in London. Since then, Danny has relocated to Denmark.