Thanks to the evolution of the crypto trading world, it’s not possible to buy Bitcoin (BTC) using GBP. Regardless of whether you want to use credit cards, bank transfers or eWallets, the best GBP to BTC exchanges have you covered. To explain more, here’s everything you need to know about using the top-rated fiat to Bitcoin exchanges.
Best GBP to BTC Cryptocurrency Exchanges
If you’re located in the UK, there are plenty of ways to buy Bitcoin. Because the British government has taken a fairly liberal approach to cryptocurrencies, there are plenty of UK-facing exchanges that allow you to make deposits in GBP. What’s more, unlike a country such as China where there are restrictions on a number of payment options, GBP to BTC exchanges such as eToro allow you to use credit cards, bank transfers and more. If you’re not based in the UK, make sure you know which local exchanges you can use.
Why Buy Bitcoin & Cryptocurrency with GBP?
As we’ve said, GBP to BTC payments can be made using a large selection of methods. However, that’s not the only reason to use these exchanges. Some of the best reasons to the GBP to buy Bitcoin are:
Ease and Efficiency: Virtually everyone in the UK will have a bank account in GBP. This means you have the necessary means to make a crypto payment. In contrast, if you were using Binance to make a crypto-to-crypto purchase, you’d need to get a digital token from somewhere else, set up a crypto wallet and then learn how to send digital tokens. If you used GBP to BTC exchange Coinbase, all you need is a debit/credit card or your bank details. From here, the process of getting Bitcoin tokens is the same as buying anything else online.
Low Deposit Limits: Making deposits with GBP doesn’t have to be expensive. Although crypto-to-crypto deposits often have lower minimum limits, GBP payments won’t break the bank. City Index and Capital Exchange both have minimum deposit limits of £10, while the HitBTC exchange allows you to credit your account with as little or as much as you like.
Affordable Fees: In the majority of cases, you won’t have to pay any fees when you make a GBP deposit. Because you have the flexibility to choose a payment method that suits you (bank transfer etc), you can avoid costly fees. For example, Market.com trading has a minimum deposit of £100 and no additional fees. At Coinfloor Exchange, you will have to pay a fee, but it’s only £5 on transactions of £5,000+.
Are GBP to BTC Transactions Safe?
GBP to BTC exchanges are highly secure
When you make a GBP deposit using a recognised banking method such as a credit card, you’re offered a certain level of protection. For example, inside the eToro exchange, you can deposit at least £200 using Visa or MasterCard. When you do this, the payment is not only processed instantly but securely because the site is regulated by the Financial Conduct Authority (FCA). In essence, when you trade BTC using GBP, you’re afforded the same level of protection you’d get when making any type of online purchase.
The History of GBP, BTC and the UK
2009 – 2012: In the early days of Bitcoin, the UK had a similar stance to many countries. Treating it nothing more than a fad, the government and its financial agencies didn’t recognise BTC as a currency. Because of that, early exchanges were unable to obtain business accounts through which they could process transactions.
2013: By 2013, the first forms of regulation started to emerge. Early in the year, IBWT (In Bitcoin We Trust), formerly known as FYB-UK, launched in the UK. However, due to the lack of clear rules regarding cryptos, it wasn’t subject to any financial regulations. However, what this move did was to set the wheels in motion.
2014: Following enquires about business tax and, in turn, personal tax liabilities for Bitcoin investors, HMRC announced that VAT rules on goods purchased using BTC will apply. Additionally, the tax laws covering capital gains tax were extended to Bitcoin traders, meaning that anyone making a profit will have to pay between 18% and 28% on their gains.
2017: The UK recognises Bitcoin as a currency. However, it doesn’t become legal tender in the UK. For the purposes of business, trading and taxation, it was placed in the same category as foreign currencies. During this time, exchanges were also required to register with the Financial Conduct Authority (FCA).
2018: In 2018, Prime Minister Theresa May and the Bank of England’s Mark Carney said that laws will be introduced to make BTC part of the financial system. To help represent the industry, CryptoUK was founded this year. As well as acting a representative body, CryptoUK has devised its own set of standards that many GBP/BTC exchanges now follow.
To start trade Bitcoin online using GBP, check out our selection of recommended crypto exchanges
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Top Cryptocurrency Exchanges to buy GBP to BTC
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