September 24, 2022

Finance & Economy

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How easy is it to buy cryptocurrency in UK?

Cryptocurrency ownership in the UK has been in an uptrend in the past few years. Studies estimate that the number of crypto holders in the UK has jumped to more than 1.5 million. Like in most countries, Bitcoin and Ethereum are the most popular coins in the country. In this article, we will look at how to buy Ethereum and other cryptocurrencies in the country. 

Cryptocurrency regulations in the UK

One factor to consider when considering how to buy cryptocurrencies is regulations. Like in most countries, UK regulators are coming up with rules that will guide the industry. The government aims to come up with rules that will help the country become the biggest global cryptocurrency technology hubs in the world. 

Therefore, regulators are working with the leading players in the industry to come up with these rules. As such, it is completely legal to buy cryptocurrencies like Ethereum in the UK. It is also legal to set up cryptocurrency exchanges and other companies in the industry in the UK. 

So, should I buy Ethereum in the UK? Here are some of the top methods to use.

Buy Ethereum using PayPal

PayPal is a leading fintech company that provides multiple solutions to customers from around the world. The company’s flagship product allows people to send money to one another via email. It also has other solutions like Venmo, Honey, and iZettle among others. 

PayPal ventured into the cryptocurrency industry in 2021 after seeing the success that Square was having back then. Its Cash App product was bringing in more than $1 billion in revenue from cryptocurrency every quarter. 

PayPal’s first product in cryptocurrency allowed people to buy a select group of cryptocurrencies directly from its application. To do that, you just need to go to your account, select the coin that you want to buy and the amount of money you want to spend. PayPal will then deduct these funds from your account balance or from the linked bank account. 

Ethereum is one of the accounts that PayPal offers in its application. The other ones are Bitcoin, Litecoin, and Bitcoin Cash. The benefits of using PayPal are that it is a free option and that you can convert your coin to fiat currency at any time.

Buy ETH using Skrill

Skrill is a fintech company owned by Paysafe, a publicly traded firm. The company offers a product that is similar to PayPal. It allows people to send money to one another and also save it. It is also possible to shop using its platform.

Skrill introduced cryptocurrency solutions a few years ago. The service allows account holders to instantly create an account and then buy cryptocurrencies. To buy a coin like Ethereum, you just need to select it in the crypto dashboard, select the amount you want to spend and the company will execute the trade for you. The process is so easy such that it will often take less than 5 minutes to complete.

Buy cryptocurrency from an exchange

Another way of buying cryptocurrencies in the UK is to use a centralized exchange like Coinbase, Kraken, and Gemini. These exchanges are platforms that provide hundreds of cryptocurrencies to their customers. It is recommended that you select an exchange that is regulated by the Financial Conduct Authority (FCA).

The process of buying a cryptocurrency from an exchange is simple. You just need to create a free account using your email address. After verifying your account, you should deposit your funds using your preferred option. Some of the most popular payment options are PayPal, bank transfer, and credit and debit cards. The final step is where you enter the cryptocurrency you want to buy and the amount. You can then store your coin in the company’s wallet. 

Using a P2P exchange

The other easy option you can use to buy Ethereum and other major cryptocurrencies is a peer-to-peer exchange that links buyers and sellers. The company has an in-built escrow platform that helps to ensure the safety of the transactions.

Buying Ethereum using a P2P platform like PaxFul is easy. First, create an account and then verify it. In the next stage, select the cryptocurrency seller you want to use and then complete the transaction. This approach allows you to use the money transfer method of your choice. Some of the most popular options in the UK are digital banks like Monzo, N26, and Bunq among others. In most cases, this period takes less than 5 minutes to complete.

Summary

Ethereum is a leading blockchain project that allows people to build various types of decentralized applications. It is a big cryptocurrency that is worth over $300 billion. In this article, we have seen how easy it is to buy cryptocurrencies like Ethereum in the UK. The cost of doing these transactions is relatively low, with platforms like PayPal and Skrill having no charges.

How easy is it to buy cryptocurrency in UK?