Buy Bitcoin in  London in 2021

Last Updated on September 16, 2021

Purchasing Bitcoin in London has never been easier, so if you’re considering buying some digital currency yourself, then this guide is definitely for you. Getting your hands on the world’s first digital coin is more and more convenient every day with the launch of new state-of-the-art services that facilitate the process of purchasing, selling, and trading crypto.

If you’re new to Bitcoin and have never bought it before, we’ll show you the easiest ways of buying Bitcoin in London. You can also read our Buying Bitcoin in the UK guide if you’re looking for more general information.

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How to Buy Bitcoin in London

London-based Bitcoin enthusiasts would be happy to know that this city provides many alternatives for buying cryptocurrencies such as Bitcoin. In this guide, we’ll explore the most popular payment methods in London:

  • Buy Bitcoin on Cryptocurrency Exchanges
  • Buy Bitcoin with Cash (via OTC Broker)
  • Buy Bitcoin from a Bitcoin ATM (BATM)

London, United Kingdom

Buy Bitcoin on Cryptocurrency Exchanges

Online exchanges are the go-to place for buying Bitcoin and other cryptocurrencies in London. Based on the Cryptoasset consumer research 2020 conducted by the Financial Conduct Authority, 77% of the respondents purchased cryptocurrency from an online exchange. To help you deal with too many options, our team has prepared an article on The Best Cryptocurrency Exchanges in the UK, where you can learn about the different benefits of each exchange.

The process of buying Bitcoin on online exchanges is pretty straightforward. First, you’ll need to sign up for an account. After signing up, you’ll need id verification to confirm your account and provide some personal information about yourself including any mandatory documents in compliance with the Financial Conduct Authority (FCA). Finally, you can deposit some GBP into your account. Some of the payment methods include domestic bank transfer, international bank transfer, and debit or credit card.

Domestic bank transfers are one of the quickest and cheapest methods compared to other payment options. If you would like to pay in EUR, you can choose a SEPA transfer, or a Faster Payments transfer if you want to deposit GBP. We recommend CEX.io if you like to trade via UK bank accounts. The exchange offers high liquidity, low-priced fees and great advantages for the people in the UK as it offers safety, quick payments, and GBP deposits.

If you are a beginner and are looking for the easiest way to purchase Bitcoin, we recommend checking out two of the most famous bitcoin exchanges – CoinJar and Coinmama, while for more advanced traders we recommend ChangeNOW.

As for international exchanges, we recommend Binance and Kraken. Binance is one of the most secure exchanges, while Kraken provides one of the lowest fees on the market.

When purchasing crypto exchanges, make sure to have a digital wallet of your own for safety reasons, ideally a hardware wallet.

Buy Bitcoin with Cash

Besides using a wire transfer to buy Bitcoin, there are other alternatives for buying Bitcoin with cash.

Probably the most attractive method is using an over-the-counter (OTC) broker. Instead of browsing through an order book like you would on regular exchanges, OTC desks have brokers who locate potential buyers/sellers for you. Furthermore, when purchasing large volumes of Bitcoins at the same time, traders can encounter “slippage”. Slippage occurs when the amount you are buying surpasses the amount available at the live quoted price. OTC brokers allow you to quote a strike price for the whole order, no matter how large it is, while regular exchanges break up the order into smaller pieces, which can jack up the price.

Keep in mind, however, that OTC brokers only deal with larger sums (over 3,000 USD).

Our favorite OTC brokers are Circle, ItBit, and Genesis.

Buy Bitcoin from a Bitcoin ATM

Bitcoin ATMs or BATMs are one of the latest developments in the crypto world. Many traders find them beneficial since they permit you to buy Bitcoins with cash or credit/debit card. Using BATMs has many advantages, such as convenience, fast transfer, and security. However, one of the major drawbacks of BATMs are the high transaction fees, ranging between 8-10%. Currently, there are 141 active BATMS in London. To use a BATM, select the option to buy BTC, present the QR code to your Bitcoin wallet address, and you’ll receive your coins.

Frequently Asked Questions

Is Coinbase available in the United Kingdom?

Yes, Coinbase is available in the United Kingdom and you can use it to both buy and sell Bitcoin. Bitcoin can be traded for GBP, USD, EUR, AUD, and CAD, and the exchange provides various payment methods for its international customer base.

What is the best cryptocurrency exchange in the UK?

The best cryptocurrency exchange will largely depend on your needs and the kind of crypto assets you are looking to trade. Our recommendation is CEX.io, a UK-based exchange platform that provides numerous benefits such as high security, fast service, an attractive mobile app, and GBP deposits.

In addition, CEX.io is one of the several exchanges that permits you to deposit funds or purchase Bitcoin with Visa or Mastercard. What is more, CEX.io allows you to trade with Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Litecoin (LTC), XRP, ZCASH, Dash, etc. You can buy them with USD, EUR, GBP, or RUB.

How to buy Bitcoin on LocalBitcoins?

First, register for an account with LocalBitcoins. Once you create an account, visit the main page and complete the form with the amount you want to purchase, and select a purchasing method. Next, choose a trader with a good reputation score and a large volume of trades. Also, you can select the ‘Buy’ option to see more details about the advertisement.

To begin the trade, state the amount you want to purchase and inform the trader. However, we recommend that you avoid P2P exchanges due to the potential risk of scams and frauds.

About The Author

James Page

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James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible.

Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.