Buy Bitcoin in Manchester in 2021
Do you want to join 2.6 million UK citizens who have bought Bitcoin so far? Maybe you’re wondering if it’s too late to start cryptocurrency trading at this point. On the contrary, it’s never late for buying Bitcoin as long as you approach it the right way. As a potential Bitcoin trader, you should know that the process of buying Bitcoin has never been easier and you’re not limited to a single payment method. Keep reading and learn what the most convenient ways of buying Bitcoin in Manchester are.
If you want more general information about trading Bitcoin in the UK, you can read our guide on Buying BTC in the UK.
How to Buy Bitcoin in Manchester
What do you appreciate most as a customer? Instant services or low-cost deals? Cold, hard cash or “plastic”? Would you prefer to stay anonymous, or you wouldn’t mind exposing your personal and bank details online? Do you consider only well-established companies or you’re eager to try what’s new on the market?
These are crucial points to consider when deciding what method of buying Bitcoin is right for you. We considered all these factors in relation to your endeavors in the blockchain industry, and selected the three most popular ways of buying Bitcoin in Manchester:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via OTC Broker)
- Buy Bitcoin from a Bitcoin ATM (BATM)
Buy Bitcoin on Cryptocurrency Exchanges
In the most simple terms, cryptocurrency exchanges are digital platforms that allow users to buy and sell their digital assets. Bitcoin buyers and sellers can make market orders and limit orders under the control of the exchange platforms, which serve as financial intermediaries between the two parties.
Cryptocurrency exchanges are the most adequate places to head towards when you decide to buy your first Bitcoin. Over 77% of cryptocurrency transactions in the United Kingdom are executed through cryptocurrency exchanges. They’re a convenient, inexpensive, and secure method of buying Bitcoin. As Bitcoin continues to make headlines nationwide, there is a huge number of exchanges available on the UK market today.
Our team has prepared an article on The Best Cryptocurrency Exchanges in the UK, comparing the features of top-ranked exchanges to help you understand their individual advantages and disadvantages. We’ll use our top-pick, CEX.io, as an example to explain the process of buying Bitcoin. CEX.io is a UK-based exchange platform, recognized for its high security, fast service, attractive mobile app, and GBP deposits.
Create and Verify Your CEX.io Account
Visit the CEX.io homepage and create an account. After signing up, you’ll need to verify your account only if you want to unlock higher trading limits. Find your name on the top right-hand side of your account and click on it. You’ll see Verification, which will direct you to another subdomain. Here, you’ll have to submit a detailed list of your personal information and all the required documents to verify your identity in compliance with the Financial Conduct Authority (FCA).
Now it’s time to deposit some GBP into your account. CEX.io allows for three payment methods: domestic bank transfers, international bank transfers, or debit and credit card payments (with Visa/Mastercard). CEX.io features what they call an “Instant Buy and Sell” service that allows you to buy Bitcoin with your debit/credit card and receive the amount you’ve purchased on your CEX.io account instantly. However, this option comes with a fixed 7% service fee. In comparison, deposit and withdrawal fees of bank wires or Faster Payments and SEPA are free.
Buy BTC on CEX.io
The interface of CEX.io can be adapted to the experience level of both beginners and advanced crypto traders. Regardless of the version, in order to buy Bitcoin, you need to select the desired cryptocurrency you’re buying (in this case, Bitcoin), the amount you want to purchase, and the local currency you’re using as a deposit.
Buy Bitcoin with Cash
If you belong to the group of crypto traders who don’t want to deal with digital transactions, you can find a few alternatives for buying Bitcoin with cash in Manchester.
For our purposes, we’ll focus on over-the-counter (OTC) brokers as the most advantageous method of buying Bitcoin with cash. OTC desks are restricted to buying large amounts of Bitcoin (over 100,000 USD) as they offer private and customized services to both individuals and corporations who primarily need high liquidity and privacy. However, the greatest benefit of using OTC services is their ability to avoid slippage. With regular cryptocurrency exchanges, such high-volume orders have to be separated into several smaller ones, resulting in a purchase price being much higher than the initial offer. To prevent this from happening, OTC brokers quote a fixed price for the total order.
In Manchester, you can find local OTC desk offices like Go2Trader Bitcoin OTC Desk that offer individual meetings in person. Alternatively, you can use international exchange platforms like Kraken, Binance, eToro, and Bitbuy that offer such personalized services for large investments.
While searching for cash payment possibilities, you may run across LocalBitcoins and similar peer-to-peer exchanges that provide escrow services and a place for advertising trades under different payment methods. We suggest you avoid P2P exchanges due to the potential risk of scams and frauds.
Buy Bitcoin from a Bitcoin ATM
Bitcoin ATM (also referred to as BATM) is a simple “buy-as-you-go” way to get your Bitcoin. Just visit one of the 13 locations in Manchester (Manchester Vapeman Lever Street BATM and Jilani’s Newsagents BATMs are among the most frequently visited), follow the instructions on the screen, and your Bitcoin is immediately deposited into your Bitcoin wallet or directly to your exchange account.
Moreover, most of the Bitcoin ATM machines offer you an alternative for paying either with cash or using your credit/debit card. In any case, be aware of the high transaction fees BATMs will charge you, as the fee can reach up to 8% of the total amount.
Frequently Asked Questions
Is Bitcoin legal in the United Kingdom?
Even though the UK doesn’t have specific laws on cryptocurrency, Bitcoin and other cryptocurrencies are not considered legal tender since they can’t be compared to regular payments and/or investments. There are certain regulations issued by the HMRC (HM Revenue & Customs) in relation to cryptocurrency taxation, according to which their taxability is determined from the activities and the parties individually. On the other hand, gains and losses resulting from Bitcoin trading are subject to regular Capital Gains Tax in the UK
Can I use PayPal to buy Bitcoin in the United Kingdom?
PayPal is considered as one of the most unpopular and difficult ways to buy Bitcoin in the UK. PayPal is supported only by a limited number of exchanges and often includes higher fees than the other available payment methods.
Can I sell Bitcoin and other cryptocurrencies in the UK?
In the UK, there are plenty of exchanges where you can sell Bitcoin (BTC) and other blockchain-based coins such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH) for fiat money or other cryptocurrencies. However, there are huge differences in fees and withdrawal costs among the exchanges. Coinbase Pro is undoubtedly one of the cheapest platforms, offering a 0.5% transaction fee and an insignificant 1GBP withdrawal fee for selling your Bitcoin.
Are Coinbase and Kraken available in the UK?
Coinbase is the most popular foreign exchange platform in the UK, taking into consideration the trading volume over the past years. UK crypto-traders can deposit both GBP and EUR to their Coinbase account, using the following payment methods for Bitcoin purchases: Faster Payments, SEPA Transfer, and 3D Secure Card.
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.