Want to buy bitcoin without getting ripped off?

Although it’s simple and convenient to buy bitcoin with a debit or credit card, it’s NOT the cheapest way.

There are some exceptions, but most places will charge upwards of 4% in fees when buying bitcoin with a debit or credit card in the UK. That’s 100% unnecessary.

In this guide, I’m going to walk through some popular, well-recommended, and cheaper ways that you can buy bitcoin in the UK.

Remember: I’m not a financial advisor. Read my full disclaimer for more information.

Cheapest Place to Buy Bitcoin in the UK

The cheapest way to buy bitcoin in the UK is to deposit GBP into Crypto.com with a UK bank transfer. With this cryptocurrency app, you’re able to buy bitcoin at the real exchange rate without paying any fees.

You can also use Coinbase Pro to buy bitcoin cheaply in the UK. On this cryptocurrency exchange, you can deposit GBP with a UK bank transfer and buy bitcoin (and other cryptocurrencies) at the real exchange rate without paying high fees (just 0.5%).

Who is the Cheapest Bitcoin Seller?

When comparing bitcoin sellers in the UK, you’ll need to consider:

How close is the asking price to the real BTC to GBP exchange rate?

Are there any fees (for depositing, buying, or withdrawing)?

Are you purchasing in GBP or EUR?

Is there a minimum deposit?

If you don’t ask these questions, you’ll probably end up getting fewer bitcoins (or satoshis) than you otherwise could.

Exchange Rate The real BTC to GBP exchange rate is the average mid-market rate across popular bitcoin exchanges. It’s also known as the Bitcoin Price Index (BPI or XBP). It’s an honest indication of what the value of 1 bitcoin currently is. You can use tools like this to check the BPI. When you buy bitcoin from many places, they’ll almost certainly sell you bitcoin at a rate that doesn’t match the real BTC to GBP exchange rate. Why? That’s their profit margin. Let’s put this in perspective. At the time of writing, the real BTC to GBP exchange rate was £7670. If you were buying 1 bitcoin with a debit or credit card through Coinbase, you’d pay an additional £307. Paying such high fees is 100% unnecessary. You’re just throwing money away. You can quickly compare prices (and their relative % above the BPI) with tools like BittyBot. Buying Fees The majority of services charge percentage-based fees, but some do charge fixed-rate fees instead. Your preference for either depends on how much bitcoin you’re intending to buy. Consider this example: “Seller A” charges a fixed fee of £20.

“Seller B” charges a percentage fee of 2%. Who should you choose? Purchase Seller A: Fixed Fee (£20) Seller B: Percentage Fee (2%) £100 20% of Purchase £2 £1,000 2% of Purchase £20 £10,000 0.2% of Purchase £200 Your choice of seller depends on how much you’re intending to buy: If you’re buying larger amounts of bitcoin, then fixed-rate fees are usually better.

of bitcoin, then fixed-rate fees are usually better. If you’re buying smaller amounts of bitcoin, then percentage-based fees are usually better. Withdrawal Fees When you withdraw bitcoin from lots of places, they’ll usually pass on the blockchain fees (i.e. mining fees) to you. Most of the time, this isn’t a problem. However, sometimes these blockchain fees increase due to congestion on the network (i.e. more demand from people to have their transactions be processed ASAP). Before you select where you want to buy, check out this site. It estimates the cost of blockchain fees right now. If it’s more than $1.00 – 2.00, then take that into consideration in your choice as some options, like Coinbase Pro, do not charge withdrawal fees. GBP or EUR Some cryptocurrency exchanges don’t accept GBP deposits. If you want to buy bitcoin on these exchanges, you’d need to send EUR instead. When you do this from a GBP bank account, your bank will handle the GBP to EUR exchange for you. Unfortunately, UK banks will exchange your money at a terrible exchange rate. It’s not uncommon for people to lose more than 5% of their money when exchanging currencies with a UK bank. To add insult to injury? Some UK banks still charge fees to send EUR with a SEPA transfer. This varies from bank-to-bank. When I last checked, Santander was charging £15 and Barclays was charging £5. When looking to buy bitcoin, you need to check for these hidden fees. If you don’t, it distorts your impression of what is really the cheapest option.

Cheapest Purchase Options

These are the best options if you’re looking to buy bitcoin in the UK as cheaply as possible.

The cheapest place to buy bitcoin in the UK is with Crypto.com. This platform allows you to buy bitcoin (and other cryptocurrencies) with a debit card, credit card, or UK bank transfer.

If you buy bitcoin with a credit card, it’ll be considered a cash advance. This usually means you’ll have to pay additional fees. It’s simpler and cheaper to use a debit card or UK bank transfer when you’re buying cryptocurrency.

If you use a UK bank transfer to deposit GBP into Crypto.com, you won’t be charged any fees. There are no hidden fees in the exchange rate either – it’s the real BTC to GBP exchange rate.

Overview of Option #2 Download and create a Crypto.com account.

Deposit GBP with a UK bank transfer to your Crypto.com wallet. This will usually be credited in an hour (but it can take longer).

Buy bitcoin with the funds in your GBP fiat wallet. You’ll get access to the real exchange rate, with 0% fees.

UK bank transfers are processed via the Faster Payments Service (FPS), which means funds will usually be quickly credited to your Crypto.com. My GBP deposits have been credited in under an hour.

You’ll usually be charged a fee of 3.5% if you buy any cryptocurrency with a debit or credit card, but they’ve waived this fee until the end of September 2020. This makes Crypto.com the cheapest place to buy bitcoin with a debit card in the UK too.

Crypto.com is much more than just a place to buy bitcoin though:

Buy dozens of other popular cryptocurrencies (at the real exchange rate, with no fees).

‘Crypto Earn’ allows you to deposit and earn interest on your cryptocurrency. It’s like a normal savings account, but it gives you much better returns (up to 18%).

Exchange your cryptocurrency for dozens of different UK gift cards (e.g. Just Eat, Uber Eats, Tesco).

Crypto.com’s bitcoin debit card gives you decent cashback on all your spending, as well as other perks. This is available in the UK, EU, USA, and Singapore.

You can learn more about it in my full Crypto.com review.

Guide

Expand the section below to see how to buy Bitcoin (BTC) with Crypto.com.

FYI: All images can be enlarged by clicking them.

Deposit Funds Open the Crypto.com app.

Select ‘Accounts’, then ‘Fiat Wallet’. Select ‘Transfer’, then ‘Deposit’. Finally, select your GBP wallet. Crypto.com provide you with details on where to send GBP funds.

GBP deposits are take about 1 day to process (usually less). Buy Bitcoin Open up the Crypto.com app.

Select ‘Trade’, then ‘Buy’. Select Bitcoin (BTC).

Select the ‘Fiat Wallet’ tab and your GBP wallet. Then put in how much you want to buy.

Press ‘Buy BTC’ to be taken to a confirmation screen. You’ll have 15 seconds to check over the deal before it needs to be refreshed.

If you’re happy with it (real exchange rate, 0% fees), then select ‘Confirm’.

You should then see a green confirmation page.

Advantages

The cheapest way to buy bitcoin in the UK.

Access to the real BTC to exchange rate (no hidden fees).

Access to the real BTC to exchange rate (no hidden fees). No fees when you buy bitcoin with GBP deposited with a UK bank transfer.

No fees when you buy bitcoin with GBP deposited with a UK bank transfer. It’s free to withdraw GBP from Crypto.com with a UK bank transfer.

Disadvantages

There’s usually a 3.5% fee to buy cryptocurrencies using a debit or credit card on Crypto.com (temporarily waived).

There’s usually a 3.5% fee to buy cryptocurrencies using a debit or credit card on Crypto.com (temporarily waived). You’ll need to pay a small fee to withdraw bitcoin from Crypto.com to your own wallet.

You’ll need to pay a small fee to withdraw bitcoin from Crypto.com to your own wallet. You’ll need to use the Crypto.com app on your smartphone. There’s no desktop alternative.

This bonus is initially locked. To unlock it, you’ll need to stake 1000 CRO in the ‘Card’ section of the Crypto.com app. Download and signup to Crypto.com using this link (or code: “cn9mkf4dzu”) and you’ll get a FREE $50 worth of CRO.To unlock it, you’ll need to stake 1000 CRO in the ‘Card’ section of the Crypto.com app.

Coinbase Pro (previously GDAX) is still one of the cheapest places to buy bitcoin in the UK.

Coinbase Pro was the first major bitcoin exchange to receive an e-money license from the Financial Conduct Authority (FCA). This means Coinbase Pro accept GBP deposits through the UK Faster Payments Service . This means that all UK residents should be able to use a simple UK bank transfer to deposit GBP into Coinbase – without incurring any fees from their bank.

Overview of Option #1 Create a Coinbase account and verify your UK bank account.

Send GBP via UK bank transfer to Coinbase Pro. My deposits are credited within minutes.

Buy bitcoin on the BTC/GBP market at the real exchange rate.

The bottom line?

You can now send GBP to Coinbase and it’ll be credited within minutes.

You’ll be able to buy bitcoin at the best possible rate and incur barely any fees (0.50%)

What's the difference between Coinbase and Coinbase Pro? Coinbase and Coinbase Pro are owned by the same company. When you create a Coinbase account, you’ll be able to use your Coinbase credentials to access Coinbase Pro. Coinbase is a popular cryptocurrency broker which is intuitive, easy-to-use, and perfect for beginners. You can buy supported cryptocurrencies with a debit card, credit card, and UK bank transfer on Coinbase. Coinbase Pro is a cryptocurrency exchange targeted at cryptocurrency traders. The fees on Coinbase Pro are lower (up to 0.5%) than on Coinbase (at least 1.5%), but it can be intimidating if you’ve never used something like it before. In the long-term? It’s worth learning to use Coinbase Pro if you have the time. But if you don’t have the time, skip down to ‘Option 3’ to find out more about Wirex (it’s like Coinbase, but with lower fees).

Signup Bonus!

When you signup to Coinbase through this link, you’ll receive an £8 bonus (paid in bitcoin) when you buy more than approx. £80 of bitcoin.

It’s 100% worthwhile to take advantage of this signup bonus.

If you signup through this link and bought £100 worth of bitcoin on Coinbase (not Coinbase Pro), you’d actually end up with £108’ish worth of bitcoin.

Guide

Want to see how it works? Check out these guides.

FYI: All images can be enlarged by clicking them.

Advantages

One of the cheapest way to buy bitcoin in the UK (0.5% above the real market rate).

One of the cheapest way to buy bitcoin in the UK (0.5% above the real market rate). Withdrawals are free!

Withdrawals are free! Coinbase supports UK bank deposits via Faster Payments Service.

Coinbase supports UK bank deposits via Faster Payments Service. Reputable and trusted exchange (holds FCA e-money license).

Reputable and trusted exchange (holds FCA e-money license). High limits.

High limits. Don’t need to verify identity with multiple companies (just Coinbase).

Disadvantages

Terrible Trustpilot rating (2*).

Terrible Trustpilot rating (2*). Coinbase attracts animosity from segments of the crypto-sphere (for good reason).

Coinbase attracts animosity from segments of the crypto-sphere (for good reason). Beginners might struggle with Coinbase Pro’s interface.

Wirex allows you to buy bitcoin and other cryptocurrencies with a debit card, credit card, or UK bank transfer. There’s just a flat fee of 1% when you buy bitcoin (regardless of the payment method) and a small fee of about 1.5% hidden in the exchange rate.

If you buy bitcoin with a credit card, it’ll be considered a cash advance. This usually means you’ll have to pay additional fees. It’s simpler and cheaper to use a debit card or UK bank transfer when you’re buying cryptocurrency.

This isn’t the cheapest way of buying bitcoin in the UK. However, Wirex does allow you to quickly buy bitcoin with a debit card. This isn’t something you can usually do on cryptocurrency exchanges like Coinbase Pro.

Overview of Option #3 Create a Wirex account.

Deposit GBP (via UK bank transfer or debit card) to your Wirex GBP wallet.

If you deposit with a UK bank transfer, you’ll have to wait 1-2 hours for the payment to clear.

Buy bitcoin with funds in your GBP wallet with low fees (about 2.5%).

Wirex supports UK bank transfers (via the Faster Payment Service), which means that deposits are usually credited to your account in less than an hour.

You can also just fund your wallet with a GBP debit card, which is credited to your account instantly. You’ll be able to deposit up to $5000 (equivalent in GBP) per day. If you want to deposit more than that, you’re better off depositing GBP with a UK bank transfer.

Advantages

Simple, quick, and convenient.

Simple, quick, and convenient. Access to the real BTC to GBP exchange rate.

Access to the real BTC to GBP exchange rate. Low fees (about 2.5%).

Low fees (about 2.5%). Fund account with a debit card or UK bank transfer (via Faster Payments Service) without paying any fees.

Fund account with a debit card or UK bank transfer (via Faster Payments Service) without paying any fees. Unlimited account balance.

Unlimited account balance. Browser-based and mobile apps available.

Disadvantages

You need to order a Wirex Card and pay a £1 account management fee to deposit GBP with a UK bank transfer.

You need to order a Wirex Card and pay a £1 account management fee to deposit GBP with a UK bank transfer. You’ll need to pay withdrawal fees to send your bitcoin elsewhere.

Quick Wirex GuideWirex Website

#4: OTC Services

Your fourth best option is to buy bitcoin through over-the-counter (OTC) services with a GBP UK bank transfer.

The table below shows the most popular and well-recommended options in the UK.

While you won’t get the best possible price when using these options, they are still quite competitive. Most of these options are usually selling bitcoin at rates which are no more than 2% above the real BTC to GBP exchange rate.

This is still better than many options recommended across YouTube, Reddit, and other websites. (For example, Coinmama charges you 5.9% in fees when buying bitcoin.)

Advantages

Convenient, quick, and easy way to buy bitcoin in the UK (with GBP).

Competitive prices (usually less than 2% above the real exchange rate).

Competitive prices (usually less than 2% above the real exchange rate). Reputable and well-recommended, with (usually) better support than cryptocurrency exchanges.

Disadvantages

You’ll need to verify your identity (ID, bank card, and maybe more).

You’ll need to verify your identity (ID, bank card, and maybe more). Bitcoin prices will be above the real BTC to GBP exchange rate.

Bitcoin prices be above the real BTC to GBP exchange rate. Many options pass on blockchain fees to you (which can get high).

#5: Revolut Route

Since mid-2017, this was a popular workaround used by UK residents to buy bitcoin as cheaply as possible. It was necessary as many cryptocurrency exchanges, like Coinbase Pro and Bitstamp, didn’t use to accept GBP deposits via a UK bank transfer.

In 2020, it’s not necessary to jump through all of these hoops to buy bitcoin cheaply. It is much easier, quicker, and convenient to use Option #1 or Option #2.

Overview of Option #5 Download and create a Revolut account.

Create a Coinbase Pro or Bitstamp account.

Activate your EUR account in Revolut (full instructions below).

Deposit GBP into your Revolut account’s GBP wallet.

Exchange GBP for EUR in Revolut (at the real exchange rate, instantly).

Transfer EUR from Revolut account to Coinbase Pro or Bitstamp.

Buy bitcoin on the BTC/EUR market at the best possible rate.

Guide

Add & Activate EUR Account Add EUR account in Revolut: Select: More (in bottom bar). Profile (in top bar). Account Details. Add Account’ Search for EUR and tap on it.

Activate your EUR account in Revolut. Select: More (in bottom bar). Profile (in top bar). Account Details. EUR. Activate.

Details should populate, with the beneficiary (your name), IBAN, and BIC. Get Deposit Details 1) On Bitstamp, click ‘Deposit’ at the top of the page. 2) Select ‘EU Bank (SEPA)’ in the left navigation bar. 3) A warning will pop-up. This will ask you to confirm that the transfer is coming from an account in your name.

As long as you’ve activated your Revolut EUR account (see above for instructions), you shouldn’t have a problem. 4) Enter some details about the transfer, then click ‘Deposit’. Confirm the first and last name on your Revolut EUR account. You can check this by: Swiping to EUR on the Revolut dashboard. Clicking on your EUR balance. Scrolling down.

Under ‘Account Balance’, select ‘Euro’.

Under ‘Amount’, enter how much you wish to deposit. 5) You’ll now see the deposit details. Add Beneficiary in Revolut With these deposit details, you’ll need to create a new beneficiary in Revolut. To add a new beneficiary: Open Revolut and select ‘Payments’ (middle of the bottom bar)

Select: ‘Bank Transfer’ Select: ‘Add a new beneficiary’ Select ‘To a business’ as the transfer type. Select ‘United Kingdom’ and ‘Euro’. Fill in the deposit details shown on Bitstamp or Coinbase Pro.

When you’re happy, select ‘Add beneficiary’. Great! You should see something like this. Transfer EUR to Exchange Please note, the screenshots show a EUR transfer to Coinbase Pro. It’s the same process for transfers to Bitstamp. When you’re ready to make the EUR deposit into the cryptocurrency exchange, select this new beneficiary. Input the desired amount and make sure that you enter your reference number (provided by Bitstamp) in the highlighted area .

. If you don’t add the reference, your payment might be delayed or rejected. If that happens, you might also pay a fee.

The screenshot shows the confirmation as ‘Split Bill’. Bit strange, but it still processes as normal. It’ll usually be credited in 1-2 business day, but can take longer.

Advantages

Cheap way to buy bitcoin in the UK (about 0.5% in fees).

(about 0.5% in fees). Revolut allows you to exchange currencies at the real exchange rate, with no fees for the first £1000 exchanges every month.

Revolut allows you to exchange currencies at the real exchange rate, with no fees for the first £1000 exchanges every month. Bitstamp seems well-recommended in /r/BitcoinUK threads.

Bitstamp seems well-recommended in /r/BitcoinUK threads. You only need to verify identity through two companies (Revolut and either: Bitstamp or Coinbase Pro).

Disadvantages

Send, spend, withdraw, and exchange (in a non-GBP currency) the first £1000 FREE every month. After that, you’ll pay a 0.5% fee for cross-currency transactions (Source).

Send, spend, withdraw, and exchange (in a non-GBP currency) the first £1000 FREE every month. After that, you’ll pay a 0.5% fee for cross-currency transactions (Source). Revolut charges a 0.5% fee if you exchange currencies on a weekend.

Revolut charges a 0.5% fee if you exchange currencies on a weekend. Transferring EUR to a cryptocurrency exchange can take up to 48 hours (but usually less).

Transferring EUR to a cryptocurrency exchange can take up to 48 hours (but usually less). SEPA transfers are only processed on weekdays. If you send EUR on a weekend, it won’t be processed until Monday.

SEPA transfers are only processed on weekdays. If you send EUR on a weekend, it won’t be processed until Monday. No desktop version of Revolut is available.

Revolut FAQ

Here are some of the most frequently asked questions about using this route to buy bitcoin in the UK.

Which Option Is Best?

If you want to buy bitcoin at the best possible price, then you’ll want to use the Crypto.com app (option #1).

Here’s why:

You can buy bitcoin at the real exchange rate, with 0% fees.

You can deposit GBP with a debit card, credit card, or UK bank transfer.

GBP deposits via UK bank transfers are usually credited in less than 1 hour.

If you’d prefer to use a cryptocurrency exchange, Coinbase Pro (option #2) is another cheap way to buy bitcoin in the UK.

What if you don’t want to use Coinbase Pro or Crypto.com?

The other options I’ve mentioned are still competitive. In fact, they’re only becoming more competitive with popular exchanges.

For instance, Wirex (listed in option #3) is a fantastic option.

Get verified quickly.

Supports debit cards, credit cards, and UK bank transfers (via Faster Payments)

Provides you with the real exchange rate, and a flat 1% fee when you buy or sell bitcoin (or other supported cryptocurrencies).

What Next?

Hardware wallets aren’t mandatory, but they are popular and well-recommended across the crypto-community.

Hardware wallets are small USB devices which help keep your hard-earned cryptocurrency secure.

I’ve reviewed nearly every hardware wallet on the market. Without a doubt, the Ledger Nano X is the best cryptocurrency hardware wallet which is currently available.

It’s reasonably priced, extremely easy to setup and use, and is Bluetooth enabled too (so you can use it on-the-go if you want). I think it’s 100% worth the investment to keep your cryptocurrency safe.

Looking for something a little different?

Check out my quick rundown of the best hardware wallets on the market.

Have a Question?

Have a problem you can’t solve? Or a question you can’t find an answer to?

Comment below and let me know! I usually respond within 24-48 hours.

Anything to Add?

Thanks for reading this guide to cheaply buying bitcoin in the UK! I hope you found it useful.

Did I miss something? Or did I make a mistake?

Let me know in the comments below or tweet me.