The Cheapest way to buy crypto UK is through a centralized cryptocurrency exchange like eToro, Coinbase or CoinJar. These platforms accept debit cards for instant GBP deposits and offer built-in crypto wallets. They also have easy to navigate interfaces and competitive fees.
Cryptocurrencies are considered high-risk, speculative investments, which means you’re likely to lose some or all of your investment. This is because cryptocurrencies are not regulated in the same way as traditional assets. For example, when you invest in a stock or mutual fund through a platform or broker, the Government backs your savings up to PS85,000 via the Financial Services Compensation Scheme (FSCS). Unfortunately, there’s no such protection for your Bitcoin holdings if something goes wrong with your platform of choice.
The Cheapest Way to Buy Crypto in the UK
When choosing an exchange or broker to use, it’s important to consider whether the company is backed by a regulatory body such as the FCA. This will provide a level of oversight that helps protect investors from fraud and theft.
Investors should also remember that if they leave their cryptocurrencies on an exchange, it’s at risk of hacking or theft. It’s wise to move your tokens off the exchange to a ‘hot’ or ‘cold’ wallet to avoid this. Additionally, in the UK, profits from Bitcoin and other cryptocurrencies are taxable just like any other investment, so it’s important to keep track of your gains and report them to HMRC when necessary.
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