Five Things To Consider When Buying Bitcoin in the UK | A Guide for Crypto Enthusiasts

The crypto industry took a very big hit during the last few months and it has had a lot of investors wondering what will happen to digital currencies in the future. 

However, there is still a lot of optimism that the situation will improve, and a lot of new investors are taking the chance to buy crypto, especially Bitcoin, while prices are low.

There are a few things that potential investors in the UK need to consider before they decide to buy Bitcoin. This article will deal with some of those important factors to help investors make an informed decision.

How To Buy Bitcoins in the UK With the Lowest Commission?

To get the most out of their crypto investments, investors need to be careful when choosing a platform from which to buy the coins. Coinbase is currently the cheapest way to buy Bitcoin for those who are based in the UK.

With the lowest commissions on the market, Coinbase also gives investors the chance to buy the tokens at the actual exchange rates, without being asked to pay very high fees as well. 

The platform is also listed on Forbes’ list of best cryptocurrency exchanges in the UK for 2022. The list includes other well-known names, such as eToro, Crypto.com, and Binance. 

How to Properly Pay Crypto Taxes

Any gains made in crypto investments are treated by the IRS in the same way as capital gains. This means investors who wish to avoid landing in trouble for tax evasion are required to pay taxes of up to 37% for digital assets held for less than a year.

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How to Securely Store Your Bitcoins

The best way to store Bitcoins is by using a digital wallet. This works in the same way as an ordinary wallet where one keeps cash and credit cards except that it is virtual and therefore not tangible.

One of the things investors need to consider when selecting a wallet is whether it is compatible with their crypto exchange platform. Some of the most common digital wallets that are used to store Bitcoins are:

  • Electrum (best for advanced traders)
  • Exodus (best for beginners)
  • Mycelium (best for mobile users)
  • Ledger Nano X (best hardware)

What Are the Safest Crypto Exchanges That Accept UK Citizens?

With the recent increase in online hacker activity, one of the biggest concerns shared by crypto investors is finding a safe place to trade. The following are some of the safest crypto exchanges that are available to UK citizens in 2022:

  • Coinbase

Coinbase is the preferred option for most traders in the UK, especially beginners because it offers a host of great features, such as simple advanced trading and a wide selection of cryptocurrencies.

  • eToro

eToro is a multi-asset exchange platform that offers investors access to a wide range of digital assets of which Bitcoin is one of them. It has over 20 million active users who are trading on its platform, which offers investors a great opportunity to interact and buy Bitcoin at competitive prices.

  • Binance

One of the most well-known trading platforms in the world is Binance. It has become widely popular because of the safety it offers crypto traders compared to some of the newer platforms where the risks of being hacked or scammed are high. UK investors can also benefit from the extensive educational material available on its platform.

  • Crypto.com
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UK investors who wish to make payments using crypto will benefit from registering on Crypto.com, which makes this process very simple. The platform has also gained a lot of praise for its security and great user experience. Even beginner trades will find navigating on this platform to be quite easy.

Final Word

There have always been risks associated with digital currency investment, especially in the past few months with the crash and the rise in cybercrime. However, with by making a few right choices, UK citizens can make the most of this wonderful opportunity while keeping their finances safe.

The various exchanges that were discussed in this article offer the best ways to invest in crypto for UK citizens. With these tried and tested platforms, a whole new world of investment opportunities is opened up.

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