A Step-By-Step Guide to Buying Cryptocurrency in the UK
Step-by-Step Guide to Buying Cryptocurrency in the UK is an alternative to fiat currencies like sterling that works without a central bank or single administrator. It is digital and encrypted, and transactions are recorded in a public distributed ledger called the blockchain.
It’s legal to buy and sell crypto in the UK, but it’s important to do your homework first. Start by choosing a trusted exchange that supports your preferred currency, such as OKX, Coinbase or eToro. Make sure they comply with British regulations, have competitive fees and a broad selection of digital assets. You will then need to create an account and complete identity verification. Once you have your account funded, you can purchase Bitcoin and other popular cryptos.
Step-by-Step Guide to Buying Cryptocurrency in the UK
Once you own cryptocurrency, it’s important to store it in a wallet separate from your exchange. Keeping your assets on the exchange increases your risk of losing them in case the exchange is hacked or shut down. Instead, you can transfer your coins from the exchange to a ‘hot’ or ‘cold’ wallet, which will usually incur a small fee.
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