Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
How to Buy Bitcoin (BTC) in the UK the Convenient and User-Friendly Way
So how do you buy Bitcoin in the UK? The first thing to know if you want to buy Bitcoin in the UK is that the CoinJar platform is user-friendly with a positive customer experience. Here are the steps you need to follow.
Choose an exchange
A crypto exchange is an online platform where you can buy, sell and store your cryptocurrency of choice.
Prove who you are
To sign up, you do have to show your cute little face and prove you are an actual human. Local regulations tend to differ depending on the country, but generally speaking, get ready to hand over ID like a driver’s license, a passport, or other identifiers.
UK residents must complete an assessment to show that they understand the risk of what they are about to buy, according to local laws. They must also wait for 24 hours before being accepted, thanks to local regulations about a “cooling off period.”
Payment method
After your ID has been accepted, you can then create an account on the exchange. After this is done, you can move normal everyday money like Pounds (fiat) via your chosen payment method into your crypto account.
From there, you can choose Bitcoin, and how much you want to buy. There are fees involved in converting fiat to Bitcoin, and there are also fees to buy Bitcoin with a card, or with Google Pay. These fees are usually around 1%-2%. CoinJar Exchange has trading fees of 0.1% or lower.
Get yourself a wallet - how to store the Bitcoin you buy
You will need a digital wallet to hold your Bitcoin. There are a few different ways to do this. Here is a guide with everything you need to know.
Once you have your wallet set up, you can buy Bitcoin on the exchange and store it in your wallet. Now you are a Bitcoiner! Welcome to the club!
As always, do your own research before diving into Bitcoin or any other cryptocurrency that has caught your attention.
What to do with the (virtual) shiny new Bitcoin you buy
You can hold onto your Bitcoin (called HoDLing - Hold on For Dear Life) and hope that the price rises, so when you sell it you can make a profit. The performance of most Bitcoin can be highly volatile, with their value dropping as quickly as it can rise.
You should be prepared to lose all the money you invest in cryptoassets. Remember that if you do make a profit you may have to report this to your tax authority.
You can also spend your Bitcoin. Many merchants now accept Bitcoin in payment.
Buy Bitcoin in the UK: Conclusion
CoinJar is a cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin and other cryptocurrencies in the UK. You can use CoinJar to store your digital assets in protected crypto wallets, and access them anytime with the CoinJar app.
To buy Bitcoin on CoinJar, you need to create an account and verify your ID. Then, you can choose from various payment methods, such as card, or bank account transfer.
CoinJar offers competitive transaction fees, and supports multiple currencies. CoinJar has been in operation since 2013. Whether you are new to cryptocurrency or an experienced trader, CoinJar can help you manage your portfolio and enjoy the benefits of the cryptocurrencies market.
Frequently asked questions
What are CoinJar’s fees?
All GBP, EUR and AUD bank deposits and withdrawals on CoinJar are free. USD deposits and withdrawals incur fees. You can make deposits using Faster Payments, SEPA, PayID, and bank transfer.
The following incurs a 1% fee: buying and selling cryptocurrency to GBP, and converting crypto to crypto. Instant Buy (Visa and Mastercard purchases) have a 2% fee.
You can find a full list of our fees here.
Are your investments with CoinJar protected?
CoinJar has been operating since 2013. We keep the vast majority of customer assets in cold storage or private multi-sig wallets and maintain full currency reserves at all times.
Personal and financial information is stored and processed in cloud services that meet our strict infrastructure security requirements. We’re also fully registered with the Financial Conduct Authority UK for anti-money laundering purposes and Coinjar aims to comply with all anti money laundering regulations.
You should not expect to be protected if something goes wrong as you would have no recourse to the Financial Ombudsman scheme or the Financial services compensation scheme.
For more information, read up on our security.
What is the minimum deposit for CoinJar?
You can start trading on CoinJar with as little as £10. The maximum amount depends on your CoinJar's account limits and the transfer limits set by your bank. However, if you want to deposit millions, high roller, you can (with CoinJar’s compliance team approval).
Remember, don’t put all your eggs in one basket. Putting all your money into a single type of investment is risky. A good rule of thumb is not to invest more than 10% of your money in cryptocurrency.
For more information, check out our Support article on account limits.
How to buy crypto on CoinJar?
To buy crypto on CoinJar, you must prove your identity first, take the assessment test about the risk of crypto and wait for a 24 hours cooling period.
After completing your research you can hit the ‘buy crypto’ button on the homepage of the app. We offer 50+ cryptocurrencies to choose from. From here, you can instantly convert one crypto to another.
How long does it take to set up an account?
UK residents must undertake an assessment and wait a 24 hour “cooling off period” according to local regulations before they can buy crypto after verifying ID. Once ID-verified, you can deposit cash, buy crypto and sell crypto.
Is Bitcoin right for you?
Crypto is not for everyone. Be sure to do your own research and buy according to what is right for you, and not what is right for other people.
In the UK, you would have to come within certain customer categorisations set by regulators before you can be allowed to invest in crypto.
Crypto is generally very volatile, with the risk of abrupt market changes, corporate collapse, inadequate client fund segregation, and cyberattacks. Don’t invest anything you aren’t prepared to lose.
Why choose Bitcoin instead of other cryptocurrencies?
Bitcoin is the first and original cryptocurrency, the model upon which all other cryptos were conceived from.
It is the most popular crypto and is gaining more acceptance across the world every day. Even big established investment houses are moving into Bitcoin ETFs as they FINALLY see its value after negative connotations over the years.
What do you need to buy Bitcoin?
All you need is the CoinJar app, your bank details or a card. You will need to show ID before you buy.
Can you create a positive return buying Bitcoin?
How long is a piece of string? You can create a positive return by investing in a lot of things. And many people have had a positive return from Bitcoin.
However, many people have lost money too, as the crypto market can be very volatile! Do your own research and consider getting advice from a financial advisor.
How do I buy Bitcoin for the first time? How do I buy Bitcoin in the UK? How do I invest in Bitcoin as a beginner?
Download the CoinJar app. Then follow the instructions above or on the app. Don’t be intimidated, it’s more convenient than you think!
How much will I get if I put £20 in Bitcoin?
£20 is currently 0.00036 BTC (as at March 27, 2024). Like Pounds and Pence, Bitcoin has smaller denominations called Satoshis. There are 100 million Satoshis in a Bitcoin, so you don’t need to buy a whole Bitcoin, you can buy part of one.
Terminology: How do you buy Bitcoin / How to buy Bitcoins UK / Buy Bit coin / Buy Bitcoin BTC UK / which is correct?
Bitcoin is one word, with a capital B. “Bit coin” is incorrect. The plural of Bitcoin is also Bitcoin. “Bitcoins” is incorrect.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Your information is handled in accordance with CoinJar’s Privacy Policy.
Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
The CoinJar Prepaid Mastercard is issued by EML Money DAC pursuant to a license by Mastercard. EML Money DAC is regulated by the Central Bank of Ireland. EML Money DAC is authorised and regulated as an issuer of electronic money by the Central Bank of Ireland under registration number C95957. EML Money DAC is deemed authorised and regulated by the Financial Conduct Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. Registered office: EML Payments, 2nd Floor La Vallee House, Upper Dargle Road, Bray, Co. Wicklow, Ireland. Company Registration number: 423276.
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