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How to buy Bitcoin in the UK

Buying Bitcoin in the UK takes about half an hour the first time. The hard part is not the buying. It is picking a safe place to buy and knowing what to do with your coins afterwards. This guide walks through it step by step.

Step 1: check the firm is on the FCA register

Firms that offer crypto services in the UK must register with the Financial Conduct Authority for anti money laundering rules. Before you sign up anywhere, search the firm's name on the FCA register. The FCA also keeps a ScamSmart warning list of firms to avoid.

Being on the register is a minimum, not a safety guarantee. Crypto is not covered by the Financial Services Compensation Scheme (FSCS), and the Financial Ombudsman can usually not help if a crypto firm fails. That is why step 5 matters.

Step 2: sign up and pass the checks

Every registered firm must check who you are. Expect to show a passport or driving licence and sometimes proof of address. UK rules on crypto adverts also mean first time buyers usually answer a few questions about the risks, and there is a 24 hour cooling off period before your first purchase. This is normal and is not a sign anything is wrong.

Turn on two factor authentication with an authenticator app, not text messages, and use a password you do not use anywhere else.

Step 3: add pounds

A UK bank transfer (Faster Payments) is usually the cheapest way in. Debit cards are quicker but often cost more. Some UK banks limit or block payments to crypto firms, so if a payment fails, check your bank's rules before trying again.

Step 4: buy Bitcoin

Look for BTC, priced against pounds (BTC/GBP). You do not need a whole bitcoin. One bitcoin splits into 100,000,000 sats, so any amount works. Check the total cost before you confirm. The fee and the spread (the gap between the buy and sell price) can add up to more than you expect on the simple buy screen.

Many people buy a fixed amount on a schedule, for example every week, instead of trying to time the market. See DCA and long-term thinking.

Step 5: move it to your own wallet

Coins left on an exchange are an IOU from that company. If it is hacked, freezes withdrawals or goes bust, you can lose them. For anything you plan to hold, withdraw to a wallet where only you hold the keys. Start with our guide to choosing a Bitcoin wallet and the lesson on seed phrases and backups.

Send a small test amount first, check it arrives, then send the rest. Bitcoin payments cannot be reversed.

Common mistakes to avoid

• Buying through a link sent by a stranger, a "manager" or a new online friend. That is almost always a scam. See Avoiding scams.
• Paying for a "recovery service" to get lost coins back. These are scams too.
• Buying a coin with Bitcoin in its name that is not Bitcoin.
• Leaving long-term savings on an exchange.
• Not keeping records. You may need them for tax. See Bitcoin tax in the UK.

Questions people ask

What is the minimum I can buy?
It depends on the firm, but many let you start with a few pounds because Bitcoin splits into sats.

Can I buy Bitcoin at a bank?
Most UK high street banks do not sell Bitcoin itself. You buy through a registered crypto firm and pay from your bank.

Is an ETF or ETN the same as owning Bitcoin?
No. You own a financial product that tracks the price. You cannot withdraw it to your own wallet or send it to anyone.

Not financial advice. General education only. Bitcoin prices can swing hard. Never put in more than you can afford to lose, and do your own research.