A Step-By-Step Guide For Buying Crypto in the UK
A step-by-step guide for buying crypto in the UK is booming, and there are a lot of people interested in getting involved. But, with so many options and jargon, it can be difficult to know where to start. This article breaks the process down into simple steps, guiding beginners through important ideas like wallets and exchanges. It also offers tips to help them avoid common mistakes.
The first step is to pick a cryptocurrency exchange or broker. There are a wide variety to choose from, so take the time to compare their fees, security features and available payment methods. Once you’ve picked an exchange, verify your identity and fund your account. This is a requirement for almost all exchanges, and it helps them comply with anti-money laundering and know your customer (KYC) regulations.
Beginner-Friendly Crypto Buying Process in the UK
Once you have funds in your account, you can buy cryptocurrency on the exchange. For example, eToro is a popular choice for beginners in the UK because it’s easy to use and regulated by the FCA. It allows you to invest in over 100 different cryptocurrencies with GBP payments, and it offers copy trading.
You can also buy crypto using a peer-to-peer (P2P) platform. P2P platforms connect buyers and sellers of crypto, and they usually have low fees. When buying P2P, it’s important to check reviews and reputation of sellers before making a transaction. After purchasing, you’ll need a place to store your crypto. For example, the OKX wallet offers high-level security measures and publishes Proof of Reserves reports to demonstrate that your coins are fully backed up.
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