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Buy Bitcoin Cheaply in the UK (2021)

Posted: April 13, 2021 at 5:13 pm   /   by   /   comments (0)

Planning to buy bitcoin without being scammed?

It is right that the process of buying bitcoins is simple and convenient with a debit or credit card but you could not be sure to say it the cheapest way.

You can find some reliable sites but most of them will charge upwards of 4% in fees when buying bitcoin with a debit or credit card in the UK. So obviously you would want to avoid this unnecessary fee.

Photo by Moose Photos from Pexels

So here we are helping you find out some popular, trustworthy, and cheaper ways to buy bitcoin in the UK.

Cheapest Place to Buy Bitcoin in the UK

One of the cheapest ways to buy bitcoin in the UK is by depositing GBP into Coinbase Pro through UK bank transfer. This is the platform where you can easily buy bitcoin at the real exchange rate without paying excessive fees (up to 0.5%). 

Binance is also a good option to choose to buy bitcoin cheaply in the UK. Here on this exchange, you can deposit GBP with a UK bank transfer and buy bitcoin (and other cryptocurrencies) at the real exchange rate without paying high fees (up to 0.1%). 

Cheapest Purchase Options

Below we are going to discuss the best options to buy bitcoin in the UK as cheaply as possible.

  1. Coinbase Pro

Coinbase Pro which was previously known as GDAX is still one of the cheapest places to buy bitcoin in the UK.

This is the exchange that accepts GBP deposits through the UK Faster Payments Service. Here all UK residents use a simple and easy UK bank transfer method to deposit GBP into Coinbase.

Advantages

  • Here at this site, you avail the cheapest way to buy bitcoinmastery in the UK (0.5% above the real market rate).
  • Coinbase supports UK bank deposits via Faster Payments Service.

Disadvantages

  • Coinbase is disliked by several users due to some complexities in its platform.
  • Difficult to understand by beginners might struggle with Coinbase Pro’s interface.
  1. Binance

This is also a platform offering cheap prices for buying Bitcoins in the UK. It provides services like UK bank transfer, debit card, or credit card.

In case of using the option of a UK bank transfer to deposit GBP into Binance, you would pay no fee at all. Also, it has no hidden fees in the exchange rate either – it’s the real BTC to GBP exchange rate. TThe users will have to pay only up to a 0.1% fee when they buy bitcoin.

Advantages

  • It offers the cheapest ways to buy bitcoin in the UK with GBP.
  • You get the real BTC to exchange rate.
  • Holding Binance Coin (BNB)  or using it to pay your trading fees will reduce your fee too.
  •  Available on desktop and mobile apps.

Disadvantages

  • High fees to withdraw bitcoin from Binance to your wallet, the users have to pay a high feel like (0.0005 BTC).
  1. CoinJar

It is also an exchange with a facility to buy Bitcoins cheaply with GBP via a UK bank transfer.

CoinJar offers its users support for faster payments, which means that GBP deposits made with a UK bank transfer should be credited within hours to your CoinJar account.

Advantages

  • It is a simple, quick, and convenient platform
  • Provides good services at low buying fees.
  • Takes only some minutes to deposit, GBP 
  • Available via browser, but also has an easy-to-use mobile app.

Disadvantages

  • The withdrawal fee to your wallet for Bitcoins is high.
  • Its users can’t use debit or credit cards to deposit GBP or purchase cryptocurrency.
  1. OTC Services

The fourth platform for cheap buying of Bitcoins is through over-the-counter (OTC) services with a GBP UK bank transfer.

Here, you will not get the best possible price, still they are quite competitive, offering no more than 2% above the real BTC to GBP exchange rate.

Advantages

  • The easy and simple way to buy bitcoin in the UK (with GBP).
  • Competitive prices 

Disadvantages

  • Demands a verification of your identity (ID, bank card, and maybe more).
  • Bitcoin prices will be above the real BTC to GBP exchange rate.
  1. Revolut Route

Until mid-2017, Revolut Route has been a popular platform used by UK residents to buy bitcoin cheaply.

Advantages

  • It is a cheap way about 0.5% in fees to buy bitcoin in the UK (
  • Allows exchanges of currencies at a real exchange rate.

Disadvantages

  • It charges a 0.5% fee if you exchange currencies on a weekend.
  • No desktop version of Revolut is available.

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