If you are planning to exchange one crypto coin for another in the UK, opening an account at a UK-acknowledged cryptocurrency exchange may make sense. These exchanges allow you to buy and sell coins for other digital currencies or for national currencies such as GBP, USD or EUR.
Most of these exchanges need identification verification in order to open an account. If you are looking to make an occasional altcoin transaction, then you can use a bitcoin ATM that needs you to have a crypto wallet or you can create one. In addition to exchanges, peer-to-peer trading platforms can also be used to exchange crypto coins.
These usually pair buyers and sellers in similar locations and charge a fee off the top of each transaction. Other exchanges come with a series of platforms that offer direct person-to-person trading between people in various countries. Peer-to-peer trading platforms generally do not put a fixed price on transactions, but instead, let each seller or buyer set their own rate of exchange.
Another exchange choice consists of cryptocurrency brokers you can physically visit to buy or sell cryptocurrencies at prices set by the broker itself, much like local Cambios do with foreign currencies.
Coinbase is one of the largest online cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally easy and stress-free to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency prizes through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which provides more order types and enhanced functionality.
Though Coinbase does not provide the most affordable pricing or the lowest fees, its easy and clean platform is easy enough for complete beginners to master in as little as a single trade.
Considered one of the most trustworthy cryptocurrency exchanges in the U.K., BC Bitcoin is a professional modified U.K. cryptocurrency brokerage firm. The company provides a wide range of coins and tokens and purchases and sells all major cryptocurrencies including Bitcoin, Bitcoin Cash, Ripple, Ethereum and Litecoin.
The company provides clients with a professional and customized implementation service that targets specific prices with stop-losses and limit orders. At the same time, since the exchange’s base is in the U.K., transfers to your British bank account are pretty much immediate.
BC Bitcoin provides another service, which consists of mining packages since BC Bitcoin runs on a mining pool on the Bitcoin blockchain. The company helps its customers that pay for mining packages by supplying cryptocurrencies to upgrade and improve memberships and account packages. Mining pool packages range anywhere from $500 to $5,000, and memberships to the Bitclub network are charged at $99 each.
LocalBitcoins.com is a user to user cryptocurrency trading site that networks buyers and sellers from different countries globally to trade bitcoins or other similar cryptocurrencies against the local currency.
Its website lets clients post advertisements showing the exchange rate and payment methods. Users can reply to the advertisements and agree to meet with the counter-party to work on the cryptocurrencies versus cash or to trade them unswervingly via online banking accounts.
The cryptocurrency seller then puts it into the Localbitcoins.com wallet where the buyer can pay straightaway for it with the national currency. Localbitcoins.com varies from centralized exchanges in that its exchange is decentralized and needs you to deal directly with another person. Therefore, the process saves on corporate overhead, which means making buying and selling cryptocurrencies extremely easy and efficient.
You can receive your cryptocurrency pretty much instantly, with just about every financial payment method in the user community putative by the exchange. At the same time, Localbitcoins.com offers a transaction escrow service to protect its buyers and sellers.
Finding a great cryptocurrency exchange service in the U.K. is far easier than you can imagine and think of. There are a varying number of exchanges available locally, as well as on the international and semi-international exchanges, so it’s only a matter of defining your needs and finding an exchange that best fits those needs.
Take into account exchange status, transaction fees, other costs, exchange rates, dealer spreads and customer service. Don’t forget to take into consideration the time needed to open an account, as well as how long it takes for you to get the cryptocurrencies you buy.