Crypto Exchanges Related

A Simple Guide to UK Crypto Exchanges

 

By Patrick

The crypto market in the United Kingdom is open and accessible to a range of individuals without too much restriction, which has made it easier for investors to buy and trade Bitcoin, as well as other cryptocurrencies. In fact, it has one of the biggest markets in the world. As a result, we regularly see new UK crypto exchanges and services that help to promote the use of digital currency. If you want to get started with virtual money and learn a little more about what trading involves, you’ve come to the right place. Here is a simple guide to crypto exchanges in the UK.

Why is it a good idea to invest in cryptocurrencies in the UK?

US dollars and bitcoinThere’s no doubt that the popularity of digital coins in the United Kingdom makes them an interesting investment. It might be a good idea to look into some of the main reasons why so many individuals choose to get involved. For one, the fact that crypto has become so well known and more commonplace in the modern world means that it can be far more likely to earn a decent profit from trading. There’s also the idea that, unlike GBP, many different brands have a fixed-cap supply on how many can be produced, meaning that there’s no risk of inflation (and therefore, no risk of losing value for this particular issue). It’s also important to consider that, while many people feel that cryptocurrencies are uncommon or even unsavoury in nature, they’re completely legal in the UK. Exchanges are regulated and need to comply with AML and KYC regulations, but this only makes them more secure. To sweeten the deal even further, cryptocurrencies are not currently taxable in the UK – although it’s worth noting that this is something that could change in the future. This is an important development in the crypto world that needs to be considered, as there may only be a limited timeframe where you can buy digital coins without the additional expense of tax. Don’t forget, there is still capital gains tax on crypto trades above a certain threshold, however (of £12,000).

How can you get started with UK crypto exchanges?

Fortunately, buying cryptocurrency is something that’s fairly easy to do in the United Kingdom. The cheapest, simplest and most convenient method out there is using a UK bitcoin exchange 2021. With quite a few well known international and UK-based exchanges to choose from, all you need to do is find the one that best suits your needs. Overall, the process is straightforward, even with all of the different procedures that you need to follow when opening an account with a crypto exchange service in mind. When you complete all of the necessary steps, purchasing Bitcoin or altcoins should be relatively easy. There are also different types of exchanges, which is why it can be a good idea to learn about the individual services on offer from each exchange before signing up. You may also be interested to know that all major banks in the UK allow their customers to purchase cryptocurrencies with debit cards – and some banking institutions may even allow you to purchase digital coins with a credit card. Most banks have different policies when it comes to cryptocurrency, so it’s worth finding out what you can and can’t do.

Is it as easy to sell as is it is to buy?

UK residents are free to sell and trade their digital coins as they please, whether it’s for other cryptocurrencies, fiat currencies, or even services and goods. Better yet, if you’re with an exchange that doesn’t offer these services, switching over and transferring your digital coins can often be an easy enough process.

Tips for safely buying and selling Bitcoin (and other crypto)

It goes without saying that UK crypto exchanges are quite a tempting target for hackers, which is why you should always take care when purchasing or selling your digital coins. Here are some key tips that you should keep in mind before making a transaction:
  • If your exchange has a two-factor authentication option, be sure to use it on every transaction. Essentially, this just adds an extra layer of security to your trades, which is something you can’t overlook
  • Instead of using your usual browser, it might be a better idea to use a privacy browser. These don’t use the tracking software that most normal search engines do, so it makes it harder for hackers to follow you
  • Since it’s not uncommon for hackers to try and target cryptocurrency transactions, it’s important to protect your identity. One of the most effective ways to do this is by using a VPN, as this will mask your IP address
  • You should always use unique and complex passwords that will be harder for an attacker to guess – and preferably different ones for each of your accounts. It may be a good idea to download a password manager if you’re worried that you’ll lose track
Final thoughts While there is much to learn, this guide offers a quick and easy-to-digest overview of some of the main aspects that you should be thinking about. Now that you know a little more about transactions, UK crypto exchanges and the legalities of it all, you’re ready to take your first step into the world of cryptocurrency.

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