Many of our readers live abroad, prompting us to create a series of guides on cryptocurrencies in different countries. First up: the United Kingdom. This article explains how to buy Bitcoin and cryptocurrencies in the UK using GBP, the best crypto exchanges in the UK, Bitcoin’s legality in England, and tax implications. Let’s dive in!
Best Cryptocurrency Exchanges in the UK
To buy Bitcoin in the UK, you’ll need an account on a cryptocurrency exchange, with a broker, or via a crypto app. Below is a ranking of the top platforms for purchasing Bitcoin and cryptocurrencies with GBP:
- Wirex – A crypto app offering a payment card (check Wirex reviews and claim a Wirex bonus).
- OKX – One of the largest exchanges by trading volume (see OKX reviews).
- Kraken – A highly regulated exchange (read Kraken reviews).
👉 Compare top UK crypto exchanges
All platforms above support GBP purchases via bank cards. Below is a step-by-step guide to buying Bitcoin on OKX (similar steps apply to other exchanges).
How to Buy Bitcoin and Cryptocurrencies in the UK
Step-by-Step Guide:
- Sign Up: Create an account on OKX and complete KYC verification.
- Select “Buy Crypto”: Choose GBP as your fiat currency and Bitcoin as the asset.
- Pay via Card: Enter card details to complete the purchase. Funds will appear in your OKX wallet.
Are Cryptocurrencies Legal in the UK?
Yes, cryptocurrencies are legal in the UK but regulated by the Financial Conduct Authority (FCA). Since January 2021, the FCA banned crypto derivatives for retail investors, but direct trading remains permitted. The UK government is also exploring a central bank digital currency (Britcoin).
Cryptocurrency Taxes in the UK
The HMRC treats cryptocurrencies as taxable assets:
- Capital Gains Tax: Applies to profits exceeding £12,570 (rates: 10% or 20%).
- Income Tax: May apply to mining, staking, or crypto received as payment.
- Reporting: Register for Self Assessment and file returns by January 31 annually.
FAQ: Bitcoin in the UK
1. How do I buy Bitcoin in the UK?
Use exchanges like OKX or apps like Wirex to buy crypto with GBP.
2. Are cryptocurrencies legal in the UK?
Yes, but exchanges must comply with FCA anti-money laundering rules.
3. Do I pay taxes on crypto profits?
Yes, if gains exceed £12,570.
4. Can I pay taxes in Bitcoin?
No, HMRC only accepts GBP.
5. Is Bitcoin legal tender in the UK?
No, but it’s a legal medium of exchange.
6. What’s the crypto tax rate?
10–20%, depending on income.
Summary
Cryptocurrencies are legal and tax-regulated in the UK. With platforms like OKX, buying Bitcoin with GBP is straightforward.
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Disclaimer: This content is for informational purposes only. Cryptocurrency investments carry risks; always conduct independent research.
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