If you’re interested in investing in Bitcoin Cash, I’ll guide you through the process of purchasing BCH and help you find the most reliable and secure platforms to make your investment.
Whether you’re a beginner or an experienced cryptocurrency investor, my article will provide you with the necessary information to safely buy Bitcoin Cash in the UK.
Table of Contents
Where to Buy Bitcoin Cash UK?
Take a look at the list I’ve prepared below of the best places to buy Bitcoin Cash in the UK.
I’ve chosen these platforms based on their user-friendly interfaces, accessibility, and security features.
1. eToro – Overall Best Place to Buy Bitcoin Cash UK
CFD crypto is restricted for users under FCA (UK)
If you’re looking to buy Bitcoin Cash in the UK, eToro is a great option for you. You’ll feel like you’re part of a bustling trading floor with their user-friendly platform.
eToro is a social trading and investment platform that allows users to buy, sell, and trade cryptocurrencies, including Bitcoin Cash.
The platform is regulated by the Financial Conduct Authority (FCA) in the UK, which means that you can trust that your investments are secure.
One of the great features of eToro is its CopyTrader tool, which allows you to automatically copy the trades of other successful traders. This is a great way to learn from the best and potentially make more profitable trades.
Additionally, eToro has a wide range of payment options, including bank transfers, debit cards, and e-wallets, making it easy to deposit funds and start trading Bitcoin Cash.
If you’re looking for a reliable, user-friendly platform to buy Bitcoin Cash in the UK, eToro is definitely worth checking out.
Finally, it’s worth noting that as of 2023, eToro announced that they reached 30 million registered users worldwide.
On top of this, they have an ‘Excellent’ rating on Trustpilot (which is quite rare for crypto exchanges), with over 18,000 reviews.
Read my complete eToro review.
- Fees: Crypto trading fees are 1%.
- Supported Assets: 92 cryptocurrencies, stocks, indices, commodities, fiat currencies and ETFs.
- Regulation: FCA.
- Customer Support: 24/5 support via live chat, email and ticket system.
- GBP Deposit Methods: Bank Transfer, Debit Card, eToro Money, Skrill, Neteller, Rapid Transfer & Trustly.
2. Uphold
You’ll find Uphold to be a reliable and user-friendly platform for purchasing Bitcoin Cash in the UK.
The platform offers a simple and straightforward way to buy Bitcoin Cash using a wide range of payment methods, including bank transfers, debit/credit cards, and even cryptocurrencies.
This makes it easy for UK residents to get started with buying Bitcoin Cash without any hassle.
One of the key features of Uphold is its competitive pricing model, which allows users to buy Bitcoin Cash at some of the lowest fees in the industry.
The platform also offers a high level of security, with all transactions being processed through a secure payment gateway, and users’ personal information and funds being kept safe with multi-layered security measures.
Additionally, Uphold is an established and reputable platform, with a proven track record of providing reliable and efficient services to its users.
Overall, if you’re looking for a reliable and user-friendly platform to buy Bitcoin Cash in the UK, Uphold is definitely worth considering.
Read my complete Uphold review.
- Fees: Deposits are free when funded by a bank account, debit/credit card, using Bitcoin, or from another Uphold account. Crypto trading fees range between 0.8% and 1.2%.
- Supported Assets: 250+ cryptos, shares, precious metals and fiat currencies.
- Regulation: FCA.
- Customer Support: 24/7 support via live chat and email.
- GBP Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
3. Coinbase
When using Coinbase, you’ll find that the platform offers a variety of features and tools that can help you manage your Bitcoin Cash investments more effectively.
You can also set price alerts that notify you when Bitcoin Cash reaches a certain price point, enabling you to make informed decisions about when to buy or sell.
In addition, Coinbase offers a secure platform for storing your Bitcoin Cash.
The platform uses industry-leading security practices, such as two-factor authentication and cold storage, to protect your investments from hackers and other threats.
Moreover, Coinbase provides insurance for its users’ funds, adding an extra layer of protection to your Bitcoin Cash holdings.
Overall, Coinbase is a reliable and user-friendly platform that can help you buy, sell, and store Bitcoin Cash in the UK.
Read my complete Coinbase review.
- Fees: 0% – 3.99%. Varies by type of transaction; other fees may apply.
- Supported Assets: 200+ cryptos.
- Regulation: FCA.
- Customer Support: Live messaging support is available 24 hours a day, seven days a week (although it can be quite slow).
- GBP Deposit Methods: Bank Transfer, Faster Payments Transfer, SEPA, 3D Secure Card.
How to Buy Bitcoin Cash UK
To buy Bitcoin Cash (BCH) in the UK, follow these simple steps:
1. Choose a cryptocurrency exchange: Select a reputable and user-friendly cryptocurrency exchange that supports BCH trading in the UK.
2. Create an account: Sign up for an account on the chosen exchange and complete the verification process, if required.
3. Deposit funds: Deposit the desired amount of funds into your exchange account. Some exchanges allow you to deposit GBP directly, while others may require you to deposit another cryptocurrency and then trade it for BCH.
4. Place an order: Once your account is funded, navigate to the trading section and place an order to buy Bitcoin Cash. You can specify the amount of BCH you want to purchase or the amount of GBP you want to spend.
5. Review and confirm: Double-check the details of your order, such as the price and quantity, before confirming the transaction.
6. Secure your BCH: After your order is executed, the Bitcoin Cash will be credited to your exchange account. For enhanced security, consider transferring the purchased BCH to a personal cryptocurrency wallet that you control.
What Is Bitcoin Cash?
Bitcoin Cash (BCH) is a decentralised digital currency that emerged as a result of a hard fork from the original Bitcoin network in 2017. It shares many characteristics with Bitcoin but aims to provide faster and more affordable transactions.
Bitcoin Cash uses larger block sizes, allowing more transactions to be processed in each block and reducing congestion on the network.
It also seeks to maintain the principles of decentralisation and peer-to-peer electronic cash transactions that Bitcoin was originally designed for. Bitcoin Cash is widely used for online payments, remittances, and as a store of value.
How Does Bitcoin Cash Work?
Bitcoin Cash (BCH) works on a decentralised peer-to-peer network similar to Bitcoin. It utilises blockchain technology, a distributed ledger that records all transactions across multiple computers, called nodes.
When someone initiates a transaction with Bitcoin Cash, it is broadcasted to the network and verified by the nodes through a process called mining.
Miners compete to solve complex mathematical puzzles, and the first one to solve it adds a new block of transactions to the blockchain. This process ensures the integrity and security of the network.
Bitcoin Cash distinguishes itself from Bitcoin by having larger block sizes, allowing for more transactions to be processed quickly and at lower fees. It aims to provide a scalable and efficient payment system, making it suitable for everyday transactions.
Additionally, Bitcoin Cash supports smart contract functionality through its scripting language, enabling the creation of decentralised applications (dApps) on its blockchain.
Overall, Bitcoin Cash aims to offer a faster and more accessible alternative to traditional payment systems while maintaining the core principles of decentralisation and security.
Commonly Asked Questions About Bitcoin Cash
Is Bitcoin Cash Safe?
Bitcoin Cash (BCH) operates on a secure blockchain network and inherits many of the security features of Bitcoin. However, like any cryptocurrency, the safety of using Bitcoin Cash depends on various factors.
The decentralised nature of the blockchain provides transparency and immutability to transactions, reducing the risk of fraud.
Additionally, the network’s robust cryptographic algorithms help protect the integrity of transactions and user funds.
However, it’s important to note that the safety of holding and using Bitcoin Cash also relies on individual users taking necessary security measures. This includes safeguarding private keys, using secure wallets, and being cautious of potential scams or phishing attempts.
As with any investment or financial decision, it is advisable to conduct thorough research, follow best practices for security, and exercise caution when engaging with cryptocurrency transactions to enhance the safety of using Bitcoin Cash.
What Makes Bitcoin Cash Unique?
Bitcoin Cash (BCH) stands out with its larger block size, allowing for faster and more scalable transactions compared to Bitcoin.
It aims to provide a peer-to-peer electronic cash system that enables low-cost, fast, and reliable transactions for everyday use.
Is Bitcoin Cash legal in the UK?
Yes, Bitcoin Cash and other cryptocurrencies are legal in the UK. The UK government recognises cryptocurrencies as property, and they are subject to existing laws and regulations.
The Financial Conduct Authority (FCA), the regulatory body responsible for overseeing financial activities in the UK, has implemented regulations to combat money laundering and ensure consumer protection in the cryptocurrency space.
Cryptocurrency exchanges and service providers in the UK must comply with these regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
It’s important to note that the legal status and regulatory environment surrounding cryptocurrencies can vary from country to country.
While cryptocurrencies are legal in the UK, it’s advisable to stay updated on any changes in regulations and consult with legal and financial professionals for specific guidance related to your situation.
Can I Buy Bitcoin Cash With GBP?
Yes, you can buy Bitcoin Cash (BCH) with GBP (British Pound) on various cryptocurrency exchanges and trading platforms.
Is Bitcoin Cash a Good Investment?
Whether Bitcoin Cash (BCH) is a good investment or not depends on various factors such as your financial goals, risk tolerance, and market conditions. It’s important to conduct thorough research, understand the potential risks and rewards, and consult with a financial advisor before making any investment decisions.
What Is Bitcoin Cash Trading?
Bitcoin Cash (BCH) trading refers to the buying and selling of Bitcoin Cash on various cryptocurrency exchanges. Traders engage in BCH trading to speculate on its price movements and take advantage of potential profit opportunities.
Trading can involve strategies such as buying BCH at a lower price and selling it at a higher price, or trading based on technical analysis indicators. It requires understanding market dynamics, chart patterns, and risk management techniques.
What Happens After I Buy Bitcoin Cash?
After you buy Bitcoin Cash (BCH), it is stored in your digital wallet. You have the option to hold it as a long-term investment or use it for various purposes.
You can send and receive BCH to and from other users, use it as a means of payment for goods and services from merchants who accept Bitcoin Cash, or even trade it on cryptocurrency exchanges for other digital assets.
It’s important to keep your BCH secure by following best practices for wallet security and staying informed about market trends and developments in the cryptocurrency space.
Is Bitcoin Cash Taxed in the UK?
Yes, Bitcoin Cash and other cryptocurrencies are subject to taxation in the UK. The UK tax authority, HM Revenue & Customs (HMRC), treats cryptocurrencies like Bitcoin Cash as taxable assets rather than currencies.
The tax treatment can vary depending on the specific activities involving Bitcoin Cash, such as buying, selling, mining, or receiving it as payment.
Here are some key points to consider regarding Bitcoin Cash taxation in the UK:
Capital Gains Tax: When you sell or dispose of Bitcoin Cash, any capital gains made may be subject to Capital Gains Tax. The tax is calculated based on the difference between the acquisition cost and the disposal proceeds.
Income Tax: If you receive Bitcoin Cash as payment for goods or services or receive mining rewards, it may be subject to Income Tax. The value of Bitcoin Cash received should be converted to the equivalent fiat currency value at the time of receipt for tax purposes.
Trading and Speculative Activity: If you are actively trading Bitcoin Cash as a business or engaging in speculative activities, profits and losses from such activities may be subject to Income Tax or Corporation Tax.
Record-Keeping and Reporting: It’s important to maintain accurate records of Bitcoin Cash transactions, including dates, values, and any associated costs. These records will be crucial for calculating tax liabilities and reporting them to HMRC.
Professional Advice: Due to the complex nature of cryptocurrency taxation, it’s advisable to consult with a qualified tax professional or accountant who is knowledgeable in cryptocurrencies to ensure compliance with tax regulations.
Final Thoughts
In conclusion, buying Bitcoin Cash (BCH) in the UK is made easy with several reliable platforms and exchanges.
By following the steps outlined in this guide, you can securely purchase BCH and start participating in the world of cryptocurrencies.
Remember to choose a reputable and user-friendly platform that suits your needs and offers a seamless buying experience.
FAQs
What is the best app to buy Bitcoin Cash in the UK?
eToro is a recommended app for buying Bitcoin Cash (BCH) in the UK. It offers a user-friendly interface, secure transactions, and a wide range of features to enhance your trading experience.
What is the safest way to buy Bitcoin Cash?
The safest way to buy Bitcoin Cash (BCH) is to use a reputable and regulated cryptocurrency exchange or platform that implements robust security measures to protect your funds and personal information.
Can I buy Bitcoin Cash with a credit or debit card?
Yes, you can buy Bitcoin Cash (BCH) with a credit or debit card on many cryptocurrency exchanges and platforms.
What’s the easiest way to buy Bitcoin Cash?
The easiest way to buy Bitcoin Cash (BCH) is through a user-friendly cryptocurrency exchange or platform that supports BCH purchases.
What’s the cheapest way to buy Bitcoin Cash?
The cheapest way to buy Bitcoin Cash (BCH) is to find an exchange or platform with low trading fees or competitive rates for BCH purchases.
How to buy Bitcoin Cash without fees?
To buy Bitcoin Cash (BCH) without fees, look for platforms or exchanges that offer promotions, discounts, or zero-fee trading options specifically for BCH transactions.