I’ve put together a straightforward process on how to buy Bitcoin with a credit or debit card in the UK, providing you with a clear, step-by-step approach to purchasing Bitcoin easily and securely.
You’ll discover the most reliable platforms and essential tips to ensure a smooth transaction, tailored specifically for UK residents.
Quick answer: How to buy Bitcoin with a credit or debit card in the UK? To buy Bitcoin with a credit or debit card in the UK, choose a reputable cryptocurrency exchange that accepts card payments, such as eToro, Uphold, or Coinbase. Register for an account on the chosen platform and complete any necessary identity verification steps. Once your account is verified, add your credit or debit card as a payment method, deposit funds, and then purchase Bitcoin directly through the exchange’s trading interface. This method offers a straightforward and secure way to buy Bitcoin using a credit or debit card in the UK.
How to Buy Bitcoin With Credit or Debit Card UK – Step-by-Step Guide
Here’s a quick step-by-step guide if you are short on time:
- Select a Cryptocurrency Exchange: Choose a reputable cryptocurrency exchange that operates in the UK and accepts credit or debit card payments. Popular options include eToro, Uphold, and Coinbase.
- Create an Account: Register for an account on the selected exchange. Provide any required personal details to set up your account.
- Verify Your Identity: Complete the identity verification process as required by the exchange. This usually involves submitting a form of ID and possibly a proof of address to comply with regulatory requirements.
- Add Your Card: Link your credit or debit card to your exchange account. Enter your card details as prompted on the payment method section of the platform.
- Deposit Funds: Use your linked card to deposit funds into your exchange account. Choose the amount you wish to deposit, keeping in mind any deposit limits or fees.
- Buy Bitcoin: Once your funds are deposited, navigate to the trading section of the exchange. Select Bitcoin (BTC), enter the amount you wish to purchase, and confirm the transaction.
- Secure Your Bitcoin: After purchasing, consider transferring your Bitcoin to a personal wallet for added security, especially if you plan to hold it long-term.
It’s that simple, just make sure to choose a safe and FCA-regulated exchange.
Where to Buy Bitcoin With Credit or Debit Card?
Here are some of the best places to buy Bitcoin and crypto with a credit or debit card.
1. eToro – Overall best place to buy Bitcoin with a credit card UK
eToro stands out as the premier choice for buying Bitcoin with a credit card in the UK, combining low fees with high safety standards.
As a multi-asset investing platform regulated by top-tier authorities like FINRA, FCA, ASIC, and CySEC, eToro ensures a secure trading environment. The platform allows fee-free deposits in US dollars using Visa, MasterCard, or Maestro, and only charges a minimal 0.5% fee for non-USD currencies, with a low minimum deposit requirement of just $10.
While eToro supports over 90 cryptocurrencies, its broader appeal lies in offering over 3,000 tradeable assets, including forex, CFDs, ETFs, and a variety of cryptocurrencies, making it an ideal platform for traders looking to diversify their portfolios.
The platform’s native payment system, eToro Money, is particularly beneficial for UK traders, allowing them to fund their crypto accounts directly from linked credit cards without incurring typical FX fees.
One of eToro’s most notable features is its focus on social trading, including the innovative CopyTrader option. This feature allows users to effortlessly navigate and replicate the portfolios of successful traders, aligning with their investment strategies.
This, combined with its user-friendly interface, makes eToro especially attractive to novice traders and those exploring new investment ideas.
The platform’s comprehensive offerings and commitment to user experience position eToro as a top choice for UK traders seeking to buy Bitcoin with a credit or debit card.
Read my complete eToro review.
2. Uphold
Uphold is a leading platform for buying Bitcoin in the UK, known for its user-friendly design and diverse payment methods, including credit cards, bank transfers, and other cryptocurrencies.
It stands out for combining multi-asset trading with transparent pricing, offering 0% fees on deposits, commissions, and withdrawals across various assets like cryptocurrency, stocks, and forex.
However, Uphold compensates for these low fees with built-in spreads, typically ranging from 0.8%-1.2% for popular coins, ensuring affordability in the market.
Security and transparency are key features of Uphold, where advanced protocols safeguard transactions and user information.
The platform’s unique approach to transparency involves displaying real-time financial reserves and conducting regular third-party security audits, fostering trust among users.
With a selection of over 250 cryptocurrencies, Uphold caters to a wide array of trading preferences, also providing opportunities in stock and commodity trading.
Despite some user feedback regarding challenges with customer service and occasional account closures, Uphold is particularly recommended for casual trading and exploring new opportunities, offering access to some of the most rarely traded coins.
The platform’s commitment to transparency, security, and its extensive range of trading options make it a solid choice for UK traders seeking to trade Bitcoin and other assets.
Read my complete Uphold review.
3. Coinbase
Coinbase, launched in 2012, is renowned as one of the leading cryptocurrency trading platforms in the UK and globally, recognised for its user-friendliness and stringent security measures.
With a brand as recognisable as Binance and Crypto.com, Coinbase offers an impressive selection of over 250 coins, catering to a diverse range of trading needs. The platform is particularly favored by beginners for its straightforward interface, while also providing advanced features for seasoned traders through Coinbase Pro.
Known for its robust educational resources and comprehensive news coverage, Coinbase makes navigating the world of cryptocurrency accessible for all levels of traders.
Its standard exchange platform covers essential functionalities like buying, holding, and selling Bitcoin, and users can advance to the TradingView-powered Advance Trade platform for more sophisticated trading options, including advanced charting and order types.
Coinbase’s strong focus on security is evident in its use of two-factor authentication, cold storage solutions, and insurance for user investments, ensuring a secure trading environment. The platform also offers helpful features like price alerts, aiding users in making informed investment decisions.
However, users should be aware of Coinbase’s fee structure, which includes a 3.99% charge on credit card payments and varying fees based on transaction type and amount.
Despite the higher fees, Coinbase’s simplicity, security, and extensive coin selection have garnered a global user base of over 70 million, establishing it as a reliable and comprehensive choice for buying Bitcoin in the UK.
Read my complete Coinbase review.
Buying Bitcoin in the UK With a Credit Card vs Debit Card
When buying Bitcoin in the UK, using a credit card versus a debit card presents different advantages and considerations:
Credit Card:
- Rewards and Benefits: Credit cards may offer rewards like cashback or points on transactions, which can be beneficial when purchasing Bitcoin.
- Higher Fees: Credit card companies often classify cryptocurrency purchases as cash advances, leading to higher fees and interest rates compared to regular purchases.
- Credit Utilisation: Using a credit card can impact your credit score, especially if the purchase significantly contributes to your credit utilisation ratio.
- Risk of Debt: There is a risk of accumulating debt if you do not pay off the credit card balance promptly, considering the high-interest rates on cash advances.
Debit Card:
- Lower Fees: Generally, debit card transactions have lower fees compared to credit cards, making them a more cost-effective option for purchasing Bitcoin.
- Direct from Bank Account: Funds are taken directly from your bank account, helping manage spending and avoid debt accumulation.
- No Credit Impact: Debit card transactions do not affect your credit score as they involve spending money you already have.
- Limited Rewards: Unlike credit cards, debit cards usually do not offer additional rewards or benefits for transactions.
While credit cards can offer rewards and the convenience of purchasing on credit, they often come with higher fees and the risk of debt.
Debit cards, on the other hand, are typically more straightforward and cost-effective, drawing directly from existing funds without impacting credit scores.
The choice depends on individual financial situations, risk tolerance, and preferences regarding rewards versus costs.
Commonly Asked Questions
Here are some answers to some of the most asked questions regarding purchasing Bitcoin with debit and credit cards.
Can I buy Bitcoin with a credit card UK?
Yes, you can buy Bitcoin with a credit card in the UK. Many cryptocurrency exchanges, such as Coinbase and Binance, accept credit card payments for Bitcoin purchases. However, it’s important to be aware that using a credit card may involve higher fees and interest rates, as these transactions are often treated as cash advances. Additionally, always ensure the exchange is reputable and secure to safeguard your financial information.
What is the cheapest way to buy Bitcoin with a credit card?
The cheapest way to buy Bitcoin with a credit card is through eToro, known for its competitive fee structure. eToro offers relatively lower credit card transaction fees compared to other platforms, making it a cost-effective option. Additionally, it provides a user-friendly interface and enhanced security measures, ensuring a smooth and secure transaction experience.
Which credit cards can you buy crypto with in the UK?
In the UK, several credit card issuers allow the purchase of cryptocurrency, each with its terms and policies. These include HSBC, M&S Bank, Barclaycard, Revolut, Santander, Royal Bank of Scotland, Monzo, and others. However, it’s crucial to check the specific terms and conditions of each issuer, as they may have different rules regarding cryptocurrency transactions, such as treating them as cash advances with associated fees and interest rates. Always verify the current policy of the credit card issuer and the fees involved in such transactions.
You can check out my list of some of the best crypto-friendly banks.
How to buy Bitcoin with a credit card in the UK with no verification?
Buying Bitcoin with a credit card in the UK without any verification is challenging due to strict regulatory requirements. Most reputable exchanges mandate identity verification (KYC) to comply with anti-money laundering laws. However, certain peer-to-peer (P2P) platforms may offer limited transactions without full verification, but these come with higher risks and potentially higher costs. Always prioritise security and legitimacy over convenience when engaging in cryptocurrency transactions.
How to buy Bitcoin with a debit card in the UK online?
To buy Bitcoin with a debit card online in the UK, first select a reputable cryptocurrency exchange like Coinbase, Uphold, or eToro. Create and verify your account on the platform, completing necessary identity checks. Add your debit card as a payment method, deposit funds, and then purchase Bitcoin through the platform’s trading interface. This method is straightforward and typically involves lower fees compared to credit card transactions.
What to do after I buy Bitcoin with a debit or credit card?
After buying Bitcoin with a debit or credit card, consider the following steps:
- Secure Your Bitcoin: Transfer your Bitcoin to a personal crypto wallet for added security. Hardware wallets are highly secure for long-term storage, while software wallets offer convenience for regular transactions.
- Monitor the Market: Keep an eye on the cryptocurrency market trends, as Bitcoin prices can be highly volatile. Use apps or financial news sites for regular updates.
- Plan Your Strategy: Decide whether you want to hold your Bitcoin for the long term (HODL) or engage in trading. Set clear objectives and risk management strategies.
- Stay Informed: Continuously educate yourself about cryptocurrency markets, regulatory changes, and security practices. Staying informed helps in making better investment decisions.
- Tax Considerations: Be aware of the tax implications of buying and selling Bitcoin in your jurisdiction. Keep records of transactions for tax reporting purposes.
- Diversify Investments: Consider diversifying your investment portfolio to manage risk, including different types of cryptocurrencies or other asset classes.
Remember, investing in Bitcoin carries risk, so invest only what you can afford to lose and make decisions based on thorough research.
How to be safe when buying crypto with a credit or debit card?
To ensure safety when buying crypto with a credit or debit card, follow these steps:
- Use Reputable Exchanges: Choose well-known and trustworthy cryptocurrency exchanges like Coinbase, Uphold, or eToro. Check their security measures and user reviews.
- Secure Internet Connection: Avoid public Wi-Fi networks when making transactions. Use a secure, private internet connection to protect your financial data.
- Enable Security Features: Activate security features on your exchange account, such as two-factor authentication (2FA), to add an extra layer of protection.
- Monitor Your Card Statements: Regularly check your card statements for unauthorised transactions. Report any suspicious activity to your bank immediately.
- Limit Card Access: Consider using a dedicated card with a limited credit limit for cryptocurrency purchases to minimise risk.
- Be Aware of Phishing Scams: Be cautious of unsolicited emails or messages claiming to be from your exchange. Always access your exchange through its official website or app.
- Educate Yourself: Stay informed about common online scams and best practices in digital asset security.
By following these precautions, you can significantly reduce the risk associated with buying cryptocurrency using a credit or debit card.
Final Thoughts
Buying Bitcoin in the UK with a credit or debit card is straightforward, but it’s important to choose reputable exchanges like eToro, Uphold, or Coinbase for secure transactions.
While each method offers convenience, be mindful of the associated fees and risks.
By following the steps outlined in this article and conducting thorough research, you can safely and efficiently navigate the process of purchasing Bitcoin with your card in the UK.
FAQs
Can I buy crypto with a Tesco credit card?
No, you cannot buy cryptocurrency with a Tesco credit card. Tesco, like some other credit card issuers, has restrictions in place that prevent the use of their credit cards for purchasing cryptocurrencies. This policy is in line with certain risk management strategies and regulatory considerations. As such, it’s important to explore alternative payment methods for buying cryptocurrency.
Where are the best places to buy cryptocurrencies with a credit card?
The best places to buy cryptocurrencies with a credit card include eToro, Uphold, and Coinbase. eToro is known for its user-friendly platform and competitive fees, making it a popular choice. Uphold offers a diverse range of cryptocurrencies and transparent pricing, while Coinbase is renowned for its security and extensive selection of digital assets. Each of these platforms provides a convenient and secure way to purchase cryptocurrencies with a credit card.