How to Buy Bitcoin in the UK: A Binance Guide
At Binance, we offer several ways to buy Bitcoin in the UK. In this article, we enumerate the ways with our BTC/GBP offerings on the platform. (This blog has been updated as of February 2021.)
Binance, the leading cryptocurrency exchange in terms of trading volume, is always looking out for our British customers, so we provided several ways to buy Bitcoin in the UK. One of the best ways to do so is via our Buy Crypto page, which lets you buy crypto in the UK using the British pound, among other supported local currencies.
Background: Bitcoin in the UK
As one of the world’s major economies, the United Kingdom is understandable ahead of the curve when it comes to cryptocurrency activities. Buying Bitcoin in the UK has become commonplace.
In fact, a nationwide survey from back in 2019 found that more than 90% of the people in the country are aware of Bitcoin, with about 9% of them actually owning cryptocurrencies. While that looks like a small number, the sheer amount of awareness in Bitcoin, as well as the fact that a huge majority of Britons personally knows a Bitcoin holder, indicates that the potential for buying Bitcoin in the UK to become mainstream is huge.
Another thing: about 21% of Britons already think that Bitcoin can be as common as fiat currencies.
In light of the ongoing movement to spread the freedom brought by cryptocurrencies to the UK, Binance is offering at least two ways to buy Bitcoin in the UK: through the Binance Buy Crypto platform and Binance P2P
With Binance, you can fund your account with GBP deposits via your preferred bank (as long as it’s supported on the website) or the debit or credit card of your choice, and then use your GBP to buy cryptocurrencies. When you want to sell cryptocurrencies instead, you can proceed to convert your crypto to GBP and then withdraw to your bank.
Here are the steps to use Binance for buying Bitcoin in the UK:
- Create an account on Binance and complete the account verification process.
- Once that’s complete, log in to your account and go to Wallet, click on Fiat ad Spot, then search for GBP and click Deposit.
- Enter the desired deposit amount in GBP, choose from Bank Card (for credit or debit card) or Faster Payments (for bank accounts) and click Continue. You’ll be shown the information you’ll need to submit to the bank where you will make a wire transfer.
- Once the deposit is completed, check your Binance account to see the status of your deposit.
- Use the deposited GBP to buy cryptocurrencies such as Bitcoin.
Binance Buy Crypto is not the only option offered by Binance for buying Bitcoin and other cryptocurrencies with your GBP. At Binance, we also offer a convenient method for buying Bitcoin through offers made on Binance P2P.
Here’s a step-by-step guide on how to buy Bitcoin in the UK using Binance P2P:
- Log in to your Binance account. If you don’t have an account yet, please create one. Make sure that you completed the Identity Verification process for your account.
- Go to Buy Crypto and select P2P Trading.
- Under Fiat, select GBP. Then, select Buy and click BTC. You will be shown various offers for buying Bitcoin at different price points on ads posted by other Binance users.
- Click the Buy BTC button on your selected offer, enter the amount of GBP you want to spend, select your preferred payment option, and click the Buy BTC button again.
- Make the payment to the account displayed on your selected option, and click the “Transferred, next” button.
- Wait for the seller to send you the BTC you purchased. He will then notify you when the deal is done, and you’ll be able to receive your Bitcoin.