If you want to learn how to buy Ethereum (ETH) in the UK, this helpful guide will provide you with all the information you need to know.
As people have started to embrace cryptocurrencies, popular coins such as Ethereum and Bitcoin have risen in price. Because of this, global exchanges and wallets have ensured that they support Ethereum and all other ERC-20 tokens. ETH has been publicly traded since 2016 and has grown to be one of the largest cryptocurrencies in the world. With this, many crypto users want to get their hands on this popular altcoin.
If you live in the UK and want to purchase some Ethereum, you will need to buy it through either a cryptocurrency exchange or a peer-to-peer platform that offers Ether. First, you will need to set up an account on an exchange.
In order to purchase Ethereum, you will need to:
- Choose an exchange
- Set up an account on your chosen exchange
- Deposit funds through a bank transfer, credit/debit card, or using a different type of cryptocurrency such as Bitcoin
- Exchange your funds for the chosen amount of Ethereum
- Withdraw your funds into your own hardware wallet – this is an optional step, but is highly recommended
How to choose an exchange
When choosing an Ethereum exchange, you will have to analyse all the different features and choose one that is best suited to your needs.
Some important factors to remember are as follows:
- Fees – Fees on all exchanges will vary. You will ideally need to examine the deposit, withdrawal, and transaction fees. But remember, exchanges with the cheapest fees are not always the best.
- Payment methods – You will need to find out what payment options the exchange will accept. This can vary from credit/debit cards to wire transfers and even PayPal.
- Supported countries – This may be the largest factor when choosing the exchange you wish to use. If the exchange does not support the country you live in, there will be no point setting up an account.
- Customer support – If you are a beginner, you may be in need of customer support at various stages of your purchasing process. If an exchange is not beginner friendly and does not provide reliable support, you might struggle when making your purchases.
Best UK Ethereum exchanges
Here are some of the top exchanges that sell Ethereum in the UK.
Bitpanda is one of Europe’s most used platforms for buying and selling Ethereum and other digital assets. It is based in Austria and was founded in 2014. Over the years, Bitpanda has become extremely popular for those in Europe. Users are able to buy Ethereum in the UK with a wide range of payment options including NETELLER, Skrill, online bank transfers, and credit and debit cards. The exchange is great for beginners due to its intuitive interface and low fees.
Established in 2016, Changelly allows users to trade one cryptocurrency for another. It aims to provide the best rates on the market with transparent fees. If you own Bitcoin or a similar cryptocurrency, you can automatically trade it for Ethereum. This exchange is great if you already own a coin as the interface is simple and transfers do not take a long time to complete. However, if you wish to buy Ethereum with fiat currencies on Changelly, be prepared for extremely high fees.
Finally, Coinmama is another great exchange for beginners. It has been in the space since 2013 and supplies a broker service for many cryptocurrencies including Ethereum. Coinmama prides itself on quality customer support, making it a suitable option for beginners who may need assistance. It accepts credit and debit card payments with a fee and has top security features. Coinmama also does not store any personal information about the user, which makes it less likely for a hacker to get hold of your funds or payment details.
As Ethereum becomes more popular, the number of exchanges offering ETH and options for purchasing the asset will increase dramatically. If you are a beginner, you will need to remember to choose an exchange with an easy interface and helpful customer support.