Since its introduction in 2009, Bitcoin has ushered in a new financial era. While tax authorities, governments, and regulators worldwide argue about the best way to handle cryptocurrencies, many people wonder where the best place to buy Bitcoin online in the UK is. Or simply if they are legal. The short answer depends on where you are and what you intend to use Bitcoin for.
Bitcoin in England
According to the Bank of England, because cryptocurrencies do not have classic characteristics, they are not considered “money” and do not pose a systemic risk to the stability of the banking ecosystem. However, as the legal implications, rules, and status of crypto assets and currencies can vary depending on their nature, type, and use, the Financial Conduct Authority (FCA) and the Bank of England have issued a series of warnings and guidance on the use of cryptocurrency in the UK. These provide a summary of the tax treatment of cryptocurrencies, stating that their “unique identity” means that they cannot be compared to conventional investments or payments and that their “taxability” depends on the activity and parties involved.
Where to buy Bitcoin in the UK
The most convenient, albeit slightly expensive, way to buy Bitcoin in the UK is through Wirex. There will be an additional fee, but you can buy Bitcoin in the UK at the real exchange rate with a meager trading fee.
Once you are registered and verified with Wirex, you can complete the purchase process within hours rather than days. It’s important to note here that when using Wirex, it’s best to use a debit card rather than a credit card, as this is often considered giving away cash. Instead, it is faster and cheaper to use a debit card.
As a reminder, Wirex was founded in 2014. Its headquarters is located in London. Additional offices are opened in Kyiv, Singapore, Atlanta, and Toronto. At the same time, Tokyo is home to SBI Wirex Asia, a subsidiary established with Japan’s most prominent venture capital investment group, SBI Group. Wirex now has 4.5 million customers from 130 countries. Among the services, there are account openings in different currencies, money transfers, and exchanges, as well as cashback – users can return up to 2% of expenses in the company’s token WXT.
Crypto Bank issues Visa debit cards with cryptocurrency wallets linked to them and also opens bank accounts for private clients.
Buy Bitcoin with VISA or Mastercard in USD
For users looking for a convenient way to buy BTC in USD, Wirex offers the option to purchase using VISA or Mastercard. This step-by-step guide provides a detailed walkthrough of the process, ensuring a smooth and hassle-free experience when buying Bitcoin on wirexapp.com.
Create a Wirex Account:
- Visit wirexapp.com or download Wirex app from App Store or Google Play to sign up for an account
- Provide the required personal information.
Complete Identity Verification:
- To comply with regulations, Wirex may ask you to verify your identity.
- Submit the necessary identification documents as prompted.
Log In to Your Wirex Account:
- After successful verification, log in to your Wirex account.
Locate the Buy Bitcoin Section:
- On the top bar, click the “Buy” option and then select BTC as your target account.
Choose Your Payment Method:
- Select whether you want to buy Bitcoin with a credit/debit card.
Specify the Amount:
- Enter the amount of Bitcoin you wish to purchase.
- Wirex will display the equivalent amount in your selected currency.
Review and Confirm:
- Double-check all the details, including the amount and payment method.
- Once you’re satisfied, confirm your purchase.
Secure Your Wallet:
- If you still need to get a Bitcoin wallet, Wirex provides one.
Completion of Purchase:
- After confirming your purchase, Wirex will execute the transaction.
- You’ll soon see your BTC wallet balance.