Cryptocurrency trading is legal in the UK, but it’s not without risks. The industry is relatively new, and events like the FTX exchange collapse have raised questions about whether or not it’s safe to invest in crypto. But despite these concerns, more than two million adults in the UK currently hold some form of cryptocurrency. In this article, we’ll show you how to buy crypto in the uk safely by using FCA-regulated exchanges and understanding the steps involved. Find out theinvestorscentre.co.uk
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Before you start buying cryptocurrency, you need to create an account on a crypto exchange. There are many options, including OKX, Coinbase, and eToro. Make sure you choose one that’s FCA-registered and offers a secure way to verify your identity. Then, fund your account with GBP fiat currency, which can be done through a bank transfer or services like PayPal.
Once you have funded your account, you can begin making Bitcoin purchases on the exchange. Most exchanges also offer a wallet that you can use to store your coins. However, we recommend transferring your Bitcoin from the exchange to a separate ‘hot’ or ‘cold’ wallet for extra security.
Keep in mind that you’re responsible for reporting any profits from Bitcoin investments to HMRC. This is because the sale of crypto is considered a capital gain. To avoid tax complications, be sure to consult with a tax professional before investing in cryptocurrency. And remember, it’s always important to diversify your portfolio and reassess your risk tolerance regularly.