How to buy crypto in the UK: a plain-English beginner's guide
By SendPay Business · · 2 min read
Buying crypto in the UK usually takes a few minutes in an app, but choosing where to buy, and understanding the risks, matters more than the buying itself. Crypto prices can fall sharply, and crypto is not covered by the Financial Services Compensation Scheme.
The usual steps
- Choose a provider and check it appears on the FCA's register of cryptoasset firms, or is otherwise allowed to serve UK customers.
- Sign up and verify your identity, usually with photo ID and a selfie.
- Add money by bank transfer or card.
- Choose a coin and an amount, check the total cost, and confirm.
- Decide whether to keep the coins with the provider or move them to your own wallet.
Costs to check
Look at the trading fee, the spread between the buy and sell price, and any fee to add or withdraw money. An app that says it charges no fee may still charge through a wider spread.
Staying safe
UK rules give first-time buyers with a provider a 24-hour cooling-off period before they can invest. Be wary of anyone who contacts you out of the blue, promises guaranteed returns or asks you to move coins to a new wallet. Only put in money you could afford to lose.
Where SendPay fits
SendPay platforms let businesses offer their own customers crypto buying, selling and holding next to their cash, under their own brand, at a trading fee the owner sets. Assets are held with regulated partners.
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Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
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What does the spread cost me?
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.