How to buy cryptocurrency in Great Britain

It is easier than you might think to buy cryptocurrency in Great Britain . There are several different crypto exchanges and exchange services, but it is strongly recommended that you use a player who is registered with Finanstilsynet, such as eToro.

Many Norwegians prefer eToro. Much of the reason for this is that eToro is so far the only exchange that gives you the opportunity to use both PayPal and payment cards as a deposit method, so you can buy cryptocurrency in a few minutes. By the way, eTOro offers over 100 different types of cryptocurrency.

This is how cryptocurrency trading works

There are several ways to both buy and sell cryptocurrencies, but the most common method is to use a cryptocurrency exchange. You can also trade cryptocurrencies directly with other individuals, but it is safest to use a reputable cryptocurrency exchange. You should always think about security when buying cryptocurrency, just as you should think about security no matter what you do online. To be on the safe side, it may pay to consider an encrypted VPN service. Check vpntopp.no here.

This is how you get started

The first thing you need to do once you have decided to buy cryptocurrency is to choose where you want to buy. We mention again that it pays to choose a player who is registered with Finanstilsynet. Then you have more rights if something should go wrong.

Once you have decided which cryptocurrency exchange you want to trade with, just register and open an account.

As a rule, you must click on their website and fill in the necessary information such as e-mail address, username and desired password. By the way, remember not to use the same password on several websites. Then you are more vulnerable if one of the user sites is hacked, which unfortunately happens from time to time.

If you are going to buy cryptocurrency for more than 20,000 kroner, you must first verify your e-mail address. However, you can avoid this if you are going to shop for a lower amount, and then it goes much faster.

It is also important that you read carefully the terms and conditions of the website you choose to trade on, before you start trading.

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How to verify your email address

To verify your email address, you will receive an email with information about this. Once you have verified your email address, all you have to do is enter the required information on your profile. Be aware that this may take a few minutes.

You need to be aware that you need to answer some questions before you are allowed to buy cryptocurrency. This can, for example, be the origin of the money you trade for, whether it is earned income or gain on investments. You must also confirm that you understand the risk you are taking by buying cryptocurrency, and whether you have traded cryptocurrency before.

When you have finished answering the questions, you can complete your profile.

How to deposit money into the account

You must deposit money into your eToro account before you can purchase cryptocurrency. To deposit money you can use credit or debit cards, PayPal, bank transfer, Neteller or Skrill. Please note that you must deposit a minimum of 50 euros, which is equivalent to approximately 500 kroner at today’s exchange rate.

Once you have deposited money into your account, you are ready to buy cryptocurrency. You will get an overview of possible cryptocurrencies you can buy. Then just choose.

Buy cryptocurrency with cards

As of today, it is only possible to buy cryptocurrency with cards, including Visa and MasterCard, from eToro in Great Britain . The reason why there are no more is that the payment intermediaries risk having to refund purchases, if the cardholder claims that the card has been used against his or her will and knowledge.

However, we expect that there will be more marketplaces where you can use cards eventually.

Kjøpe Bitcoin

Buy cryptocurrency with bank transfer

In 2019, Finanstilsynet introduced a registration obligation for companies wishing to offer the purchase and sale of cryptocurrencies in Great Britain . Since then, several companies have registered, including the largest player Firi.

At Firi you can buy five different cryptocurrencies; bitcoin , litecoin , DAI , XRP and ethereum .