Buy Bitcoin Birmingham 2024
Making Crypto Simple
Bitcoin is not as complex as it may seem, whether you are a first-time Bitcoin user or a more advanced trader. Nowadays, in particular, it’s easier than ever, as you’re offered many alternatives for making your purchase.
In this guide, we’ll examine the best buying methods which will help you make the right decision for your next Bitcoin purchase.
Before we begin, you can take a look at How to Buy Bitcoin in the UK and gain more in-depth knowledge on Bitcoin practices in the UK.
How to Buy Bitcoin in Birmingham
There are many purchasing methods available when it comes to buying Bitcoin in Birmingham. The general pointers you want to look out for are low-cost fees, great security, and excellent customer support that is responsive to the needs and requirements of the customer. In this article, we have narrowed it down to the three safest and most convenient ways of Bitcoin purchase:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on Cryptocurrency Exchanges
According to research by the Financial Conduct Authority released in 2020, 77% of respondents in the United Kingdom purchased cryptocurrency through a cryptocurrency exchange. Of those that purchased it, 5% bought from exchanges located in the UK, 12% purchased from exchanges located in and outside of the UK, while 83% purchased BTC from non-UK-based exchanges.
Residents in the UK see the benefits of purchasing through a cryptocurrency exchange and recognize that they are the safest and most suitable approach. The various exchanges differ greatly in their fees, security, customer support, verification process, and order limits. To find a more detailed overview of each of the best cryptocurrency exchanges in the UK, please read The Best Crypto Exchanges in the UK.
To start purchasing Bitcoin on a cryptocurrency exchange, you’ll need to create an account. Next, you’ll need to verify your account by providing some personal information along with scans of some required documents. Once you’re verified, you’ll be able to deposit GBP into your account. Some of the payment options include domestic bank transfer, international bank transfer, and using your debit or credit card.
Without a doubt, our best overall pick is CoinJar. The exchange has a very professional customer support team, so it’s not hard to tell that they have a lot of passion for what they do. The platform is very easy to use and especially convenient for novices, but they offer options for advanced traders, as well.
If you’re looking for the best exchange in the UK, CEX.io is our favorite. The exchange offers more than 10 different coins: Bitcoin, Bitcoin Gold, Ethereum, Bitcoin Cash, Litecoin, Dash, Stellar, Tron, BitTorrent, Ripple, MetaHash, and ZCash. It also allows users to buy cryptocurrencies by depositing GBP.
Buy Bitcoin with Cash
If you try to search for “how to Buy Bitcoin with cash’ on Google, peer-to-peer exchanges will be among one of the top results that will appear in your searches. We would like to clarify that peer-to-peer exchanges such as LocalBitcoins and Paxful are not recommended options for purchasing Bitcoin with cash. You’ll have to exchange cash with a person and this could be very unsafe and expose you to scams because there’s no middleman to guarantee the validity and security of the transaction.
As a more secure alternative, we suggest buying through over-the-counter (OTC) brokers. OTC is a customized financial service that provides high liquidity and privacy. However, we would like to point out that the service is suitable only for large volume investments. One of the advantages that OTC provides over the other payment methods is that you can avoid slippage by having access to big sources of cryptocurrency liquidity. Slippage has negative consequences on big volumes, which with regular cryptocurrency exchanges is split into smaller ones. Considering how fast prices change on the volatile crypto market, you’ll end up purchasing Bitcoin for a much higher price than what you expected.
Some of the options available in Birmingham include either visiting domestic OTC desks such as the Go2Trader Bitcoin OTC Desk or purchasing from international exchanges that offer OTC services, such as eToro, Kraken, or Binance.
Buy Bitcoin from a Bitcoin ATM
Another simple and convenient method to purchase Bitcoin in the UK is through Bitcoin ATM or BATM. According to Coinradar, there are a total of 23 BATMs in and around Birmingham. Typically, you’ll find them in convenience stores or kiosks. The most popular and frequented BATMs in Birmingham are the one at Costcutter The Point, the one in Hockley, and the BATM at Nisa Local Finnemore Road, in Bordesley Green.
All you need to do is just follow the instructions on the screen, and your Bitcoin will be instantly stored in your Bitcoin wallet or your exchange account. The majority of BATMs offer you two alternatives: to pay with cash or with your credit/debit card. However, note that BATMs are much more expensive because of the withdrawal fees that are around 5% higher compared to other payment methods.
Frequently Asked Questions
Yes, you can sell Bitcoin in the UK for another crypto. All you need to do is register for an exchange that offers BTC, such as Coinbase, and insert Bitcoin into your account. Next, go to the trading section of the platform and choose what cryptocurrency you want to buy. After, type in how much BTC you want to sell, check the information, and select “Sell BTC”.
The simplest way to purchase Bitcoin in the UK is through a cryptocurrency exchange. If you seek a user-friendly exchange that offers both basic and advanced options, we suggest using CEX.io. If security is your number one priority, we recommend Binance and Coinbase. Binance is a step ahead because they integrate their Secure Asset Fund for clients and assign 10% of the collected fees for trading to this vault.
Currently, Binance offers more than 1,000 different digital tokens including some of the most famous coins like Bitcoin, Ethereum, Litecoin, and Ripple, and some less known but potentially lucrative altcoins. With its broad selection, the exchange meets the needs and demands of every trader.
Blockchain networks function as public databases and keep a record of all previous transactions. A major feature of privacy in blockchains is the use of private and public keys, unique for every user. These keys are composed of random strings of numbers and do not disclose the real identity of the user. The blockchain only displays the users’ public keys, as they correspond with the wallet addresses that made the transactions, but they do not disclose the private keys that give users access to their balance.