Buy Bitcoin Liverpool 2021
Making Crypto Simple
Bitcoin and blockchain technology are becoming an extremely popular investment. From central governments studying the notion of Central Bank Digital Currencies (CBDCs) to merchants that have added it as a payment method, a number of elements contribute to the rising dominance of the cryptocurrency market. Plus, more people are turning to Bitcoin because of its irreversible and extremely secure nature.
Today, we’ll present you with everything that you need to know about purchasing Bitcoin in Liverpool. However, if you would like to get a more general idea of the ways to buy Bitcoin in your country, you can take a look at our guide on How to Buy Bitcoin in the UK.
How to Buy Bitcoin in Liverpool
There are a few options to purchase Bitcoin in Liverpool available for UK residents. Each of these payment methods has its advantages and disadvantages. To help you out, we did the legwork for you and examined the most important things to consider when making your decision regarding which payment method suits your needs best. Without further ado, we give you the three most popular ways of buying Bitcoin in Liverpool:
- Use Bitcoin/Cryptocurrency Exchanges to buy Bitcoin
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on a Cryptocurrency Exchange
As a beginner, we suggest that you purchase your Bitcoin through a cryptocurrency exchange. Some of the most important features you should consider in a Bitcoin exchange are a wide range of cryptocurrencies, different payment options, low fees, great security, and an excellent customer support team that is fast to respond to all its users’ demands and questions.
With various crypto exchanges available, we understand that selecting the best one can seem difficult or complicated sometimes. To help you make your decision as smooth as possible, we’ve prepared an article on The Best Cryptocurrency Exchanges in the UK.
However, before we dive into what the best exchanges are, we’ll introduce you to the process of buying cryptocurrency in the UK using an exchange:
- Open an account;
- Allow two-factor authentication;
- Complete the verification process;
- Insert CAD;
- Enter the amount of BTC you want to buy.
It is that simple.
Without a doubt, CEX.io is the best cryptocurrency exchange in the UK. The exchange allows you to trade various coins including the most popular ones, as well as some altcoins, with decreased liquidity very securely.
Moreover, you can buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), and DASH using Visa or Mastercard and make your payment in USD, EUR, GBP, or RUB.
If you are a more experienced trade expert or looking to deposit a larger amount of GBP, we recommend Coinfloor. The exchange has a spotless reputation and employs great security measures like multi-signature cold storage and secure vaults for the users’ funds.
Lastly, our all-time favorite cryptocurrency exchange is CoinJar. The platform is located in the UK, implying that you can deposit GBP immediately. Moreover, the exchange offers some of the lowest fees as well as iOS and Android mobile apps, which permit customers to trade cryptocurrencies whenever they wish.
Buy Bitcoin with Cash
Before you jump into making your decision, you need to learn about the alternative ways of purchasing Bitcoin with cash. For instance, some peer-to-peer exchanges such as LocalBitcoins are not a safe way of buying Bitcoin with cash. These decentralized exchanges connect buyers and sellers allowing them to make an agreement without a third party acting as an intermediary. However, they’re risky because…
As a more convenient and secure method, we recommend over-the-counter (OTC) brokers. OTCs are different from regular crypto exchanges, as they offer customized and anonymous services, high liquidity, and better conversion rates. Regular crypto exchanges normally fail to offer optimal services to large businesses or individuals as they have already established rigorous limits for deposits and withdrawals.
For example, if you would like to purchase 500 BTC you would encounter many issues since the odds are that no one is selling 500 BTC at a given time — meaning that you’ll have to purchase it from multiple sellers. You’d possibly succeed to purchase the first chunk at the going market rate but would wind up buying the last chunk at a considerably higher price. This is a phenomenon known as slippage. Slippage can happen when you run out of people selling at your desirable price, resulting in you “slipping” from the original market price. To avoid this, OTC brokers quote a fixed price for the complete order.
Our favorite exchange platforms that also offer OTC services are Kraken, Binance, and eToro.
Buy Bitcoin from a Bitcoin ATM
Lastly, we present you with the final option to buy Bitcoin: using a Bitcoin ATM, or BATM. Many traders would agree that purchasing BTC from a BATM is a much easier and convenient method than buying through cryptocurrency exchanges. In addition, contrary to traditional ATMs where you withdraw money with your debit card, BATM enables you to buy Bitcoin with cash or debit card without revealing your bank information.
The only drawback is that BATM charges a higher transaction fee in comparison with other payment methods that can reach up to 10% from the order. In Liverpool, you can find three BATMs: one at Yard/District, another one at Victoria Brow Bar, and one at Herman Vapes. Just pay attention to the instructions on the screen to get your BTC transferred to your Bitcoin wallet or to your exchange account.
Frequently Asked Questions
The most convenient way to buy Bitcoin in Liverpool is through a cryptocurrency exchange. There are numerous platforms to choose from, depending on your trading needs. If you like to trade via UK bank accounts, we suggest CEX.io and Coinbase, while if you are just starting and are searching for the most convenient way to purchase Bitcoin, we recommend checking out CoinJar and Coinmama.
Yes, there are many exchanges where you can sell Bitcoin (BTC) and other blockchain-based coins such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH) in exchange for fiat or another kind of cryptocurrency. However, before starting the process, make sure to check what cryptocurrencies are accepted on the exchange.
Binance provides the lowest fees, starting at 0.1%, which is quite competitive for the industry. There’s an additional benefit if you possess Binance tokens, as you can use them to pay your fees and get an extra discount. On the other hand, if you are involved in the corporate or institutional market, our top pick is Coinfloor.