Buy Bitcoin Manchester 2021
Making Crypto Simple
If you’re unsure whether digital assets such as Bitcoin are a wise decision to invest your money in, this is the right article for you. Bitcoin interest and demand have been on the rise for some time now, and many people are looking to buy BTC because it’s global, irreversible, and highly secure. Most importantly, the purchasing process has never been simpler and you have a variety of methods to choose from.
Before you dive into the rest of our article, you can learn more on the topic by reading our article on How to Buy Bitcoin in the UK.
How to Buy Bitcoin in Manchester
The United Kingdom is one of the few countries where Bitcoin trading is quite popular. According to a Cryptoradar.org survey conducted at the end of 2019, 5.3% of UK citizens owned Bitcoin, and 6.8% intended to buy some. If you’re located in Manchester and have an interest in this currency as well, but you are unsure where to begin, we present you with the three most popular ways of buying Bitcoin in Manchester:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on Cryptocurrency Exchanges
To buy BTC through cryptocurrency exchanges, you’ll need to complete some research ahead of time. We understand that with so many different options, choosing the best crypto platform can seem a little intimidating, especially if you’re a beginner.
We would like to assure you that there’s nothing to be worried about by showing you how easy the process of cryptocurrency trading can be.
The first step is to open an account. Next, you’ll need to verify your account and provide personal information together with scanned copies that might be mandatory in compliance with the Financial Conduct Authority (FCA). Once verified, you’re ready to deposit GBP. You can use several different payment methods such as domestic or international bank transfer, or use your debit or credit card.
Our top pick as the best overall exchange is CoinJar. The exchange is located in the UK, meaning that you can deposit GBP immediately. Moreover, the user interface is simple to use and it’s suitable for both beginners and advanced traders.
If you’re based in the UK and looking for some advanced features that other exchanges lack, we recommend CEX.io. The exchange offers the possibility to acquire passive income by lending crypto or borrowing fiat by using crypto as a guarantee and offers a great mobile app that is user-friendly.
Exchanges located in the UK possess the benefit of responding to the needs of UK customers more quickly. However, we decided to recommend an international exchange that provides great options for people based in the UK as well. Coinbase is a reliable platform that offers a user-friendly interface, minimalistic design, and basic trading features. Besides, you have the option of choosing every payment method available when purchasing one of the four cryptocurrencies it supports: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), or Litecoin (LTC). You can also make fiat deposits in GBP, USD, EUR, AUD, and CAD.
If you still have doubts or feel like you need a more in-depth understanding of the different features of the top-ranked exchanges, please take a look at The Best Cryptocurrency Exchanges in the UK, prepared by our team.
Buy Bitcoin with Cash
Even though cryptocurrencies such as Bitcoin are mostly bought online, that doesn’t mean you can’t buy them with cash. This type of method includes a couple more steps compared to other methods, but it all pays off in the end.
When it comes to cash, we’ll focus on over-the-counter (OTC) brokers as the most beneficial way of purchasing Bitcoin. An OTC is a trading service that permits the purchase and selling of large amounts of Bitcoin and other cryptocurrencies. OTCs provide more private and customizable services to institutions and individuals that need high liquidity and privacy. The main advantage of an OTC is the ability to prevent slippage. When purchasing high-volume orders with regular cryptocurrency exchanges, orders need to be divided into several smaller ones, resulting in purchase prices much higher than the primary offer. To avoid this, OTC brokers quote a fixed price for the complete order.
Now we’ll present you with some of our most recommended places to buy Bitcoin with cash via OTC. One of them is Go2Trader. The brokerage has a devoted team of crypto broker experts providing guidance and assistance throughout the entire process of trading. Most importantly, their main goal is to give their customers the confidence to trade in an easy and safe way. As another alternative, we also advise buying through some of the well-established exchange platforms that offer OTC services such as Kraken, Binance, and eToro.
We would also like to warn you not to take the risk of buying Bitcoin through peer-to-peer exchanges such as LocalBitcoins. To pay in cash, you need to meet with a person, which can be unsafe and inconvenient, and even result in fraud, as there is no intermediary to ensure the transaction.
Buy Bitcoin from a Bitcoin ATM
Finally, you can buy Bitcoin using Bitcoin ATMs or BATMs. These machines act like regular ATM machines and the purchasing process is very simple:
- Visit one of the 13 locations in and around Manchester, according to Coin ATM Radar.
- Follow the instructions on the screen.
- Once the transaction is confirmed, your Bitcoin will be directly deposited into your Bitcoin wallet or your exchange account.
Some of the advantages of BATMs are simplicity, safety, and speed. Also, most of them provide you with the option to pay either with cash or with a credit/debit card. However, keep in mind that BATMs charge higher transaction fees compared to other payment methods. The fee goes as high as 8% of the total amount.
Frequently Asked Questions
Some of the best features you should look for in a cryptocurrency exchange include having the payment method you’re most comfortable with, a wide selection of cryptocurrencies and trading options, low-cost fees, high security, and excellent customer support.
We recommend Coinburp and Coinbase as the most secure Bitcoin exchanges for traders in the UK. The exchanges follow AML and CFT policies and carry out KYC control of their users. In addition, Coinburp showcased its concern with customers’ security and fund protection by incorporating safe banking with Faster Payments Service. As a result, this enables users to connect their bank account with Coniburp’s account in order to place deposits in GBP. The process takes less than 15 minutes to complete.