Bitcoin Exchanges in the UK

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united kingdom bitcoinDo you live in United Kingdom? Well, for a few years there were some issues with exchanging Bitcoins because we had to use Mt.Gox. It was located in Japan, which made things difficult for the Brits. You could send them your pounds or Bitcoins and receive nothing back from it. It was a real problem but we now have a few local British exchanges available to us. They launched just after Mt.Gox collapsed and we now have an opportunity to purchase Bitcoins without sending money outside of the country. The problems appear to be solved but not quite.

Nowadays, British Bitcoin exchanges are still less competitive in comparison to foreign ones. Bitcoin prices in the UK are higher than countries such as the United States.

Short Instructions

It is more difficult to trade Bitcoins in the UK  but not too difficult. Firstly, choose a company you like. In this article we’ll give you a few examples which you may compare and help you make a decision. This is for advice only and to allow you find something appropriate to you.

You can find it then register there. It should not be too complicated, like you may find on other websites. Then you’ll need to prove your identity and place of residency. Such procedures are necessary because you have to verify yourself to be sure you’re not a fraud. Having registered on your Bitcoin exchange, you are now able to make a payment from your bank account or a card to the website. Afterwards, you will have available money to make your transaction.

Though be careful and do not write words like Bitcoin in your bank payment information. Sometimes banks have a tendency to freeze such funds which are being used for Bitcoin trading.

Related: Will Bitcoin Have a Common Symbol for Trading?

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Make Your Choice

There are now about five exchange companies which are located within the UK, but we’ll tell you about three best:

  • CoinCorner, which is located not on the Isle of Man so not quite within Great Britain. It is not only an exchange but it is also a peer-to-peer marketplace. CoinCorner accepts Visa and MasterCard card, which makes it very convenient for users who want to buy or sell Bitcoins. Moreover, there are no charges for placing a deposit. There is a fee charged to make a withdrawal, which is £10.
  • Coinfloor is a website which is based in London, UK. They claim to offer high security for their client’s Bitcoin funds, which are stored in multi-signature cold storage. Meaning they keep them offline without no network connection. This would seem to be the most secure way though not the easiest. That’s why they have relatively high fees. They charge £5 to deposit and £10 to withdraw.
  • The last in this review is IBWT. This currency exchange was established in fall 2013 and they have a good reputation among Bitcoin traders. They are located in Plymouth. The website provides options to trade with Bitcoins and other currencies like Litecoin. You can open an account there with any of these cryptocurrencies or use common currencies such as GBP or the Euro. Charges are are 0.3% per transaction.

There are also several Bitcoin markets which you can choose to use for trade bitcoins. You may consider Local Bitcoins, Bittylicious, QuickBitcoin or BitBargain. Choose the one best suited to you.

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