How to Buy Ethereum in the UK 2024 Guide

When making a transaction with a fiat currency, like Sterling, a third party must be involved to facilitate the payment, such as a bank or payment provider. Ethereum transactions, however, use a decentralised ledger to process transactions without an intermediary. The U.S. Securities and Exchange Commission (SEC) has repeatedly denied applications for a spot bitcoin ETF over recent years. After Bitcoin (BTC 0.72%) soared by more than 150% last year, investors are now looking far and wide for cryptocurrencies that might be able to outperform Bitcoin in 2024. One intriguing candidate is Ethereum (ETH 0.03%), which is still the world’s second-most valuable cryptocurrency with a whopping $270 billion market cap. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.

One of the main features of Ethereum is that you keep control of your own assets by managing your own account. This means you don’t have to trust any third party with your assets, and you are protected from any custodian acting dishonestly, going bankrupt or getting hacked. However, it also means you take responsibility for your own security.

Mentioned Banks

It is possible to buy Ethereum online in the UK on hundreds of platforms. With this method, you can buy Ethereum in less than 10 minutes while also being safe, convenient, and commission-free. Their operations are unregulated since they won’t hold a license at all. The risk of using an unlicensed exchange is a huge problem for newbie investors in the UK. Your Money is entrusted to a provider that is not regulated by a reputable body. Therefore, we strongly advise you to buy Ethereum in the UK only through a broker that the FCA regulates.

• Flight insurance is just one example of how Ethereum smart contracts could revolutionize a whole sector – but there are many, many others.
• It’s important to note that the legal status and regulatory environment surrounding cryptocurrencies can vary from country to country.
• Undoubtedly, cryptocurrency is more cost-efficient than paper money.
• The price per coin for Ethereum would have been $263 if you had bought it in July 2019.

A stand out trading feature of Binance is not only that it offers a wide range of crypto tokens, but that it has a substantial amount of crypto to crypto trading pairs. The platform offers users to trade various cryptos with Bitcoin, Ethereum and USDT as the primary trading pair. When you buy Ripple with Binance, you can store your coins in its wallet, and thus, there’s no reason to fear when it comes to the safety of your assets. Ripple via an FCA-regulated broker, then your funds and safe and secure in segregated accounts, and you have a protection of up to £85,000 if the broker fails to meet its obligations. Apart from value transfer, Ethereum is an attractive prospect for its practical applications too. Many companies are beginning to use Ethereum’s blockchain technology in their ‘smart contracts’, allowing them to store data using its inherent security and functionality.

How to buy Ethereum with a debit/credit card?

Undoubtedly, cryptocurrency is more cost-efficient than paper money. It supports a variety of digital currencies, including Ethereum (among 16 others). Overall, when it comes to buying crypto through online brokerages, eToro (review) is a safe and reliable option and among the most popular. That’s why, before you purchase Ether, you need to think about your risk tolerance and the diversification and stability of the rest of your investment portfolio. Vitalik Buterin, a Russian-Canadian computer engineer, developed Ethereum (ETH) in 2013.

Two years after, the value of one Ether hit an all-time high of $1,400. This means an initial investment of £500 in 2015 would be worth over £716,000 today. Although the price of Ethereum has been corrected recently, the digital https://www.tokenexus.com/ asset has performed quite well so far. Revolut comes with several impressive features, including a Revolut card for transactions and ATM withdrawals and a savings vault that lets you lock your money and earn interest.

Commonly Asked Questions About Ethereum

With so many cryptocurrencies now in existence (there are over 7,000 at the time of writing), knowing which one to invest in can be challenging. Cryptocurrency exchanges and service providers in the UK must comply with these regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Consider factors such as fees, security measures, liquidity, and user reviews to ensure a reliable and trustworthy transaction. When using any of these methods, it’s essential to research and choose a reputable platform or service provider. I’ve done a lot of testing on different exchanges, you can see my guide to the best crypto exchanges in the UK here.

• Buying Ethereum directly via the funds in your bank account comes with a few benefits over a card payment method.
• Fiat exchanges make it easy to withdraw ETH by simply selling and sending the proceeds to your bank account.
• For now, ETH is trading at $1,550, representing a decline of over 68% from its all-time high price of $4,878 in November 2021.
• If you’re selling a substantial amount of crypto, though, you may want to consult a tax professional.
• However, blockchain networks have become too congested, and you will need more computing power to stand a chance.
• Lastly, traders can also use the ByVotes feature to vote for their favorite listing in order to have fun and express their sentiments about the latest happenings in the crypto world.

OKX provides three primary ways to purchase Ethereum and other cryptocurrencies. Users can opt for the Express Buy function to buy Ethereum and 45 other popular cryptocurrencies using their Visa or Mastercard debit account. OKX also has a dedicated P2P trading section where users can directly sell Ethereum, Bitcoin and stablecoins to one and other using OKX as a secure escrow. While there are no trading fees when conducting peer 2 peer transfers, exchange rates and payment methods can vary depending on the seller.

Huobi also offers a free crypto wallet app, which will enable you to store Ethereum with complete control over your private keys. Finally, Huobi will even support ETH 2.0 staking, making it easy to earn a passive income. The Crypto.com app has a fantastic design, complete with price alerts and a real-time breakdown of your portfolio how to buy ethereum performance. The app also allows users to deposit crypto and obtain a crypto-loan, requiring no credit check. Users can even send and receive ETH (and other coins) through the app with no fees. Finally, Crypto.com even has a dedicated ‘University’ section featuring an array of educational articles to aid beginners.