Ethereum (ETH) is a digital cryptocurrency and smart contract platform. It is becoming increasingly popular amongst both individual and institutional investors, and more traders are looking to buy and sell Ethereum in the UK. Here, we guide you through how to purchase and trade Ethereum in the UK, including a range of different methods and platforms available.
What is Ethereum?
Before we get into the specifics of how to buy and sell Ethereum in the UK, it is important to understand what Ethereum is. Ethereum is a distributed ledger technology, and was in fact the first of its kind. It is based on blockchain technology, similar to Bitcoin and other cryptocurrencies.
In addition to being a digital currency, Ethereum also allows developers to build and deploy decentralized applications, known as DApps. This is why Ethereum is sometimes referred to as the “programmable money” blockchain, because it allows developers to create their own smart contracts and digital tokens that can be used in a variety of applications.
Ethereum is also used in a wide variety of decentralized finance (DeFi) protocols, and its native token, Ether (ETH), is currently the second-largest cryptocurrency by market capitalization.
How to buy Ethereum in the UK?
Now that you have an understanding of what Ethereum is, let’s get into the details of buying and selling Ethereum in the UK. There are several different methods available to purchase Ethereum in the UK, including different types of exchanges, platforms, and services.
Buying Ethereum through an Exchange
One of the most popular options for buying and selling Ethereum in the UK is by using an exchange. It is important to choose an exchange that is reputable and secure, as well as one that offers competitive fees and a range of payment methods.
There are a variety of different exchanges available, such as Binance, Coinbase, Kraken, Bitstamp, and eToro. These exchanges allow users to purchase Ethereum using a range of different payment methods, including cards, bank transfer, and PayPal.
Using a Brokerage to Buy Ethereum
Another way to purchase Ethereum in the UK is by using a cryptocurrency brokerage. Brokerages such as eToro, Libertex, and Plus500 allow users to purchase Ethereum directly with their debit or credit cards with no need for a custodial wallet or exchange account.
Crypto ATMs
An additional option for purchasing Ethereum in the UK is to use a crypto ATM. These machines allow users to purchase Ethereum with cash, by inserting notes and coins. It is important to note that these machines are not as widely available as other purchasing methods and they usually incur higher fees.
Buying Ethereum with Debit/Credit Cards
A popular payment method for buying Ethereum in the UK is by using a debit or credit card. This is one of the most convenient and fastest ways of purchasing Ethereum, but it does come with a higher risk of fraud/identity theft.
It is important to check the fees associated with using a debit or credit card before purchasing Ethereum, as these fees can vary depending on the platform or service.
Using a Bank Transfer
Another option, if you are looking to buy Ethereum in the UK is by using a bank transfer. This is a slower and more secure way of purchasing Ethereum than using a debit or credit card, but it usually comes with higher fees.
It is important to also check the fees associated with making a bank transfer, as these fees can vary depending on the platform or service being used.
Peer-to-Peer (P2P) Marketplaces
A final option for buying Ethereum in the UK is by using a P2P marketplace such as LocalCoinSwap. These websites enable users to purchase Ethereum directly from other users, with both parties usually setting the price and agreeing to an escrow service.
The main benefit of using these marketplaces is that it is usually cheaper and faster than other methods such as exchanges and bank transfers. However, it is important to note that there is a higher risk of fraud and scams, as buyers and sellers are unable to view each other’s identities or personal information.
How to Sell Ethereum in the UK?
Now that you know how to buy Ethereum in the UK, let’s take a look at how to sell Ethereum in the UK. The most popular method of selling Ethereum in the UK is by using an exchange, broker, or P2P marketplace.
Using an Exchange to Sell Ethereum
One of the most popular and convenient ways to sell Ethereum in the UK is by using an exchange. Most of the major exchanges such as Binance, Coinbase and Kraken support the sale of Ethereum, and it is important to compare the different fees and payment methods available before selecting an exchange.
It is also important to pay attention to the liquidity of the exchange, as this will affect how quickly trades are executed and how often you can buy and sell Ethereum.
Using a Brokerage to Sell Ethereum
Using a brokerage is another popular method for selling Ethereum in the UK. As with exchanges, it is important to compare the different fees and payment methods available before selecting a broker, as these can vary substantially.
It is also important to pay attention to the liquidity of the broker, as this will affect how quickly trades are executed and how quickly you can buy and sell Ethereum.
Using a P2P Marketplace to Sell Ethereum
Finally, one last option for selling Ethereum in the UK is by using a P2P marketplace such as LocalCoinSwap. These websites allow users to sell Ethereum directly to other users, with both parties usually agreeing to an escrow service.
The main benefit of using these marketplaces is that it is usually cheaper and faster than other methods such as exchanges and brokerages. However, it is important to note that there is a higher risk of fraud and scams, as buyers and sellers are unable to view each other’s identities or personal information.
There are a range of different methods available for buying and selling Ethereum in the UK. These include different types of exchanges, brokerages, and P2P marketplaces. It is important to select the option that best suits your individual needs, as fees and payment methods can vary substantially. We hope this guide has helped you understand how to buy and sell Ethereum in the UK.