Step-by-Step Guide to Investing in Bitcoin UK has become one of the most popular global cryptocurrencies, and it is becoming increasingly accepted as a form of payment. Many retailers in the US now accept it as a means of payment, and investment giant Fidelity is reportedly planning to launch its first Bitcoin-based exchange-traded fund (ETF).
However, it’s important to bear in mind that investing in Bitcoin and other crypto assets is a high-risk speculative activity. They can be subject to large price movements, and you are unlikely to benefit from any investor protections like the Financial Services Compensation SchemeLink is external or the Financial Ombudsman ServiceLink is external in the UK.
Step-by-Step Guide to Investing in Bitcoin UK
As a result, it’s vital to keep your cryptocurrency investments in a secure wallet. There are a number of options for investors in the UK, including eToro’s wallet which is FCA-regulated. Some investors also prefer to use a non-custodial crypto wallet which gives them full control over their investments, private keys and backup passphrases. There are a number of options for this, including Exodus.
Once you have your crypto in a safe place, it’s time to start trading. Depending on your chosen exchange, you’ll need to add funds from your bank account or another source. Remember to never share your wallet details with anyone; doing so could lead to the theft of your investments. It’s also important to keep up-to-date with UK crypto regulations and taxes. The FCA has a list of registered crypto asset firms which you can check.