What Is the Best Place to Buy Ethereum in the UK? Guide 2024
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Here are the 6 best places to buy Ethereum in the UK:
eToro – Best for Beginners
Gemini – Best for Asset Insurance
Binance – Best for a Wide Range of Cryptocurrencies
Coinjar – Best for Mobile App
Kraken – Best for Educational Materials
OKX – Best for Low Trading Fees
Many believe that Ethereum is one of the most exciting investment products in the world. More than just a cryptocurrency, Ethereum is a platform that can enable the likes of smart contracts and decentralised applications that could revolutionise the world.
While an exciting platform, you’re probably wondering what is the best place to buy Ethereum in the UK?
Thankfully you’ve come to the right place! We’ll look at the best UK place to buy Ethereum while also looking at how to choose a platform and what to consider. Let’s get started.
What Is the Best Place to Buy Ethereum?
What is the best UK place to buy Ethereum? The answer of where to buy Ethereum will depend on your own preferences as well as important other factors such as how much you plan to invest and your desired payment method.
Here are our top 6 selections when it comes to where to buy Ethereum UK.
1. eToro
Pros:
User-friendly interface
Social trading features
Wide range of cryptocurrencies
Cons:
Limited withdrawal options
High inactivity fee
Lack of customer support
Fees: eToro charges spreads (the difference between the buy and sell price) and withdrawal fees. There is also a 1% fee for buying or selling and an £8 inactivity fee after a month.
Many see eToro as not only the best platform but also the cheapest UK way to buy Ethereum. It is the biggest crypto exchange in the UK and it makes opening an account quick and easy, allowing you to buy Ethereum in hardly any time at all.
You may be required to verify your identity but once you do, you'll be able to buy Ethereum within a few clicks. eToro is regulated by the FCA in the UK and has a user-friendly interface that is ideal for beginners.
Customer support is available through email and live chat but can be a little slow at times. eToro will also charge you a fee should your account become inactive.
Don’t invest in unless you’re prepared to lose all the money you invest.
2. Gemini
Pros:
Incredible security
Easy to use
Asset insurance
Cons:
High fees
Lack of crypto choice
Poor customer support
Fees: Gemini charges trading fees and convenience fees for some services. However, there is no minimum deposit or withdrawal fee and no FX fees.
If you’re looking for excellent security, then Gemini could well be the best UK way to buy Ethereum for you. It’s highly regulated and trusted within the community and gives you the option of both a hot and cold wallet, with the hot wallet being insured.
Registration is rarely an issue with its ID verification and buying Ethereum is straightforward. It’s registered with FinCEN (US) and highly regarded for its compliance. Aimed at both beginners and experienced traders, Gemini is a great platform for anyone.
It offers customer support through email and a support ticket system but responses can be slow. The fees are also a little higher than with other platforms.
3. Binance
Pros:
Huge trading volume
Wide range of cryptocurrencies
Low trading fees
Cons:
No built-in digital wallet
Complex platform
Lack of regulation
Fees: Binance has competitive trading fees and offers discounts for using its native BNB token.
For those wondering where to buy Ethereum, you can’t go wrong with Binance either. Another platform with a simple registration process, Binance is appreciated by many due to its low fees along with its wide selection of assets.
Binance's regulatory status varies by region but it has often been found to be lacking. It's also one of the more complex platforms out there, which makes it difficult for novices, but it has developed a simpler version called Binance Lite.
Customer support is provided through a ticket system and response times are fairly good.
4. CoinJar
Pros:
Wide range of features
Excellent for beginners
Great mobile app
Cons:
Limited cryptocurrency options
Pricing subject to fluctuations
Poor customer service
Fees: Coinjar charges transaction fees and spreads. However, these will often change depending on market conditions.
For those investing novices, Coinjar represents another great option due to its high level of usability. Not only does it have a user-friendly interface but it also offers a lot of features that are useful for both beginners and more advanced users.
Registration doesn’t take long and Ethereum is easily searchable. It is regulated by AUSTRAC in Australia, among others, and it offers customer support through email and a support centre, but it could be improved.
It only has a limited range of cryptocurrencies available but Ether is one of them. The fees are also subject to fluctuations.
5. Kraken
Pros:
Large selection of assets
Good customer service
Range of educational materials
Cons:
Lack of payment options
Some security issues
Not beginner-friendly
Fees: Kraken has a tiered fee structure based on trading volume.
For those looking to diversify their portfolio after they buy Ethereum, then Kraken could be the platform for you. It's one of the most established exchanges and has a wide range of educational materials to increase your knowledge.
However, beginners may find it quite difficult as it is quite a complex platform. There have also been some security issues in the past. While that is true, there is an excellent customer service team to help you should you have any issues.
6. OKX
Pros:
Low trading fees
Large selection of cryptocurrencies
Educational resources
Cons:
Poor customer support
Complex fee structure
Not beginner-friendly
Fees: OKX has a tiered fee structure based on trading volume.
OKX has pros and cons when it comes to fees. It does have low trading fees, but its other fees are in a quite complex structure and can be difficult to understand, especially for beginners.
It’s not as beginner-friendly as some other platforms but it does have a lot of educational resources. There is also a large selection of cryptocurrencies to choose from along with advanced trading features.
What Is Ethereum?
Ethereum is a decentralised blockchain platform that enables developers to build and deploy smart contracts and decentralised applications (DApps). Launched in 2015, it has changed the idea of what is possible on a blockchain.
If that doesn't sound like a cryptocurrency, that's because it isn't. Instead, Ethereum is a network that uses Ether as a token. Therefore, Ether is the currency you’ll be buying but to keep it simple, we’ll stick to calling it Ethereum as the two terms are often interchangeably used.
While Ethereum is a platform, Ether (ETH) is very similar to the likes of bitcoin in the sense that it can be used as a digital asset and traded on cryptocurrency exchanges. With such excitement about the future of Ethereum, it’s no surprise many people want to know where to buy Ethereum UK.
Choosing the UK’s Best Place to Buy Ethereum
When choosing the best UK place to buy Ethereum there is a lot to consider. Here are some tips you should follow to ensure you don’t make a mistake when buying your first Ether coin.
Understand the Fee Structure
It’s important to research and compare the fee structures of different platforms. Look for transparent information on transaction fees, deposit and withdrawal fees, as well as any additional charges.
Consider the trading volume and frequency of your transactions. Some platforms offer discounted fees for high-volume traders, which can be advantageous if you plan to buy and sell Ethereum frequently.
Platforms often have a wide range of fees that can change depending on market fluctuations, withdrawal methods, assets bought and payment options. It's important to know what you'll be charged before you get started.
Check the Regulatory Details
Ensure that the platform you choose is reputable and compliant with relevant regulations in the UK. Look for exchanges that are registered with financial authorities and have strong security measures in place to protect your funds.
Reputable exchanges often provide additional safeguards for user funds in case of hacking or other security breaches. A good example of this is Gemini’s insurance for hot wallets.
Along with regulation, you should also familiarise yourself with the tax implications of buying and selling Ethereum. In the UK, cryptocurrency is subject to Capital Gains Tax, which means you may be taxed on any profits you make.
Consider Your Buyer Profile
Evaluate your level of experience as a cryptocurrency trader or investor. If you are a beginner, prioritise platforms with user-friendly interfaces and educational resources to help you navigate the process smoothly.
You also need to think about the amount of Ethereum you intend to buy. Some exchanges have minimum deposit or purchase requirements, and others have high fees for smaller transactions which can make it unviable for some smaller investors.
Along with this, you should determine your investment goals and timeline. If you plan to hold Ethereum for the long term, prioritise security and storage options, such as cold hardware wallets. If you are a more active trader, look at exchanges with advanced trading features and secure hot wallets.
It's crucial to approach buying Ethereum (or any other cryptocurrency) with caution as the crypto market carries inherent risks. Prices can be highly volatile, and there are no guarantees of profit. Only invest what you can afford to lose, and avoid making impulsive decisions based on short-term market fluctuations.
What Is the Best Way to Buy Ethereum?
The best way to buy Ethereum depends on your preferences, level of experience and desired level of security. Two common methods for purchasing Ethereum are through decentralised exchanges (DEXs) and centralised platforms. Here's a short comparison between the two:
Decentralised Exchange (DEX)
DEXs operate on a peer-to-peer basis, allowing users to trade directly with each other without the need for an intermediary.
Decentralised exchanges provide more privacy since they don't require users to undergo extensive identity verification.
Users retain control of their private keys, giving them full ownership and control of their funds. However, DEXs can have lower liquidity and a limited range of trading pairs compared to centralised exchanges.
Centralised Platform
Centralised exchanges are operated by a company or organisation that acts as an intermediary between buyers and sellers.
They typically offer a more user-friendly interface, higher liquidity and a broader range of trading pairs, making it easier to execute trades. Centralised exchanges often require users to undergo KYC (Know Your Customer) verification, which may involve submitting personal information to comply with regulations.
Users on centralised platforms trust the exchange to hold and secure their funds, which may expose them to certain security risks. Emphasizing the benefits of choosing a regulated platform over a non-regulated platform is crucial for security and protection.
Regulatory Protection
Regulated platforms are subject to legal requirements and oversight, which can offer users a higher level of protection against fraudulent activities and ensure compliance with financial laws.
Regulated platforms are more likely to implement security measures to safeguard user funds and personal information.
Regulated platforms are obligated to follow Anti-Money Laundering (AML) and KYC procedures, which can help prevent money laundering and other illicit activities on the platform. Non-regulated platforms may not have robust AML measures, increasing the risk of your investment.
Frequently Asked Questions
Where to buy Ethereum in the UK?
You can buy Ethereum in the UK through various cryptocurrency exchanges, both centralised and decentralised. Some popular options include eToro, Binance and Kraken. You can use our guide above to judge the best UK way to buy Ethereum.
Where can I buy Ethereum with PayPal?
Not all platforms support PayPal as a payment method for buying Ethereum. However, some exchanges like eToro offer this option. It's important to check that a platform has your desired payment option before you sign up.
When should I buy Ethereum?
Deciding the best time to buy Ethereum depends on your own judgement. The price of Ethereum fluctuates so you need to look at the price history and do some research on the market before making a decision.
How much Ethereum should I buy?
The amount of Ethereum to buy depends on your budget, how much you can risk and your investment goals. It’s always vital to never invest more than you can afford to lose and also it’s a good idea to diversify your portfolio.
How much is Ethereum?
The price of Ethereum fluctuates constantly due to market demand and supply. In July 2023 it reached a high of £1,539.57. As of July 25, its price was £1,443.79. The all-time high for Ether was in November 2021 when it reached £3,462.12.
How many Ethereum coins are there?
The total supply of Ethereum is not fixed like bitcoin and it is thought now that there are over 120 million Ether coins in circulation.
What is the best trading platform for a beginner to invest in Ethereum in the UK?
For beginners you want to look for user-friendly platforms with robust security measures and excellent educational resources. Some platforms in the UK that tick those boxes are eToro and Binance.
Are Ethereum trading platforms regulated in the UK?
Some of them are but not all of them. Always check the platform's regulatory status and adherence to financial laws before using it.
What is the minimum deposit for Ethereum trading platforms?
The minimum deposit amount can vary significantly depending on the platform. Some exchanges may not have a minimum deposit requirement, while others set it quite high so check this information before you sign up.
What is the age requirement for Ethereum trading platforms?
The age requirement for using Ethereum trading platforms also varies. Most established platforms require users to be at least 18 years old.
What is the cheapest place to buy Ethereum in the UK?
The cheapest place to buy Ethereum in the UK can vary depending on the current spreads, how you deposit/withdraw and other factors. That being said, eToro and Binance are known for their low fees.
What should I consider before choosing a place to buy Ethereum?
Before choosing a platform to buy Ethereum, consider factors like usability, regulatory compliance, security measures, fees, supported payment methods and customer support.
Final Thoughts
The best place to buy Ethereum will change from one person to the next. It depends on a wide variety of factors including your experience, the fees charged and how much you plan on investing.
It’s important to consider all of these factors but the seven platforms we’ve looked at here have an excellent reputation as places to buy cryptocurrency. Make sure to do your research when investing in Ethereum and appreciate the risks involved.