Should I Buy Crypto?
Before you look at the best cryptocurrency to invest in now, it’s worth thinking about why you’d actually want to buy cryptocurrency. UK investors will know that there are many great reasons why you should put your money in cryptos. Here are some of the main reasons:
Long-term investments – While Bitcoin has had its critics, few would deny the impressive price rises that the crypto has experienced. Anybody who invested in Bitcoin soon after its release in 2009 should have made some significant gains. Plus the same is true for the majority of other cryptos.
Short-term price volatility – Trading in commodities like gold can take a very long time to give you any return on your investment. But cryptocurrencies are very volatile. This means that you can make some big gains in a short space of time. All of the more reason to know the best crypto to buy right now.
Decentralised buying and selling – If you want to enjoy true freedom in how you buy and sell goods and services, you’ll want to know the best crypto to invest in. This is because cryptos offer you a decentralised way of managing your money. The opposite of regular currencies that are controlled by governments and banks.
However, it’s also worth thinking about the negatives of investing in cryptocurrencies. So before we should you the best crypto to buy now, you should consider the following reasons why some people don’t invest in cryptos:
Danger of losing your money – Crypto trading can be very risky. The UK Financial Conduct Authority said that anybody investing in cryptocurrencies should be prepared to lose all of their money. After all, the price of Bitcoin dropped over 45% in just one day in 2017. So think carefully about the best cryptocurrency to invest in 2021.
Untrustworthy crypto trading sites – Sadly there are many websites that will do little more than rip you off when you try and buy cryptocurrency. UK investors should therefore check that the trading site or broker is licensed by the Financial Conduct Authority.
Want To Buy Cryptocurrency Online? UK Investors Will Need The Following Things
Obviously, you’ll need to have some money in order to engage in some crypto buy and sell. But it’s also important to note that you will need to be at least 18 years old to trade anything from Bitcoin to stocks in the UK.
But it’s your choice of wallet that will determine how you store whatever cryptocurrency you buy. We’ve created a guide to crypto wallets that details the best options currently on the market.
All crypto wallets will aim to securely store the private keys for your crypto assets. You’ll also be able to spend, receive and trade your cryptocurrencies from your wallet. There are three main types of crypto wallet:
Hard wallets – These are physical pieces of kit that you use to access your cryptos. It might look like a USB drive, or be a pad connected to your computer by a USB cable. Hard wallets are relatively expensive, but they offer much more security than other kinds of wallets.
Software wallets – Here you’ll download the wallet software to your computer or mobile device. It’s a convenient option but it might not offer the same amount of security as hard wallets in regards to hackers, viruses and malware.
Web wallets – The most flexible way to manage your cryptocurrencies as you do so from your web browser. However, it’s worth noting that many web crypto wallets have suffered security breaches in the past.
How Do I Buy Crypto Currency Online?
There are many ways that you can buy cryptos. These include buying from peer-to-peer crypto owners, or investing in Bitcoin futures. But most people either use a crypto exchange or a crypto broker to buy cryptocurrencies. What’s the difference between a crypto exchange and broker? Take a look below:
Crypto exchanges: Here you’ll buy a quantity of a cryptocurrency and the exchange will charge you a percentage of trading price. Such fees can be anywhere between 0.1% and 1.5%. The fees will often depend on where you are trading from and what payment method you use to buy your cryptos. Bear in mind that exchanges have multiple buyers and sellers that means that there can be a greater range of prices for your crypto trades.
Crypto brokers: When you use a crypto broker, the broker will simply set the price for the cryptocurrency that they are willing to sell. Some people use brokers as such sites have greater liquidity. But again there may be fees for transactional costs. We’ll be on hand to guide you to the best crypto brokers.
So here’s a quick overview of the steps you need to take to buy a cryptocurrency:
- Get a crypto wallet
- Pick a crypto exchange or broker
- Choose a cryptocurrency
- Decide how much you want to buy
What Is The Best Crypto Currency To Invest In?
There are literally hundreds of cryptocurrencies to be bought and sold. So how do you decide which is the best crypto to invest in now?
Bitcoin (BTC) – Bitcoin trading is hugely popular. This is the crypto that started the whole cryptocurrency revolution back in 2009. Plus the price of Bitcoin has grown dramatically since then. As such it’s perhaps the best cryptocurrency to invest in for many people.
Ether (ETH) – This crypto is used to power transactions on the Ethereum network. But Ethereum trading has grown to make Ether the second most popular crypto in the world.
Ripple (XRP) – XRP is the crypto that was created by the Ripple network. This network has become a big hit in the banking industry and we expect XRP trading to enjoy sustained growth.
LiteCoin (LTC) – Developed to be a faster alternative to Bitcoin, Litecoin has become a huge success in its own right. Be sure to buy Litecoin to see why it’s so much more than just being ‘silver’ to Bitcoin’s ‘gold’.
Bitcoin Cash (BCH) – BCH was developed through a ‘fork’ of the original Bitcoin. It was feared that Bitcoin wouldn’t be able to keep up with demand and that transactions would be slower. Try some Bitcoin Cash trading and see how this crypto works for you.
Binance Coin (BNB) – This crypto is used on the Binance exchange. It allows you to get discounts on your crypto trades here. So were you to buy Binance Coin you could get reduced fees on one of the world’s biggest exchanges. All of which means that BNB could be the best cryptocurrency to invest in terms of long-term value.
Want To Buy Cryptocurrency? UK Investors Should Consider These Safety Issues
There are many crypto trading firms that promise high returns while understating the risks associated with buying and selling cryptocurrencies. This is why the Financial Conduct Authority has said that investments in cryptos could cause you to lose all of your money.
All decent exchanges and brokers will have regulation from the FCA. This ensures that you get a safe and honest service. Plus it’s worth noting that you might not get help from the Financial Ombudsman Service if you use rogue operators. The same would be true or anybody wishing to receive assistance from the Financial Services Compensation Scheme.
Many rogue operators will also make it hard for you to understand the value of what you’re trading and how you’ll be tied into whatever investments you make. Such scams aren’t just confusing, but they can cost you a lot of money too. So be very careful about which crypto trading service you sign up to.
Other Ways That You Can Pick Up Cryptos
Of course, you don’t necessarily have to visit a crypto broker or exchange to pick up your preferred cryptocurrency. Here are some other popular ways that you can get cryptos.
Crypto mining – This sees you earning your cryptos rather than buying them. Get your computer to do the hard work of mining and reap the rewards.
Crypto betting – Here’s where you bet on sport with stakes from crypto deposits. You should be able to enjoy crypto betting on everything from football and basketball to MMA fighting and esports.
Crypto casino sites – A crypto casino will let you play anything from slot games to table games like roulette and blackjack. You’ll make crypto deposits for your wagering stakes and get paid in cryptos too.
What Is The Best Cryptocurrency To Invest In 2021?
It’s important to note that the price volatility of cryptocurrencies can fluctuate immensely. As such, it’s always smart to be sensible when you invest in any crypto. Many investors will only buy a crypto as part of a balanced portfolio. This is because less volatile commodities and currencies can give you a good amount of stability in comparison to cryptocurrencies.
Despite this, it’s still important to be very cautious in how you buy cryptos. Only use those brokers and exchanges that have FCA regulation. Plus we should note that we are not authorised to offer investment advice. All of which means that you will have to take care in how you decide to buy or sell cryptocurrencies.
Buy Cryptocurrency UK FAQ
💰Where should I buy Bitcoin?
There are currently many websites that you can go to if you want to buy crypto currency online. While this is good news, you should always make sure that these Bitcoin trading sites can be trusted. We have prepared an in-depth guide to crypto trading so that you get an easy way to see what you should be looking for in any website that sells Bitcoin or any other top cryptocurrency.
☝Is the Bitcoin price going to keep rising?
It’s true that the price of Bitcoin has shown some impressive price rises in little more than a decade. However, this cryptocurrency has also experienced some dramatic drops in its value. Make sure that you read our crypto reviews to see the best crypto to invest in at the best brokers. After all, cryptocurrencies like Ether, XRP and Litecoin all have their unique selling points.
👀Is it safe to use a cryptocurrency?
Cryptocurrencies have come from nowhere to become a real phenomenon in just over a decade. As such, it’s little wonder that many people might have concerns about how safe it is to do anything from crypto mining to buying goods with Bitcoin. So this is why we’ve created a useful guide to cryptocurrencies. This should answer your concerns about using cryptos, and we can show you the best cryptocurrency to invest in too.
❓How do I buy and sell cryptocurrency online?
The buying and selling of cryptocurrencies is more popular than ever. This is because the price of cryptos like Bitcoin have risen dramatically over a handful of years. This is why we have created a comprehensive guide that details how you can buy crypto currency online. You’ll also get to see which cryptocurrency exchanges you can trust too.
🏆Where is best to buy cheap cryptocurrency online?
There are currently many different kinds of brokers and exchanges that aim to give you a competitive price on a variety of cryptos. However, it’s worth noting that there are some rogue operators out there. This is why we’ve created a guide that’s dedicated to showing you how to buy cryptos. Plus we can tell you the best crypto to invest in and even reveal a safe place to try some crypto gambling.