This section is all about how to to get started buying Cryptocurrency with FIAT money. Moving money from the established banking system into the world of Cryptocurrency is the first, and often most confusing step, to buying, selling and trading crypto.
It is relatively easy to move money into the crypto space, with consumer level intermediaries accepting credit and debit card payments with instant transfer, though they may charge fees or a percentage above the rate at which the Cryptocurrency can be bought on an exchange. Moving money back out from crypto to a FIAT bank account can involve more in security, proving identity, delays and more fees.
Initially getting an account with some of the major exchanges can involve a verification process that can take a week, or even longer for some, to be able to transfer funds into an account and use it to buy cryptocurrency. There can be an even more in depth process of KYC (know your customer) for withdrawing funds, and it is becoming common for transferred funds to be locked for a short period to ensure security. Coinbase has recently introduced a period of five days in which newly transferred funds can not be transferred out again, though they can be used to buy and trade crypto immediately.
There are moves being made to make buying cryptocurrency as easy as buying an online book with the introduction of integrated payment via credit card into software wallets, such as the mobile app based Button Wallet, that will allow users to purchase crypto easily within the app itself.
Buying Crypto with GBP
Getting into the cryptocurrency world with US Dollars is relatively easy, with a lot of options. For UK based investors and traders with GBP as their FIAT currency the options are much more limited. One route to converting GBP to Bitcoin is the Binance Jersey company which facilitates the transfer of GBP or EUR and buying of Bitcoin (BTC) or Ethereum (ETH) which can then be transferred to the main Binance exchange or elsewhere. Use this link to sign up with Binance JE.