Buying Crypto in the UK - A Brief History

Buying crypto in the UK
At coinpass, we feel buying crypto needn’t be cryptic nor expensive. The founders of coinpass built the platform out of a need to deposit, buy, sell and trade with UK GBP Sterling without all the hassle, high fees, or account minimums common with other exchanges in the industry.

"Have you found yourself referred or recommended to a platform, only to find another high fee or misleading statement that got you there in the first place?"

If you could go back to 2016/2017 and you wanted to buy bitcoin in the UK, your options were limited. You could have……

- taken a chance and met someone on the street via LocalBitcoins .. mobile wallets were rare and insecure back then
-found a p2p trading chat such as discord or IIRC
-Changed your GBP into US Dollars and sent to an overseas exchange (FX Fees + FX exposure)
-Changed your GBP into Euro… same problem

Now or days, there are more options, but still limited. Now in 2019 there are many firms that “offer” UK Deposits and GBP Trade pairs, but not all firms are the same.

-Some have a UK office and UK bank accounts, but not a sole live or operate in the country.
-Some offer “card transactions only” which is available in any country in the world and are notoriously expensive.
-Some state that they are UK first, but are own by foreign subsidiaries and very easy to research into.

The UK Blockchain and crypto space is still very young compared to the rest of the world. Investment in FinTech and banking is at an all time high with the likes of Monzo, Starling, Tide and Revolut, but these are simply an extension of the old world fiat currency model. Countries in the EU and parts of Asia are light years ahead and as such have very robust regulation and banking regimes to help the blockchain space to grow and innovate.

New businesses and innovations around blockchain and crypto face strong barriers to entry and resistance in the UK and will do for sometime. Until the Financial Conduct Authority (FCA) and the banks, make their mark on whats legal and whats not, the UK will continue to lag behind the rest of the world.

"This is why it’s imperative that investors, traders and especially first timers do thorough research on the businesses they wish to do trade with."

The future however, is unlimited with possibilities. Blockchain and Crypto advocates always talk about cross-boarder payments and friction. Lets face it, when's the last time you needed to send money abroad, or so frequently that it was a hassle? Most of us buy, spend, invest and trade in our home country, with our home fiat currency. For UK investors, that GBP Sterling. So, in that right, you should be able to invest and trade in GBP Sterling for all crypto pairs as well as exit the market into GBP when ever you like, without paying an arm and a leg to do so.

"This is where coinpass thrives!"

coinpass is a UK based, UK owned, UK operated business. The founders and chief exec’s are all UK/London based and make regular appearances at UK Blockchain, Crypto, Fintech and Development events… you can even lookup who the founders are.

coinpass has endeavored to create a platform that is built on value and ease of use, not a hype marketing strategy. We set out to build a platform that the UK needed to invest & trade in GBP Sterling without the headaches and fee’s like other platforms.

Best of all, you can actually earn a part of your friends trading fees paid out to you in GBP Sterling, Crypto .. you name it!

Every time you sign up a friend, you’ll receive 20% of their trading fees for life! So while your buying Crypo on the cheapest and friendliest platform in the UK, you can also earn referral fees while you sleep.

Learn more about crypto, blockchain and trading at our blog: Ready to invest in crypto? Signup for your free trading account today.