Cryptocurrency is an increasingly popular investment asset, and many people in the UK are eager to enter this exciting market. However, knowing how to purchase cryptocurrency in the UK can seem like a daunting and confusing process for beginners. This comprehensive guide will walk you through the process using the user-centric Archax Exchange. After reading this guide, you’ll be able to answer, “how can I buy cryptocurrency in the UK?”
Why choose Archax?
Archax is a UK based business and the UK’s first registered crypto exchange. Archax provides a mandatory 24-hour cooling-off period for all UK investors. We offer an efficient way to buy, sell, and trade digital assets with deep liquidity, robust security measures, and a user-centric interface designed for both novice and experienced traders.
Step 1: Account creation and verification
Before you can start trading in crypto, you'll need to create an account on Archax. Once created, you'll then need to verify your identity by providing ID and proof of address to comply with regulatory standards. For added security, Archax enables two factor authentication on your account. This adds an extra layer of protection by requiring a second form of verification./Help%20Center/Article%201/Picture1.png?width=454&height=704&name=Picture1.png)
Step 2: Funding your account
Once verified, you can deposit funds via bank transfer into your Archax account. Log in, navigate to the Deposit section, select your currency (e.g. GBP), and follow the instructions to complete the deposit process./Help%20Center/Article%201/Picture2.png?width=454&height=652&name=Picture2.png)
Step 3: Exploring the Archax trading interface
Archax's intuitive trading interface includes a price chart, order book, and market trades (showing the most recent price execution history) to help you make informed decisions. The price chart shows historical cryptocurrency price movements, while the order book displays current buy and sell orders, giving insight into market depth and liquidity.
You can see live market quote details at the top of the Archax Advanced Trading interface, including the last price, 24-hour change, volume, best bid and best ask.
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Step 4: Placing an order to buy cryptocurrency
To purchase cryptocurrency, you need to place an order. Archax supports different types of orders, including market orders and limit orders. Here's how to place a market order to buy Bitcoin (BTC) in British Pounds (GBP) using the Buy & Sell functionality: