Coinfloor.co.uk is the best proven service to automatically buy Bitcoin in the United Kingdom. Dollar cost average into any wallet from your bank.
Now, I’m not interested in trading cryptocurrencies. I’ve spent time learning some technical analyses techniques. I find some of them useful, but only because I know many other investors are looking at the same charts. It’s hard to know what drives market sentiment and whether this logic is circular. I’d prefer to learn about foraging for wild food and tracking animals. You have other things you’d rather be doing.
The underlying principal of my approach to investments is humility. I don’t claim to know the future nor do I believe any guru who says they do.
Instead, the best way to invest into an asset class you believe in is regular investing. Build a strategy to automate away your emotions. This approach, commonly known as “dollar cost averaging”, smooths out the ups and downs associated with the volatility of most asset classes.
Dollar Cost Averaging smooths volatility and removes market timing anguish
Ensuring this investment is on auto pilot means I also don’t try and guess or time my regular entry. It’s easy enough with pension contributions or other traditional financial instruments. But how to automatically buy Bitcoin in the United Kingdom? How can I add fiat currency into the crypto space on a regular basis in the United Kingdom, or with other fiat currencies for that matter? This is the question of relevance for salary earners, who want to invest regularly, turning their income into Bitcoin.
Investors with a lump-sum to invest are generally better off investing all of it right away in one go, or perhaps splitting into two investments. You could break your lump sum into many smaller investments to dollar cost average into Bitcoin. However, you lose the benefits of “time in the market” and this can as self-defeating as trying to time the market low to enter.
I tested many services to find the best way to automatically buy Bitcoin in the United Kingdom
I have spent years on crypto Whatsapp groups and have been forged by the bonfire of the late 2017 and early 2018 Bitcoin and crypto boom and bust. I’ve tried over 27 exchanges over more than three years and have put my fiat currency like Pounds (GBP) where my mouth now is. Or is that fingers? I’ve moved fiat currency like Pounds (GBP) onto and off exchanges almost 100 times. I’ve transferred Bitcoin and other cryptocurrencies between exchanges and traded nearly 200 times! I love learning and blockchain is no different to me than the excitement of the internet of the 1990’s. I’ll have more to say on this in a future article.
The problem with exchanges is that they are usually not UK domiciled. Thus, you need to transfer your fiat currency like Pounds (GBP) into a European bank account. This means converting to Euro (EUR) and using the European SEPA transfer system. SEPA results in modest fees, but more importantly, has delays of up to 72 hours! Not exactly nice when you’re foaming at the chops to gain Bitcoin exposure during a price pop! Other exchanges are based outside of Europe and you’ll need to use the American-controlled SWIFT system. SWIFT is a dog’s breakfast of hidden fees. Worse still is the unpredictable number of middle-men banks who literally all take a piece. Yes, I’ve been burned.
I bring you none of this clap-trap. I present to you the two best ways to automatically buy Bitcoin in the United Kingdom using Pounds (GBP) and the UK Faster Payment network. Boss Bitcoin. Let’s auto-stack Satoshis together.
Method 1 – buy Bitcoin automatically from your bank account on a recurring basis using Coinfloor.co.uk
Coinfloor.co.uk are a godsend and I had to hunt quite a while to find them. I’ve tried at least 27 exchanges or services. This is the truly simplest and slickest service I’ve found in the United Kingdom! They support Pounds (GBP) and Euros (EUR). Register with your identification.
Step 1 – accept terms and get AutoBuy bank deposit details on Coinfloor.co.uk
Get your personalised “AutoBuy” bank deposit details with a unique reference.
Go to My Account > AutoBuy > Expand Autobuy > Read and accept terms > CLICK HERE TO START AUTO BUYING
You are now shown your unique bank details to make deposits which automatically buy Bitcoin. Pounds (GBP) deposited to this account are automatically traded into Bitcoin at the current order book price on the Coinfloor.co.uk exchange. The Bitcoin are automatically deposited into your Coinfloor.co.uk Bitcoin wallet.
Step 2 – Make a one-off or regular payment from your online banking.
The service is like magic. You literally can set and forget. The Bitcoin is bought for you, usually at 08h30 on the day of the scheduled online bank transfer. Login to Coinfloor.co.uk to see your Bitcoin in your Coinfloor.co.uk Bitcoin wallet.
I love this. I can use my online banking to vary how much and how often I want to automatically invest in Bitcoin. Use smaller or more frequent investments to smooth out volatility. I have weekly regular payments setup, which is the shortest interval my online bank offers. Check what your bank offers for regular payments, you may be pleasantly surprised. There is no need to use a direct debit. Weekly tip: it turns out Fridays are historically the lowest priced day of the week to buy Bitcoin in the United Kingdom.
AutoBuy all-in fees are 2%, with a minimum fee of £0.50. This allows automatic purchases of Bitcoin with competitive fees down to £25! You can even transfer as little as £10. Take that Crypto.com! That’s great, as your bank will support any regular payment fee-free via the faster payments network. This increases your ability to get the volatility smoothing of dollar-cost averaging.
You can also do the automatic Bitcoin buying in reverse. Automatically sell your Bitcoin and have the fiat currency such as Pounds (GBP) arrive in your UK bank account. You can dollar cost average out of Bitcoin into fiat currency like Pounds when it comes time to sell or take an income!
There is no app at the moment. That’s not a major issue for me. I like the set and forget approach and check in every so often. Coinfloor.co.uk sends useful confirmation emails after each AutoBuy. Transferring out with your Bitcoin to another wallet incurs competitive network fees. Minimum transfers are equivalent to £50 in fiat currency. Transfers out incur no delays.
Step 3 [Optional] – Auto-sweep the Bitcoin to your own wallet
Remember, you don’t own your Bitcoin unless you own the private keys. I only leave cryptocurrency with a third party in amounts I am prepared to lose (or lose access to temporarily). With Coinfloor.co.uk I’m happy to let my Bitcoin build up for a while. However, I then do occasional withdrawals to my own wallet which reduces the blockchain network fees.
Rather awesomely, Coinfloor.co.uk provide for this third-party risk. You can “auto sweep” your Bitcoin to your own private wallet. Fees are competitive and the minimum transfer is 0.002 BTC. I’ve literally never seen this feature elsewhere.
Coinfloor.co.uk is the best method I’ve found to automatically buy Bitcoin in the United Kingdom using my bank account. I searched high and low and learned a lot along the way (yes, I made mistakes). Save yourself the hassle and make better mistakes. Using my link to sign-up to Coinfloor.co.uk helps reward me a tiny bit for the mistakes made on your behalf to bring you this golden knowledge. You’re welcome. Knowledge only grows when shared.
I’ve tried 27+ exchanges and companies putting my own money on the line, so you don’t have to. I’ve tested this service and can honestly recommend it as the best way to automate crypto purchasing and automatically buy Bitcoin in the United Kingdom.
Bank transfer in under 10 minutes via Faster Payments Network
Auto-buy as little as £10 at a time
Total automation to buy Bitcoin with desirable fixed fees
Auto sweep to any wallet you like
Auto-buy bank deposit fees are a bit high for the smallest transfers
You can use Coinfloor.co.uk without automation
You don’t have to automate. Instead, you can just load fiat currency (like Pounds, Euros or Dollars) onto your Coinfloor.co.uk fiat wallet. Next, use different bank account details provided for a trading account deposit instead of the Autobuy bank deposit details. Fees to transfer fiat currency like Pounds (GBP) are £2.50 as a deposit fee (with a minimum £250 deposit), and £5.00 as a withdrawal fee (minimum £500 withdrawal). Using Coinfloor.co.uk this way is one of the top proven ways to buy Bitcoin in the United Kingdom.
Also consider Revolut.com if you want to use Coinfloor.co.uk this way. Revolut.com gives price exposure to a range of cryptocurrencies, including of course Bitcoin. You cannot transfer Bitcoin directly off Revolut.com using the blockchain. Revolut.com hold the keys and just give you the price exposure. Instead, you must sell your Bitcoin back to fiat currency like Pounds in order to move away from Revolut.com. Revolut.com provide a whole range of fiat currency wallets. Revolut.com is one of my proven and recommended ways to do foreign exchange. They also provide price exposure to an increasing number of traditional and newer asset classes.
Honestly though, why not use the Coinfloor.co.uk AutoBuy feature to buy Bitcoin, even for a one-off purchase? It’s one bank transfer and you have Bitcoin in your Coinfloor.co.uk wallet. Or add the Auto-sweep function and one bank transfer now gives you Bitcoin in any wallet you choose!
Method 2 – buy Bitcoin automatically after depositing fiat currency onto your Crypto.com fiat wallet (Feb 2021 – now EUR only)
Crypto.com has a Recurring Buy feature. This is not quite as slick as Coinfloor.com’s bank account standing-order-to-Bitcoin magic trick. You need to already have your fiat currency, e.g. Pounds (GBP), on the Crypto.com app. As of February 2021 GBP deposits have been paused, and only EUR is possible. You can move your GBP to Revolut and convert to EUR and transfer to Crypto.com. It’s another two steps. Otherwise, full flexibility is offered by allowing you to do your recurring buy via credit card (1.49% fee), or via cryptocurrencies you already hold on the app.
It is feature packed and allows a number of simultaneous Recurring Buy orders in place. Think of these like scheduled payments or direct debits, but setup entirely within the Crypto.com app. You can set them up to run weekly, bi-weekly (fortnightly) or monthly.
Minimum amount per buy is £40 (GBP) or $50 (USD) equivalent and they support a limited range of cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Ripple (XRP). You can also automatically buy in both GBP and USD, as well as Stablecoins like Tether (USDT).
As with all exchanges, or places where you don’t hold your own private keys, there are fees to withdraw your cryptocurrency like Bitcoin. There fees were competitive in the market when checked. Notably, there are no fees to bank transfer onto or off the app. They make their money via the spread. You should always check the rates you are getting against another exchange you can actually buy Bitcoin on, such as Binance.com or Bitstamp.net. Rates on general aggregators like Coingecko.com are a lazy option.
“Dollar-cost averaging (DCA) is an investment strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset in an effort to reduce the impact of volatility on the overall purchase. The purchases occur regardless of the asset’s price and at regular intervals.”Crypto.com spells out dollar-cost averaging
Crypto.com has transfer delays and takes two steps to automatically buy Bitcoin
I really like Crypto.com and have battle-tested them. I have moved Pounds (GBP) on and off without problems. Still, there is that 12 hour delay so it’s not for the urgent payment and purchase. At very busy times, their app can be be hard to access. For urgent transfers, you should use the proven methods to buy Bitcoin in the United Kingdom, like Bittylicious.com or Coinfloor.co.uk.
You can certainly set up a regular payment from your bank account to your Crypto.com fiat wallet. The actual automatic buying of Bitcoin in the United Kingdom bit happens within the app, using the Recurring Buy feature. You must ensure you have sufficient fiat currency, like Pounds (GBP), already cleared into the app’s fiat account. For this reason, Crypto.com is the second best way to automatically buy Bitcoin in the United Kingdom.
Fee-free and easy
Flexible in-app scheduling of Recurring Buy
Multiple cryptocurrencies available
Two steps to AutoBuy instead (only one with Coinfloor.co.uk)
Bitcoin held by third-party
Crypto.com has a decent selection of cryptocurrencies beyond Bitcoin. I wish they supported Monero. However, they also offer staking to earn interest and other features to explore as you grow in experience. I’m currently using Crypto.com to buy all my non-Bitcoin cryptocurrencies. Use my referral link https://crypto.com/app/6zyy8ewsj8 or code 6zyy8ewsj8 to sign up for Crypto.com and we both get a $25 USD bonus if you end up using the app.
- Coinfloor.co.uk have unique AutoBuy and AutoSell features and allow sweeping to any wallet. Coinfloor.co.uk is the best way to automatically buy Bitcoin in the United Kindgom.
- Crypto.com have a flexible in-app Recurring Buy feature for multiple cryptocurrencies. However, you need to first deposit fiat currency like Pounds, which incurs a delay. This delayed two-step process makes Crypto.com the second best way to automatically buy Bitcoin in the United Kingdom. Get a bonus worth $25 if you sign up with my referral code 6zyy8ewsj8 at this link.
I’ve made many mistakes along the way to bring you this. I tested at least 27 exchanges and apps to find the best way to automatically buy Bitcoin in the United Kingdom. If you get value, please help by using my links which gives me meaningful encouragement and rewards in me in a tiny way for helping you to make better mistakes. Stand on my shoulders. You’re welcome.
Have you automated your Bitcoin buying and automated away your emotions? Please comment below if you try out any of these services. I would love to hear how others are getting on board the crypto revolution.