Buy Ethereum Classic – How To Buy Ethereum Classic In The UK In Under 5 Minutes!
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Ethereum Classic was launched in 2015 after a direct fork from the original Ethereum blockchain. This digital currency has held its own for over six years in terms of value and market capitalization – which is why so many people in the UK are interested in adding ETC tokens to their crypto portfolio.
In this guide, we explain how to buy Ethereum Classic in the UK quickly, safely, and in a low-cost manner.
Table of Contents
#1 Broker to Buy Ethereum Classic – eToro
How To Buy Ethereum Classic UK – Choose a Broker
Below you will find an overview of the best brokers that allow you to buy Ethereum Classic in the UK. We review each broker further down in this guide.
- eToro – Overall Best Broker to Buy Ethereum Classic UK
- Coinbase – Best Broker to Buy Ethereum Classic for Beginners
- OKEx – Best Low-Cost Broker to Buy Ethereum Classic UK via a Crypto Deposit
- Binance – Best Broker to Buy Ethereum Classic for Asset Diversity
How to Buy Ethereum Classic in the UK – A Quick Guide For 2022
Looking to get straight to it by investing in Ethereum Classic right now? If so, below we walk you through the process of how to buy Ethereum Classic in the UK in less than 5 minutes.
- Step 1: Open an Account with eToro – eToro allows you to buy Ethereum Classic in the UK on a spread-only basis with a debit/credit card. Additionally, the broker is regulated by the FCA – so eToro is the best platform to use when buying crypto. To get the ball rolling, visit the eToro website and open an account.
- Step 2: Upload Your ID – eToro complies with KYC (Know Your Customer) laws – so the broker will be required to verify your identity. You can do this instantly by uploading a copy of your passport/driver’s license and proof of address.
- Step 3: Deposit Funds – In order to buy Ethereum Classic at eToro, you will first need to make a deposit. You can do this instantly with a debit/credit card or e-wallet.
- Step 4: Buy Ethereum Classic – You can now enter ‘Ethereum Classic’ into the search bar at the top of the page. Upon clicking the ‘Trade’ button, enter your stake and click ‘Open Trade’.
The Ethereum Classic tokens purchased will now show in your eToro portfolio. You can view your portfolio 24 hours per day to keep an eye on how your ETC investment is performing. If you wish to cash out, just hit the ‘Sell’ button!
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
Where to Buy Ethereum Classic in the UK
When learning how to buy Ethereum Classic in the UK – the most important part of the process is choosing the right cryptocurrency broker. Factors you need to focus on include the broker’s regulatory standing and reputation, fees, and commissions charged, and supported payment methods.
Make no mistake about it – there are hundreds of online platforms allowing you to buy Ethereum Classic in the UK. But, to save you from having to perform countless hours of research yourself – below you will find the very best brokers in the market.
1. eToro – Overall Best Broker to Buy Ethereum Classic UK
When it comes to fees, eToro offers a super-low cost pricing model. Put simply, instead of charging a variable commission, eToro only requires you to cover the spread. This means that your purchase fee is directly correlated to the gap between the buy and sell price of Ethereum Classic. Cryptocurrency spreads at eToro – which is now used by over 20 million traders, start at just 0.75%. You will also benefit from low-cost deposits. While many crypto brokers in this space charge in excess of 5% to use a debit/credit card – at eToro you will pay just 0.5%.
In addition to debit/credit cards, you can also deposit funds with an e-wallet (including Paypal) or UK bank account. Once you have funded your eToro account, you will have access to plenty of cryptocurrencies. On top of Ethereum Classic, this includes everything from Ripple, EOS, and Decentraland to Bitcoin, Uniswap, and Litecoin. Irrespective of which digital tokens you decide to buy and sell on the platform – the minimum trade size is just $25 – or about £18.
If you’re looking to build a long-term portfolio of assets, eToro also supports thousands of stocks and shares. Not only does this include companies listed in the UK – but 16 other exchanges. Other trading markets at eToro include forex, commodities, indices, and ETFs. You might also be interested in eToro CopyPortfolios. Among many other strategies, this includes a diversified cryptocurrency portfolio that is professionally managed eToro.
There is also a Copy Trading feature that allows you to ‘copy’ other eToro users. For example, you might come across a successful cryptocurrency and stock trader that has averaged annual gains of over 20% over the past three years. Then, it’s just a case of deciding how much to invest ($500 minimum) and all future trades will be mirrored in your own eToro portfolio. Finally, eToro also offers a popular mobile app. Available on the Google Play and App Stores, this allows you to buy, sell, and trade on the move.
Pros
- Invest in cryptocurrencies on a spread-only basis
- Buy thousands of UK and international stocks at 0% commission
- Minimum investment per trade from just $25
- Supports debit/credit cards, e-wallets, and local bank transfers
- Regulated by the FCA, CySEC, and ASIC
- Used by over 20 million people
- Perfect for beginners
- Social and copy trading tools
Cons
- Perhaps too basic for technical traders
- No support for MT4 or MT5
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
2. Coinbase – Best Broker to Buy Ethereum Classic for Beginners
Then, you can use your debit card to buy Ethereum Classic in the UK. At Coinbase, you can do this on a direct basis. This means that you simply need to enter your total investment amount alongside your debit card details – and the ETC tokens will instantly be added to your account. Thereon, you can keep the tokens at Coinbase until you are ready to sell. Or, you might consider downloading the Coinbase wallet – which is available as an app on Android and iOS.
Either way, we should note that doing a direct Ethereum Classic purchase with your debit card will incur a total commission of 3.99%. As such, you will pay £39.90 for every £1,000 invested. If you are able to deposit funds from your UK bank account, you can do this for free. When the funds arrive, you can buy Ethereum Classic in the UK at a commission of 1.49%. This is obviously cheaper than using your debit card, albeit, still much more expensive than eToro.
Nevertheless, some investors in the UK are happy to pay higher fees in return for top-notch security. After all, Coinbase is heavily regulated in the US – which means the platform must meet and comply with a wide variety of investor protections. In terms of how this translates to UK residents, Coinbase will identity all users of the platform and keeps client funds in segregated bank accounts. 98% of client funds in the form of digital tokens are kept in cold storage. Coinbase also requires you to bypass two-factor authentication on each login attempt.
Pros
- One of the most popular cryptocurrency exchanges
- More than 35 million users
- Supports instant debit card purchases
- Dozens of digital currencies to choose from
- Institutional-grade security practices
Cons
- Debit card deposits are expensive at 3.99%
- You will pay a standard trading commission of 1.49%
at eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection
3. OKEx – Best Low-Cost Broker to Buy Ethereum Classic UK via a Crypto Deposit
Not only is this a low-cost way of buying Ethereum Classic in the UK – but it also comes with the least amount of red tape. This is because when buying crypto with a debit/credit card (or any fiat money deposit method), you will need to upload a copy of your ID and proof of address. But, when buying Ethereum Classic at OKEx via a crypto deposit and exchange, you don’t need to do this. You will not be required to provide any personal information either – other than an email address.
OKEx also supports debit/credit cards and bank account deposits. However, you won’t be able to purchase ETC tokens directly and the fees are much higher than other brokers. As such, OKEx is best for those that are happy depositing and withdrawing in crypto assets only. Nevertheless, this top-rated platform offers plenty of other cryptocurrencies – which is inclusive of over 400 pairs. If you’re a professional trader, you will also have access to complex cryptocurrency derivatives – such as leveraged futures.
On the other hand, if you are a complete beginner in this industry, OKEx offers lots in the way of educational material. This can be accessed for free and includes heaps of guides and mini-courses. OKEx can be accessed online or through a native iOS/Android app. The platform also offers the opportunity to earn interest on your idle cryptocurrency holdings. OKEx also offers loan facilities – which you can access by using your existing digital tokens as collateral.
Pros
- Trusted crypto exchange with over 20 million users
- More than 400+ digital currency pairs
- Buy and sell cryptocurrencies with a debit/credit card or bank transfer
- Low commissions that start from 0.1%
- Fully-fledged mobile app on Android and iOS
- Great reputation and highly secure
Cons
- Debit/credit card fees could be more competitive
- Derivative products are too complex for beginners
at eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection
4. Binance – Best Broker to Buy Ethereum Classic for Asset Diversity
Last but certainly not least is Binance – the world’s largest cryptocurrency exchange. This top-rated platform now serves over 100 million customers and typically facilitates more than $10 billion worth of transactions on a day-to-day basis. Much like eToro and Coinbase, Binance allows you to buy Ethereum Classic in the UK with a debit or credit card. Once again, you’ll first need to open an account and then upload some ID.
After that, you can buy Ethereum Classic at a minimum investment stake of just £15. Fees at Binance for direct cryptocurrency purchases stand at 1.8% of the transaction amount. You can also deposit funds via a UK bank transfer – which is fee-free. However, at the time of writing, Binance has had this facility temporarily suspended. This happened previously and was subsequently reinstated – so do check this yourself. In terms of commissions on manual trades – you will pay just 0.10% at Binance.
In fact, you stand the chance to pay even less if you trade larger amounts or hold the platform’s native digital token – Binance Coin. In terms of key features, Binance stands out when it comes to asset diversity. This is because the platform offers hundreds of digital currency markets. This covers fiat-to-crypto and crypto-cross pairs – and is inclusive of both large and small capped projects. Binance offers plenty of free educational resources too – which can be invaluable if you are a beginner.
We also like the fact that once you have bought Ethereum Classic at Binance – you can earn interest. At the time of writing, ETC pays an APY of 1.02%. Although not the best rate available in the market, Binance offers this via its flexible savings account. This means that you can withdraw your Ethereum Classic tokens at any given time without being financially penalized. In terms of accessing your Binance account – you can do this online or via the platform’s mobile app.
Pros
- Facilitates billions of dollars in daily trading volume
- Supports hundreds of digital asset pairs
- Near-instant deposits via debit/credit cards and local bank transfers
- Trading commission starts at just 0.1% per slide
- Offers crypto savings accounts
- Ideal for both beginners and experienced traders alike
Cons
- Not all supported cryptocurrencies can be purchased with a debit/credit card
- No e-wallet deposits or withdrawals
at eToro, UK’s #1 Broker
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
How to Buy Ethereum Classic in the UK – Detailed & Explained in Full
In this section of our guide – we are going to take you through the process of how to buy Ethereum Classic in the UK – step-by-step. Even though the end-to-end process can be completed in less than 5 minutes – we have left no stone unturned.
As such, if you’re a complete novice and feel somewhat intimidated about buying cryptocurrency online – follow the steps below.
Step 1: Open a Crypto Broker Account
In order to buy Ethereum Classic in the UK, you will first need to open an account with a broker that supports this digital token. We think that eToro is the best broker for the job – as the platform is regulated, easy to use, and home to some of the lowest fees in the crypto arena. To open an account with eToro, simply visit the provider’s homepage and click on the ‘Join Now’ button.
You will then be presented with a pop-up registration form – like in the image above. First, enter your name, email address, mobile number, and a strong password. Next, provide your date of birth and home address. Finally, confirm your email address and mobile number – and your eToro is good to go.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
Step 2: Verify Your Identity
eToro is regulated by the FCA and several other licensing bodies – so it is very strict when it comes to client identification. Fortunately, you only need to upload a copy of your passport/driver’s license and a recently issued bank statement or utility bill. In doing so, eToro will verify your identity and residency status instantly.
As a UK resident, you have the option to skip this step if you are not planning to deposit more than $2,250 – which is about £1,600. You will need to upload the aforementioned documents before you can request a withdrawal though, so consider doing this now.
Step 3: Deposit Funds
When buying Ethereum Classic at eToro, you won’t be doing this directly. Instead, you will first need to add some money to your account. Then, you can simply place a buy order on Ethereum Classic to complete your purchase – which takes seconds.
The minimum deposit on eToro is $200 – or about £145. There is a small 0.5% FX fee to consider, too. Nevertheless, you can deposit funds with a UK bank transfer, debit/credit card issued by Visa/MasterCard, or an e-wallet like Paypal.
Step 4: Go to Ethereum Classic Trading Page
eToro is home to thousands of financial instruments, so it’s best to enter’ Ethereum Classic’ into the search box. When you see the digital currency load (like below) – click it.
On the next page, click the ‘Trade’ button to populate an order box.
Step 5: Buy Ethereum Classic UK
eToro knows that most people using its platform are beginners – so the process of placing a buy order on Ethereum Classic is both quick and easy. First, enter your stake in the amount box. In the image below, we are looking to buy $150 worth of Ethereum Classic. You can invest any amount of your choosing as long as you meet a minimum of $25.
When you are ready to buy Ethereum Classic – click on the ‘Open Trade’ button to complete your order.
Buy Ethereum Classic – Best Place to Buy Ethereum Classic in the UK
In this section of our guide, we are going to discuss the best place to buy Ethereum Classic in the UK. Be sure to read through each method to ensure you invest in the best way for your personal requirements.
Online Cryptocurrency Broker
Cryptocurrency brokers like eToro offer a safe, stress-free, and low-cost way to buy Ethereum Classic in the UK.
- The reason for this is that brokers are required to meet a range of regulatory demands – such as being licensed by at least one reputable body.
- This ensures that you can buy ETC tokens without needing to worry about the safety of your funds.
- Plus, regulated brokers like eToro are able to offer fiat money facilities.
- Not only does this mean that you can buy Ethereum Classic with a debit/credit card, e-wallet, or bank account transfer – but you can also withdraw your proceeds with ease.
This isn’t something that unregulated platforms can offer.
Cryptocurrency Exchange
Some traders will consider using a cryptocurrency exchange to buy Ethereum Classic in the UK. These are typically unlicensed platforms that only support deposits and withdrawals in the form of digital assets. This means that if you are planning to invest in Ethereum Classic with your debit/credit card, you will likely be out of luck. On the flip side, cryptocurrency exchanges can be useful if you already own some digital tokens.
This is because you can transfer the tokens into the platform and then swap them over to Ethereum Classic. In most cases, this will not cost you more than 0.2% in commissions. But, you always face the risk of having your account hacked or funds stolen – as some unregulated exchanges are known to have little in the way of security controls or investor protections.
Ways to Buy Ethereum Classic UK
You also need to think about the many different ways to buy Ethereum Classic in the UK. For example, if you want to use a credit card, consider that this is arguably the most convenient option. But, it can also be the most costly.
Below we explain the main ways to buy Ethereum Classic in the UK right now.
Buy Ethereum Classic With Debit Card
To buy Ethereum Classic with a debit card – you will need to have an account with a regulated broker. You will also need to go through a KYC procedure, which requires a copy of your ID and proof of address. This part of the process can be completed in minutes when using eToro. Then, make a deposit with your debit card before placing a buy order on Ethereum Classic.
Buy Ethereum Classic with 0% Commission Now >
Buy Ethereum Classic With Credit Card
The process of buying ETC tokens with your credit card is exactly the same as using a debit card. This means you’ll need a crypto broker account and to go through the KYC process. You will then be able to buy Ethereum Classic instantly.
Take note, some credit card companies in the UK do not allow you to buy digital currencies online. As such, if you find that your credit card purchase is declined, this is likely why.
Buy Ethereum Classic With Paypal
Then, you will need to enter the amount you wish to deposit and log in to your Paypal account when the pop-up box appears. Once you confirm the deposit, Paypal will process this instantly and the funds will appear in your eToro account without delay. You can then proceed to buy Ethereum Classic.
Buy Ethereum Classic With Bitcoin
If you’re a complete newbie in the world of cryptocurrencies and blockchain technology – then you likely don’t have any Bitcoin to hand. But, if you do, then you don’t need to worry about using fiat money and subsequently having to upload verification documents.
On the contrary, simply open an account with a crypto exchange like OKEx and transfer your BTC tokens over. You can then instantly swap your Bitcoin for Ethereum Classic at a commission rate of just 0.10%.
Buy Ethereum Classic with 0% Commission Now >
Why Buy Ethereum Classic UK?
If you have read our guide on how to buy Ethereum Classic up to this point – then you should now have everything you need to go and complete your purchase. However, we would suggest doing some independent research on this digital token before proceeding – if you haven’t already.
Therefore, below we discuss some of the most important metrics to consider when thinking about how to invest in Ethereum Classic.
Six-Year Track Record
At the time of writing this guide, there are almost 11,000 digital tokens in existence. A good chunk of these cryptocurrencies were created in the past 12 months alone – meaning they have nothing in the way of a verifiable track record. Ethereum Classic, however, was first launched in 2015. As such, this gives us a significant amount of data to work from.
Most importantly, since early 2017, Ethereum Classic has retained its status as as a cryptocurrency with a multi-billion dollar market capitalization. As of July 2021 – this stands at just under $5 billion. Ultimately, this shows us that Ethereum Classic is anything but a short-term pump and dump project. On the contrary, it has firmly established itself as a top-ranked digital asset that is here to stay.
2021 Performance
Like many cryptocurrencies, Ethereum Classic enjoyed sizable returns in the first five months of 2021. At the start of the year, ETC tokens were trading at just $5.72. In May 2021, Ethereum Classic was trading at over $176 – meaning a year-to-date increase of almost 3,000%. This means that had you invest just £500 in January, your ETC purchase would have been worth over £15,000.
Ethereum Classic price has since dropped somewhat significantly. For example, as of late-July 2021, you can buy ETC tokens in the UK at just $38. With that said, even at $38 per token, this represents year-to-date gains of over 560%.
Huge Trading Discount
Leading on from the above section, buying Ethereum Classic at $38 as opposed to its recent peak of $176 means that you can enter the market at a huge discount. In fact, at this pricing level, you will be netting yourself a discount of over 78%.
On the one hand, there is no guarantee that Ethereum Classic will get back to the $176 level. But, if it does, and you buy in and around the $38-mark, then you are looking at an upside potential of over 360%.
Perfect for Dollar-Cost Averaging
Dollar-cost averaging is one of the best strategies to use when investing in highly volatile crypto assets like Ethereum Classic. This simply means that instead of investing on a one-off lump sum basis, you will buy smaller amounts at regular intervals. For example, instead of injecting £500 into Ethereum Classic, you might decide to buy £50 worth of tokens every week.
This will ensure that you are not overexposed to a single cost price and thus – you can avoid the short volatility often associated with ETC. Furthermore, and perhaps most importantly, you can buy Ethereum Classic in the UK from eToro at a minimum stake of $25. This means that irrespective of how much ETC is trading at, you only need to inject $25 per transaction – which is perfect for dollar-cost averaging.
The Cost of Buying Ethereum Classic
Depending on your chosen payment method and brokerage site – buying Ethereum Classic can be a costly process. This is why it’s important to shop around when choosing a trading platform. To get a broader idea of what costs to consider when investing in Ethereum Classic in the UK – check out the mini-sections below.
Deposit Fees
When you deposit funds with a debit/credit card at an online cryptocurrency broker, you will pay an average fee of 5%. This is usually an all-in fee attached to a direct purchase, so additional commissions will likely not come into account. At eToro, however, you will only pay 0.5% to use your debit/credit card. Then, you can buy Ethereum Classic in the UK on a spread-only basis.
Commissions
You also need to check what trading commissions your selected broker charges. This is a fee that you pay to buy and sell Ethereum Classic – and usually comes in the form of a variable percentage. At Coinbase, you will pay 1.49% when buying and selling ETC – which is expensive. Once again, eToro only charges the spread – so you can invest in ETC tokens in a low-cost manner.
Risks of Buying Ethereum Classic in the UK
As always, when you invest in digital tokens like Ethereum Classic – the risks are much higher than traditional assets like blue-chip stocks. The main risks that we identified are discussed in the sections below.
Volatility
Perhaps the most pressing risk to consider when you are looking to buy Ethereum Classic is that this digital token is super volatile. As we covered earlier, the asset was priced at $176 in May 2021 – only to drop down by 78% two months later. Barring a freak economic event like the coronavirus pandemic, traditional assets will rarely lose this much value in such a short period of time.
However, this is often just the nature of the game in the world of cryptocurrencies. Ultimately, if huge pricing swings like this make you feel somewhat uncomfortable – Ethereum Classic (or any cryptocurrency) might not be the right investment class for you.
Ethereum Classic is Highly Unlikely to Surpass Ethereum
As we noted earlier, Ethereum Classic is a hard fork of the original Ethereum Classic. In simple terms, this means that the former is simply a carbon copy of the latter – albeit with some slight technological and philosophical differences.
- But ultimately, Ethereum is still the world’s second most valuable cryptocurrency in terms of market capitalization and usage, as it has been for many, many years.
- There is no reason to believe that Ethereum Classic and its ETC token will ever surpass its older counterpart – so it remains to be seen where the project will be in years to come.
This is why it’s important to diversify your cryptocurrency portfolio by adding dozens of different tokens. In doing so, you will avoid being overexposed to Ethereum Classic in the long run.
Selling Ethereum Classic: A Quick Overview
Once you have bought Ethereum Classic, you then need to have an exit strategy in place. Perhaps you have a specific price target in mind or simply want to ride your investment out over several years. Either way, there will come a point where you want to sell Ethereum Classic. The process can be completed in a matter of seconds if you bought the tokens from eToro.
This is because the FCA-regulated broker allows you to cash out at any time by clicking on the ‘Sell’ button. If, however, you used an exchange and withdrew your ETC tokens to an external wallet, you will need to transfer them back. Then, you’ll need to manually place a sell order to cash out your Ethereum Classic tokens.
How to Buy Ethereum Classic UK – Conclusion
By reading this guide in its entirety – you are now armed with the required knowledge to buy Ethereum Classic in the UK. Not only do you know how to choose a broker, but also what to consider in terms of risks and potential rewards. We have also explained how to sell ETC tokens once your desired price target is met.
If you are ready to invest in Ethereum Classic right now with a regulated and low-cost broker – consider eToro. All you need to do is open an account, make a deposit, and decide how many ETC tokens you wish to buy.
eToro – Best FCA Broker Buy Ethereum Classic UK
FAQ
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