Where to Buy USDC UK — Beginner’s Guide

If you’re looking for a solid stablecoin that is pegged to the US dollar with proven and audited reserves (to avoid issues like the UST crash of May 2022) – you might want to consider USD Coin (USDC).

In doing so, not only can you avoid the volatility associated with conventional digital currencies, but you’ll be able to deposit your USDC into a saving account to generate a high yield.

In this guide, we explain how to buy USDC in the UK in under 10 minutes with a leading crypto exchange that accepts debit/credit cards.

Although the investment process is relatively simple, if this is your first time buying crypto – you might need some additional guidance. If so, we offer a more detailed walkthrough of how to buy USDC in the UK further down on this page.

Where to Buy USDC in the UK — Best Platforms

In order to buy USDC coin in the UK, you will need to have an account with a crypto exchange.

Not only will the exchange need to support USD Coin, but at low fees. Moreover, you should choose an exchange that is suitable for your skillset and prior investing experience.

If you’re still wondering where to buy USDC in the UK today – consider the trading platforms outlined below.

1. Crypto.com — Overall Best Place to Buy USDC in the UK

Crypto.com is one of the most popular options to  buy cryptocurrency in the UK. The platform is now home to millions of clients from around the world – many of which are beginners. This is because Crypto.com offers a user-friendly mobile app – which allows you to buy USDC in the UK at the click of a few buttons.

In fact, all you need to do is open an account before downloading the Crypto.com app for iOS or Android – and you place an order to buy USD Coin straightaway. Best of all, this top-rated provider allows you to buy crypto with a credit/debit card – with both Visa and MasterCard supported.

This means that you can buy USDC instantly. You can also transfer funds via a UK bank account but expect a slight delay on the deposit. Either way, we like that Crypto.com offers some of the lowest fees in this industry. For instance, when you buy and sell USDC on this platform, you will pay a commission of just 0.4%.

This means that for every $100 worth of USDC that you purchase, a fee of just 40p will apply. And, if you find that you trade large amounts, your commission will be reduced by Crypto.com. The platform also offers lower commissions when you buy and stake CRO tokens. This is the digital currency backed by the Crypto.com ecosystem.

If that wasn’t enough, Crypto.com even allows you to earn interest on the USDC tokens that you buy. All you need to do is transfer the tokens into a crypto savings account and choose your preferred lock-up term. This is a choice between a 1-month, 3-month, or flexible account. To earn up to 10% in interest, you’ll need to opt for a three-month plan and stake CRO tokens.

Another way that you can get your hands on USDC in the UK at Crypto.com is via a secured loan. By depositing one of many supported tokens – such as Bitcoin, Ethereum, or Litecoin – you’ll be offered an LTV of up to 50%. For instance, with $2,000 worth of Bitcoin, you would be able to get $1,000 in USDC tokens.

And, when opting for a loan at Crypto.com, there is no requirement for a credit check. You might also like the NFT marketplace offered by Crypto.com – which allows you to buy non-fungible tokens without paying any fees. Crypto.com also offers a Visa-issued prepaid crypto card – which allows you to spend your tokens in the real world.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Binance — Buy USDC with a UK Debit / Credit Card

Another platform to consider in your search for places to buy USDC in the UK is Binance. This platform is perhaps the largest crypto ecosystem in this space – not only in terms of trading volume and registered users, but the availability of investment products and features.

First and foremost, if you are simply looking to buy USDC in the UK, Binance allows you to do this with a debit or credit card. You will first need to register an account and upload a copy of your passport or driver’s license. Your KYC document should be approved in a matter of minutes. When it is, you can then set up your USDC purchase order.

This will require a minimum deposit of $15 and the payment will be processed in GBP. Binance charges 1.8% on debit/credit card purchases – so that’s a fee of $1.80 for every $100 worth of USDC that you buy. As soon as you confirm the transaction, the USDC tokens will appear in your Binance wallet.

We also like that Binance allows you to set up a recurring buy. For instance, you might decide to buy $50 worth of USD Coin on a specific date each month. Once you have purchased USDC tokens from the Binance website, you have several options to choose from in terms of storage.

If you’re looking to generate interest on your USDC, Binance offers a mere 1.20% annually. As such, a better option would be to transfer the tokens to Crypto.com – where you can earn up to 10%. The other option you have is to withdraw the tokens to Trust Wallet – which is backed by Binance. This iOS and Android wallet app offer a range of DeFi products – including interest tools.

Either way, another key benefit of choosing Binance as your go-to exchange is that it offers more than 600 different crypto assets. As such, Binance is a great option if you are planning to invest in lots of different tokens. We also like that Binance charges a standard commission of just 0.10% per slide.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. Coinbase — User-Friendly Way to Buy USDC in the UK

Another option to consider when deciding on where to buy USDC in the UK is Coinbase. After all, USD Coin is backed by the Coinbase exchange, so it makes sense that the platform allows you to invest in a simple and fast manner. In order to do this, you will first need to register an account with Coinbase.

You will also be asked to upload a copy of your government-issued ID, alongside a selfie. All being well, your Coinbase account should be verified in under 10 minutes. When it is, you can then proceed to buy USDC crypto in the UK with your debit card. Although your purchase will be carried out instantly, you will pay a hefty fee of 3.99%.

This works out at $3.99 for every $100 worth of USDC tokens that you buy. And, if your order is under $200, then a flat fee will kick in. This works out at more than 3.99% in percentage terms – so do bear this in mind if you are looking to invest small amounts. If you decide to transfer funds via Faster Payments, there are no fees to pay.

However, not only will you need to wait 1-3 working days for Coinbase to credit the deposit, but you will still need to cover a standard commission fee of 1.49%. With that said, although Coinbase charges some of the highest fees in the UK crypto exchange arena, the platform is popular for its user-friendly interface and dedication to security.

For instance, when you buy USDC here, 98% of your funds will be kept in cold storage. You will also be asked to set up two-factor authentication on your account. This means that Coinbase will send a PIN to your mobile phone on each login attempt. You can also download the Coinbase app for iOS or Android – should you wish to buy crypto on the move.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

What is USDC?

USD Coin – which is otherwise referred to by its ticker symbol – USDC, is a stablecoin. This means that unlike conventional digital currencies – such as Bitcoin or Ethereum, the main concept of USDC is to remain pegged to the US dollar. In theory, this means that one USDC token will always be worth $1.

However, as we will discuss in more detail shortly, there is no guarantee that USDC will retain its peg to the dollar. After all, fellow stablecoin Terra USD recently lost its peg to the dollar and has since traded at less than $0.10.  With that said, Coinbase is arguably the best stablecoin in this marketplace in terms of trust.

Crucially, the stablecoin is backed like-for-like by actual reserves that are held in US-regulated bank accounts. According to Coinbase, “each USDC is backed by one dollar or asset with equivalent fair value”. Moreover, it is also important to remember that USDC is backed by two leading companies that have a solid reputation.

First, you have Coinbase – which is a regulated exchange that is now publicly listed on the NASDAQ as a tradable stock. Second, you have Circle, which is an established FinTech firm that helps businesses facilitate crypto payments. Collectively, the partnership between Coinbase and Circle is known as the Centre Consortium.

Nonetheless, if you’re wondering why anyone would want to invest in USDC in the UK when its value never changes – there are several reasons to consider. First, holding USDC allows you to avoid the volatility typically seen with conventional cryptocurrencies. Then, when you are ready to enter the market, it’s just a case of swapping USDC for your chosen token.

Second, USDC gives you the opportunity to earn an attractive yield on your tokens. For instance, if you were to deposit USDC into Aqru – which is a leading crypto savings account provider, you would earn 12% per year. This is offered as a flexible account, so you can withdraw your tokens whenever you wish. In comparison, UK bank accounts pay less than 1% on GBP deposits.

We further explore the benefits of buying and holding USDC in the following sections of this guide.

Is USDC a Good Investment?

As noted above, when you invest in USD Coin in the UK – you will not be doing so to generate capital gains. After all, if USDC is true to its name, then it should remain pegged to the US dollar at all times.

Nonetheless, this isn’t to say that USDC doesn’t represent an attractive buy – as we discuss in more detail in the sections below.

Ideal for International Payments

One of the biggest benefits of owning a stablecoin like USDC is that it is ideal for international payments.

In comparison, using a traditional bank to send funds abroad can be both slow and expensive. Moreover, the process can be cumbersome, as a variety of forms are often required to be filled out before the transfer is approved.

In comparison, USDC operates on top of the Ethereum blockchain. And therefore, you can transfer tokens to another wallet with an average transaction time of 16 seconds – regardless of where the receiver is located.

Proven and Audited Reserves

USDC isn’t the only stablecoin in the market that aims to remain pegged to the US dollar. However, many market commentators would argue that in terms of safety and trust, USDC is perhaps the standout option in this market.

Crucially, this is because USDC is backed like-for-like with proven reserves that are deposited in a US-regulated account. Furthermore, and perhaps most importantly, these reserves are audited each month by leading accounting firm Grant Thornton.

• In comparison, Tether (USDT) – which is the world’s largest stablecoin in terms of market capitalization and volume, has somewhat of a murky reputation.
• This is because it still remains to be seen whether or not Tether is actually backed by proven reserves.

You then have the likes of Terra USD (UST), which until recently, was one of the largest stablecoins for market valuation. Unlike USDC, Terra USD is not backed by anything tangible. On the contrary, the stablecoin relied on an algorithm to retain its peg. And, as we now know, this algorithm subsequently failed – which resulted in Terra USD trading at lows of $0.13.

Highly Liquid

Another important consideration to make when you buy a stablecoin is that of liquidity. This simply means that you should choose a stablecoin that has sufficient levels of trading volume and demand.

In doing so, you’ll never have any issues when it comes to cashing your stablecoin out for fiat money or another crypto token. In the case of USDC, you should have no such concerns.

After all, as of writing. USDC carries a market capitalization of over $50 billion.

Attractive Interest Yields

When you buy USDC in the UK, you will have the opportunity to earn high interest yields on your investment. Best of all, you won’t need to worry about volatility – as USDC should remain at a price of $1 at all times.

In terms of yields, we briefly mentioned earlier that Aqru offers 12% per year on flexible USDC accounts. This means that for every $10,000 worth of USDC that you own and deposit into Aqru, you’ll earn interest of $1,200 annually.

In comparison, UK banks are still offering a pittance on savings accounts. In fact, you will be lucky to get an APY of over 1%per year.

You can also earn an attractive yield at Crypto.com – with the exchange offering an APY of up to 10% on USDC.

Great to Hold During Bear Markets

The broader cryptocurrency markets have struggled since the turn of 2022. Bitcoin, for example, has gone from highs of $69,000 in late 2021 to lows of $26,000. During bear markets, it can be difficult to know where the bottom is.

And as such, you might be tempted to cash out your crypto tokens for dollars. It can, however, be more efficient to sell your tokens for a stablecoin like USDC.

In doing so, you can hold onto your USDC tokens until you are ready to re-enter the crypto markets.

This option is both more cost-effective and less cumbersome than selling your holdings for cash and then repeating the investment process when the time arises.

USDC Price

The overarching concept of USDC is to remain pegged to the US dollar at all times. And therefore, 1 USDC should always be worth 1 US dollar.

With that being said, due to the nature of market forces and economic sentiment, there will always be a very slight movement in the value of USDC. For instance, as you will see in the chart below, over the prior year, the value of USDC has hovered between $0.99 and $1.0015. These variations are, however, minute.

If you’re wondering what can influence the price of USDC, this centers on trust and belief in the project. For instance, we mentioned earlier that the so-called ‘algorithmic stablecoin’ Terra USD lost its peg to the US dollar. In fact, as of writing, one Terra USD is changing hands at just $0.08.

The overarching reason for this is that when the token lost its peg, this resulted in a major market sell-off. Fear and uncertainty subsequently mean that in order to sell Terra USD, holders would need to accept just 8% of the $1 that it previously traded at.

And therefore, this is why it is crucial that USDC continues to have its bank account audited each and every month. In doing so, it will retain its reputation as a solid stablecoin project that can be trusted.

Ways of Buying USDC

You can buy USDC in the UK via the following ways:

Buy USDC With Credit Card or Debit Card

If you open an account with one of the three exchanges that we discussed earlier – you will be able to buy USDC in the UK with a credit or debit card.

You will, however, first need to go through a quick verification process – which requires you to upload some ID. Once you do, you can then proceed to buy USD Coin with your Visa or MasterCard.

When it comes to withdrawals, you use the same exchange to sell USDC back to GBP, and then cash out the funds back to your credit/debit card.

Buy USDC With Paypal

Buying USDC with Paypal is slightly more challenging, as very few exchanges accept this payment method. We found that UK clients can use the Binance P2P marketplace, which supports Paypal.

However, you will be trading directly with another person – which can be fraught with risk. As such, to ensure that you are able to buy USDC in the UK safely, it might be best to stick with a debit/credit card.

Best USDC Wallet

If you are looking to store USDC in a wallet as opposed to an interest savings account, you’ve got plenty of options. The reason for this is that USDC is built on top of the Ethereum blockchain, which the vast majority of wallets support.

If you’re a beginner in the crypto space, you might consider a mobile wallet app – as this offers a great blend between security and convenience. A great option here is the Crypto.com DeFi app, which can be downloaded onto your iOS or Android phone for free.

Moreover, this wallet is non-custodial, which means that you will have full control over your private keys. Therefore, as long as you keep your mobile phone safe, you will be the only person that has access to your USDC tokens.

How to Buy USD Coin – Crypto.com Tutorial

If you’re ready to invest in this popular stablecoin today – we will now show you how to buy USDC in the UK with Crypto.com.

This simple step-by-step guide will explain the process of opening an account and making a deposit with your debit/credit card, before creating a buy order to buy USD Coin.

Step 1: Open Crypto.com Account

Before you can buy USDC in the UK, you will need to visit the Crypto.com website to open a free account.

You will initially need to enter the following information:

• Full Name
• Date of Birth
• Nationality
• Email Address
• Chosen Password

After reading and agreeing to the Crypto.com terms and conditions, click ‘Create Account’.

Step 2: Download Crypto.com App

In order to buy USDC instantly with a debit or credit card, you will need to complete the process via the mobile app.

You can download the Crypto.com app to your Android or iOS smartphone for free and then log in with the email address and password that you entered when you created your account.

Step 3: Upload ID

Crypto.com is authorized to offer digital asset services to clients in the UK. The exchange must, however, ask you to upload a copy of your passport or driver’s license to ensure that it complies with anti-money laundering regulations.

As such, the next step is to take a photo of your ID via the Crypto.com app.

Step 4: Search for USDC

You can now search for USDC on the Crypto.com app.

Step 5: Enter Payment Details and Buy USDC

The final step is to complete your USDC investment. When prompted, select the debit/credit card option and enter your details.

You will also need to enter the size of your USDC purchase. Once you confirm the purchase, the funds will be debited from your card, and the USDC tokens added to your Crypto.com wallet.

How to Sell USDC

Although USDC is backed by actual reserves, you will need to sell your tokens on a crypto exchange. The specific process will therefore depend on which exchange or wallet the tokens are currently being stored.

If you simply decided to leave the tokens in the exchange wallet that you bought them from, then it’s typically just a case of placing a sell order. The USDC will then be converted into dollars – which you can withdraw back to your card or bank account.

If you have the USDC tokens stored in a private wallet, then you can transfer them to the exchange that you originally bought them from, before placing a sell order.

Conclusion

USDC is arguably the most solid stablecoin in the crypto space in terms of trust. Crucially, this stablecoin is backed like-for-like with actual reserves in a regulated US bank account.

Moreover, USDC reserves are audited each and every month – which adds further security to your investment. If you want to buy USDC in the UK right now – you can use a debit/credit card to pay for your purchase at Crypto.com.

This popular exchange offers a user-friendly mobile app for iOS and Android – and fees are super-competitive.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

FAQs on Buying USDC