How to Buy Decred in the UK  

A Beginner’s Guide to Buying and Selling Decred Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and wish to buy Decred – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Decred tokens you want to buy.

The crypto market features many different forms of cryptocurrencies, each attractive in its own way. Decentralized credit (Decred) is one of these cryptocurrencies. It enables investors to diversify their crypto portfolios instead of using the prevalent ones such as Bitcoin and Ethereum

Decred brings with it decentralized governance and decision-making on the blockchain. Known by its native token DCR, Decred is built to evolve in line with improvements voted on by the miners and the holders. The Decred token and protocol were created to facilitate open governance, community interaction, and sustainable funding policies. Decred was created so that the community approves all transactions and changes made regarding the protocol. For this reason, there is no way for big Decred holders to manipulate the operation of the protocol. Decred was heavily influenced by Bitcoin and utilized many of the underlying principles of the original cryptocurrency.

This guide will equip you with the proper knowledge and information to buy Decred in the UK. It also moves forward to give you essential tips and considerations that will inform your investment decision. Nonetheless, it is advisable to always consider the risks involved when investing in the crypto market before signing up for it. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY DECRED IN THE UK
  2. A Step-by-step Guide to Buying Decred in the UK
  3. How to Sell Decred
  4. Which Wallets can I Use to Hold Decred?
  5. How Decred Works
  6. Key Things to Consider before Buying Decred in the UK
  7. Conclusion 

QUICK GUIDE: HOW TO BUY DECRED IN THE UK

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select Decred
  5. Enter how many Decred tokens you want to buy
  6. Check the details and confirm your purchase

A Step-by-step Guide to Buying Decred in the UK

Follow the following steps to buy Decred in the UK: 

Step 1: Open an exchange account 

Opening an exchange account is the primary step to buy Decred in the UK. The United Kingdom features multiple exchanges, each presenting its own approach to buying Decred. Before settling on one, find out whether it supports Decred. 

The process of opening an account is both easy and fast. It requires that you provide personal details such as name, contact information, and something to confirm your address- billing statement or utility bill. You also need to verify your identity through a government-issued Identity Card. 

Setting up the exchange account is easy and later requires that you establish the security of your exchange. Security for the exchange entails a multi-factor authentication process to enhance the security of the account while at the same time minimizing the chances of unauthorized access to the account. 

Step 2: Fund the account 

Funding the exchange account is the second step and enables you to buy the DCR tokens. While there are many ways to fund the account, the simplest one concerns credit or debit card use. Alternatively, you can fund your exchange account by directly linking your bank account, so you can directly deposit funds from your bank to the exchange. 

On the off chance that the exchange account does not support buying DCR using fiat currency, the best thing to do is exchanging other cryptocurrencies for Decred. Some of the tokens that can facilitate this exchange include Bitcoin and Ethereum, which are very popular. 

Step 3: Buy Decred 

The third step is buying the actual DCR tokens. Having deposited funds into your exchange account, buying the Decred tokens becomes very easy. To do this, simply go to the buy section of the exchange account and specify the amount you intend to spend. Next, confirm the transaction and check your email for confirmation that processing has begun.  

To buy DCR tokens, place a market order or a limit order. The market order enables you to buy the tokens at the prevailing prices. In contrast, the limit order enables you to buy the DCR once the prices are at a defined minimum level. 

To buy, select the pair matching your intended transaction. For instance, select either of the following pairs depending on what you want: GBP/DCR, BTC/DCR or ETH/DCR, among others. 

Step 4: Store your DCR tokens in a crypto wallet 

After buying the DCR tokens, you have to store them in a crypto wallet, which means choosing the hot or cold wallet. The hot wallet enables you to store your tokens online for a short duration before you can start trading them for quick returns. It makes it possible for you to store your tokens offline using a USB drive regarding cold wallets. Cold wallets offer more security, mainly because the tokens will not be available online and are therefore less vulnerable to lose. 

How to Sell Decred 

When you want to sell your DCR tokens, all you have to do is go to the sell section of the exchange account and specify the amount you want to sell the tokens for. Next, confirm your personal details and let the transaction processing commence. 

Selling Decred tokens can be done in two ways. First, you can exchange them for GBP. Alternatively, you can exchange them for other cryptocurrencies. To do this, you have to check for the pair that fits your intended exchange. Some of the available pairs include DCR/BTC, DCR/ETH, or DCR/GBP. 

Which Wallets can I Use to Hold Decred?

Two leading wallets serve for holding Decred Tokens: hot and cold wallets. Hot wallets are typically found in the exchange account. Therefore, they keep the tokens online, thus making it easy for retrieval and regular selling. Cold wallets, on the other hand, store tokens offline using external devices like a USB drive. 

How Decred Works 

Decred works in the same way as the other tokens in the crypto market. DCR operates on a decentralized mode of operation, ensuring that no middle-persons exist in buying and selling the tokens. Decred token investors actively buy when the prices of the tokens are at the lowest rates possible and sell promptly when the prices are at their highest. 

Key Things to Consider before Buying Decred in the UK  

Among the things that you have to consider when buying Decred tokens include:

Performance 

Performance is one of the primary things for consideration before buying DCR tokens. Find out how cryptocurrencies have been performing over the past few months to predict how they will move forward.

Volatility 

Among the most pronounced characteristics of cryptocurrencies, DCR included is that they are very volatile. As such, you have to be confident that you can manage the risks involved, especially when the prices begin to fluctuate. 

Usability 

Usability is another important consideration, often because a cryptocurrency that has a limited range of usability is not very popular for purchase. Go for a cryptocurrency that can be applied over a range of trades because one with such a quality will always maintain an attractive price and safety against market depressions.

Conclusion 

Decred stands among the most popular cryptocurrencies, with a track record of popularity in the market. DCR tokens are bought and sold in straightforward steps, as mentioned above. However, there are vital considerations that should never be overlooked.  

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