How To Buy Internet Computer (ICP) In The UK 

Last Updated August 10th 2022
6 Min Read

A Beginner’s Guide to Buying Internet Computer (ICP) in the UK

Planning to buy Internet Computer? Well, we’ve made it easy with our complete guide on how to buy Internet Computer in the UK.

Internet Computer or ICP is one of the recently launched tokens in the crypto market. The token was created in May 2021, but it has ranked as the 37th most popular crypto globally in terms of market cap. 

In this guide, we will take you through the process of buying Internet Computer ICP tokens in the UK, as well as every other detail you need to know about the token. The guide is very comprehensive and elaborate to ensure that even a beginner can understand all the processes involved. 

However, before you start buying ICP tokens, you need to understand the nature of the crypto market. Cryptocurrencies are very volatile, and investing in them can be very risky. As an investor, you need to ensure that you invest in caution. You can also seek professional advice from a financial expert to fully grasp how you can invest in this sector. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY INTERNET COMPUTER (ICP) IN THE UK
  2. Where To Buy Internet Computer (ICP) In The UK
  3. A step-by-step guide to buying ICP
  4. How to sell ICP tokens
  5. Which wallets can I use to hold ICP?
  6. How ICP works
  7. Key things to consider before buying ICP in the UK
  8. Conclusion

QUICK GUIDE: HOW TO BUY INTERNET COMPUTER (ICP) 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 Internet Computer.
  5. Enter how many Internet Computer ICP coins you want to buy.
  6. Check the details and confirm your purchase.

buy ICP

Where To Buy Internet Computer (ICP) In The UK

Are you searching for how to buy Internet Computer in the UK? Well, there are hundreds of crypto exchanges and brokers in the UK. This can make it hard to know which platform is right for you. 

List of the best Exchanges to buy Internet Computer (ICP) in the UK:

Looking where to buy Internet Computer in the UK right now? Below you will find 4 of the best brokers that allow you to buy ICP in the UK. 

  • eToro - Best broker to buy Internet Computer (ICP) in the UK
  • Binance - Best exchange to buy Internet Computer UK for asset diversity
  • Coinbase - Best exchange to buy Internet Computer (ICP) for beginners
  • OKEx - Best broker to buy Internet Computer UK for low-cost

A Step-by-step Guide To Buying Internet Computer (ICP) In The UK 

To buy ICP tokens, follow this well-detailed guide: 

Step 1: Open an online account 

The first thing you need to do is open an exchange account where you can buy the ICP tokens. The UK is home to many crypto exchanges, which is why you need to be careful when choosing one. Ensure that the exchange you settle for can support ICP tokens. 

Opening an account is a less detailed process than opening a bank account. Your full names, address, and contact details such as the telephone number and email address, are all you will need. Depending on the exchange, you may be required to verify the information that you have provided. This will involve submitting documents such as a government-issued ID and a proof of address. 

To set up security for your account, you need to set a two-factor authentication process to keep your tokens safe inside the exchange. 

Step 2: Fund your account 

The second step involved funding the account so you can buy ICP tokens. If the exchange you have selected permits the use of the GBP, you can link your bank account to the exchange and transfer the funds you want to use. However, not all exchanges have this option. 

The second way of funding your account is by using other cryptocurrencies. An exchange may not allow you to change fiat currency into ICP tokens directly, but it will allow you to buy other popular cryptocurrencies such as Bitcoin using fiat currency. If you hold BTC or any other supported crypto on the exchange, you can directly change them to ICP tokens. 

Step 3: Buy Internet Computer 

The most important step is to buy ICP tokens using the funds you have deposited into the account. To buy the tokens, go to the ‘buy side’ on the exchange account page and enter the amount you want to purchase. Once you confirm all the details of your transaction, you will receive a notification that will inform you that your purchase has gone through successfully. 

Sometimes the price of ICP tokens may be too high for you to buy at the prevailing prices. To purchase tokens at the prevailing prices, you will have to go with a market order, but to buy at your chosen price, you can select a limit order. With a limit order, your purchase will automatically be completed when prices hit a certain price. 

Step 4: Store your ICP token in a wallet

The fourth step is for you to store ICP in a crypto wallet. Once you have ICP tokens on the exchange, you can transfer them to a hot wallet like the one offered by exchanges through mobile apps. Hot wallets are stored online, making it easier for you to retrieve tokens whenever you need them. 

If you do not want to store it in a hot wallet, you can choose to store it in a cold wallet. The cold wallet can store your ICP offline, so you don’t have to worry about its safety online. A cold wallet is perfectly suited for those who are holding large amounts of ICP tokens. 

Check Out: Internet Computer Price Predictions

buy ICP

How To Sell Internet Computer (ICP) Tokens 

If you decide that it is time for you to sell ICP tokens, you can go through the same process as the one involved in the purchase. Go to the ‘sell side’ at the exchange account and enter the amount of ICP tokens you want to sell. Confirm your details, and you will receive a notification that your sale has been processed successfully. 

You can sell ICP tokens for fiat currency, or you can sell them for other cryptocurrencies. Once your sale goes through, the following step is to withdraw your money back into your bank account. 

Which Wallets Can I Use To Hold Internet Computer (ICP)? 

To hold ICP tokens, you can use either hot wallets or cold wallets. Hot wallets are preferable by those with small ICP holdings and people who want to trade the token regularly. Cold wallets are preferable by those who want to hold large amounts of the token and those who do not want to trade any time soon. 

How Internet Computer (ICP) Works 

Internet Computer ICP works in just the same way as other cryptocurrencies. It is based on the blockchain system, and this makes the transactions secure and fast. The token is mainly used for speculation where people buy and sell depending on the token’s market prices.

The ICP tokens are also used to power the Internet Computer network. In addition, they can be used for developing other DeFi protocols. 

Key Things To Consider Before Buying Internet Computer (ICP) In The UK 

It would help if you considered these factors before buying ICP tokens: 

Availability 

You should only choose to buy the crypto if it is highly available. To check availability, evaluate how many tokens have already been mined and how many are in supply. A highly available token will make it easier for you to trade.  

Performance 

Like with other forms of investments, you need to evaluate the performance of an asset before you can make a decision. The performance of ICP is judged by how the token has done in recent months in terms of price. 

Adoptability 

You also need to check whether the token can be adopted for other purposes, such as supporting DeFi projects and being used for online purchases. 

Conclusion 

ICP tokens are some of the most valuable cryptocurrencies. The tokens are very new in the sector, but this has not overshadowed their potential. It is among the top 30 cryptocurrencies in the world, and it is rapidly gaining popularity. Buying and selling ICP is a very easy process, but you also need to be cautious when investing in crypto.

eToro – Best Platform To Buy Cryptos

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

Virtual currencies are highly volatile. Your capital is at risk.

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