How to buy cryptocurrency? Full list of FCA approved platforms where you can buy Bitcoin from 75p

THE City watchdog has got tougher on crypto exchanges operating in the UK but some have managed to pass its registration process.

Here we take a look at the platforms that have made it onto the Financial Conduct Authority's crypto register - and what this means for investors.

Buying and selling cryptocurrencies such as Bitcoin and Ethereum isn't regulated.

This is one of the reasons it is very risky as there is no protection if your money is lost or stolen.

Valuations can also be volatile and the FCA has warned that investors should be prepared to lose all their money.

One area where the FCA does have some power though is with anti-money laundering.

Since January 10 2020, Any crypto exchange operating in the UK must register with the FCA under anti-money laundering rules.

This means an exchange must check who its investors are and verify their identities to ensure it is not supporting criminal activity or terrorism.

Crypto exchanges have until March 31 2022 to register.

More than 80 firms including established exchanges Coinfloor and eToro have temporary permissions.

These are firms that were previously doing AML checks but the FCA is still assessing their application for full permissions.

They may eventually be added to the full crypto register if they gain full permissions.

There are some platforms that haven't even made it to the temporary list.

The FCA banned the world's largest cryptocurrency exchange Binance from operating in the UK this week.

There are just five exchanges that have made it into the FCA's dedicated crypto register.

This is different to the financial services register that lists firms such as banks and financial advisers.

The crypto register can be accessed and searched on the .

These are UK-based companies that have passed the City watchdog's assessment of how they conduct anti-money laundering checks.

This doesn't make cryptocurrencies any less risky as there is still no Financial Services Compensation Scheme (FSCS) protection if the exchanges collapse plus the value of cryptocurrencies can drop.

But it does mean the FCA has checked and approved how these six firms monitor their customers.

Here is what investors can do with the six firms that appear on the cryptoassets register.

Gemini

Investors can buy and sell Bitcoin and other cryptocurrencies through Gemini.

You can also earn up to 7.4% by lending your cryptos to institutional investors.

It is planning its own credit card that will pay 3% in crypto rewards on spending.

You can start an account online or through its smartphone app.

Trading fees depend on how much you are buying or selling.

It starts at 75p for orders up to £7.50, rising to £1.25 up to £20, £2 up to £50, £2.25 up to £150,000 and 1.49% beyond that.

Ziglu

Investors can buy and sell cryptocurrencies such as Bitcoin, Ethereum, Cardano and Litecoin from £1 on Ziglu.

You can also earn interest of 5% if you invest in its digital currency called TrueGBP.

This money is lent to institutional investors such as hedge funds, which helps pay your interest.

This is an investment product and there is a risk that a borrower defaults and you won't get your money back.

Ziglu has its own smartphone app where you can manage your investments.

There are no account fees but there is a 1.25% charge for buying and selling cryptocurrencies.

Fibermode

Fibermode has launched a mobile app that lets you make payments in real money and earn cashback in the form of Bitcoins.

The app is working on loyalty programmes with shops but you can currently earn 25% cashback in Bitcoin by purchasing Mode merchandise such as hats and t-shirts.

For example, a purchase of £80 would give you £20 worth of Bitcoin, which is 0.0010BTC.

The app, which is currently only available on Android smartphones, will also let you buy and sell Bitcoin for a 0.99% fee.

Digivault

Digivault isn't a service aimed at standard investors.

It instead runs a custody service that looks after cryptocurrencies owned by institutional investors.

Archax

Similar to Digivault, Archax only works with institutional and high-net worth investors.

It is launching a crypto exchange and is developing tools to help wealthy investors digitise and make money from their assets.

Coinpass

Coinpass lets investors buy and sell Bitcoin and other cryptocurrencies.

Users can invest manually or setup automatic payments to regularly buy small amounts of a virtual coin such as Bitcoin, Ripple or Ethereum.

The fees depend on how much you are investing but start at 0.35% for investments worth up to £50,000 and the costs get lower the more you invest.

Zodia Custody

There is a lot of institutional investment in cryptocurrencies.

Zodia Custody provides tools to help these businesses such as fund houses or investment banks store their cryptocurrency holdings securely to protect themselves from fraud and hackers.

Ramp Swaps

This is another crypto exchange website where you can buy and sell virtual currencies such as Bitcoin.

Its technology can also be integrated into other websites.

Transactions start at 0.99% for manual bank transfers worth up to £2,133 or 1.99% if linking a card to your Ramp Network account.

The price drops to 0.49% for manual bank transfers and 1.49% for payments within the app on amounts above £2,133.

Solidi

Investors can buy and sell cryptos such as Bitcoin, Ethereum, Chainlink, Litecoin and Ripple on Solidi.

It promises that users can setup their accounts within two minutes.

There is no transaction fee for buying and selling cryptos but you need to pay a 50p fee to deposit your 'fiat' currency such as pounds which may be needed to make the purchase.

Users also have to pay 50p to access their pounds from Solidi and there may be a charge to withdraw your cryptos.

CoinJar

CoinJar is one of the longest running crypto exchanges where you can buy virtual currencies such as Bitcoin.

It initially launched in Australia in 2014 and entered the UK market in May 2020.

Faster payments and withdrawals are free.

Instant card purchases cost 2% and trading fees range from zero for active traders to 1% for more casual users.

CoinJar is also working on a debit card that will let users spend their cryptos and is a sponsor of Premiership football team Brentford.

A Russian 27-year-old recently  after his cryptocurrency Ethereum surged in value.