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How to buy Phala (PHA) in the UK

Learn how to buy Phala (PHA) on 2+ crypto exchanges in our step-by-step guide.

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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.

Phala (PHA) is the 349th largest cryptocurrency by market cap, valued at US$69,678,859.

Phala is a highly volatile asset capable of major price swings in a single day. Today PHA is trading for $0.122662 USD, which is higher than yesterday's trading price of $0.1158188546 USD. Over the past year, Phala's price has seen a decrease of -2%.

So before you buy Phala, make sure you understand these unique risks as well as its legal and tax status here in the UK.

If you're ready to get started, read on for step-by-step instructions on how you can buy Phala.

How to buy Phala in 4 steps

The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.

  1. Compare crypto exchanges
    The easiest way to buy Phala is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit GBP using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
  4. Buy Phala
    You can now exchange your funds for Phala. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Phala to your personal wallet.
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

Where to buy Phala in the UK

Find an exchange to buy, sell and trade PHA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
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Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
Uphold - Digital Asset Platform
Uphold - Digital Asset Platform
Bank transfer (ACH), Debit card, Apple Pay, Google Pay
USD, GBP, AUD, EUR, CAD, CNY, JPY, SGD, INR, NZD

214
cryptocurrencies

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Kraken Cryptocurrency Exchange
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Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT
USD, EUR, GBP, JPY, CAD, CHF, AUD, AED

222
cryptocurrencies

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Kriptomat Cryptocurrency Exchange
EXCLUSIVE
Kriptomat Cryptocurrency Exchange
Credit card, Neteller, SOFORT, Skrill, SEPA
EUR, USD, GBP, BGN, HRK, CZK, HUF, PLN, SEK, TRY

347
cryptocurrencies

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How we keep this Phala guide up-to-date

  • PHA price data is regularly updated through data feeds so you always have the latest information.
  • Phala performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.

How do I find the best places to buy Phala?

Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in the UK to help you choose the one that's right for you.

Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.

What will I need to buy Phala?

To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.

An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Phala.

  • This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
  • Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing PHA with your local currency then you will need to pass KYC.
  • Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.

What is the easiest way to buy Phala?

The easiest way to buy PHA is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.

Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.

Before buying PHA, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Phala has been performing recently.

Best Phala wallets to store your PHA

You can keep your PHA on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your PHA below.

Ledger Nano X Wallet

Trezor Model T Wallet

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Supported assets

5,500+

Supported assets

1,317+

Price (USD)

$149

Price (USD)

$186

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

Is Phala a good investment?

All altcoins are extremely high-risk assets. Both the cryptocurrency and the associated project should be evaluated before any investment is made, If you are looking to invest in Phala tokens, here are a few things to consider:
  • Use case. Phala tokens come with several use cases. Holders of the tokens can use them to buy trusted computing resources, become gatekeepers, join Phala DAO and take part in community governance, pay for transaction fees and other services. The more use cases available, the more demand there may be in the future.
  • Token holder engagement: The Phala network gives users several avenues to participate in day-to-day activities and operations. Users can become Gatekeepers, Nominator, TEE Miners or become part of the Phala DAO. All provide opportunities to earn extra PHA tokens. TEE Miner rewards decay by 25% every 6 months.
  • Token distribution. The total supply of PHA tokens was capped at 1 billion. There are currently 272 million in circulation. Of the 1 billion, 70% are kept for TEE miners, 15% is/has been used for token sales, 9% is for airdrops, 5% is a team reward, and 1% is kept for testnet rewards.
  • Roadmap. In 2021, Phala has launched as a parachain on both Kusama (Polkadots testnet) and Polkadot. However, Phala has not yet fully completed its mainnet. Mainnet launch will enable the launch of W3A smart contracts and the implementation of cross-chain transactions.

Today's Phala price versus ATH

Compare today's price of Phala ($0.122662 USD) against its all-time-high price of $1.39 USD on 15 May 2021. The closer the bar is to 100%, the closer PHA is to reaching its ATH again.

Phala's price: $0.122662
ATH date: May 15, 2021
8.82%

Phala ATH: $1.39


How to trade, convert or sell Phala

You can convert or sell your PHA with the same exchange you bought it through:
  1. Sign in to the exchange you have PHA on.
  2. If you store your Phala in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of PHA you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Phala.
  6. Complete your transaction and move your PHA to a wallet for storage.
  1. Phala Network website
  2. Data by CoinGecko

* Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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