Best Crypto Exchange UK (2022)
Are you keen on signing up with a crypto exchange? Or maybe you want to switch to another exchange but you’re not sure where to start as there are so many.
We’ve tested and researched to bring you the top cryptocurrency exchanges to use in the UK. We’ve reviewed over 100 platforms comparing a huge range of factors including ease of use, trading fees, customer support, security and more.
10 Best Crypto Exchanges UK
Here is a quick list of our top exchanges to use in the UK:
The adoption of cryptocurrency continues to be on an exponential rise, with new coins emerging and presenting potential gains in the financial world. Greater adoption has led to instrumental and innovative changes in the world’s economy.
Cryptocurrency has triggered major developments in how we conduct transactions throughout the world. In fact, it has evolved to using non-fungible tokens to sell rights of intellectual property and arts, for financial exchange, and most importantly, payment services.
Due to its essential impact in improving seamless financial transactions, there is no doubt that cryptocurrency has totally revolutionised the world’s financial system and is here to stay.
However, diving headfirst into the world of crypto might seem a little bit complicated and daunting to many. Often, beginners have problems as to where to start, as several platforms offer endless lists of coins with countless features, making it difficult to know what to look for.
In this article, we’ve carefully analysed and listed the top 10 best crypto exchanges in the UK, their features, pros and cons and transaction fees.
We carefully scrutinised their top features and other factors crucial to deciding which UK crypto exchange is best for you.
After reading this article, you’ll have a good understanding of cryptocurrency exchanges as well as complete guidance on choosing the best crypto exchange UK for your needs and requirements.
1. eToro – Best Overall Crypto Exchange UK
Not only is eToro one of the most secure and safest crypto exchanges in the UK, but it is also extremely cost-effective. Different from other crypto trading platforms, this popular exchange is regulated and authorised by the UK’s Financial Conduct Authority (FCA).
eToro is a multi-asset platform, meaning that not only can you buy and sell cryptocurrencies such as Bitcoin and Ethereum, but you can also trade stocks, ETFs and other various CFDs.
One of the best things about eToro – which has just recently surpassed 20 million registered users worldwide, is that the platform is totally commission-free. Therefore, you can trade your chosen cryptocurrency without needing to pay any fees.
Although you do need to pay a small 0.5% FX fee at the time of deposit, this is marginal considering eToro is a zero-commission platform and doesn’t charge any ongoing platform fees.
If you are taking your first steps in the crypto world and signing up for your first UK crypto exchange, eToro is the perfect option. The platform is incredibly simple to use and opening an account takes only a few minutes.
The FCA-regulated platform also supports the most common payment methods such as debit/credit cards, bank transfers, PayPal, Skrill, Neteller and more.
One unique feature of eToro is its Copy Trading, where you can trade cryptocurrencies completely hands-off by copying the buying and selling of a successful investor. You can also copy a fully managed portfolio, which can include crypto assets.
Both features are a good introduction to the world of cryptocurrency investing for beginners.
Lastly, the minimum deposit to begin investing is only $10, so there’s no need to begin and potentially risk large sums of money.
Along with its intuitive mobile app, we strongly believe eToro is the best platform for beginners and experienced traders alike.
|Commission-free trading||Small withdrawal fee|
|Minimum investment of just $10|
|Copy Trading feature for passive investing|
2. Binance – Best UK Crypto Exchange for Experienced Traders
Founded in 2017 by Changpeng Zhao, Binance is the largest crypto exchange in the world. It processes more than 1,400,000 transactions in a second, making it among the best crypto exchanges in the UK.
Binance offers more than 600 cryptocurrencies and rakes in more than $20 billion in transaction volume per day. It also offers a wallet, card, loan and gift card service.
Binance continues to maintain its place at the top of the world’s best crypto exchange with a low transaction fee and high level of encryption. It serves millions of users from all over the world with hundreds of fiat currencies.
Popular for its low transactions and operational fee, Binance offers one of the lowest transaction fee exchanges globally, charging only 0.02%-0.1% transaction fee, 3%-4.5% fee on debit card purchases, and a completely free transaction fee for UK bank transfers.
Although Binance is best for experienced traders and crypto investors, it offers Lite Mode for newbies who are finding it difficult to get the hang of the Standard mode.
Its user interface features several vital trading options, including spot, futures and margin trading. It also offers a seamless way to make crypto purchases and transactions.
|Swift and free account funding||Although the trading commission is cheap, other exchange platforms do not include these fees|
|Extremely wide range of coin listings, the largest in the crypto market||Complicated UI is mainly designed for experienced users|
|A wide range of supported transaction types|
3. Coinbase – User-Friendly Crypto Exchange
Coinbase is a mainstream crypto exchange founded in 2012 and headed by co-founder Brian Armstrong. Regarded as one of the earliest crypto exchanges, Coinbase has enjoyed a huge rise in usage like Binance.
Coinbase serves more than 70 million verified users in more than 100 countries worldwide. Located in the US, Coinbase works closely with regulators to build a reputable brand that fosters user security.
Coinbase currently supports 139 coins and 402 trading pairs and rakes in more than a billion-dollar trading volume daily.
Coinbase is a useful beginner-friendly exchange platform. However, it also features Coinbase Pro, which is ideal for experienced traders. Coinbase also offers valuable educational materials for users.
Unlike Binance, Coinbase’s transaction fee is higher when compared to other platforms – 1.49% for standard transactions, 3.99% for instant buys and 2% + £0.55 for withdrawals.
In addition, Coinbase charges a 0.5% spread on trades, including a fee of £0.99 – £2.99 depending on the trading volume.
Coinbase is generally more suitable for beginners as it offers an extremely basic user interface, higher fees and lower coin listings, and most especially educational materials for newbies looking for help to get started in the crypto world.
Meanwhile, Coinbase is less suitable for pro traders looking for complex analytical tools and options when trading.
|A free and swift payment that supports GBP||Complicated fee structure|
|A good number of coin listings||Fairly impressive features that are mainly useful for beginners and not experienced traders|
|Availability of built-in cryptocurrency wallet|
Kraken is one of the oldest crypto exchanges launched barely two years after Bitcoin. Currently, Kraken offers 94 different cryptocurrencies and 403 trading pairs. It also helps businesses integrate cryptocurrency into their financial system.
Furthermore, Kraken is an entirely newbie-friendly exchange as well as a complex trading platform for experienced traders, offering API for more flexibility.
Kraken’s transaction fees range from 0% to 0.26%. However, this fee generally depends on 30 rolling volumes. Kraken offers zero transaction fees on deposits using the Faster Payments Service. However, the SWIFT or CHAPS deposit attracts a £3 and £21 transaction fee.
An advantage of using Kraken is its high trade limit. Kraken offers a whooping £72,000 trade limit, higher than most other exchanges. Kraken is also an excellent choice of crypto exchange for both new and seasoned traders as it offers a wide range of cryptocurrencies and trading pairs alongside a free trading fee.
However, newbies need to know that Kraken has no inbuilt wallet. Therefore, there’ll be a need to withdraw your cryptocurrency from Kraken for use outside the exchange.
|Excellent for all traders of different experience level||Complicated fee structure. However, the fee|
decreases as trading volume increases
|Good numbers of coin listings||The absence of a built-in wallet can be an issue for beginner traders|
|Low transaction and trading fee|
Crpyto.com is another reliable solution to buy, sell and trade cryptocurrency. It offers solutions for investors, businesses and institutional investors looking to integrate cryptocurrency into their financial systems.
Crypto.com offers several mouthwatering features, including credit card provisions that offer perks and even interest rates on deposits of up to 8%.
Crypto.com features over 150 coins and 264 trading pairs and offers a wider range of cryptocurrencies when compared to other exchanges. It also rakes in more than $1 billion in daily trading volume.
Concerning fees, Crypto.com changes in an almost similar way to Kraken. It offers a progressive trading fee, from 0.4% to 0.04%. However, the disparity depends on volumes. Also, there is zero transaction fee or deposit. However, Crypto.com only accepts USD, which may incur a fee from banks and spread of GBP/USD pair.
Crypto.com is an excellent crypto exchange for beginners and experienced traders. It is also suitable for users looking for more than just trading out of their platform.
Crypto.com’s card is a great solution for users to receive rewards and interest rates, depending on their transaction volume and card usage.
However, the platform’s main disadvantage is its complicated UI and features that can confuse new users, especially the additional products being offered on the platform.
|Provision of up to 14% interest on|
|Complicated user interface which can be|
difficult to navigate
|Cashback opportunity of up to 8% with their VISA card||Funding of account is only in USD;|
therefore it may incur an additional fee for non-US users
|Offers a wide range of coin listings|
Founded in 2014 by the Winklevoss twins, Gemini is another top crypto exchange platform.
In contrast to other exchanges, Gemini offers more than just a crypto exchange service. It holds an EMI licence that ensures an extra layer of security and protects users against hacks and cyber attacks.
Gemini features a more complex trading platform with advanced analytical tools for experienced traders, especially users looking for more than just buying and selling crypto. The platform also features advanced charting and multiple order types.
Gemini offers 62 coins and 85 trading pairs. However, larger coins like Ripple are not available, which may be an issue for some traders. Gemini charges a 0.35% trading fee on trades below $500,000. However, the fee decreases to 0.03% for trades over $500m. They also charge a 0.5% convenience fee on all transactions.
Although Gemini is a top exchange worldwide with a wide range of cryptocurrencies, their slightly higher trading and transaction fee may be a concern for experienced traders dealing with large volumes.
|Has EMI licence in the UK||A low number of coin listings. Also, high market cap coins like Ripple are unavailable|
|Provision of teaching and educational materials||Fees are high, especially for new traders with small trades|
|Low minimum deposit requirement|
Gate.io was founded in 2013 as a one-stop-shop trading service offering more than just traditional crypto exchange services. Gate.io offers finance options, such as lending, borrowing and investing solutions. They also offer payment for mining services.
Also a leader in enhancing cybersecurity, Gate.io continues to be a top exchange that prioritises user safety. Gate.io provides access to more than 1,000 cryptocurrencies and more than 2,000 trading pairs. It also offers margin trades and lending services to users.
Gate.io has one of the lowest transaction fees of only 0.2% on each trade. Also, withdrawal and deposit fees are totally free.
Gate.io makes security a top priority, making it one of the most security-conscious exchanges on the market. It also serves experienced traders looking to access different trading tools and options.
Although their fees may not be the cheapest, Gate.io offers some unique features in addition to a strong security focus of their platform.
|Highly secure||Non-competitive trading fee|
|A good number of coin listings||Deposits and withdrawals can only be made with cryptocurrencies|
|Provides other services like lending and borrowing|
KuCoin is another popular exchange serving every 1 in 4 crypto holders worldwide. KuCoin is a large crypto exchange that offers access to more than 500 cryptocurrencies and more than 1,000 trading pairs. It also boasts of extremely low transaction fees.
KuCoin offers more flexibility when compared to other exchanges. In addition to the sophisticated trading tools, it provides an opportunity for copy trading.
This enables you to use trading bots to copy experienced and successful traders, thereby minimising market research, monitoring and even incurred losses. KuCoin also offers a lending service that allows users to borrow or lend cryptocurrency at a competitive rate.
Another advantage of KuCoin is its low trading fee pegged at 0.1%. Also, there is no fee on deposits and a meagre transaction fee for withdrawals.
To sum things up, KuCoin is great for both new and experienced users. Apart from the fact that KuCoin doesn’t allow bank deposits, it is a great exchange that offers a vast number of services to traders and investors, both beginners and experienced.
|Availability of leverage||Bank deposit is unavailable|
|Good user experience||The user interface can be fairly complicated for|
|Provision of other services, including lending, borrowing and trading software|
Founded as a security-focused and safety fostering exchange, Bitstamp aims to be a more reliable financial institution than an exchange with associated risks or vulnerabilities.
Bitstamp serves several users who want the utmost security for their funds and investment. In terms of security and uptime, Bitstamp ousts its competitors.
Bitstamp offers a simple and low trading fee structure. Trading fees start from 0.5% and can reduce to 0% once the threshold has been reached.
Bitstamp also offers a free bank deposit fee. However, there is a 2% fee on all withdrawals, even getting as high as 5% for card withdrawals. However, note that your card issuer may charge an additional fee.
Bitstamp offers more than 40 coin listings, an averagely good number for beginners and experienced investors. Bitstamp is especially best for inexperienced traders who prioritise security and service uptime.
|Top-notch security||Lower number of features compared to|
|Top-notch uptime and stability||Low range of coin listings|
|Great customer support experience|
Founded in 2013, CoinJar serves more than 400,000 monthly users and accrues over $10 million in daily trading volume. CoinJar supports only 26 coins and 123 trading pairs which will be enough for newbies and regular users. However, it is very unlikely to attract experienced traders looking for a wide range of cryptocurrencies.
CoinJar is a highly reliable and secured exchange that fosters industry-standard security, which is better than many other exchanges.
CoinJar charges zero fees on deposits and withdrawals. Although there is a 2% charge on instant buy products. The trading fee on large trades on CoinJar is very competitive compared to other exchanges. Typically, the trading fee varies from 1% to 0.04%, depending on the type of trade.
In conclusion, CoinJar is another great exchange for new users looking to delve into cryptocurrency. It offers low-fee trades with a good number of crypto listings and seamless deposit methods with VISA cards to allow an easy and fast crypto trading experience.
|Availability of built-in wallet||Relatively low number of coin listings|
|Good user experience, especially for new traders||Offers low functionality for seasoned and experienced traders|
|Offers VISA card to spend crypto|
What Is a Cryptocurrency Exchange and How Do They Work?
A crypto exchange is a way to purchase cryptocurrency assets. It pairs buyers and sellers to execute a trade at a fixed rate. Exchanges typically benefit from taking the finders fee, a small fee from the whole trade.
There are different types of exchanges. However, Centralised Exchanges (CEX) are the most commonly used types of exchanges. CEX’s brings interested parties together and handles asset exchange via their account.
On the other hand, Decentralised Exchanges (DEX), which are less commonly used, pair transacting parties with each other directly without any interference.
Fundamentally, crypto exchanges are designed to bring parties together to facilitate the trade and exchange of cryptocurrency.
How to Choose the Best Crypto Exchange UK
Choosing the best cryptocurrency exchange in the UK can be a very hard decision, especially for beginners. However, the best decision is a personal decision that depends on individual priorities and preferences in the exchange platform.
While many people choose low-fee exchanges, others prefer secure and reliable exchanges.
Some users prioritise stability and longevity so they won’t have to worry about any account migration in the near future. Meanwhile, experienced users prefer adequate functionality to be able to execute trades quickly and at ease.
That being said, below are some factors to consider when choosing a UK crypto exchange.
Ease of Use
The complexity of the user interface at most times causes difficulty in operation and, many times, a bad experience. It could also lead to dissatisfaction.
Ease of use is important for beginners, and when buying and selling assets it is critical. A hard-to-navigate user interface can make it almost impossible to take advantage of fast-moving opportunities.
Security is another important factor to consider when choosing a crypto trading platform. The security of an exchange is worth looking at from two angles: security of coins and assets and, secondly, whether the exchange’s security is up to standard and satisfactory by regulators.
If an exchange’s security is not satisfactory, it can attract sanctions from regulators. Although actions from regulators are ultimate to protect users, it can lead to potential short-term hold up of funds.
When choosing a crypto exchange platform, transaction and trading fees are other factors to consider. For low-volume traders, fees may not be an immediate issue since other benefits outweigh fee costs.
Also, comparing the functionality and service provided to the fee can help determine if the charged fee is fair. Lower fee platforms are recommended for high-volume traders, while traders focused on buying and lending may consider a wide range of features and functionalities.
Functionality is almost entangled with fees, and it gives you an overview of a crypto exchange’s available resources to achieve your financial goals.
As competition grows among crypto exchanges, choosing an exchange with excellent functionality that will not be outgrown anytime soon is important.
Choosing an exchange with numerous features and functionalities can save you from the stressful process of migrating to a new exchange.
Supported cryptocurrencies may not be a deal-breaker for everyone, the top 20 coins make up 90% of usage after all, but for experienced traders, you may want more flexibility and freedom depending on your trading strategy.
Simply, liquidity means how fast an asset can be traded without the asset’s value being affected. Given the high volatility of the crypto market, liquidity is an important factor to consider when choosing an exchange.
This is especially important when using high leverage because the inability to convert assets on time can liquidate the whole account. High liquidity is favoured and the higher the number of users on a platform generally means the exchange is more liquid.
Cryptocurrency and other financial assets are legal property in the UK.
Exchange platforms need to carry out necessary steps to comply with the regulator’s guidelines, including getting a license like an EMI license. Although licensing is optional, regulators prefer platforms with licenses.
Although it might not have an impactful effect on volatility as seen with the FCA ruling, following guidelines gives an exchange the advantage of being on the regulators’ good side as well as instills trust in users.
Customer support is an integral part of every institution, regardless of the sector or type of platform. Customer support is essential for building trust and integrity, as a lack of support eventually leads to a loss of confidence.
Also, lack of customer support can sometimes make platform navigation and usage more difficult. On rare occasions, it can lead to a loss of money. Therefore, considering the availability of customer support is essential when choosing a UK crypto exchange.
Transaction processing time for each coin is different. However, it is also important to consider an exchange’s processing time.
Wallet security is also an important point to note if you plan to store your cryptocurrency using an exchange’s in-built wallet. Generally, there are hot wallets that make use of internet access but are not as secure as the second type, cold wallets.
A cold wallet is more secure as it does not require internet access; therefore, it is not susceptible to hacking and cyber-attacks.
It is always safer to use a cold wallet. However, you can also use an exchange’s wallet service if you’re sure that there is a standardised security protocol.
How to Use a Cryptocurrency Exchange UK
There are many UK crypto exchanges, and their user interface differs. Some features will be seen on every platform; therefore, they can be easily located and used even by new and first-time users. You can refer to the steps below on how to use an exchange:
- Sign up with a reputable exchange such as eToro with your email address, create the desired password and verify your email.
- Verify your identity and complete the KYC process to access full features and increase the transaction limit.
- Prioritize your account security by enabling 2FA and other measures.
- Fund your account by choosing the preferred fiat or crypto deposit option.
- For fiat deposits, you can transfer funds to the provided bank details. The deposit will reflect on your account once it has been confirmed.
- Your preferred asset’s wallet address will be provided for deposits with crypto. The deposit will reflect in your account after successful network confirmation.
- After funding your account, choose your preferred asset and locate “BUY”.
- If you want to exchange one cryptocurrency for another, you only need to locate the Market or Exchange section on the side or menu bar. Afterward, select a preferred crypto pair, for example, BTC/ETH, to buy Ethereum with Bitcoin.
- Choose your preferred order type and complete the trade.
Where to Store Cryptocurrency After Buying on an Exchange
Storing cryptocurrency after buying it is another common concern for beginners. After buying your preferred cryptocurrency, many platforms serve as wallets for storing cryptocurrency.
If you prefer to move your crypto off an exchange, there are two main ways you can store your cryptocurrency after purchase. You can either use a hot wallet, cold wallet or paper wallet.
Although cold and hot wallets work the same way, i.e. to store cryptocurrency, their main difference is internet access.
Hot wallets require internet connectivity and are mainly used on mobile phones or desktops. These types feature public and private keys, a combination of words or characters to secure your wallet.
Hot wallets are normally free, an advantage that makes them accessible to everyone. Additionally, hot wallets can store any type of cryptocurrency. However, due to their internet access, hot wallets are more vulnerable to cyber-attacks.
A cold wallet is a hardware device, like a physical leather wallet that you can hold and carry. Although not free, cold wallets guarantee a maximum level of security. It is much harder to hack as long as it is unplugged from a computer or mobile device.
The main disadvantage of cold wallets is their cost of purchase. Additionally, they are susceptible to physical damage because it is a physical hardware device.
Apart from those two common types of wallets, there are paper wallets. Paper wallets offer the advantages of cold wallets but for free.
Paper wallets are similar to cold wallets as they don’t require network connectivity. They involve printing private or public keys as a QR code that can be stored and scanned when needed.
Cryptocurrency Tax in the UK
The majority of people hold crypto as a personal investment. For many, this is to try and make a profit. Because of this, if you earn a profit on cryptoassets, you are required to pay Capital Gains Tax (CGT) by HRMC. This is similar to other asset classes such as stocks.
£12,300 is a UK resident’s yearly CGT allowance. Therefore, you will pay tax on the amount of profit left after deducting the annual allowance of £12,300.
For example, if you sold your cryptocurrency and made a profit of £20,000, you would be legally required to pay tax on £7,700 (just to be clear that is from £20,000 minus £12,300).
Additionally, the CGT allowance encompasses all investments of yours during the yearly period, not just cryptocurrency. You may also invest in stocks for instance.
Finally, if you receive cryptoassets from an employer as a form of payment or through mining, you are still required to pay Income Tax and National Insurance contributions.
For more information on UK cryptocurrency tax rules, please read the Government’s guidance.
Are UK crypto exchanges regulated?
There are no stringent regulations surrounding cryptocurrency and crypto exchange services in the UK. Although exchange services follow parameters set by the Financial Conduct Authority, there are no regulations for crypto exchanges in the UK. This is because cryptocurrency is viewed as a property that anyone can own.
What is the cheapest UK cryptocurrency exchange?
The cheapest crypto exchange in the UK depends on many factors that generally affect total costs like leverage, deposit method, fees and the type of crypto you wish to buy. Binance is a good option to start with. However, its complex user interface can be complicated for beginners to navigate and use. Another recommended option is eToro.
Do UK crypto exchange platforms offer leverage?
Leveraging is a normal offering from crypto exchanges. Some exchanges offer it, some exchanges don’t.
Is Binance better than Coinbase?
This is a subjective decision that totally depends on your goals and the preferred functionality you want. The only disadvantage of Binance can be its complex interface for beginners. However, Binance offers a wide range of functionality at a very low cost. In contrast, Coinbase is generally easier to navigate, especially for beginners. Therefore, your preference can also be influenced by your proficiency in trading.
Meanwhile, it is essential to know that you can start with Coinbase while learning to get the hang of Binance, then switch once you think you are proficient enough.
Which crypto exchange is the safest?
This is also another subjective question that depends on personal discretion. Crypto exchanges tend to provide the best service to their users, which builds a strong relationship between them. Therefore, users’ discretion regarding the best crypto exchange is personal.
Although rare, this doesn’t mean cyber attacks and hacking do not happen to some. It is highly recommended to check out reviews and recommendations so you can have an idea of how secure and reliable your preferred crypto exchange is.