In a world where cryptocurrencies are becoming increasingly significant, investors must find secure and reliable platforms to buy, sell, and store their assets. The crypto market is risky, volatile, unregulated, and often lacks consumer protection. Moreover, there is a growing number of exchanges available, which makes selecting the right one a daunting task.
To choose the ideal platform, investors need to be wary of scams and understand the differences, unique strengths, weaknesses, and reliability of the different platforms, considering that there is no investor protection in case the exchange goes bust. Since we have the experience and the expertise to help you, we tried to summarize the information you need to make an informed decision when choosing the best crypto exchange in the UK.
In this article, we will compare and review the best cryptocurrency exchanges in the UK to help you find the perfect match for your needs.
Best Cryptocurrency Exchanges in the UK for 2023
Social trading platform established in 2007, with almost 30 million users. The platform offers traditional financial instruments and cryptocurrencies (60+).
With over 250 types of cryptocurrencies, Crypto.com offers diverse financial services related to cryptocurrencies, such as a crypto debit card and a comprehensive NFT marketplace.
American crypto exchange, founded in 2012 with over 89 million users. The exchange is known for its simplicity. It allows you to buy and sell over 100 different cryptocurrencies.
Kraken is the fifth-largest Bitcoin exchange globally, according to trade volumes. The exchange is regulated by the FinCEN in the USA and is operational in over 200 countries, including the UK.
Trusted cryptocurrency exchange founded in the US, which is known for its robust security measures and strict regulatory compliance, offering a variety of digital assets for trading.
Best Cryptocurrency Exchanges in the UK Reviewed
eToro at a glance
eToro was founded in 2007 and expanded into the crypto market in 2013. It is the leading social trading platform in the world, allowing investors to discuss the world of crypto and copy other traders’ strategies, including professional traders. eToro supports GBP deposits, but it will automatically convert to USD when your funds arrive to the account (a currency exchange of, at least, 0.50% of your deposit value applies).
The broker offers a selection of 60+ crypto assets which include the most popular cryptocurrencies, such as Bitcoin, Ethereum, or BNB. One benefit of using eToro to trade crypto is the possibility to stake investments and receive monthly rewards for holding assets, earning a passive income while investing in crypto. According to the eToro staking program rules, it is possible to stake Cardano, Tron, and Ethereum. The reward is paid out in the same token that is being staked, and its yield will vary based on the monthly sum of the new tokens received by all eligible staking users.
Its web-based and mobile-based apps are very intuitive and easy to use. There are great educational resources, webinars, and the social trading features can be great for investors of all levels. Additionally, it is possible to easily withdraw the cryptocurrencies bought in the platform to your eToro money crypto wallet, which will allow you to move the asset however you want.
eToro prioritizes safety: it is authorized and regulated by the Financial Conduct Authority (FCA license 583263) and registered with the FCA to offer cryptocurrency services under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. But please note that, when trading crypto, you are not protected by any investment scheme, which means that if the exchange goes bankrupt, there is no guarantee that you will recover your investment. However, unlike the other exchanges in this list, eToro offers traditional financial products, which makes it under regulators scrutiny and mitigates the risk of bankruptcy.
If you want to know more about the platform, don’t forget to read our eToro review!
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Crypto.com at a glance
Crypto.com is a platform founded in 2016 with more than 80 million users from 90 different countries. It has become a popular choice among UK users due to its variety of services that allow investors to earn passive income and access financial services.
Among the many services offered by the exchange, we can highlight a few. Crypto.com allows you to earn interest on your crypto holdings, gives you access to a safe crypto wallet, allows you to create a crypto savings account, and to use a visa card to use your cryptocurrencies to pay for products and services on your day-to-day while earning rewards for it. The platform is also famous for its NFT marketplace, which is developed and easy to navigate. Moreover, if you hold the platform’s native utility token Cronos (CRO), you can lower your fees and earn higher rewards when using your crypto debit card.
The exchange is registered in the FCA as a Cryptoassets Business, which makes it compliant with anti-money-laundering rules and makes it reliable, although it does not protect your investments. If you are a beginner, you may be overwhelmed by the platform’s interface, but a platform with low fees and an extensive list of services and assets must certainly be featured in a list of the best crypto exchanges in the UK.
Coinbase at a glance
Coinbase is a cryptocurrency exchange founded in 2012 with more than 100 million users worldwide. The platform combines a user-friendly interface with a large offer of cryptocurrencies for the user to buy and sell. It also provides a massive library of information about cryptocurrencies, focusing on beginner education. Any user with limited knowledge of computers can use both the online website and the apps for Android or iOS, which makes it an excellent choice for beginners. Advanced traders can use Coinbase Pro, which contains advanced features not present in the regular platform.
The company prioritizes security and has a strong presence in the UK. It is authorized and regulated by the FCA as an electronic money institution (license 900635). Still, your crypto holdings will still not be protected by any investment scheme, but your cash balance will be segregated and protected by insurance. They also offer cold storage and multi-signature wallets, which enhances the security of your investments, and offer crime insurance that protects a portion of your digital currencies against theft and cybersecurity breaches.
The exchange provides “learn & earn” programs which will pay you rewards in crypto to learn about cryptocurrencies and Fintech. It is known for its simplicity and security, but, on the downside, it has slightly higher transaction fees than its competitors. Still, it is a solid option for investors, and its advantages put it in third place on our list of the best crypto exchanges in the UK.
Kraken at a glance
Founded in 2011, Kraken is one of the oldest and most reputable crypto exchanges in the world. You can trade a wide range of cryptocurrencies with low fees (up to 0.26%), have access to 24/7 customer support via live chat, and enjoy high-security standards. It offers educational resources for beginners and experts: there are detailed “Crypto Guides”, videos, and even a podcast, which are excellent tools to help investors making informed decisions.
Kraken provides staking services which are similar to a locked savings account. With the right cryptocurrency choice, you could earn 10%+ in interest. It’s an ideal choice for traders who wish to earn a passive income from their holdings, putting the company on the list of the best crypto exchanges in the UK.
The company is committed to transparency and security, and they offer a combination of cold storage and multi-signature wallets that protect user funds. It operates in the UK registered as a Cryptoasset firm, complying with money laundering rules, and also as an authorized investment firm by the FCA (License 757895) for certain services. As usual, your funds invested in crypto will not be protected if the exchange goes bankrupt.
Gemini at a glance
Founded in 2014, Gemini is a US-based cryptocurrency exchange with more than 13 million active users that has expanded its services to the UK. It is known for its strict regulatory compliance and robust security measures, making it a trusted choice for investors seeking a secure platform.
The exchange provides more than 100 cryptocurrencies, and it is regulated by the New York State Department of Financial Services and by the FCA. Gemini provides staking services with up to 8% APY, a crypto credit card with up to 3% cashback, secure crypto wallets, advanced trading tools, and Gemini Dollar: a regulated stablecoin fully backed by cash or cash equivalents.
Although Gemini has slightly higher fees and a medium-sized range of cryptocurrencies available, it is a safe and reliable option for investors of all levels, and it is a great way to end our list of the best crypto exchanges in the UK.
How to choose the Best Crypto App in the UK
There are many aspects you should consider when choosing the best crypto exchange in the UK to make your investments. Some of the features you should consider are the following:
- Safety and Regulation: all the exchanges presented are licensed and regulated in the UK.
- Range of cryptocurrencies available to trade: you must assess whether the platform offers a wide range of crypto assets or only the most established ones.
- Fees: exchanges may charge above-average prices for buying, selling, or swapping cryptocurrencies.
- User interface and ease of use.
- Deposits: how can you top up your wallet in the exchange? Is there a minimum deposit amount?
- Services offered: exchanges offer different types of services. If you want to take on riskier investments, maybe you could consider using exchanges that allow you to trade derivatives. If you need to be able to use your cryptocurrency investments to make payments in your day-to-day life, an exchange that has a crypto debit or credit card may be more useful. If you want to hold your assets for a long period, maybe look for exchanges that will pay you higher rates for staking.
The bottom line
To sum it up, these are our top picks:
Best crypto platforms in the UK
The world of cryptocurrency trading is exciting and filled with opportunities. However, choosing the right exchange is critical to ensuring a positive experience and protecting your digital assets to avoid scams and unsafe platforms. In this article, we reviewed the best crypto exchanges in the UK, and we want to help your decision.
Please consider each of the unique strengths and advantages of the exchanges, always thinking of your needs and preferences. Cryptocurrencies are highly volatile and unregulated in the UK. There is little to no consumer protection and your investment will not be protected as it would be if you would buy stocks. And remember, tax on profits may apply!
Take your time to do more research and evaluate the platforms. Stay informed and stay safe! We hope that this article was informative, and we wish you the best of luck in your investments!
What is a crypto exchange?
A crypto exchange is an online marketplace where you can trade cryptocurrencies for other cryptocurrencies, digital money, fiat money, or many other tokens, such as NFTs. Typically, crypto exchanges are centralized, similar to stock exchanges. These platforms will work as intermediaries that match transactions between buyers and sellers, offering you more safety when selling or purchasing cryptocurrencies. Crypto exchanges may also be decentralized. In this case, the platform will use blockchain technology to facilitate the exchange of your asset with another party without the intervention of the platform.
Is my investment in crypto protected by the UK Financial Services Compensation Scheme?
No, the FSCS does not protect your investments in cryptocurrencies. If the exchange goes bust, you will not be able to recover the amount through the scheme.
What are the best crypto exchanges for beginners?
We believe that all options in this list are a few of the best exchanges for beginners, although they have their unique strengths and differences.
Can I use Binance in the UK?
Binance operates almost worldwide, and it still provides services in the UK. However, due to regulatory constraints, the exchange does not have official authorization from the FCA to operate in the UK. The exchange is currently working on a UK-based entity that will serve the British market.