Cryptocurrency is all the rage these days! Everyone wants a piece of it. If you’re looking to jump on the bandwagon, you’ll need a crypto exchange. That’s where you can buy and sell digital currencies like Bitcoin, Ethereum, and Dogecoin. Now, here’s the thing: crypto assets and exchanges aren’t regulated in the UK.
However, the UK’s financial watchdog, the Financial Conduct Authority (FCA), requires crypto exchanges operating in the UK to go through a registration process.
So, how do you choose the right crypto exchange among the sea of options out there? Well, as a fellow crypto investor, I’m here to provide you with a list of the top exchanges so that you can make the best decision.
Best UK Crypto Exchanges to buy Bitcoin from in 2023
Kraken
Kraken, a well-established player since 2011, provides a good variety of coins you can trade, along with some advanced tools for all you trading enthusiasts. The platform is known for its competitive pricing, making it one of the best crypto exchanges in the UK.
If you’re a UK investor, you can easily open an account and deposit money through a standard bank transfer. The transfer typically takes around 0-3 days to clear and comes with a small fee of only £1. Once your money is in, you can start buying crypto with a super low commission rate of just 0.26%. And hey, here’s a bonus: Kraken also offers advanced components and provides excellent customer support. So you’re in good hands!
eToro – Best Broker to buy Crypto in the UK
eToro is one of the top crypto exchanges in the UK that you should definitely check out. It’s got this awesome trading platform where you can trade all sorts of things like cryptocurrencies, NFTs, stocks, ETFs, commodities, forex, CFDs, and indices. You can do a bunch of cool stuff on there like buying and selling crypto using regular money, or even swapping crypto with other people. You can even copy the trading moves of super smart traders or come up with your own strategies to make some sweet trades in both regular and fancy crypto markets. eToro has got you covered with a wide range of options, including more than 70 different cryptocurrencies like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB), and Dogecoin.
Coinbase
Coinbase has got a whopping 150+ different cryptocurrencies you can trade, so you’re bound to find something that catches your eye. What’s cool is that their platform is super easy to use, whether you want to make a one-time purchase or set up recurring transactions. They’ve been around since 2012 and have built a user base of over 100 million investors. Now, here’s the thing you should know: Coinbase fees can be a bit steep. For instance, if you’re in the UK and want to buy crypto with your trusty debit card, be ready to shell out nearly 4% in fees. But hey, if you’re really into in-depth technical analysis and all that fancy stuff, you might want to consider shelling out some extra cash for Coinbase’s Advanced Trade product. They promise extra security too, so that’s a plus.
Uphold
If you’re on the hunt for a versatile crypto exchange in the UK, look no further than Uphold. It’s got something for everyone, whether you’re just starting out or already a pro in the crypto world. With Uphold, buying Bitcoin is a breeze. You can use your trusty credit or debit cards, and even Apple Pay and Google Pay to get your hands on some shiny Bitcoin. Users can also deposit other cryptocurrencies or use bank transfers to expand their crypto portfolio. Uphold has got you covered with a list of 250+ supported cryptocurrencies to choose from, including all the big names, lesser-known altcoins, and those up-and-coming tokens. An added cool perk is that when you spend your Bitcoin balance using the Uphold MasterCard at participating stores, you can earn up to 2% cashback.
Gemini
When it comes to trust and security in the UK crypto scene, Gemini is a name that stands out. This exchange hails from the US and made its way to the UK market in 2020, gaining a solid reputation among long-term investors. Gemini is a great fit for crypto traders of all levels, so whether you’re a newbie or a seasoned pro, you’ll feel right at home. One feature that really catches the eye is their Gemini Earn program. With this unique program, you can actually earn interest on your crypto holdings. Gemini charges a 3.49% fee for debit card payments, while PayPal users will see a 2.50% charge. And for our UK folks, there’s a standard trading commission of 1.49% to keep in mind. They are at your service with a simple and intuitive user interface that’s easy to navigate. And don’t worry, they take security seriously too, with SOC certifications and two-factor authentication to keep your funds safe.
Coinsmart
Coinsmart is a great option for those who want an easy way to dive into the world of cryptocurrencies. Their mission is simple: make crypto accessible to everyone. When it comes to trading fees, Coinsmart offers an incredibly low fee of just 0.2%, which means more of your hard-earned money stays in your pocket. Plus, they support a total of 16 different cryptocurrencies, so you’ll have plenty of options to choose from. Additionally, they promise users lightning-fast account verification processes, awesome customer service reps and an efficient and highly-rated app. As a Canadian exchange, Coinsmart is regulated by multiple Canadian financial authorities, ensuring that your money is safe and secure.
Gate.io
When it comes to supported markets, Gate.io is undoubtedly at the top of the list of crypto exchanges in the UK. They’ve got an impressive lineup of over 1,400 different cryptocurrencies to choose from and also have this awesome rewards system that functions via the GateToken (GT). It’s kind of like Binance’s BNB Coin, and you can snag some GT on any exchange. Gate.io offers zero-commission trading on selected coins, including popular ones like Bitcoin and Ethereum. If you hold GateTokens while making crypto purchases or sales, you get a sweet discount on the fees.! Gate.io also offers some nifty features like crypto savings, loans, and even dual investments.
Bitstamp
Back in 2011, Bitstamp hit the scene as one of the very first Bitcoin exchanges out there and It’s still going strong today! It is for sure one of the most budget-friendly options out there today. They’ve got one major advantage that sets them apart: they don’t charge any trading commissions on monthly volumes under $1,000 (around £800). Plus, Bitstamp’s fees are super competitive, ranging from a mere 0.1% to 0.5%. And here’s the cherry on top: Bitstamp offers a variety of payment options, including credit and debit cards, as well as SEPA transfers. The platform has collaborated with many reputable names like Swissquote, Chicago Mercantile Exchange and Crédit Agricole which gives it an added level of credibility.
Which Crypto currency exchanges are FCA approved in the UK?
- Bitstamp
- Kraken
- Ziglu
- Coinjar
- Solidi
- Ramp Swaps
- Fibermode
Is Binance banned in the UK?
Binance is not banned in the UK, but it has faced regulatory restrictions and warnings from the Financial Conduct Authority (FCA). In June 2021, the FCA ordered Binance to cease all regulated activities in the UK due to concerns about weak consumer protections and potential involvement in fraud and money laundering. This means that Binance is not authorized to operate certain regulated activities, such as providing services related to cryptocurrencies and derivatives, to UK customers.
Having said that, Binance continues to operate as a cryptocurrency exchange in the UK, and UK citizens can still access and trade on the platform. The recent partnership between Binance and Paysafe allows UK users to deposit sterling via Paysafe through the Faster Payments Service. It’s important to note that while Binance is accessible to UK citizens, the regulatory situation and restrictions may affect certain services and activities provided by Binance in the UK.
How to buy Crypto in UK: 4 Ways Explained
You can buy crypto in the UK mainly in 3 ways:
- Buy Crypto Using Credit/Debit Card directly: Recommended exchange – Binance
- Adding FIAT via Credit/Debit card: Recommended exchange – Binance
- P2P: Recommended exchange – Binance
- Directly deposit FIAT from Bank account: Recommended exchange – Kraken
FAQ
Which Banks do not allow Crypto Purchases in the UK?
First Bank, HSBC, Halibank, Metro Bank, Santandar, The Co-operative Bank, Starling Bank, TSB Bank, Virgin Money, Fire and Wise are some of the UK banks that do not allow buying cryptocurrencies against FIAT using their services.
Which are the most friendly bank for crypto purchases in the UK?
Revolut and Nationawide are the most friendly banks that lets you deposit fiat in crypto exchanges to buy and sell your favorite crypto.
Which is the best crypto trading broker in the UK?
eToro
Are cryptocurrencies taxable in the UK?
Yes, cryptocurrencies are taxable in the UK.
Best Crypto Exchange in the UK: How to select one?
Cryptocurrency is totally legal in the UK, which means you’re free to buy, sell, and hold coins like Bitcoin, Ethereum, and even the famous Dogecoin, along with other altcoins. Here’s the deal when it comes to buying crypto in the UK as a beginner. It’s actually pretty similar to buying stocks on an online share dealing platform. So, step one is finding the right broker or a right crypto exchange. Once you’ve picked your broker, the next move is to open an account with them and make a deposit. And then, the moment you’ve been waiting for: you can make your Bitcoin purchase by simply placing a buy order with your chosen broker. Now, when it comes to choosing the right crypto exchange or trading platform, it’s a good idea to go for one that’s registered with the Financial Conduct Authority (FCA). You’ll also want to consider other factors like the fees charged, whether they support the specific coins you’re interested in, accepted payment methods and the security measures. So, do your homework, compare your options, and find the crypto exchange that checks all the boxes for you.
My Final Recommendation: Which UK Crypto exchange I like the Most?
I like what my friends in the UK use. Most of them trust Binance even though it is not a FCA approved crypto exchange. From the FCA approved crypto exchanges, Bitstamp and Kraken are widely used and should be in the top of my recommendation list. Lastly, if you want to buy stocks and crypto from one single account, I would recommend eToro the most.
