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The 10 Best Crypto Exchanges in the UK for 2024

If you’re looking to invest in crypto, you’ll need a safe and low-cost exchange. In this guide, I reveal the 10 best crypto exchanges in the UK.

I focus on what matters to investors, such as security, fees, supported coins, trading tools, accepted payment methods, and customer service. Read on to get started with a top-rated crypto exchange in under five minutes.

The 10 Best Crypto Exchanges in the UK

When selecting the best crypto exchange in the UK, consider one of the following providers:

  1. eToro –  The overall best crypto exchange for UK investors offering copy trading
  2. MEXC – A great option for trading small-cap coins with low fees
  3. OKX – Top-rated exchange for mobile users, buy crypto from just £5
  4. Coinbase – Safe and beginner-friendly crypto exchange with instant payments
  5. Kraken – Free and near-instant deposits via bank transfer, supports 200+ crypto coins
  6. Kucoin – Popular exchange for diversification, with over 700 crypto markets supported
  7. Binance – Trade hundreds of coins at just 0.1% with premium liquidity
  8. Uniswap – Leading decentralized exchange, trade crypto without opening an account
  9. Gemini – Security-focused exchange, ideal for first-time investors
  10. CoinJar – FCA-approved crypto exchange with a mobile app and great customer support

Best UK Bitcoin Exchanges Reviews

I’ll now review the UK crypto exchanges listed above. I’ll cover the key features, benefits, and drawbacks to be aware of, allowing you to make an informed choice.

1. eToro –  The Overall Best UK Crypto Exchange For Copy Trading Features

eToro is my top pick for UK investors who want to buy and sell crypto with top-notch security measures. Security controls include two-factor authentication (2FA) and cold storage. Plus, client funds are held in segregated bank accounts.

eToro is also a top choice for beginners with limited trading experience. It takes minutes to register, deposit funds, and buy your chosen crypto. Almost 100 coins are supported, making eToro ideal for diversification. This includes Bitcoin, Ethereum, Solana, BNB, Cardano, XRP, and Shiba Inu. The minimum trade requirement is just $10 (about £8).

eToro review UK

Deposit methods include UK bank transfers, debit/credit cards, and e-wallets like PayPal. Another feature is eToro’s copy trading service; you can copy experienced crypto traders like-for-like. However, I found that eToro is more expensive than other exchanges. GBP deposits cost 1.5% and you’ll pay 1% in crypto trading commissions.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
eToro 99 1% Yes FCA-regulated, beginner-friendly platform, offers copy trading features, also offers stocks and other assets

Pros

  • One of the best crypto exchanges for beginners
  • Supports 99 crypto coins
  • Minimum deposit and trade requirement of $10 (about £8)
  • Copy experienced crypto traders like-for-like
  • Secure wallet storage – including 2FA

Cons

  • GBP deposits cost 1.5%
  • Crypto trading commissions of 1%

Visit eToro

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.

2. MEXC – A Great Option for Trading Small-Cap Coins With Low Fees

MEXC is one of the best crypto exchanges in the UK for active traders. It lists more than 2,000 crypto coins – many are small-cap projects. This means you can trade up-and-coming coins before they become mainstream. After all, MEXC is often the first exchange for new crypto projects. That said, MEXC also lists large-cap crypto markets.

This includes Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, and Cardano. I found that MEXC has some of the lowest trading fees in the industry. UK traders pay commissions of just 0.1%. This means you’ll be charged just £1 for every £1,000 traded. Moreover, MEXC has huge volumes, so you’ll benefit from smooth trading conditions.

MEXC UK review

In terms of safety, MEXC isn’t regulated by the FCA. It does, however, have verifiable proof of reserves. This ensures that customer deposits and balances are covered 1:1. In terms of payments, UK traders can instantly buy crypto with a debit/credit card. However, UK bank transfers and e-wallets aren’t supported.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
MEXC 2,000+ 0.1% Yes 0.1% spot trading fees, trade over 2,000 coins, verifiable proof of reserves, accepts UK debit/credit cards

Pros

  • Best crypto exchange in the UK for low trading fees
  • Build a diversified portfolio from over 2,000 coins
  • Instantly buy crypto with Visa or MasterCard
  • High trading volumes and liquidity levels
  • A great option for spotting up-and-coming crypto projects
  • Offers a native mobile app for Android and iOS

Cons

  • Doesn’t accept UK bank transfers or e-wallets
  • Isn’t regulated by the FCA

Visit MEXC

3. OKX – Top-Rated Exchange for Mobile Users, Buy Crypto From Just £5

Next is OKX, which is a great option if you want to trade crypto on a mobile device. It offers a user-friendly trading app for Android and iOS users. Opening an account is simple and fast; you’ll be set up in under five minutes. OKX offers an Instant Buy tool, so you can purchase crypto with a debit/credit card.

Fees are built into the exchange rate, so make sure you check this before proceeding. Another option is to deposit funds via the peer-to-peer (P2P) tool. This supports more payment types, including UK bank transfers, Revolut, Wise, and Payoneer. Either way, you’ll have access to hundreds of crypto coins once your account is funded.

OKX review UK

This includes popular coins like Bitcoin, Ethereum, and Solana. Not to mention Uniswap, Polkadot, Aave, Dogecoin, Fantom, and Decentraland. The minimum crypto purchase is just £5, so OKX is ideal for beginners. That said, OKX also offers desktop trading. This comes with advanced analysis tools like charts and technical indicators.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
OKX 350+ 0.1% Yes Instantly buy crypto with a debit/credit card, user-friendly app for Android and iOS, lists over 350 coins, supports P2P payments

Pros

  • Best crypto trading platform in the UK for mobile users
  • Invest in crypto from just £5
  • Lists hundreds of the best cryptocurrencies to buy
  • Low trading commissions of just 0.1%
  • Also offers an advanced desktop platform with analysis tools

Cons

  • Debit/credit card fees are built into the exchange rate
  • Many features are not available to UK traders – including staking

Visit OKX

4. Coinbase – Safe and Beginner-Friendly Crypto Exchange With Instant Payments

Coinbase is one of the largest crypto exchanges globally. While headquartered in the US, Coinbase is regulated by the FCA as an electronic money institution (EMI). It also has a stock listing on the NASDAQ exchange and has been operating since 2012. This makes Coinbase one of the safest places to trade crypto in the UK.

Coinbase also offers 2FA and IP whitelisting. Client-owned funds are kept in cold storage too. Although Coinbase previously had a bad reputation for customer support, this is no longer the case. Live chat is available 24/7 and waiting times are minimal. In terms of markets, UK investors have access to 100 crypto coins.

Coinbase UK review

You can invest instantly by using a UK debit/credit card. However, you’ll be charged 3.99%. This amounts to £39.90 for every £1,000 purchased. However, there is a cheaper option. First, transfer funds from a UK bank account. No fees apply and the funds will arrive in minutes. After that, go to the Coinbase Advanced platform and trade for just 0.5%.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
Coinbase 100 3.99% (instant purchase), 1.49% (standard commission), or 0.5% (Coinbase Advanced) Yes Safe and regulated, trade 100 coins, simple trading dashboard, great customer support

Pros

  • Regulated by the FCA as an EMI
  • Accounts are protected by 2FA and IP whitelisting
  • 98% of client coins are held in cold storage wallets
  • UK users can trade 100 crypto coins
  • Instantly buy crypto with Visa or MasterCard

Cons

  • Standard trading commissions of 1.49%
  • High debit/credit card fees

Visit Coinbase

5. Kraken – Free and Near-Instant GBP Deposit via Bank Transfer, Supports 200+ Crypto Coins 

Kraken is an established crypto exchange that’s registered with the FCA. After you’ve opened an account you can deposit funds via UK bank transfer. Kraken is connected to the Faster Payments network, so GBP deposits arrive in minutes. There are no deposit fees. Kraken also supports debit/credit card payments. However, you’ll pay 3.75% plus €0.25 (about £0.20).

The minimum card deposit is £10. Kraken supports more than 200 crypto coins. This includes everything from Bitcoin, Ethereum, and Stellar to Litecoin, Gnosis, and Monero. Standard trading commissions cost just 0.25%. You can get lower trading fees when you reach 30-day account minimums.

Kraken UK review

Kraken offers a simple trading platform that’s ideal for newbies. It also offers an advanced dashboard for experienced traders – Kraken Pro. As one of the largest crypto exchanges, Kraken offers premium liquidity levels. This ensures you can buy and sell crypto at the best price possible. Kraken also offers a mobile app, but it doesn’t provide wallet services.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
Kraken 200+ 0.25% No Launched in 2013, registered with the FCA, fee-free UK bank deposits, premium liquidity levels

Pros

  • An established exchange that’s registered with the FCA
  • Buy and sell more than 200 crypto coins
  • Near-instant and free deposits via UK bank transfer
  • Suitable for newbies and seasoned traders alike
  • Offers a mobile trading app

Cons

  • Commissions are only reduced after trading $10,000 (about £8,000)
  • Debit/credit card purchases are expensive

Visit Kraken

6. Kucoin – Popular Exchange for Diversification, With Over 700 Crypto Markets Supported 

Kucoin is also one of the best crypto exchanges in the UK for creating a diversified portfolio. It lists more than 700 crypto markets, covering a wide blend of large and small-cap projects. This includes everything from Solana meme coins and play-to-earn games to real-world asset tokens.

KuCoin – which is home to over 30 million traders, commands huge daily volumes. Over $2 billion (about £1.6 billion) was traded in the prior 24 hours. That said, the KuCoin trading dashboard is more suitable for intermediate to advanced traders. It comes with premium charting tools and technical indicators.

KuCoin UK review

KuCoin is also a great option if you’re looking to buy crypto on a P2P basis. There are no fees to pay, although exchange rates are set by sellers. Many payment types are accepted, including bank transfers and Wise. You can also buy crypto from Kraken instantly with a debit/credit card. The minimum purchase requirement is just £10.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
KuCoin 700+ 0.1% Yes Used by over 30 million traders, huge trading volumes, lists 700+ coins

Pros

  • Diversify across 700+ crypto coins
  • Pay just 0.1% per slide to trade
  • Payment types include debit/credit cards and bank transfers
  • Offers a self-custody wallet app
  • Minimum deposit of £10

Cons

  • The dashboard is more suited for experienced traders
  • Maximum card purchase of £4,500

Visit KuCoin

7. Binance – Trade Hundreds of Coins at Just 0.1% With Premium Liquidity  

Binance is another option to consider when trading crypto in the UK. Established in 2017, Binance is now the most popular exchange with over 185 million users. It offers competitive trading fees, you’ll pay just 0.1% per slide to buy and sell crypto. Moreover, you’ll get lower fees when holding BNB or by trading larger amounts.

Now, due to FCA guidelines, Binance can no longer accept GBP deposits. It does, however, enable UK traders to buy crypto via its P2P platform. Simply type in your deposit size and preferred payment method. Binance will then list suitable sellers by the exchange rate. Popular P2P payment types include bank transfers and ZEN.

Does Binance work in the UK?

Once you’ve got funds in your Binance account you can begin trading. Hundreds of crypto coins are listed, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and Solana. Binance also offers solid security features. Accounts are protected by 2FA and client-owned coins are kept in cold storage.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
Binance 350+ 0.1% Yes Low trading commissions, top-rated P2P exchange, lists 350+ coins, solid security features

Pros

  • The largest crypto exchange with over 185 million users
  • Access premium liquidity 24/7
  • UK traders pay just 0.1% in commissions
  • A great option for buying crypto on a P2P basis
  • Withdrawals are approved near-instantly

Cons

Visit Binance

8. Uniswap – Leading Decentralized Exchange, Trade Crypto Without Opening an Account  

Uniswap is different from the providers I’ve discussed so far, as it’s a decentralized exchange (DEX). This means you can trade crypto coins without using a centralized platform. There is no requirement to open an account either. Traders simply need to connect a wallet to the Uniswap platform. This means UK investors can trade anonymously.

As a decentralized exchange, Uniswap doesn’t use order books either. Instead, trades are executed via liquidity pools, meaning you swap coins without needing another market participant. Uniswap charges 0.3% on trading orders. It supports all ERC-20 tokens, which operate on the Ethereum network.

Uniswap review

It also supports cross-chain swaps. Compatible networks include BNB Chain, Base, Arbitrum, Polygon, and Optimism. However, Uniswap also comes with a major drawback; it doesn’t accept ‘fiat’ money. This means you can only trade if you’ve already got some crypto. Nevertheless, it’s worth considering once you have a funded wallet.

UK Crypto Exchange No. Cryptos Fee for Trading Crypto Proprietary Wallet? Top Features
Uniswap Any token on Ethereum, BNB Chain, Base, and other popular networks 0.3% No Trade crypto without an account, supports thousands of tokens, competitive fees

Pros

  • The best option for trading crypto on a DEX
  • No requirement to open an account
  • Purchased tokens are instantly added to your wallet
  • Supports all ERC-20 tokens
  • Competitive trading fees of 0.3% 

Cons

  • Doesn’t accept fiat money deposits
  • Beginners might find DEXs intimidating

Visit Uniswap

9. Gemini – Security-Focused Exchange, Ideal for First-Time Investors    

The next exchange to consider is Gemini. This FCA-registered exchange is based in the US, but it has a growing UK marketplace. Although Gemini is known for high fees, it offers a safe and secure place to trade crypto. For instance, it has full-time security teams that operate 24/7, 2FA, support for hardware wallets, and whitelisting.

What’s more, client-owned coins are kept securely in cold, multisig wallets. Now for the fee structure; UK traders pay standard trading commissions of 1.49%. However, you’ll pay between £0.75 and £2.25 if the order is under £150. This converts to a higher commission than 1.49%. What’s more, Gemini charges 3.49% on debit/credit card payments.

Gemini UK review

While fees are high, I found that Gemini is a great option for beginners. The platform offers a solid user experience throughout the customer journey. This includes registering, depositing funds, and buying crypto. Gemini also offers a secure crypto wallet app for Android and iOS. What’s more, Gemini lists more than 80 popular crypto coins.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
Gemini 80+ 3.49% (instant purchase) or 1.49% (standard commission) Yes Institutional-grade security, excellent user experience, lists over 80 coins

Pros

  • Best Bitcoin trading platform in the UK for security
  • Registered with the FCA
  • Security features include 2FA and whitelisting
  • Lists more than 80 popular coins
  • Offers a proprietary crypto wallet 

Cons

  • UK traders pay standard commissions of 1.49%
  • Orders of under £150 pay a surcharge

Visit Gemini

10. CoinJar – FCA-Approved Crypto Exchange With a Mobile App and Great Customer Support    

CoinJar is an FCA-approved crypto exchange that offers a beginner-friendly experience. UK investors can buy and sell crypto on the CoinJar website or its mobile app. The minimum first-time deposit requirement is just £10. CoinJar accepts many convenient payment methods. This includes fee-free UK bank transfers that go through the Faster Payments network.

Traders will then pay a trading commission of 0.10%. Alternatively, you can also buy crypto instantly with Visa, MasterCard, or Google/Apple Pay. However, this increases the fees to 2%. CoinJar also enables users to swap crypto for GBP. You can then withdraw the funds directly to your UK bank account.

CoinJar UK review

In terms of markets, CoinJar lists more than 50 crypto coins. This includes Bitcoin, Stellar, Ethereum, Solana, and XRP. CoinJar uses tier-one custodian providers to keep client-owned coins safe. This includes storage with FireBlocks and BigGO. What’s more, CoinJar is renowned for offering 5-star support, which is available daily.

UK Crypto Exchange No. Cryptos Fee for Buying Bitcoin Proprietary Wallet? Top Features
CoinJar 50+ 2% (instant purchase) or 0.1% (standard commission) Yes User-friendly web and mobile dashboard, lists 50+ coins, fee-free GBP bank transfers

Pros

  • FCA-approved crypto exchange 
  • UK-based support team working daily 
  • Deposit funds via bank transfer fee-free
  • Also accepts debit/credit cards and Google/Apple Pay
  • Buy and sell over 50 crypto coins 

Cons

Visit Coinjar

How I Ranked UK Cryptocurrency Exchanges

I used a proven checklist to rank the best crypto exchanges for this guide. This includes everything from FCA approval and supported coins to fees, payment methods, and customer service.

Read on to discover what I look for when choosing a suitable UK exchange.

FCA Approval or Regulation

The safest crypto exchanges in the UK are approved by the Financial Conduct Authority (FCA). Most are registered with the UK’s regulator as an electronic money institution. Not only does this enable the exchange to accept UK clients but also process GBP payments.

In addition, eToro has taken safety to the next level – as it’s regulated by the FCA, rather than just being registered. This offers extra security protocols, such as a requirement to keep client funds in segregated bank accounts. Although some exchanges operate without FCA approval, traders should tread carefully – your capital is at risk.

Supported Coins

Some UK crypto exchanges only support a small selection of coins. These are often large-cap leaders like Bitcoin, Ethereum, and XRP. However, if you want to diversify into up-and-coming coins with a smaller valuation, make sure you’re using a suitable exchange.

MEXC supported coins

For example, MEXC lists more than 2,000 crypto coins. This includes some of the best new cryptocurrencies that you won’t find on other exchanges. MEXC is ideal for diversification, as you won’t be required to use multiple platforms. You can check what coins an exchange lists before opening an account.

Fees

UK traders need to pay fees when buying and selling crypto. This is known as the trading commission. MEXC, for example, charges just 0.1%. This means a commission of £1 for every £1,000 traded. In contrast, Gemini and Coinbase have standard commissions of 1.49%.

Traders should also factor in payment fees, as these are treated separately from the trading commission. For example, you can buy crypto instantly on Kraken, but you’ll pay 3.75% plus €0.25 (about £0.20). Coinbase is even more expensive, charging 3.99%. eToro is more competitive, as debit/credit card payments cost 1.5%.

Secure Wallet Storage

Investors should consider how they want to store their purchased crypto coins. For example, eToro offers custodian storage, meaning it secures client-owned coins in its own wallets. It leverages institutional-grade security controls to keep your funds safe. This is also the case with Coinbase and Gemini.

Some UK crypto exchanges offer decentralized wallets. OKX, for example, offers a decentralized wallet app for Android and iOS. This enables you to store your coins away from the OKX exchange. Put otherwise, you’ll have full control of the wallet’s private keys. You can also use a wallet that isn’t associated with an exchange, such as MetaMask or Exodus.

Accepted Deposit Methods

The best crypto exchanges directly accept GBP payments. This makes it simple to buy crypto in the UK. For example, eToro accepts everything from Visa and MasterCard to Skrill and PayPal. These deposit methods are processed instantly. Coinbase is a good option if you want to transfer GBP from a UK bank account.

Not only does Coinbase use the Faster Payments network but it doesn’t charge fees. Alternatively, you might also consider the P2P option. This means you’ll be buying crypto from a UK seller. You’ll transfer funds directly to the seller via bank transfer or an e-wallet. Make sure you use a credible P2P exchange like OKX, KuCoin, or Binance.

Trading Tools

The best Bitcoin exchanges in the UK offer trading tools. This can help you make smart trading decisions. For example, eToro and MEXC offer copy trading tools, enabling you to copy an experienced investor.

eToro copy trading

Here’s how it works:

  • You choose a trader to copy and invest £500
  • The trader buys XRP, risking 10% of their capital
  • You automatically buy £50 worth of XRP, as that’s 10% of your investment
  • The trader closes the XRP trade, making gains of 70%
  • You also close the trade and make passive gains of £35 (70% of £50)

If you have some prior experience in trading crypto, look for exchanges offering charting tools. This should include technical indicators, such as Bollinger Bands and the MACD.

Top Customer Service

Customer service levels at crypto exchanges have improved greatly in recent years. The industry standard is now 24/7 support via live chat.

Anything less is considered sub-par. While you might not need to contact the support team, knowing they’re only a click away offers peace of mind.

Android and iOS App

Most crypto exchanges have developed a mobile app for Android and iOS users. This offers an extra layer of convenience, as you can buy and sell crypto on a smartphone. For instance, you might be away from your desktop device and spot a new trading opportunity.

With a mobile app to hand, you can buy the respective coin instantly. Similarly, you can also close a profitable position at the tap of a button. I prioritized exchange apps that offer a beginner-friendly experience. eToro and CoinJar stood out, as their respective apps are simple to use.

My Methodology When Reviewing Bitcoin Exchanges

My proven methodology ensured that only the best crypto exchanges were included in this guide. Priority was given to exchanges with FCA approval or regulation. This was in addition to robust security tools like 2FA, whitelisting, and Know-Your-Customer (KYC). I also ensured that each exchange keeps the majority of client-owned funds in cold storage.

Are crypto exchanges legal in the UK?

GBP balances should also be protected, meaning the funds are kept in segregated bank accounts in tier-one institutions.  Next, I looked at the fee structure of each exchange, prioritizing platforms with low commissions and deposit charges. The availability of coins was also assessed, ensuring that UK investors can diversify.

What is a Crypto Exchange?

Crypto exchanges are similar to share dealing platforms. But instead of trading stocks you’ll be buying and selling digital assets. Most exchanges support a wide range of coins, including Bitcoin, Ethereum, Litecoin, and BNB. Exchanges are third-party platforms that sit between buyers and sellers.

So, if you want to buy £100 worth of Bitcoin, another trader on the exchange will need to sell that £100 worth of Bitcoin. This is why liquidity is so important. Without sufficient buyers or sellers, you’ll find it difficult to trade. That said, some UK crypto trading platforms are ‘brokers’. For example, eToro, Coinbase, and Gemini enable you to buy crypto directly.

This means you don’t need to worry about order books or market participants, making them ideal for beginners. Crypto exchanges make money from trading commissions. They take a small fee on all trading orders to keep the platform operational. Most exchanges offer tools like charts and indicators, ensuring informed trading decisions are made.

How do Cryptocurrency Exchanges Work?

Let’s take a closer look at how UK Bitcoin trading platforms work.

Similar to share dealing platforms, the first step is to open an account with the exchange. This is a simple process that requires some personal and contact details. Next, you’d need to deposit some funds. You can normally do this via a UK bank transfer or debit/credit card. After that, you can choose a crypto to buy – most exchanges list many different coins.

However, you’ll first need to place an order. Beginners should opt for a ‘market’ order. The order will be executed at the current market price. Sophisticated traders should use a ‘limit’ order, as the entry price can be customized. Nonetheless, once the crypto order is processed, the exchange takes a commission and the coins will be added to your account.

What is a crypto exchange?

Now, the crypto coins will remain in your account unless you request a withdrawal. Some UK investors prefer withdrawing the coins to a private wallet, such as MetaMask or Trust Wallet. Alternatively, you can leave the coins in the account until you decide to sell. Ensure your account is well protected and that the exchange offers adequate security measures.

Are Cryptocurrency Exchanges Legal in the UK?

Yes, crypto exchanges are legal in the UK. That said, crypto exchanges accepting UK residents must be registered with the FCA. The FCA has an online register that lists approved crypto asset platforms. You should check this before proceeding. Some crypto exchanges based overseas accept UK clients, even without FCA registration.

The FCA frequently posts warnings about these platforms. However, the FCA has no jurisdiction over non-UK exchanges. For example, Binance is popular with UK traders, but it doesn’t have FCA approval. This means Binance no longer accepts GBP payments. The workaround is Binance’s P2P platform, which enables UK residents to buy crypto directly from sellers.

In addition, the FCA prohibits UK retail clients from accessing crypto derivatives. This includes delivery futures, perpetual swaps, options, and contracts-for-differences (CFDs). These rules do not apply to professional clients. The UK government will also be outlining rules on stablecoins and staking, expected later in 2024.

The UK has also introduced the Travel Rule, which all UK exchanges must adopt. This requires exchanges to collect information regarding wallet-to-wallet transfers. For example, you’d need to state the recipient when transferring funds to a private wallet.

Ultimately, it’s best to stick with crypto exchanges that have been approved by the UK’s financial watchdog. This ensures you’re buying and selling crypto in a safe environment.

How to Pick a Safe Bitcoin Exchange

In general, UK crypto exchanges offer a safe experience. However, traders shouldn’t assume that all exchanges are credible. As mentioned, it’s best to use a crypto exchange that’s on the FCA register. This means it’s been vetted by the UK’s financial regulator, ensuring transparency and robust security.

I would also suggest checking the exchange’s proof of reserves. This details the amount of crypto reserves held by the exchange. Not only should the reserves cover customer deposits and balances but they should be held in ‘liquid’ coins. These are coins that can easily be converted to money, such as Bitcoin, Ethereum, and Tether.

Make sure the reserves have been audited by a reputable company. Word of mouth is another important tool when choosing a safe crypto exchange. For example, Reddit has millions of users who discuss important crypto topics, including exchanges and wallet providers.

Crypto Exchange Fees Explained

UK investors should have a firm understanding of what fees are charged before joining an exchange.

This should include:

  • Deposit Fees: You might be charged a transaction fee when depositing funds into your account. Most UK exchanges charge fees when using a debit/credit card. But UK bank transfers are often free (and near-instant).
  • Instant Buy Fees: If you want to purchase crypto instantly with a debit/credit card, an Instant Buy fee will apply. This averages 3-5%.
  • Trading Fees: Trading fees, or commissions, will vary from one exchange to the next. OKX and MEXC charge just 0.1% when trading crypto. Gemini and Coinbase charge 1.49%. This is a huge difference.
  • Withdrawal Fees: You’ll pay a fee to withdraw crypto from an exchange into a private wallet. This is often more than the real-time network fee. Cashing out GBP to a bank account might also incur a fee.

Assessing your trading goals will enable you to calculate the overall fees. For example, evaluate your preferred payment method, investment size, and number of trades. This will help you keep your costs to a minimum.

How to Use a Cryptocurrency Exchange in the UK

Ready to buy Bitcoin in the UK? Follow the steps below to complete your first crypto investment.

  • Step 1: Choose a Crypto Exchange – Select the best crypto exchange in the UK by exploring fees, supported coins, and account minimums. Make sure the exchange offers a safe and user-friendly experience.
  • Step 2: Open an Account – You’ll need an account before you can buy crypto. Fill out the online application form by entering some personal information and contact details. You might also need to enter your national insurance number.
  • Step 3: Complete KYC – A KYC process will be required if you’re buying crypto with GBP. Most exchanges require a passport or driver’s license. Plus, a bank statement or utility bill.
  • Step 4: Make a Deposit – Now it’s time to deposit funds. Choose your preferred payment method, such as a debit/credit card. Type in the deposit amount and confirm.
  • Step 5: Decide Which Crypto to Buy – Most exchanges list dozens, even hundreds of coins. Consider which coins are right for your trading goals and risk tolerance. You can then search for the coin.
  • Step 6: Buy Crypto – Finally, you’ll need to complete a trading order. This often only requires the total investment size. Confirm the order to buy your chosen coin.

After buying coins from a crypto exchange, decide what you want to do next. If you’re a medium-to-long-term investor, consider withdrawing the coins to a private wallet. You can read our guide on Bitcoin wallets here.

If you’re a short-term trader, you might consider leaving the coins in your exchange account. Make sure you consider the risks, as many exchanges have previously been hacked.

Conclusion

In summary, buying crypto in the UK has never been easier. However, choosing the right exchange can be daunting – as not all providers are credible. If you’re looking for a crypto exchange with a simple user interface, eToro is my top pick.

eToro lists almost 100 coins, including Bitcoin, Dogecoin, and Ethereum. Deposits are processed instantly via debit/credit cards and e-wallets, so it’ll take minutes to buy your first coin.

Visit eToro

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.

FAQs

What is the best crypto exchange in the UK?

eToro, a social trading platform with over 30 million customers, is the best Bitcoin exchange in the UK. eToro users can trade almost 100 coins and easily deposit funds with a debit/credit card or e-wallet.

Is Binance available in the UK?

Yes, Binance is available in the UK. However, due to increased regulatory pressures, Binance no longer accepts GBP payments.

What is the cheapest way to buy cryptocurrency in the UK?

eToro is one of the cheapest places to buy cryptocurrency with a debit/credit card. Alternatively, consider MEXC if you’re an active trader, as commissions cost just 0.1%.

Are crypto exchanges safe?

Most crypto exchanges are safe. UK traders should stick with crypto exchanges that have been approved by the FCA.

References

  1. Consumer warning on Binance Markets Limited and the Binance Group (FCA)
  2. Registered Cryptoasset firms (FCA)
  3. FCA bans the sale of crypto-derivatives to retail consumers (FCA)
  4. UK Minister Expects Laws on Stablecoins, Staking Within Six Months (Bloomberg)
  5. HMT tightens MLRs, including cryptoasset travel rules (PwC)

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