Cryptocurrency trading is a global phenomenon, but not all exchanges offer services in all markets. In this article, They will focus on the UK as they have analyzed the crypto market to find the best crypto exchanges in the UK.
Before we begin, it should be noted that the UK Financial Conduct Authority (FCA) has prohibited the offering of virtual currency-based derivative products to retail customers in the UK. This includes trading instruments such as futures, options, and CFDs.
Best Cryptocurrency Exchanges in the UK
1. Kraken – One of the Most Reputable Exchanges in the Cryptocurrency Industry
Kraken is one of the most reputed exchanges in the Cryptocurrency Industry and is one of the most reputable exchanges in the Cryptocurrency Industry. It has been running smoothly ever since. Kraken is one of the crypto exchanges that has never experienced a security breach affecting its customers’ funds.
You can deposit GBP to Kraken using various payment systems such as SWIFT, FPS/BACS, PayPal, and CHAPS. The exchange also lists a variety of Pound-denominated trading pairs that allow you to trade cryptocurrencies directly against Pounds.
Kraken strikes a balance between being an established exchange with strict security practices and offering a wide range of cryptocurrencies and trading products. Even if you don’t find the least known altcoin on Kraken, the exchange has over 200 different crypto assets listed, which should be enough for most traders.
Overall, they think Kraken is the best crypto exchange for UK customers, but there are some limitations you should be aware of. Please note that his Kraken customers in the UK cannot use the exchange’s opt-in benefit products or futures trading. Furthermore, UK customers cannot deposit or trade their privacy coin Monero with her Kraken.
2. Coinbase – A successful cryptocurrency exchange since 2012
Coinbase is a large cryptocurrency exchange that has been operating since 2012. Similar to the Kraken exchange mentioned above, Coinbase has an excellent track record when it comes to keeping customers’ funds safe. Coinbase has been operating in the UK since 2015.
There are over 240 different cryptocurrencies listed on the Coinbase exchange and you can deposit his GBP into your Coinbase account using FPS (Faster Payments Service). Additionally, when you purchase the exchange’s Coinbase card, you can use your cryptocurrency balance anywhere Visa is accepted.
In reality, Coinbase and Kraken are very similar and there is not much difference between them. However, Coinbase charges slightly higher fees for low-volume users. At Coinbase, taker fees start at 0.6%, while at Kraken, the initial fee tier is just 0.16%.
If you plan to buy and hold cryptocurrencies for the long term, transaction fees are less important and Coinbase is a good choice due to reliability. However, if you plan on trading cryptocurrencies frequently, there are much more cost-effective options on the market than Coinbase.
3. Binance – The largest and most feature-rich crypto exchange
Binance is the world’s largest cryptocurrency exchange and offers perhaps the most comprehensive feature set in the industry.
Binance has over 350 different cryptocurrencies listed, so it’s suitable for all types of crypto traders, whether you only want to trade the biggest coins or want to explore the smaller crypto markets as well.
At Binance, you’ll find a variety of products that can complement your cryptocurrency trading and investing. For example, you can expand your cryptocurrency portfolio with services such as staking and lending. If you own BNB tokens, you can earn them through Launchpool staking or purchase tokens from upcoming releases on Binance Launchpad.
However, UK users should note that Binance is not regulated in the UK and GBP cannot be deposited on the exchange or used for futures trading. Nevertheless, UK customers can use Binance on a reverse advertising basis. If you are looking for a crypto-to-cryptocurrency exchange, Binance remains one of the best options on the market.
4. OKX – A solid alternative to Binance with Web3 functionality
OKX is another Binance alternative for UK customers to consider as the services offered by the two exchanges are very similar. It’s a solid option. Similar to Binance, OKX lists a large number of cryptocurrencies, offering over 330 different coins at the time of writing.
In addition to the spot trading market, OKX offers a wide range of products for crypto traders and investors. These include copy trading, passive crypto income products, trading bots, and services for institutional investors.
UK customers should note that OKX does not offer derivative products (such as futures contracts) in the UK. Also, on the exchange he cannot deposit GBP, so OKX is only suitable for those who already own cryptocurrencies.
When it comes to OKX, we must highlight the exchange’s Web3 wallet, which allows users to manage and track their portfolios across various blockchain platforms. If you are someone who frequently deals with DEXs, DeFi protocols, or NFT marketplaces, OKX could be the best option for you.
5. KuCoin – Cryptocurrency Exchange Listing Hundreds of Altcoins
KuCoin is a popular cryptocurrency exchange best known for listing a large number of different cryptocurrencies. The exchange offers trading in over 650 different crypto assets, making it one of the best platforms for those who enjoy trading low market cap coins.
Similar to Binance and OKX, KuCoin offers a variety of products for crypto traders that go beyond the simple functionality of spot trading. KuCoin also offers crypto futures, but you should be aware that crypto futures are not allowed in the UK, so you may not be able to access them.
The KuCoin exchange recently launched a “Beginner Zone” aimed at helping new users become familiar with cryptocurrencies and offering crypto rewards along the way.
Until now, KuCoin did not have mandatory identity verification. However, the exchange is currently updating its policies in line with crypto industry standards and requires you to complete a KYC (Know Your Customer) process if you wish to trade KuCoin. It should also be noted that the KuCoin account cannot be funded with GBP deposits.
6. Crypto.com – Cryptocurrency Exchange with the Impressive Visa Crypto Card
Crypto.com is one of the biggest players in the cryptocurrency industry, offering a comprehensive platform for trading and investing in cryptocurrencies. It offers. It also has an NFT marketplace, derivatives trading, and a crypto passive income platform called Crypto.com Earn.
Crypto.com has received approval from UK regulator FCA to operate as a crypto asset business in the UK.
One of the most well-known features of Crypto.com is the Visa card. This allows users to spend their crypto balances at merchants that accept Visa. Depending on the card tier you obtain, you can also earn crypto cashback rewards on your spending (cashback rewards are paid using CRO tokens).
Many of Crypto.com’s most exciting features are only accessible to CRO holders, which puts some users at a disadvantage. If you plan on holding CRO, Crypto.com is the best exchange for you. However, purchasing CRO just to access Crypto.com’s premium features is a good idea because the price of cryptocurrencies is volatile and the price of CRO can easily fall, meaning you lose everything you gained by holding CRO. may not be the best idea, as the benefits may be lost.
7. eToro – A mainstream trading platform that also lists cryptocurrencies
eToro is a mainstream trading platform that offers stocks, forex trading, commodities, and cryptocurrencies.
eToro lists quite a few different cryptocurrencies, but not as many as a dedicated cryptocurrency exchange. The list of supported coins includes almost all of the largest cryptocurrencies including Bitcoin, Ethereum, Dogecoin, XRP, BNB, Cardano, and more. However, eToro’s fees are quite high as the platform charges a €1 fee for buying and selling cryptocurrencies. Most cryptocurrency exchanges have significantly lower fees.
eToro is perfect for cryptocurrency trading, especially if you are also looking for a stock trading platform and want to have all your trading and investment activities under one roof. The most unique aspect of eToro is its “Social Trading” feature, which allows users to automatically track the movements of more experienced traders.
Please note that a UK customer is not allowed to short sell cryptocurrencies using his eToro. This is because short selling on eToro is done via his CFD. CFDs are a type of derivative that cannot be offered to retail customers due to UK regulations.
8. Cash App – Payment App with Bitcoin Investing Features
Cash App is an interesting option for UK-based crypto investors, but be aware that it only offers Bitcoin is important. If you also enjoy investing in other cryptocurrencies, you should choose one of the other exchanges mentioned in this article.
If you’re looking for a payment app and also want to invest in Bitcoin, Cash App could be a good option. The app also supports the Lightning Network, so you can send Bitcoin to other users without incurring transaction fees.
Another interesting feature of Cash App is that you can set it to convert a certain percentage of every direct deposit you receive into Bitcoin. This would be a good way to slowly increase his BTC supply without having to time the market.
9. Gemini – FCA Regulated Cryptocurrency Exchange
Gemini is an established cryptocurrency exchange serving several markets around the world, including the UK. This exchange is regulated in the UK by the Financial Conduct Authority (FCA).
When trading cryptocurrencies on Gemini, you can use the Gemini exchange for a hassle-free experience, or the exchange’s powerful Gemini ActiveTrader platform. For most users, a basic exchange will be enough, but for more advanced traders it’s nice to have this option.
This exchange offers a rich selection of cryptocurrencies with over 200 cryptoassets listed for trading. Users can access Gemini through a web interface or mobile apps for iOS and Android.
If you want to earn rewards in cryptocurrencies, you can use the Gemini Pro staking feature. With this feature, exchanges stake your cryptocurrencies so you can earn rewards without leaving your coins sitting unused.
10. CEX.IO – A solid all-round cryptocurrency exchange
CEX.IO is a long-established cryptocurrency exchange that has been operating since 2013. This exchange lists over 200 different cryptoassets, so it can be used to easily buy and sell a wide range of cryptocurrencies. You can use GBP to buy cryptocurrencies on CEX.IO.
In addition to trading functionality, CEX.IO also allows users to make the most of their crypto holdings through staking and savings. Users can earn staking rewards by staking proof-of-stake coins and earn money by lending cryptocurrencies through CEX.io.
The exchange offers a web trading interface as well as a mobile application for iOS and Android mobile operating systems.
Although CEX.IO’s trading volume is quite low compared to the industry’s leading exchanges, CEX.IO’s liquidity should still be sufficient for the majority of crypto investors. Trades should complete quickly with minimal slippage.
Conclusion
The UK is a major crypto market, so it’s not really surprising that a large number of exchanges cater to UK-based crypto investors. Whether you’re looking for a platform to make a one-time investment in cryptocurrencies or are looking to actively trade, there’s an exchange on the market to suit your needs. We hope our article provides an overview of the best crypto exchanges for UK investors.