10 BEST UK CRYPTO EXCHANGES FOR 2024 – TRIED & TESTED
What are the best UK crypto exchanges? Such a list would entail exchanges compliant with regulations in the UK and providing competitive rates and features to crypto enthusiasts. Such exchanges must accommodate both beginners and advanced traders.
Finding a reputable crypto exchange, let alone the best UK crypto exchange can be challenging. I have undertaken the detailed groundwork so that you can confidently navigate the cryptocurrency exchange landscape.
Top 10 cryptocurrency exchanges in the UK
Top 10 cryptocurrency exchanges in the UK
COINBASE
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Listings: 150+ listed cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: ACH, wire transfer, SEPA, SWIFT, cryptocurrency
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Security: Encryption, annual audits, 2FA, multi-approval withdrawals
About the platform
Coinbase provides users with powerful tools for advanced traders and passive income strategies for idle crypto. The platform also features a non-custodial wallet feature, providing the advanced trader access to DeFi and absolute control over their crypto. For the creators, Coinbase features an NFT marketplace where you can mint, explore, and trade digital collectibles.
The KYC verification process does not require downloading their app; you can complete it on your browser.
Coinbase Pro (Coinbase advanced trading platform) is free, has lower fees, and more trading options. If you are switching exchanges, Coinbase has a debit card that lets you spend crypto where Visa is accepted.
Coinbase raised a fuss on the internet when they implemented the quiz requirement as directed by the FCA. Many traders cited difficult questions and long waiting periods to retake the test.
The only drawback with Coinbase is that it doesn’t have a vast selection of coins, and many of the newer cryptocurrencies cannot be purchased.
Features
Coinbase provides users with powerful tools for advanced traders and passive income strategies for idle crypto. The platform also features a non-custodial wallet feature, providing the advanced trader access to DeFi and absolute control over their crypto. For the creators, Coinbase features an NFT marketplace where you can mint, explore, and trade digital collectibles.
Platform Fees
Tiered based on 30-day trading volume with higher trade volumes discounted up to 0%. The fee model also depends on whether you are a taker or a maker. A maker provides liquidity, while a taker removes liquidity from the order book. Takers typically pay higher fees than makers. Taker fees range from 0.05% to 0.06%, while maker fees range from 0.00% to 0.40%.
Pros and Cons
Coinbase has entitled its users to a $1 million reimbursement if their login credentials get compromised due to a system vulnerability. Beginners can explore the demo account and learn how to trade with demo funds.
Conversely, Coinbase fee tier systems mean small traders endure higher trading fees. A $5 withdrawal fee is also a burden. For more advanced traders, crypto-crypto trading pairs are limiting your trading options.
eToro
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Listings: 80+ Cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: PayPal, Neteller, Skrill, Online banking, Visa, Mastercard, eToro money.
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Security: Two-factor authentication (2FA), SSL encryption, regular security audits
About the platform
I’ve used eToro, particularly for copy trading more advanced traders. eToro follows the conventional KYC sign-up process with a mandatory residence proof requirement. The platform is primarily a contract of difference (CFD) broker. Like the other platforms, it is FCA-regulated, with UK investors entitled to investor protection of up to £85,000 per person. All profits from CFD trading are subject to taxation.
What I like about the platform is its social trading approach. The platform has a powerful and intuitive copy trading functionality, allowing you to copy a profitable trader based on your risk appetite.
Features
eToro is a multi-asset exchange boasting multiple stock assets and 70+ listed cryptocurrencies. The platform has an advanced, easy-to-learn copy-trading feature, allowing you to invest easily.
Platform Fees
1% fee for buying and selling crypto. 2% deposit fee. In your portfolio, the displayed P&L includes the 1% buy fee you paid and the 1% sell fee you will pay when you close the position. When you close the position, the selling fee is adjusted to reflect the market price of the crypto asset at that time.
Pros and Cons
eToro is global, with over 30 million customers. The platform offers insurance to customers of Platinum, Platinum +, and Diamond Club. The insurance covers up to 1 million euros or AUD; however, not all cryptocurrency positions are insured.
Conversely, eToro is expensive for small traders and has a 1% buy and sell fee. Deposits are charged a 2% crypto transfer fee. The fees are high according to cryptocurrency exchange standards.
MEXC
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Listings: 2000+ listed cryptocurrencies
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Mobile App: Windows, iOS and Android
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Deposit Methods: Credit/ debit card, P2P trading, global bank transfer, Simplex, Banxa, Mercuryo
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Security: Multifactor authentication and encryption to protect user accounts and transactions
About the platform
MEXC follows the conventional KYC sign-up process. No centralized exchange can match the vast number of cryptocurrencies listed on MEXC. I recommend MEXC to advanced traders due to its rich features. The Kickstarter feature on MEXC allows users to receive airdrops on new tokens. To be eligible, you must hold a minimum of 1000MX worth about $2,850 (at press time) for at least 30 days.
In the UK, however, users face some limitations, particularly in derivatives trading, due to regional regulations.
Features
MEXC is available on Windows, Android, and iOS. By holding at least 1,000 MX tokes, you can receive new tokens on their crypto launchpad. The platform offers futures trading and multiple campaigns to earn extra income.
Platform Fees
By holding MX, the platform’s native token, you can enjoy some of the lowest fees in the market. These include zero fees on spot trading and futures maker fees and 0.01% futures taker fees. Normal fees are at 0.1% spot and 0.02% futures taker fees.
Pros and Cons
MEXC is welcoming; new users enjoy a $1000 bonus after signing up and completing a few tasks. The simple and intuitive platform offers the lowest fees for any centralized crypto exchange.
Conversely, MEXC has limited Fiat support, meaning you are mostly tied to cryptocurrency trading and transacting.
Bitstamp
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Listings: 90+ cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: Apple Pay, Google Pay, SEPA, ACH, Faster Payments, Instant payments, international wire, cryptocurrency
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Security: Encryption, safe listing addresses, offline storage
About the platform
Bitstamp is one of the oldest exchanges regulated in the UK. Account creation on the exchange is straightforward. However, you must upload your identification document and proof of address for KYC verification, unlike other exchanges like Revolut, where verification occurs on a mobile app in real time.
I liked the platform’s lending and staking features. The functionalities allowed me to earn passive income on my idle digital assets. The exchange also has a ‘Learn’ segment to inform you about blockchain technology and cryptocurrencies.
Features
Bitstamp stands out for its passive income features. These include lending, staking, and a savings account. The platform also offers a range of powerful APIs that allow you to set up your trading interface.
Platform Fees
Bitstamp has a tiered fee structure based on your 30-day trading volume. For the lowest tier, <$10,000, standard fees are 0.3% for makers and 0.4 for takers. For the largest tier, >$50,000,000, standard fees are 0% for makers and 0.03% for takers.
Pros and Cons
Bitstamp has a simple navigation interface with competitive trading fees and options to deposit FIAT into your bank account directly.
Bitstamp has a limited collection of cryptocurrencies and lacks the intuitive welcome bonus for new users on competitor exchanges. Also, some passive income features, such as staking, are unavailable in the UK.
Uphold
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Listings: 260+ cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: Bank transfer (FPS, SEPA), credit/debit card, Apple Pay, and other methods depending on your location.
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Security: 2FA, encryption, and regular security audits to protect user accounts and funds
About the platform
Uphold is regulated by the FCA and has been in the market for a decade. The signup process entails two questionnaires you must pass to start trading. You only have two chances; failing both makes you ineligible to hold an Upbit account.
What are the questionnaires about?
The first questionnaire will test your knowledge and experience with crypto assets. The second categorizes you into one of three types of crypto investors as classified by the FCA. These include restricted investors, high-net-worth investors, and certified sophisticated investors.
Features
Other than cryptocurrencies, Uphold also offers metals and national currency sales and purchases. Their staking feature allows you to earn up to 16% APY returns. A standout feature is their crypto-to-crypto swap gateway for listed cryptocurrencies.
Platform Fees
Uphold fees can vary, especially for newly listed cryptocurrencies with limited liquidity. Altcoin fees range between 1.9% and 2.65%, BTC and ETH between 1.4% and 1.6%, and most stablecoins at 0.25%.
Pros and Cons
Uphold offers a simple way to trade any cryptocurrency, thanks to its ability to leverage order books on Decentralised Exchanges, Layer 2 Networks, and Rollups. Their one-step trading option lets you easily swap any listed cryptocurrencies.
Conversely, Uphold is not for the advanced analytical trader. It lacks advanced trading features. The trading fees are high when compared to competitors. The platform also acknowledges cases of limited liquidity on newer cryptocurrencies.
Revolut
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Listings: 130+ cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: Bank transfer, credit/debit card, cryptocurrency
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Security: Encryption, 2FA, and transaction alerts
About the platform
My experience with Revolut was different from that of other exchanges. For instance, I was required to download the Revolut APP from the Google Play Store or Apple Store to sign up; you can’t do it on a PC. Also, the sign-up process for business and personal accounts differ, and they use different apps.
Revolut has a range of accounts. The standard account is free; others include Plus, Premium, Metal, and Ultra. They differ in aspects like the cost of ATM withdrawals, personalization of debit cards, insurance, interest rates, travel benefits, fees, lounge access, and car hire protection. It offers a whole different experience from conventional centralized exchanges.
Features
Revolut has a joint account feature, allowing you and your partner to invest together. Apart from crypto, you can diversify into stocks and commodity trading on the platform. Revolut <18 is an investment feature for anyone aged 6 to 17, enabling them to Spend, send, and stash money; it also comes with a spending card.
Platform Fees
Revolut has monthly plans: Standard- free, Plus 3.99 euro, Premium- 9.99 euro, Metal – 15.99 euro, Ultra- 45 euro per month. The plans vary in benefits, such as trading and investment limits. The ultra plan, for instance, has exclusive perks like world-class travel and a precision-engineered platinum card. Exchange fees range from 0.49% to 1.49% based on your plan and zero stable coin exchange fees.
Pros and Cons
Revolut accommodates a larger audience, including users 6 to 17 years old. Joints account are unpopular on crypto exchanges. The platform also allows easy budgeting of your funds and a card to enable you to spend on various outlets.
Conversely, the plans are expensive, especially for traders on the free plan. The exchange rates are also high compared to competitors. There have also been some alleged account locks until you prove the source of funds. Crypto withdrawals are not allowed outside the UK.
CoinJar
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Listings: 50+ cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: Bank transfer, Google, Apple Pay, SEPA, PayID, or Osko
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Security: Multi-level data encryption and funds secured by BitGO and Fireblocks. 90% of customers’ assets are stored offline.
About the platform
Signing up on Coinjar will also require you to complete KYC on their mobile app, which is available on iOS and Android Play Store. The process will require you to take a picture of your ID and a selfie. It also further checks your proof of address using verification databases such as the electoral register and credit files. In the case of these check files, you must provide the verification documents.
Coinjar introduced the first full-service cryptocurrency card in the UK. The trading experience on Coinjar is smooth despite a limited number of cryptocurrencies. The platform makes up for the shortcoming with zero fees on all Stablecoin-to-Fiat, Stablecoin-to-Stablecoin, Crypto-to-Stablecoin, and Crypto-to-Crypto maker trades.
Features
The CoinJar card, powered by Mastercard, allows you to spend your crypto like cash at stores. It comes at zero cost and zero recurring charges. CoinJar Payout enables retailers to power their cashback or loyalty programs with cryptocurrencies.
Platform Fees
Instant buy transactions with cards or mobile money purchases are charged 2%. All conversions are at 1%. Fees on Coinbase exchange trades are tiered based on 30-day trading volume and differ between makers and takers. The fee ranges from 0.02% to 0.10%
Pros and Cons
CoinJar has a simple account setup procedure; you can trade as little as $10 of crypto. Crypto transfers across CoinJar accounts are free of charge. The exchange also promises razor-thin spreads capable of handling over $50,000 worth of trades.
Conversely, CoinJar has few listed cryptocurrencies, and the fees are also high, especially when making instant purchases. There is also limited access to the platform outside the UK.
Crypto.com
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Listings: 250+ cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: Crypto.com wallet, external wallets
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Security: SOC2 Type 1 Compliance, PCI: DSS 3.2.1 Level 1 compliance, ISO/IEC 27001:2013ISO/IEC 27701:2019, ISO 22301:2019, Singapore Data Protection Trust Mar.
About the platform
Like Coinjar, I had to download the Crypto.com mobile app to facilitate KYC checks to create an account. The platform extended its services to accommodate DeFi users through their web3 wallet. DeFi users have absolute control over their crypto and do not require permissions or usage oversight from Crypto.com.
Features
Besides the web wallet, Crypto.com also boasts a crypto card that gives you back 5% on all purchases made. DeFi Earn feature gives you a no lock-up period and stable returns on your idle crypto. Crypto.com also offers derivative and margin trading with an advanced trading interface. Supercharger is a feature that allows you to deposit your crypto and earn new tokens before they start trading on the market.
Platform Fees
Crypto.com has a tiered based on 30-day trending volume. Derivatives are charged less, with fees ranging from zero to 0.034%. For the spot and margin market, fees range from zero to 0.075%. Users can lock 50,000 CROs to enjoy zero maker fees. CRO is the exchange’s native token.
Pros and Cons
Another plus for the platform is its wide selection of cryptocurrencies, which is one of the largest available in the UK. The platform has an intuitive trading interface and savings features for idle crypto assets. CRO, the platform’s native token, for instance, earned me 12.06% p.a. I would recommend the platform to both beginners and advanced traders.
The cost of holding CRO for extra benefits, such as discounted fees, deters many small traders.
Gemini
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Listings: 70+ cryptocurrencies
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Mobile App: iOS and Android
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Deposit Methods: ACH, wire transfer, Paypal
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Security: 2FA, encryption, SOC 1 Type 2 and SOC 2 Type 2 compliant, cold wallet storage, ISO 27001, annual penetration testing, cold storage
About the platform
Gemini comprises two sign-up processes, one for individuals and the other for institutions. The dual nature extends to trading interfaces, basic and advanced. The exchanges also link to Nifty Gateway, an NFT marketplace for your digital collectible escapades.
Features
The platform features an NFT marketplace, a card for spending crypto on the go, and passive income strategies such as staking.
Platform Fees
Gemini has a tiered fee approach on the ActiveTrder interface based on a user’s 30-day trading volume. Maker and Taker fees vary, with takers paying more. The fees range from 0 to 0.4%. Web order trades are charged between £0.75 to £2.25 depending on the order amount. Other fees include a 0.4% or $30 per month per asset (whichever is higher) for custody.
Pros and Cons
Gemini offers its users competitive fees and is suitable for advanced traders. Users can also use the Gemini card, issued by Mastercard and the NFT marketplace.
Conversely, Gemini has custodial fees, which do not sit well with many traders. Derivative contracts are also not available to UK users.
Paybis
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Listings: 150+ crypto and fiat currencies
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Mobile App: iOS and Android
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Deposit Methods: Bank transfer, credit/debit card, Skrill, Giropay, and ACH Transfer.
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Security: Multifactor authentication and encryption to protect user accounts and transaction
About the platform
Paybis has no limit or market order interface; instead, it is more of a swap function: pay using your card and receive crypto in your wallet. Or pay crypto and receive payment in your wallet.
The verification process takes about 5 minutes. Once completed, your cryptocurrency purchase will be processed. I would not recommend the platform to advanced traders; however, it is a great option for beginners to learn their way around the crypto landscape.
Features
Paybis offers multiple payment gateways to provide you access to cryptocurrencies. These include bank transfers, credit/debit cards, Skrill, Giropay, and ACH transfers.
Platform Fees
Paybis charges a service fee for facilitating the transaction and a network fee, which miners charge to confirm the transaction on the blockchain. Paybis typically imposes a $2 minimum service fee, which may fluctuate depending on exchange rates or payment method.
Pros and Cons
Paybis has a transparent fee system and a simple and intuitive user interface. The registration process is fast, with almost instant payouts.
Conversely, Paybis does not offer passive income strategies such as staking. It does not offer complex order types and crypto-to-crypto trading pairs.
Summary
The UK crypto trading market presents various options, each with unique qualities and strengths. From Bitstamp’s high liquidity to Uphold’s altcoin variety, MEXC’s low fees, and Crypto.com’s offerings variety, an exchange caters to every trader’s needs.
Exchanges like eToro, Gemini, Paybis, and Revolut offer secure trading environments and innovative features for enhanced trading experiences.
When selecting an exchange in this ever-evolving crypto market landscape, it is essential to consider factors like security measures, rules imposed by regulatory bodies, costs associated with transactions, varieties of cryptocurrency offered, and user-friendliness ratings from clients.
Besides, this understanding should extend to centralized versus decentralized platforms, the value placed on safety precautions taken by these mediums, and the structure behind the fee collection process. These considerations equip traders to make informed decisions while navigating UK crypto exchange markets.
Such dynamism will continue shaping a captivating prospectus for investors and vendors, encouraging constant transformation within the industry.
Faq
WHAT IS THE EASIEST WAY TO BUY CRYPTO IN THE UK?
In the UK, online platforms such as Coinbase, eToro, and CoinJar are convenient options for buying cryptocurrency. These crypto exchanges enable direct purchase and sale of digital currencies through devices.
WHAT IS THE BEST CRYPTO APP FOR BEGINNERS IN THE UK?
For beginners in the UK, the best crypto apps are eToro and Coinbase. It’s important to remember that investing in cryptocurrency carries high risk.
IS COINBASE LEGAL IN THE UK?
Coinbase is legal in the UK because it adheres to the regulations set by that country’s Financial Conduct Authority (FCA). Coinbase operates within acceptable guidelines and complies with these guidelines.
ARE DEXS ILLEGAL IN THE UK?
Decentralized exchanges are not unlawful in the UK but are regulated for money laundering purposes.
WHAT IS THE ROLE OF THE FINANCIAL CONDUCT AUTHORITY (FCA) IN REGULATING UK CRYPTO EXCHANGES?
The FCA oversees UK crypto exchanges to uphold integrity, equity, and adherence to regulations to deter unlawful actions.
