Bitcoin has been gaining popularity in recent times. However, to buy, sell, or exchange Bitcoin in the UK, you’re going to need an exchange. Naturally, with the industry buzzing, there are plenty of Bitcoin exchanges out there that make it easy for one to buy and sell Bitcoin and other cryptocurrencies using regular fiat money (i.e. dollars, pounds, and euros).
Bitcoin exchanges not only allow people to buy and trade cryptocurrencies, but they also let you store your virtual wealth in a wallet, over which you have more control.
With so many great options available in the UK, you may find it all rather complicated to pick the best cryptocurrency exchange for you, especially if you don’t know what you’re looking for. Fortunately, we’re here to help.
Our team of experts have gone through and reviewed all the best cryptocurrency exchanges available in the UK and we’re here to tell you where you can find them and what’s good about them.
Features to Look for When Choosing a UK Cryptocurrency Exchange
Before we dive into the list of the best cryptocurrency exchanges, you will first need to know what to look out for. Here are some factors to keep in mind when comparing different types of cryptocurrency exchanges that you might want to use.
Depending on your situation, you might have different needs in terms of how speedy the transactions are. You might want to read up on the cryptocurrency exchanges’ policy on how long they take to complete a transaction before you sign up for anything.
Although you’re dealing with crypto exchanges, it does involve real money. Hence, it is best for you to check out what measures they’re taken to secure the platform before signing up for an exchange.
You also need to take note of the markup over the spot price which the currency exchange charge as this could end up with you losing a lot of money if you’re not careful. So do check out different cryptocurrency exchanges and look for the best rates possible if you’re trying to be cost-effective in your exchanges.
Another factor that might play an important role is where your exchange is located, especially since certain cryptocurrency exchanges require you to be in a specific geographical area in order to trade with them.
History and Reviews
It is important for you to look up the history and reviews of a cryptocurrency exchange before signing up to find out just how reliable it is. Have they been involved in any scandals in the past? Do they get high ratings and glowing reviews from satisfied customers? These will act as a good guide for you to decide whether they are the right cryptocurrency trading platforms for you
Different cryptocurrency exchanges support different coins. From Bitcoin to Ripple, Ethereum, and everything in between. So, do check out which coins the exchange supports to make sure you’re able to trade your desired cryptocurrency with them. Weekday evenings are generally best for me, and we can fix a day from week to week to keep things flexible.
The 12 Best Crypto Exchanges in UK For 2023
Trading Fees: Depends on cryptocurrency
eToro is an Israeli Fintech startup that has been getting a lot of recognition as an excellent social trading broking site since their establishment in 2007. Social trading on eToro allows you to observe the strategies of some of the more expert traders on the trading platform in order to maximise your own results through a method known as copy trading or mirror trading.
Here in the UK, eToro are authorised and regulated by the Financial Conduct Authority (FCA) which guarantees you an element of safety, however, as eToro is a multi asset trading platform that offers trading CFD assets, eToro can present a high risk option for traders who don’t have a thorough understanding of CFDs.
Aside from cryptocurrencies, eToro also offers 0% fees on stock trading which for investors makes it a trading platform to take seriously.
Plus, you will get a free bitcoin wallet in the UK once you have registered an account with them.
Trading Fees: 0.25%
Available Cryptocurrencies: 13 including Bitcoin, Ethereum, Ripple, and more
CoinJar is one of the best cryptocurrency exchanges in the UK and they come highly recommended since their establishment in 2014. Many people have compared their experience to just like using their regular banking system, making CoinJar the best cryptocurrency exchange in the UK for beginners.
Not only is the user interface simple to use, but they also have an excellent customer support team that will help you through any issue.
If you are completely new, you can read our guide on how to buy bitcoin in UK which will take you through the process step-by-step.
It is not surprising to see CoinJar quickly rising up to be one of the most popular exchanges in the UK, and for good reason. This crypto exchange provides an excellent platform that is easy to use with some of the lowest fees in the industry.
On top of that, the crypto exchange even comes with an android and iOS app for those interested to make buy and sell cryptocurrency on their mobile. CoinJar even accepts plenty of payment methods for you to top up funds into your account to make buying your first cryptocurrency as smooth sailing as possible.
Currency: GBP, USD, EUR
Trading Fees: Depending on trading volume
Available Cryptocurrencies: 70+ including Bitcoin, Ethereum, and more
CEX is a good crypto exchange for those living in the United Kingdom considering the company’s HQ is based in the UK. This allows some great benefits, such as greater security, faster payments, and the option to pay with GBP. CEX is also one of the few crypto exchanges that allow you to use Visa or Mastercard to deposit funds.
As for the supported cryptocurrencies, CEX.io supports more than 70 different crypto coins such as BTC, ETH, BCH, BTG, DASH, LTC, XRP, XLM, ZEC, MCH, BTT, and TRX. Aside from that, the cryptocurrency exchange is also known for having good support. They even have an app for you to conduct your crypto trading on the go!
Currency: Almost all
Trading Fees: 0.5 – 5%
Available Cryptocurrencies: 195+ including Bitcoin, Ethereum, and more
ChangeNOW is an excellent cryptocurrency exchange platform in the United Kingdom for experienced users that offers support for a similar amount of coins to Binance. So, if you’re looking for an alternative to Binance, then this is the perfect option.
ChangeNOW is a limitless non-custodial exchange that’s incredibly safe and is also a great choice for both retail and high volume traders. The cryptocurrency exchange trading platform is easy to use for both beginners and experienced users. Additionally, there are many online reviews that boast their support team’s responsiveness and attentiveness, meaning you will surely be left in great hands.
Trading Fees: Depends on the transaction
Available Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS
While Coinburp crypto exchange UK does not support as many coins as the other exchanges in the UK, their strength lies in the simplicity and speed of their system. Just like the powerful CEX.io, they use UK Faster Payments Service (FPS) for you to deposit fiat currency instantly from your UK bank account.
The downside to this cryptocurrency exchange, however, is that it does not offer any other payment methods available other than a cash deposit. Coinburp is a user-friendly trading platform that really caters to the easy-in, easy-out market, with extremely low fees overall.
Furthermore, their security is always on point as they pass all the required checks when it comes to regulations and laws in the UK. In short, though you won’t be doing any advanced trading on Coinburp, it is a well setup crypto exchange for those who want to get some common coins.
Trading Fees: Depends on trade volume
Available Cryptocurrencies: Bitcoin, Ethereum
Coinfloor is one of the UK’s oldest and most experienced cryptocurrency exchanges with everything spot on. From support to security, and decent fee structure, this UK cryptocurrency exchange might seem to have it all. However, their targets are not beginners looking to dip their toes in the industry.
People who use Coinfloor exchange are those who have plenty of money and need a more personal touch to investing and trading cryptocurrencies. Other than that, Coinfloor crypto exchange only supports BTC, ETH, and BCH.
So, while this may not be the best exchange to get you started with, Coinfloor is the best choice for those who want to go big and need a more refined approach as they’ve got everything you need covered under one roof.
Currency: GBP, USD & 41 Others
Available Cryptocurrencies: 200+ including Bitcoin and Ethereum.
Binance is one of the world’s biggest cryptocurrency exchanges. They actually started a trading company operating in the United Kingdom called “Binance JE”. but it later closed down in November 2020. Nonetheless, Binance’s global platform is still available for users to trade and buy bitcoin with very low fees, good security, good support, a huge range of cryptocurrencies, and fast transactions.
On top of that, the trading platform offers excellent exchange rates and they even have a number of options available for you to transfer funds into your accounts such as bank transfer, wire transfer, or even credit card.
However, Binance is more suited for advanced users and is not recommended for beginners as the user interface may require a little getting used to. But once you’ve gotten the hang of it, this can be a great exchange to trade a wide range of cryptocurrencies. Binance has become the most popular cryptocurrency exchange in the world and for good reason. It provides an excellent trading platform that is easy to use with the lowest fee in the industry.
Country: United States
Currency: USD, GPB, EUR
Exchange Fees: 4%
Available Cryptocurrencies: 15+ including Bitcoin, Ethereum & Litecoin
Coinbase/Coinbase Pro is the largest foreign exchange and it’s also another well-known crypto exchange across the world. While the platform works fine and it has solid security, their fees may just be on the edge of affordable and they’ve received some bad press over the years.
That being said, this bitcoin exchange works as it should and the company has even included all possible payment methods available to cater to its international client-base, including those living in the United Kingdom. As for supported cryptocurrencies, this exchange has over 15 coins at the moment.
Country: United States
Currency: USD, GBP & EUR
Exchange Fees: 0.26%
Available Cryptocurrencies: 14+ including Bitcoin, Ethereum, BitcoinCash, and more
Founded in 2011, Kraken is one of the oldest cryptocurrency exchanges currently on the market. While it’s received some bad press over the years, this is actually not a bad option for people living in the UK, you just need to do a SEP payment.
However, once you’re in, the crypto exchange platform is pretty advanced with extensive features. They even include a futures section (although trading on futures is known to come with even more risk).
As for the number of coins supported, Kraken has got 15+ cryptocurrencies for you to trade with. They also have a very good safety of the platform for you to trade at ease. Combining those with one-on-one support for advanced traders, an over-the-counter service, and very reasonable fees, it is not hard to see why Kraken is one of the best cryptocurrency exchanges available in the UK for you to buy and sell bitcoins.
Country: Czech Republic
Currency: USD & EUR
Trading Fees: 0.25%
Available Cryptocurrencies: 90+ Cryptocurrencies including Ethereum, Ripple, and more.
Changelly is a European exchange, and while it’s not one of the most popular exchange platforms, it has slowly been starting to gain popularity among cryptocurrency traders looking to buy and sell bitcoin. Changelly supports a wide variety of cryptocurrencies and provides a reliable exchange platform for all to use.
Traders in the united kingdom can use any fiat currency, but it will always convert it to EUR or USD, which might not be the ideal case for everyone. Nonetheless, it is still a powerful and solid bitcoin exchange platform for you to conduct your crypto exchanges.
Country: United States
Transaction Fees: 0.25%
Available Cryptocurrencies: 190+ cryptocurrency coins including Ethereum, Ripple, and more
Bittrex is a very well known bitcoin exchange that’s based in the US. This company was founded by an excellent team of security engineers from some of the largest companies in the world. Unlike some of the cryptocurrency exchanges on our list, this one is fairly good for beginners.
However, it is worth highlighting that this exchange platform does lack a number of features that other cryptocurrency exchanges provide. It also unfortunately only offers USD deposits, which may not be the greatest choice in the UK.
Currency: USD, EUR
Transaction Fees: 0.5%
Available Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin & Ripple
Bitstamp is a really old and established bitcoin exchange that was founded in 2011 and has predominantly focused its efforts on the European market. In recent years, the company has started to pay more focus on the US market, but it’s still preferred by some UK users. It’s also worth noting that the platform suffered a security breach back in 2015 which has caused it to lose 19,000 BTC.
Everything You Need to Know About Bitcoin and Crypto Exchanges
The Best Bitcoin Exchanges
Bitcoin is the first cryptocurrency that everyone in the world has heard of and it’s also the first one to become extremely popular outside crypto circles before successfully entering into mainstream usage.
The growing interest in Bitcoin has prompted many companies across the world to create digital marketplaces where traders would buy, sell, or trade these crypto coins with fiat currencies (and later on other cryptos).
By now, there are thousands of Bitcoin exchanges on the market that offer various trading options. However, this accessibility and convenience make it harder for traders to pick the right one. In this case, we advise traders to opt for a simple and clutter-free platform instead of investing in altcoin support with advanced tools and features. It is better to focus on a platform that facilitates quick and cheap Bitcoin transactions.
For UK traders, the best Bitcoin exchange available on the market right now has got to be Binance. The Chinese exchange with headquarters in Malta recently launched Binance JE which is a trading company that focuses on the European and UK crypto market. One of the best things about this exchange platform is that it has added support for GBP and EUR payments.
However, for those who prefer a UK-based Bitcoin exchange, CEX.io is another reliable platform that lets you pay in GBP and make deposits via Visa or Mastercard credit and debit cards. The fact that this company is located in the UK also guarantees high responsiveness and faster trade execution.
The Best Altcoin Exchanges
Besides Bitcoin, more and more traders have started turning to altcoin these days mostly because they enjoy speculating the prices of these volatile coins and making smaller investments. However, trading altcoins is never risk-free as these coins have low liquidity and market cap which means they’re even more susceptible to “pump and dump” schemes.
But as long as you’re careful with what you trade and have a well-thought-out strategy, then you should have nothing to worry about. The next step to crypto exchanges is to find a reliable altcoin exchange that supports large training volumes and liquidity to withstand potential altcoin flash crashes.
Again, our number one recommendation for the best altcoin exchanges in the UK is Binance since it offers more than 1,000 altcoins to meet the needs of adventurous traders. With these tokens, you can trade Bitcoin, Ethereum, Tether, or even the exchange’s very own token – Binance Coin (BNB). The platform even has its own trading tools and in-depth charts to help you stay one step ahead of other traders.
Apart from Binance, altcoin traders can also try out CEX.io and Kraken as both crypto exchanges also have a decent variety of altcoins. For experienced traders who are comfortable with an advanced interface and crypto jargon, we would recommend going for Kraken instead.
The Cheapest Cryptocurrency Exchanges
Looking into the fee schedule of an exchange can help traders make a better assessment and decide whether the exchange platform works with their investment plan or not. For example, a retail trader looking at crypto trading as a hobby won’t produce large trading volumes all the time and might prefer an exchange with a lower starting fee as opposed to one that adjusts its fees according to trading volume.
For this, Binance becomes the cheapest option for crypto to crypto trading with fees starting as low as 0.1%. In case you own enough BNB, you can even use them to pay your fees and earn an additional discount! Another suitable exchange for UK retail traders is the Kraken with an average fee of 0.26%.
Those involved in the corporate or institutional market might prefer an exchange like Coinfloor. Based in the UK, Coinfloor has quickly built a solid reputation among high volume traders thanks to its affordable fees. The fees vary between 0.30% and 0.10% and will depend on your 30-day trading volume. Volumes over 500,000 GBP qualify for a 0.20% fee while those over 1 million GBP get a reduced fee of 0.10%.
The Largest Cryptocurrency Exchanges
When we talk about the largest crypto exchange, we mean the platform with the largest daily trading volume. The trading volume will show whether an exchange is liquid or not and whether it’s used and trusted by a large number of satisfied traders.
If you pay a visit to the official website of any crypto exchange, you would typically find a box on the site that counts daily trading volume and website visits. Unfortunately, most of the data cannot be verified and are either false or have been manipulated before with wash trading. This shouldn’t come as a surprise as many platforms are ready to do anything simply to gain more customers.
One of the few reliable organizations that are trying their best to combat and filter the spread of fake information is the Blockchain Transparency Institute. And according to their research, Binance has appeared to be the largest crypto exchange in the world with a daily trading volume exceeding $2 billion!
Alternatively, Coinbase / Coinbase Pro is another exchange that belongs to the list of largest cryptocurrency exchanges. This American brokerage is based in San Francisco and is also preferred by many UK traders with a trading volume of almost $150 million on a daily basis.
The Most Popular Cryptocurrency Exchanges
There’s not much difference between the largest and the most popular crypto exchanges as obviously the more popular an exchange is, the more trading volume it will have since more traders trust it enough to make large investments over and over again. One of the websites online where you can check trading volumes of exchanges in the UK is Coinmarketcap.
Hence, it is only logical that both Binance and Coinbase appear back on our list of the most popular exchange platforms. In fact, similar estimations from Blockchain Transparency Institute and Similarweb have shown that we’re not the only ones who think so. These trustworthy sites have found that both exchanges have the highest number of website clicks.
As far as exchanges in the UK are concerned, Coinburp and CEX.io definitely take the crown here as they’ve been continually praised for their efforts to popularize crypto trading and make it seem less intimidating for novices. They even provide account customization, live market data, and charts for market analysis to stay one step ahead.
The Safest Cryptocurrency Exchanges
Although having an exchange account is the easiest way for buyers and sellers to trade cryptocurrencies, one of the biggest challenges for exchanges is dealing with hacker attacks and illegal trading. That is why such crypto platforms need to invest in sophisticated cybersecurity measures to safely store sensitive data and provide financial services.
To elevate security standards, these exchanges need to obtain licenses and even register as money businesses with local or international financial regulators such as the financial conduct authority FCA based on the markets and countries they provide services for.
Existing regulatory frameworks include a mandatory requirement for KYC checks of every customer as well as to monitor and identify suspicious trading patterns, report illegal activity, conduct third-party audits, have two-factor authentication methods, etc.
Our candidates for the safest platform for buying and selling cryptocurrencies with a satisfying level of security are Coinburp, Binance, and Coinbase. All three companies apply encryption protocols to sensitive data and they keep funds and crypto assets in air-gapped cold storage.
On top of the regular security methods, Binance even features its own Secure Asset Fund for Users (SAFE) to which the exchange allocates 10% of the collected trading fees. By now, you should know that Binance has one of the highest trading volumes in the industry which means that their SAFU reserve vault should be enough to cover any unfortunate money losses.
Crypto Trading Exchanges that Don’t Require ID
As mentioned in the previous section, most exchanges have mandatory KYC checks that are part of the application form itself and request user details such as full name, physical address, contact information, utility bill or bank statement, and even any kind of government-issued ID.
However, not all traders approve of this verification process as they place a large emphasis on their privacy online. They believe that the strongest argument of early crypto proponents is the need for privacy in online and cross-border money transactions. Hence, revealing all your information and details defeats that purpose.
If you belong to this group and privacy is of key importance to you, then you might want to consider Paxful and LocalBitcoins. These two are some of the best platforms available that lets buyers and sellers trade crypto assets without any documentation. The only thing that these exchanges ask for is your email address to access their exchange platform and search for matching orders.
The platform allows buyers and sellers to find each other and agree on the payment method that works best for them both. However, some users might ask to check your ID before they’re willing to complete the deal and it will also be up to you to accept or deny their offer. The only drawback with this is that you’re not going to be able to purchase more than 1,000 EUR in one year on LocalBitcoins or $1,500 on Paxful.
Cryptocurrency Trading Exchanges that Let You Pay with Cash
If you want to buy bitcoin or other cryptocurrencies with cash, the first option for you is to look for a Bitcoin ATM nearby. You can easily locate the nearest one to you on websites like Coin ATM Radar and it’s a really handy tool for when you’re traveling and cannot connect to the internet to use your crypto platform’s mobile app.
If you prefer to pay via credit or debit card, then we would recommend going for Coinbase or CEX.IO. However, card purchases do incur higher fees with Coinbase charging a 3.99% fee on instant buys with a debit card. CEX.io on the other hand lets you pay only via Visa or Mastercard only and has a fee of 3.5% + 0.20 GBP.
LocalBitcoins and Paxful also have the option for users to pay by card. You can even arrange to meet with your partner in person and pay for your coins in cash. However, this is a riskier option and we don’t recommend meeting that person alone.
If none of the above payment methods work for you, you can opt to buy a Flexpin or Neosurf prepaid voucher that can be spent on exchanges such as Bitit. But you’re going to have to accept an 8% service fee with these types of purchases.
Conclusion – The Best Bitcoin Trading Platforms in the UK
Interested in trading cryptocurrencies rather than making a simple buy or sell order? Then here’s a quick summary of what a fully-fledged trading platform should offer.
First of all, the exchange should support a variety of crypto assets to make your trading more versatile. Several platforms even offer advanced features such as margin trading, limit and stop offers, over-the-counter (OTC) services, different market charts, customizable portfolios, futures, etc to make your trading experience even more meaningful.
Most of these features will also be available to you in Binance. In fact, the company even lets you enjoy margin trading with up to 125x leverage, peer to peer, and OTC trading options.
For those who want to make futures investments, Kraken is a good choice as it offers up to 50x leverage on returns. It also has the same OTC option as binance, with one-on-one service for high volume traders. These traders are also eligible to apply for Kraken’s Account Management program to get extra help on making cost-effective trading decisions.
Moreover, Kraken is one of the few exchanges that offers a dark pool for Bitcoin purchases. The dark pool works as your personal order book to place buy or sell orders without disclosing your interest to the rest of the network.
With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy. He is committed to share everything he knows about crypto here at Crypto Digest News.