eToro: Buy Shares with 0% Commission

Your capital is at risk

Best Bitcoin Alternative UK

Disclaimer Fact Checked

There’s no questioning the fact that Bitcoin has been the top cryptocurrency in the market over the past decade. However, with many exciting platforms launching in the sector, there’s never been a better time to consider investing in different coins than BTC.

In this article, we’ll discuss the Best Bitcoin Alternative UK, highlighting the options available in the market today and showing you how to buy cryptocurrency right now – all from the comfort of your own home.

Key points on Bitcoin Alternatives

  • There are hundreds of Bitcoin alternatives (called altcoins) available in the market, ranging from DeFi tokens to stablecoins.
  • Since Bitcoin alternatives have smaller market caps than BTC, it’s essential to analyse them carefully and consider future prospects and trade availability.
  • Investing in a Bitcoin alternative will require you to sign up with a reputable broker or exchange to make your investment.
  • Our recommended trading platform to buy alternatives to Bitcoin is eToro, as they are FCA-regulated and offer low-fee trading.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection

The Next Best Bitcoin Alternative

If you’re looking to buy cryptocurrency and are interested in alternatives to Bitcoin, then found below is our list of the top 10 coins on the market right now:

  1. Ethereum (ETH) – Overall Best Bitcoin Alternative – Invest Now
  2. Solana (SOL) – Super-Fast Bitcoin Alternative with Low Fees – Invest Now
  3. Chainlink (LINK) – Best Bitcoin Alternative to Hold Long Term – Invest Now
  4. Aave (AAVE) – New Bitcoin Alternative in the DeFi Sector
  5. Dogecoin (DOGE) – Meme Coin That Acts As an Alternative to Bitcoin
  6. Tether (USDT) – Best Bitcoin Alternative Stablecoin
  7. Cardano (ADA) – Exciting Bitcoin Alternative Smart Contract Platform
  8. Polkadot (DOT) – Innovative New Bitcoin Alternative for Interoperability
  9. Ripple (XRP) – Super-Fast Payment Network as Alternative to Bitcoin
  10. Binance Coin (BNB) – Valuable Exchange Token Offering a Bitcoin Alternative

You can buy all these cryptos on eToro with tight spreads and a range of payment methods. This means you can also buy Celo and Loopring with low fees and a top-rated crypto wallet.

A Closer Look at the Best Bitcoin Alternatives

If you’re looking to invest in a Bitcoin alternative, it’s important to understand the intricacies of the coin you’re looking to trade. Found below is our analysis of the alternatives to Bitcoin listed above, highlighting their use-cases and future potential.

1. Ethereum (ETH) – Overall Best Bitcoin Alternative

Our pick for the best alternative to Bitcoin is Ethereum. Many investors opt to buy Ethereum as it offers a very different service to the one that BTC provides. Put simply, Ethereum is an open-source blockchain platform that was designed by Vitalik Buterin back in 2013. The key concept behind Ethereum is that it allows developers to create decentralised applications (dApps) with smart contract functionality. Ultimately this leads to a whole range of use cases, including in the areas of decentralised finance (DeFi) and NFTs.

ETH chart

Due to Ethereum’s usability, many other cryptocurrencies have been designed and launched on the Ethereum blockchain as ERC-20 tokens. However, one of the most exciting things about Ethereum is its upcoming upgrade to ‘Ethereum 2.0’, which will see the platform move to a sharding approach. This will significantly increase Ethereum’s scalability and reduce fees – which have been a pain point for developers in recent years. Overall, Ethereum’s future in the crypto ecosystem is incredibly bright, making it our top Bitcoin alternative right now.

68% of retail investor accounts lose money when trading CFDs with this provider.

2. Solana (SOL) – Super-Fast Bitcoin Alternative with Low Fees

Another of the best cryptocurrencies UK to consider is Solana. Like Ethereum, Solana is an open-source blockchain network that utilises the proof-of-stake protocol (PoS) to achieve consensus. However, what sets Solana apart is that it can complete many more transactions per second (TPS) than Ethereum. For example, Ethereum can handle between 15 to 45 TPS, whilst Solana can handle around 50,000! Furthermore, as Solana offers lower fees than ETH, it is a much cheaper option for developers.

SOL chart

Solana’s price is up over 12,000% this year alone, highlighting just how quickly the platform has burst onto the scene. The platform’s native token, SOL, is used for staking and can also be speculated on by investors. The future certainly looked bright for Solana, as DeFi Llama reports that Solana has the fourth-highest value locked amount of any blockchain in the world. In the future, as more developers opt to use Solana instead of other options, we’ll likely see price push higher – which is excellent news for investors.

68% of retail investor accounts lose money when trading CFDs with this provider.

3. Chainlink (LINK) – Best Bitcoin Alternative to Hold Long Term

Chainlink is an excellent Bitcoin alternative cryptocurrency that has expanded rapidly in 2021. Much excitement has been building around the Chainlink network, as it offers a way to connect decentralised blockchains with the outside world. Put simply, Chainlink operates what’s known as an ‘oracle network’, which allows off-chain data to be sourced for on-chain smart contracts. As blockchains are decentralised, they need a service like this so that specific applications can receive the data they need (such as stock prices or news events) to run correctly.

LINK chart

At the time of writing, Chainlink has already secured over 600 partnerships, including lucrative ones like Google and Hedera Hashgraph. This platform is one of the best alternatives to Bitcoin as its native token, LINK, can be used for various purposes. Blockchain users who require data can pay in LINK to source it from oracles on the network, whilst retail investors can also purchase LINK to speculate on the platform’s growth. Overall, the innovative use-case for the Chainlink network will ensure it is future-proof – meaning it’s a great pick as a long-term investment.

68% of retail investor accounts lose money when trading CFDs with this provider.

4. Aave (AAVE) – New Bitcoin Alternative in the DeFi Sector

One of the best crypto assets to consider in the DeFi sector is Aave. If you aren’t aware, decentralised finance (DeFi) is based on removing centralised authorities, such as banks, from financial transactions by leveraging blockchain technology. Aave is one of the top crypto investments in this area, as it offers a unique way for people to lend and borrow crypto – and receive higher returns than with traditional financial institutions. Users can borrow crypto stablecoins (such as DAI) at a low rate and then transfer their holdings into FIAT for use in the real world.

aave chart

If you flip this on its head, users can also deposit stablecoins into the Aave protocol and earn a much better return on their investment. Notably, Aave is built on the Ethereum blockchain, so the protocol can leverage the power of this technology to ensure safety for users. The protocol’s native token, AAVE, is central to everything running smoothly, as it is used to vote on potential changes to the protocol and pay lenders. As more investors seek out higher yields than banks can offer, DeFi protocols such as Aave will likely become more popular, making them a great Bitcoin alternative to consider.

68% of retail investor accounts lose money when trading CFDs with this provider.

5. Dogecoin (DOGE) – Meme Coin That Acts As an Alternative to Bitcoin

If you’re a newcomer to the world of crypto, you may wish to invest in Dogecoin. This Bitcoin alternative famously started as a joke between two software engineers but has since grown exponentially, having a market cap of nearly $23bn at the time of writing! Earlier this year, when Dogecoin hit all-time highs, the coin was up over 17,000% from where it started in 2021. Much (if not all) of this price increase was driven by social media hype from sites such as Reddit, along with mentions from famous figures, including Elon Musk.

DOGE chart

Diving a little deeper, the use-case for Dogecoin is as a method of payment, which makes it similar to BTC – although transactions with Dogecoin are much faster to confirm than with Bitcoin. As Dogecoin’s value grew and the online community rallied behind it, the founders used this fame to develop the coin further, and DOGE can now be used as a method to tip people online. Ultimately, although this Bitcoin alternative doesn’t have the technology or potential applications that others on this list do, it does have the benefit of substantial social media backing – which means there’s always the potential for this coin to skyrocket again in the future!

68% of retail investor accounts lose money when trading CFDs with this provider.

6. Tether (USDT) – Best Bitcoin Alternative Stablecoin

Tether occupies an exciting role in the crypto ecosystem and is extremely valuable to all stakeholders. Tether is called a ‘stablecoin’, meaning that it has been designed to always be worth $1. Unlike other cryptos, Tether is mainly used as a medium to avoid the volatility that many coins face. As Tether is pegged to the dollar, users can convert their FIAT into USDT and then use that USDT to buy other cryptocurrencies. Tether is hosted on the Ethereum blockchain and is controlled by Bitfinex, one of the world’s largest exchanges.

USDT chart

According to CoinMarketCap, USDT has a market cap of over $76bn, making it the fourth-largest crypto in the world at the time of writing. Tether regularly has a trading volume of over $60bn daily, as investors worldwide use it to reduce the volatility of their investments. Furthermore, businesses globally now accept USDT as a payment method, allowing them to preserve value better than volatile alternatives. So, although this Bitcoin alternative isn’t as exciting as others, it is an extremely valuable digital asset in the realm of crypto trading.

68% of retail investor accounts lose money when trading CFDs with this provider.

7. Cardano (ADA) – Exciting Bitcoin Alternative Smart Contract Platform

As one of the best cryptos under £1, ADA is a coin that rarely goes unnoticed by the crypto-enthusiast community. Cardano is an open-source blockchain platform that utilises a unique PoS mechanism to achieve consensus, called Ouroboros. Cardano was founded by Charles Hoskinson, who co-founded Ethereum, and was initially launched in 2017. Although Cardano offers similar use-cases to Ethereum, the platform is heavily backed by peer-reviewed literature and has a stellar development team behind it. Due to this, Cardano is seen as a ‘safer’ option for enterprises to use, as it has academic credibility that others do not.

ADA logo

Much of Cardano’s hype is based on its potential applications for smart contracts, which are agreements that do not require a centralised authority to complete. Furthermore, Cardano’s network can handle over 250 transactions per second (TPS) – much higher than Ethereum. Finally, Cardano is a much greener alternative to platforms that utilise a proof-of-work (PoW) mechanism due to its unique consensus algorithm. Overall, Cardano is slowly growing to become one of the market’s most exciting platforms – and one that offers a viable Bitcoin alternative to crypto investors.

68% of retail investor accounts lose money when trading CFDs with this provider.

8. Polkadot (DOT) – Innovative New Bitcoin Alternative for Interoperability

Blockchain platforms like Ethereum and Cardano operate individually, meaning developers need to decide which platform suits their needs best. Polkadot aims to solve this potential problem by offering a way for separate networks to communicate and connect. Investors who buy Polkadot get exposure to this exciting protocol, which will ensure that decentralised applications can maximise their utility and usability.

DOT chart

Polkadot achieves this feat by using ‘parachains’, which allow other blockchain networks to run parallel to Polkadot and utilise its PoS consensus protocol. Furthermore, networks that opt to use Polkadot can still retain their autonomy and choose how to update their code and which applications to run. DOT, the native token of the network, can be used by holders to vote on changes – with more use cases planned for the future. Although DOT’s price has fallen by around 52% in recent months, there’s never been a better time to invest in this Bitcoin alternative at an attractive price point!

68% of retail investor accounts lose money when trading CFDs with this provider.

9. Ripple (XRP) – Super-Fast Payment Network as Alternative to Bitcoin

If you’re experienced in cryptocurrency trading UK, you’ll likely have heard of Ripple. Ripple offers a much different service to Ethereum and Cardano, as it is a payment settling system that functions in real-time. Banks now use this system worldwide to move money much faster than ‘traditional’ methods – for example, Ripple can process around 1000 transactions per second and finalise payments in seconds. Furthermore, Ripple is much cheaper, meaning people can send cross-border payments cost-effectively.XRP chart

The native token of the Ripple network, XRP, is what you’ll be investing in if you wish to gain exposure to Ripple’s success. XRP is used as a temporary settlement layer between currencies, allowing quick conversion and low fees. Ultimately, the potential for Ripple and XRP is enormous, as the network offers a much more streamlined way to send payments around the world – although it’ll probably take a while before legacy institutions are comfortable using the network full-time. So, if you’re looking for a great Bitcoin alternative, Ripple is also worth considering.

68% of retail investor accounts lose money when trading CFDs with this provider.

10. Binance Coin (BNB) – Valuable Exchange Token Offering a Bitcoin Alternative

The final Bitcoin alternative we’ll discuss today is Binance Coin. As the name states, Binance Coin is controlled by Binance, the world’s largest cryptocurrency exchange. This digital currency has a maximum supply of 200 million tokens, and a portion of the supply is ‘burned’ every quarter – reducing the supply and increasing BNB’s value. Initially, the sole use of BNB was to allow users of the exchange platform to trade with lower fees, although more use cases have sprung up since then.

BNB chart

Binance Coin can now be used as a payment method in various merchants worldwide, which is similar to BTC. What’s more, Binance allows users to invest in initial coin offerings (ICOs) on its platform by using BNB, which provide scope to achieve incredible returns. You can even use BNB to take out loans at specific crypto-lending sites. Ultimately, as the crypto market continues to grow and Binance attracts more users, the price of BNB will naturally increase – which makes it a viable alternative to Bitcoin to consider.

68% of retail investor accounts lose money when trading CFDs with this provider.

How to Choose Bitcoin Alternatives

If you’re wondering how to buy cryptocurrency UK, there are certain things to keep an eye out for. Below are five key factors to consider when choosing which Bitcoin alternative to invest in.

Use Cases

The use-case of the crypto you’re interested in is crucial, as it can help future proof it from other developments. Platforms such as Ethereum have many use cases, which means that they should still be viable years (or even decades) from now.

Let’s have a look at how the use-case of a new crypto could revolutionize existing industries. If you decide to buy Chiliz, for example, you’d gain exposure to the world’s first blockchain-based sports fan rewards platform. Then with your CHZ token holdings you could exchange them for Fan Tokens which in turn can be used to receive rewards and promotions.

Technical Analysis

Much like when forex trading UK, you’ll need to analyse the price chart to see if your investment is viable. Keep an eye out for areas of support or resistance where price could reject, and use indicators like EMAs or RSI to inform trading decisions.

Availability

If you opt to invest in a new Bitcoin alternative, you need to make sure it’s available to trade. Smaller coins tend only to be offered by large exchanges (such as Coinbase), whilst those with high market caps will also offered by providers such as eToro.

etoro crypto

Development Team

The best Bitcoin alternatives tend to have a solid and experienced development team behind them. By investing in a coin with a good development team, you can have confidence that the team will do its best to improve the platform and increase its value – which is essential from an investment perspective.

Regulatory Threat

Finally, it’s wise to consider the potential regulation of any coin you invest in. DeFi cryptos are particularly susceptible to this, as regulators are still trying to figure out how to control them. So, if you are worried about this regulation, it may be worth steering towards ‘safer’ options.

Where to Invest in Alternatives to Bitcoin

Many of the best crypto exchanges and brokers will offer a range of BTC alternatives for users to invest in. Found below is our review of eToro – our recommended platform for trading Bitcoin alternatives.

1. eToro – Overall Best Broker to Buy Bitcoin Alternatives

eToro is one of the world’s premier online brokerages, with over 23 million users in over 100 countries worldwide. Boasting regulation from the Financial Conduct Authority (FCA) and coverage from the FSCS, eToro is incredibly safe for traders in the United Kingdom.

One of eToro’s main selling points is that it offers 42 different cryptos to trade with low trading fees. Users avoid hefty transaction fees and instead have to pay the spread, which is usually very tight on eToro. For example, the spread on BTC trading is only 0.75%. Aside from this, eToro charges no deposit or monthly account fees.

etoro crypto trading

Deposits can be made from as little as $50, and users can fund their accounts in FIAT currencies via credit card, debit card, bank transfer, or e-wallet. Notably, eToro even offers a free crypto wallet app, available on iOS and Android. By using this app, you can protect your crypto holdings with advanced standardisation protocols and DDoS protection – and can even exchange one coin for another within the app!

Pros

  • No hefty transaction fees
  • Tight spreads on crypto
  • 42 different coins to trade
  • FCA-regulated
  • Free crypto wallet app

Cons

  • Small currency conversion fee for GBP

68% of retail investor accounts lose money when trading CFDs with this provider.

How to Buy Bitcoin Alternatives

Lastly, let’s discuss the process of investing in Bitcoin alternatives. Presented below are the five quick steps needed to invest in these coins with eToro – our number one crypto trading platform.

Step 1 – Open an eToro Account

Head to eToro’s homepage and click ‘Join Now’. Enter a valid email address and choose a username and password to open your account.

eToro sign up

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

Step 2 – Verify your Identity

Click the ‘Complete Profile’ button on your dashboard and complete the KYC checks required by eToro. You’ll also have to upload proof of ID (passport or driver’s license) and proof of address (bank statement or utility bill).

Step 3 – Make a Deposit

Deposit a minimum of $50 (£37) into your eToro account to begin trading. In terms of payment methods, eToro accepts credit/debit cards, bank transfers, and various e-wallets (such as PayPal and Neteller).

Step 4 – Buy Bitcoin Alternative

Search for your chosen cryptocurrency in the search bar and click ‘Trade’. In the order box that appears, enter your desired position size, check that everything is correct, and then click ‘Open Trade’.

etoro buy ETH

Step 5 – Download eToro Crypto Wallet

Once your position is open, head to the App Store or Google Play and search for ‘eToro Money’. Download the app and log in using your standard eToro credentials. Once logged in, you can then transfer over your trade from the eToro trading platform to the eToro Money crypto wallet, ensuring you get the highest levels of safety for your holdings!

download etoro crypto wallet

eToro – Best Broker to Buy Bitcoin Alternative UK

In summary, this guide has covered Bitcoin alternatives in detail, highlighting the best options on the market and their future potential. By reviewing the list presented earlier, you’ll have a solid understanding of your options in the market – ensuring you make an effective investment decision.

If you’d like to invest in Bitcoin alternatives today, we’d recommend using eToro. By partnering with eToro, you can trade crypto from as little as $10 per position – all with no commissions and tight spreads!

68% of retail investor accounts lose money when trading CFDs with this provider.

Frequently Asked Questions on Bitcoin Alternatives

Is there a Bitcoin alternative?

Which cryptos can compete with Bitcoin?

What is the best alternative to Bitcoin?

Which coin can replace Bitcoin?

Where can I buy altcoins?

Connor Brooke author check sign Pro Investor

Connor is a Scottish financial expert, specialising in wealth management and equity investing. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, whilst also providing startup consulting to small businesses. Holding a Bachelor’s degree in Finance, and a Master’s degree in Investment Fund Management, Connor has extensive knowledge in the investing space, and has also written two theses on mutual funds and the UK market.

RECOMMENDED BROKER

Join eToro for 100% stocks, 0% commission

  • 0% Commission and No Stamp Duty
  • Regulated by US, UK & International Stocks
  • Copy Successful Traders
Visit Etoro
Your capital is at risk.