If you’re based in the UK and looking to buy cryptocurrencies online – you will need to think about ‘storage’. After all, digital currencies are stored on the blockchain – meaning that you will need to obtain a digital wallet.
There are many options in the market – so the main objective is finding the perfect balance between convenience and security. You’ll also be pleased to learn that eToro offers the best crypto app for safe and easy cryptocurrency trading.
Bitcoin Wallets UK Comparison Table
Before we cover the best Bitcoin wallets in more detail, here’s a quick look at the top Bitcoin wallets UK. You can compare the best Bitcoin wallets, along with their fees and features, below. You can even change the investment amount and cryptocurrency you’re investing in to see how much each broker charges! In this guide, we explore the Best Bitcoin wallet UK.
After running you through our top wallet providers, we’ll then give you a bit of background information on how Bitcoin wallets work and what you need to be aware to ensure your digital coins remain safe at all times.
How to Sign Up for a Bitcoin Wallet UK – Quick Guide
- Step 1 – Choose a Wallet: We recommend using eToro’s crypotocurrency wallet. It supports over 150 currencies and allows you to interchange between them using eToro’s exchange service.
- Step 2 – Download the Wallet: Search for ‘eToro Wallet’ in the Apple App Store or Google Play and download it to your mobile device.
- Step 3 – Create a Wallet Account: Create a new eToro wallet account with your email. Once your wallet is set up, you’re ready to start storing and sending cryptocurrency.
Top 10 Best Bitcoin Wallets UK in 2022
Let’s take a look at the best cryptocurrency wallets of the moment.
- eToro – Overall Best Bitcoin Wallet UK
- Huobi -Top-Rated Bitcoin Wallet with DeFi Support
- Crypto.com -Respected Bitcoin Wallet with High Security Level
- Coinbase – Best Bitcoin Wallet for iPhone
- Binance – Best Bitcoin Wallet for Android Devices
- CoinCorner – Best UK Bitcoin Wallet for Beginners
- Coinjar – Best Bitcoin Wallet UK for Long-Term Investors
- Luno – Best UK Custodial Bitcoin Wallet
- Exodus – Best Crypto Wallet UK with Hardware Support
- Mycelium – Great Bitcoin Wallet UK for Anonymity
1. eToro – Overall Best Bitcoin Wallet UK
If you’re looking for a one-stop-shop for all things Bitcoin – you might want to consider eToro. This is because the FCA-regulated broker not only allows you to buy Bitcoin but safely stores it, too.
Regarding the former, eToro is a 100% commission-free broker – so there are no transaction fees involved when adding cryptocurrencies to your portfolio. When it comes to storage, eToro actually offers you two options. If you decide to buy Bitcoin via the platform, eToro can look after your coins on your behalf.
The broker utilizes institutional-grade security controls, plus you have the safety-net of the FCA. However, if you are simply looking for a Bitcoin wallet to store coins you have already purchased, eToro can also assist. Its proprietary digital wallet supports over 120+ cryptocurrencies – including Bitcoin. The wallet can be downloaded as a mobile app and is compatible with both iOS and Android.
This makes it really convenient, as you don’t need to be sat at your desktop device to be able to send and receive funds. The eToro Bitcoin wallet is also useful for exchanging cryptocurrencies. In fact, the wallet supports over 500 crypto-pairs, so you don’t need to worry about using a third-party exchange if there is a particular digital coin you are interested in. Additionally, eToro also offers the best crypto alert app on the market. As such, you can manage your portfolio and monitor the crypto market movements from your mobile device anytime, anywhere.
The eToro Bitcoin wallet is available on Windows, Mac and Linux.
- Buy cryptocurrency100% commission-free
- Exchange cryptocurrencies from within the wallet
- More than 13 million people using the platform
- Accepts debit cards, e-wallets, and bank transfers
- Supports copy trading to automate your cryptocurrency trades
- Fully regulated in the UK by the FCA
- Over 1,700 stocks and 150+ ETFs
- Small withdrawal fee of $5
- Platform operates in US dollars
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
2. Huobi – Top-Rated Bitcoin Wallet with DeFi Support
Another excellent Bitcoin wallet to consider is the one offered by Huobi. Huobi is a leading cryptocurrency exchange, offering low trading fees and a wide range of tradeable coins. At present, Huobi users can invest in over 350 cryptocurrencies – with the platform even offering a selection of derivatives markets to trade. Maker/taker fees start from only 0.2%, although these can be reduced further by paying fees in Huobi token.
All Huobi users have access to the Huobi Wallet app, available on iOS and Android. The app has over 33,000 reviews on Google Play and an average rating of 4.6/5, highlighting its popularity. The Huobi Wallet has multi-chain support and gives users complete control over their private keys. Furthermore, 20 different cryptos are supported by the wallet (including BTC), with full support for NFTs.
Another great feature of the Huobi Wallet is the ‘DeFi Gateway’ that it offers. This feature allows users to utilise a selection of DeFi protocols on various blockchains, offering scope to generate exceptional yields. Finally, although the Huobi Wallet is a ‘hot wallet’, Huobi stores 98% of customer funds in cold storage – safeguarding them from cyberattackers.
- Supports 20 different cryptocurrencies
- Useful ‘DeFi Gateway’ feature
- 98% of funds stored in cold storage
- Offers full control over private keys
- Supports NFTs
- No biometric authentication
Your money is at risk.
3. Crypto.com – Respected Bitcoin Wallet with High Security Level
Crypto.com is a rapidly-expanding cryptocurrency exchange that now boasts over 10 million users. The platform is well known for its user-friendliness and offers a transparent maker/taker fee structure, equating to a 0.4% fee on either side of the trade. You can reduce this fee by 10% if you pay fees in CRO – the platform’s native token. At present, Crypto.com users can trade over 150 coins, ranging from huge cryptos like BTC to smaller market cap cryptos.
Crypto.com offers one of the best Bitcoin wallets UK, available for free on the App Store or Google Play. The wallet ensures users have complete control over their private keys and supports over 100 cryptocurrencies. What’s more, the wallet app features a very similar user interface to the Crypto.com trading app – so if you are familiar with the latter, the wallet should be easy to use.
The wallet app also allows users to send cryptocurrency to other wallets at a speed they prefer – saving money on network fees. If you own other cryptos besides BTC, the Crypto.com wallet offers staking options for over 35 tokens – with no lock-up period. Finally, as all users keep their private keys, Crypto.com ensures safety by encrypting them on your device with biometric and two-factor authentication.
- Low fees when trading crypto
- Can choose transfer speed to save fees
- Full control over your private keys
- Encrypted with two-factor and biometric authentication
- Supports over 100 cryptos
- Slow customer support
Your money is at risk.
4. Coinbase – Best Bitcoin Wallet for iPhone
Coinbase is well recognized in the online cryptocurrency space – as the broker is has opened Bitcoin wallets for millions of UK customers. One of the main attractions of Coinbase is that the Bitcoin trading platform is very user-friendly. Unlike eToro, you won’t benefit from commission-free Bitcoin purchases with Coinbase.
On the contrary, you will need to pay 1.49% for each buy and sell order that you place. If you buy Bitcoin with a debit card, then the buy fee rises to 3.99%. Nevertheless, you can also use Coinbase primarily for its digital wallet. This is available in two forms – through the Coinbase website or via a native mobile app. If opting for the former, it’s just a case of sending your Bitcoin into the unique wallet address that Coinbase gives you.
Alternatively, if you want to the convenience of being able to access your Bitcoin on the move, then the Coinbase wallet app is likely to be more up your street. You can download the wallet onto your Android or iOS phone free of charge. The wallet is backed by heaps of security features – including two-factor authentication. This requires you to enter a code that is sent to your mobile phone before you can access your Bitcoin wallet.
Other security features include a withdrawal time-lock and email confirmation when you attempt to access your wallet with a new IP address. On top of Bitcoin, the Coinbase wallet also supports Bitcoin Cash Ethereum, Ethereum Classic, Litecoin, and all ERC-20 tokens. Additionally, and much like eToro, the Coinbase allows you to buy, sell, and trade cryptocurrencies via the wallet app.
- Over 35 million customers and a great reputation
- Very user-friendly
- Deposit funds with a debit card or via bank transfer
- Ability to withdraw your coins out to a private wallet
- Handy mobile app
- Holds a license from the FCA
- 3.99% fee on debit card deposits
- 1.49% Bitcoin trading fee
Your money is at risk.
5. Binance – Best Bitcoin Wallet for Android Devices
Binance is one of the largest cryptocurrency exchanges globally – with the platform often facilitating more than $10 billion worth of trading activity each and every day. Much like Coinbase, Binance offers two options when it comes to storing your Bitcoin safely.
Firstly, if you decide to use Binance to buy cryptocurrency with your debit card, you can do this directly at a fee of 2%. Then, you need to decide whether or not you want to keep your Bitcoin stored in your Binance web-wallet. If you do, you won’t control your private keys.
You will, however, benefit from a range of safeguards. This includes the vast majority of client funds being held in cold storage, alongside two-factor authentication and email confirmation on key account features being accessed. However, if you feel more comfortable having full control over your private keys, you might want to consider the Binance Trust wallet, which is downloadable as a mobile app.
This allows you to safely store your Bitcoin on an Android or iOS device – and the app is fully decentralized. This means that Binance itself doesn’t have access to your funds. Additionally, the Binance Trust wallet also allows you to buy, sell, and trade cryptocurrencies from within the app. On top of Bitcoin, the wallet is compatible more than 40 open source blockchain protocols – meaning it supports thousands of other digital currencies.
- Largest cryptocurrency exchange in terms of trading volume
- Hundreds of cryptocurrency pairs supported
- Trading commission of just 0.1%
- Supports UK debit/credit cards and bank transfers
- Great reputation in the cryptocurrency scene
- Ideal for advanced traders that seek sophisticated tools and features
- Not great for newbie investors
- Standard charge of 2% on debit/credit card deposits
Your money is at risk.
6. CoinCorner – Best UK Bitcoin Wallet for Beginners
CoinCorner is likely to be of interest if you are looking to buy and store Bitcoin, but you have virtually no knowledge of how wallets and exchanges work. This is because CoinCorner has designed its platform with newbies in mind.
Based in the Isle of Man, you can easily purchase Bitcoin with a UK debit/credit card or bank account transfer. After that, you can store the coins in the CoinCorner wallet app.
The app can be downloaded from the Google Play or Apple Store. Whilst this is likely the be the most convenient option on the table for beginners, the CoinCorner wallet isn’t as secure as the other entrants we have discussed thus far. As such, for the benefit of increased convenience and ease-of-use, there is a slight trade-off with security.
Finally, we should also mention that CoinCorner is worth considering if you are looking to make small but regular Bitcoin investments. This is because it supports recurring payments that are automated to your preference – for example, £20 per week or month.
- Buy Bitcoin is just 10 minutes
- Supports a wide variety of payments
- Set up recurring cryptocurrency investment
- Reward program with 1,000+ businesses
- Some deposit fees are high
- Minimal charting and trading tools
Your money is at risk.
7. Coinjar – Best Bitcoin Wallet UK for Long-Term Investors
Coinjar is an online cryptocurrency platform with a phenomenal reputation. It is actually the largest digital currency broker in Australia, albeit, it is has entered the UK marketplace. You can use Coinjar for several purposes – such as buying and selling Bitcoin.
You can also use its digital Bitcoin exchange, which allows you to trade cryptocurrencies 24/7. Irrespective of whether or not you use the platform to buy cryptocurrencies, Coinjar offers a fully-fledged mobile Bitcoin wallet. Once again, the app is available on iOS and Android phones.
The Coinjar wallet is as user-friendly as we have seen. Everything is clearly laid out and the app has been fully optimized for your respective operating system. Once installed, all you need to do is send your Bitcoin to your unique wallet address.
- Offers ready-made cryptocurrency portfolios
- Cryptocurrency debit card coming to the UK soon
- Relatively inexpensive fee structure
- Excellent cryptocurrency trading platform
- Regulated by Australian Transaction Reports and Analysis Centre
- Doesn’t include any technical indicators
Your money is at risk.
8. Luno – Best UK Custodial Bitcoin Wallet
Luno is yet another online cryptocurrency exchange that is popular with UK investors. The platform allows you to easily buy and sell digital currencies, not least because it allows you to fund your account via a UK bank transfer.
The Luno wallet comes in the form of a mobile app – which is available via the Google Play and App Store. On top of Bitcoin, the wallet supports Ethereum, Ripple, Bitcoin Cash, and Litecoin.
Crucially, Luno offers a ‘custodial’ wallet, which might be a positive or negative depending on your needs. Put simply, a custodial wallet means that you do not have control over your private keys. This means that you are entrusting Luno to keep your Bitcoin safe.
On the flip side, if your wallet was hacked via malware or you lost forget your login credentials, you should be able to regain access by simply contacting Luno. Much like any other mobile wallet, the Luno app allows you to send and receive coins at the click of a button.
- 0.1% commission
- Lots of trading tools and indicators
- Cryptocurrency savings accounts
- Keeps 95% of client funds in cold storage (the balance in a hot wallet for withdrawals)
- High debit card fee
- Limited choice of coins
Your money is at risk.
9. Exodus – Best Crypto Wallet UK with Hardware Support
Another option for the best crypto wallet UK is Exodus. Exodus has a stellar reputation in the world of cryptocurrency, offering a variety of wallet types to choose from. The Exodus desktop wallet supports over 150 different crypto assets and allows you to buy and sell crypto from the wallet’s interface – with no registration needed. What’s more, the Exodus desktop wallet will enable users to send and receive cryptocurrency via QR codes, with 24/7 support available in case you have any issues.
Aside from the desktop wallet, you can also use the mobile wallet app or even the hardware wallet, which is offered in partnership with Trezor, another well-known wallet provider. If you own a hardware wallet from Trezor, you can link it to Exodus and exchange coins securely from the Trezor hardware. Finally, Exodus’ wallets all come with a valuable ‘restore’ feature, meaning that if you were to lose your wallet’s details, you could restore it using the passphrase you were given when creating an account.
- Can integrate with various hardware wallets
- Useful ‘restore’ feature
- 24/7 customer support
- Supports 150 different crypto assets
- No two-factor authentication
Your money is at risk.
10. Mycelium – Great Bitcoin Wallet UK for Anonymity
Mycelium is another pick for the best crypto wallet UK – and for good reason. Mycelium’s software is an open-source self-custody wallet, which adds a great deal of safety and transparency right off the bat. Furthermore, Mycelium requires no personal information or identifiers to set up your wallet, which ensures the anonymity of crypto trading is maintained. Available on iOS or Android, the Mycelium wallet app has a relatively straightforward interface, with options to send and receive BTC via QR code.
Another great feature of the Mycelium wallet is that it can route transactions through the TOR network, which masks IP addresses and locations. Again, this further increases anonymity for users. Although the Mycelium wallet is a hot wallet, users can also link it to hardware wallets offered by Trezor, Ledger, and Keepkey, bolstering their security level. Finally, Mycelium has an integrated marketplace within the wallet’s interface, allowing you to buy and sell Bitcoin quickly and easily.
- It doesn’t require ID to set up
- Open-source platform
- Can integrate with other hardware wallets
- Able to route through the TOR network
- Only supports Bitcoin
Your money is at risk.
What is a Bitcoin Wallet and how does it work?
In a nutshell, if you are planning to invest in Bitcoin, you need to think about how you intend on keeping your coins safe. Unlike traditional money, you won’t be keeping your Bitcoin funds in a bank account. On the contrary, Bitcoin is stored in a ‘digital wallet’.
Bitcoin wallets come in a range of shapes and sizes. For example, some investors in the UK opt for a mobile wallet because of the convenience they offer. Some will instead download a Bitcoin wallet to their desktop device. It is also possible to keep your Bitcoin funds in a physical hardware wallet.
Irrespective of which option you go for, the primary purpose of the Bitcoin wallet is to allow you to send, receive, and store your digital currency. Each wallet comes with a unique ‘public address’, which looks like the following:
As you can from the above, a Bitcoin address is far longer and more complex than a bank account number and sort code. Nevertheless, the concept of both a wallet address and a bank account number is the same. This is because when you want to send funds to your personal Bitcoin wallet, you will need to enter your public address.
In terms of safety, your Bitcoin wallet is protected by a ‘private key’. This is like the password and pincodes that you use to access your online bank account. However, once again, a Bitcoin wallet private key contains a lot more characters, and looks something like the below:
The good news is that the best Bitcoin wallets in the UK allow you to access your funds with an easy-to-remember passport or PIN. With that said, it is absolutely fundamental that you never give your private key to a third-party. In doing so, they will have access to your Bitcoin wallet and thus – will able to steal your coins.
Bitcoin Paper Wallet vs Bitcoin Hardware Wallet
As we noted in the section about, there are many types of Bitcoin wallets available to choose from. Each wallet will come with a trade-off between security and convenience.
For example, web wallets considered to be the least secure, but the most convenient. Although some web wallets do provide multi-layer security, like the Neo wallet. At the other end of the spectrum, both paper wallets and hardware wallets are the least convenient when it comes to Bitcoin transactions, but definitely the most secure.
Here’s a quick breakdown of how each of these Bitcoin wallets work:
Bitcoin Paper Wallet
As the name suggests, a Bitcoin paper wallet will see you revert to an old-school way of storing your cryptocurrencies. This is because your Bitcoin wallet address (QR Code) and private key will be printed on to a sheet of paper.
- In order to do this, you will need to use an online platform that has the capacity to generate a free Bitcoin wallet address.
- Then, it’s just a case of transferring the Bitcoin to the respective address, and printing the credentials.
In theory, it’s virtually impossible for somebody to hack your Bitcoin paper wallet. After all, the funds are kept offline at all times. However, the main drawback here is that when it comes to transferring your Bitcoin out to another wallet (for example, if you wanted to cash out your coins), the process can be cumbersome.
Bitcoin Hardware Wallet
By using a Bitcoin hardware wallet, your coins are stored via a physical device. Market leaders in this space are Ledger Nano and Trezor. Both of these hardware wallet providers offer top-notch security on your Bitcoin funds.
The process works as follows:
- You buy a Bitcoin hardware wallet from your chosen provider
- Once the wallet arrives, you need to set up a PIN number via the device
- The device will then show you a passphrase – which is a set of English words
- You then transfer the Bitcoin to your unique hardware wallet address
Opting for a hardware wallet to store your Bitcoin is a really safe option to consider. For example, funds can only be sent if you have access to the physical device – which requires your PIN for authorization. If you forgot your PIN or the device was stolen, you can remotely access your Bitcoin wallet with the previously mentioned passphrase.
Before you begin trading cryptocurrency, you’ll need to review the various types of crypto wallets at your disposal. Found below are the five main types of wallet that traders can use to protect their crypto holdings:
This wallet type isn’t like other types because it’s not a hardware or a software wallet. Instead, paper wallets are much like the name implies – a piece of paper that contains public and private keys that provide access to your cryptocurrency. Although these keys are technically stored ‘offline’, paper wallets are pretty obsolete these days, as it’s easy for someone to steal the paper or take note of the keys contained on it.
Many of the best crypto wallets UK are desktop wallets, which as the name implies, can be downloaded to your computer and are usually available on Mac OS, Windows, or Linux. Examples of some of the best desktop wallets could be Exodus or Electrum, as these employ advanced security features to keep your holdings safe. However, due to these applications needing internet access, they aren’t as secure as a ‘cold wallet’.
Mobile wallets are much like desktop wallets, except they are available on your mobile phone. Again, most of these wallets will be available on iOS or Android and feature many of the same tools and concepts as desktop-based wallets. Furthermore, many brokers (such as eToro) will offer a mobile crypto wallet as part of their service – which usually includes functionality to buy and sell BTC from within the app’s interface.
A web wallet is a crypto wallet that is online-only and accessed through your web browser. Most web wallets will retain control of your private key, which means you’re essentially trusting them with your crypto holdings. Some of the best crypto exchanges will offer a web wallet for users, although this wallet type isn’t as safe as other types on this list.
If you’re looking for the best crypto wallet UK, then hardware wallets are worth considering. These wallets are physical devices that can be purchased from wallet companies to store their crypto holdings offline. Trezor and Ledger are two of the most popular companies that offer hardware wallets, which plug into your computer via USB. Since you can store your private key offline, this type of wallet is deemed the safest out of all the options – although they often don’t have the same functionality as mobile or desktop wallets.
Crypto Wallet Apps
Now that you understand what Bitcoin wallets are in relation to cryptocurrency trading UK, let’s discuss crypto wallet apps. As the name suggests, these apps contain all of the functionality of a crypto wallet within an iOS or Android application. As such, users can download the apps from the App Store or Google Play, install them, and then manage their crypto holdings on the go.
These crypto wallet apps will be ‘hot’ wallets, as they will require a connection to the internet to store your holdings. However, the apps could either be custodial or non-custodial, depending on whether the provider keeps your private keys or not. Either way, using a Bitcoin wallet app is excellent if you need to monitor your holdings but do not have access to your laptop – or if you need to quickly exchange crypto whilst out and about.
One example of a great Bitcoin wallet app would be ‘eToro Money’, the native crypto wallet offered by eToro. Available on iOS and Android, eToro’s app supports many cryptocurrencies and allows users to exchange one coin for another directly within the app. What’s more, the eToro crypto wallet has extensive security measures (including an unlosable key and multi-signature facilities), ensuring the safety of all users’ holdings.
A crypto wallet app lets you store your cryptocurrencies such as Bitcoin, Ethereum, BNB, Dogecoin, and XRP securely and conveniently. The Coinbase wallet app is just one example of a popular crypto wallet app that all crypto-hungry investors need to have when trading digital currencies. Think of crypto wallet apps as portable bank accounts that you can access anytime and anywhere directly from your mobile device.
Why Do You Need a Crypto Wallet?
“Don’t put all your eggs in one basket” or as we like to say “don’t store all your cryptos on an exchange.” Leaving your digital assets on a crypto exchange such as Binance, Coinbase, or Gemini is risky. This is because you won’t have access to the keys that are linked to the relevant crypto wallet.
This means you gain access to the wallets every time you log into the account on the DEX or centralized exchange. This leaves you vulnerable to potential threats of hacking and identity theft. If this happens your digital assets could be lost forever.
This is where a crypto wallet comes in. Using a crypto wallet such as the eToro Money Crypto Wallet you gain control of your public and private keys. The latter is a combination of 64 characters that can be created from a seed phrase. This is the password for your crypto wallet and is used as the authorisation code to confirm that you are the rightful owner of the public key.
So, why is it essential to utilise a crypto wallet? Whether you’re purchasing Bitcoin or looking for the best new cryptocurrency to invest in, you’ll need somewhere to store your asset once you have bought it. Unlike physical assets (such as gold), cryptocurrency is purely digital – making it a little more tricky to store safely. Due to this, crypto wallets were designed that feature advanced security protocols that ward off cyber attackers and keep your crypto secure.
For example, if you were to purchase your cryptocurrency on an exchange and keep your holdings there, you wouldn’t actually have complete control over them. This is because the exchange will have your private key. According to Gemini, your private key gives you the ability to prove ownership or spend the funds associated with a particular wallet. As such, if the exchange holds your private keys, they are essentially the ones that control your crypto – not you.
Ultimately this increases the chances of fraud or cybercrime, as there’s always the chance that an exchange can be hacked, and users can lose their crypto (such as in the case of the Mt. Gox fiasco). To combat this, it’s best to utilise a crypto wallet where you are the only one with access to your private key, ensuring you have 100% control over your crypto. Finally, although your public key is acceptable to give out as people require it to send you crypto, you should NEVER show your private key to anyone – as this will allow them access to your holdings.
How to Choose the Right Bitcoin Wallet for You
If you’ve read our Best Bitcoin Wallet UK Guide up to this point, then you will know you have heaps of factors to consider when choosing a provider. This can be a cumbersome process, as there are a lot of things that you need to determine before taking the plunge.
To help point you in the right direction, below you will find a list of important metrics to consider when choosing the right Bitcoin wallet for you:
Custodian or Non-Custodian
Investors in the UK are often put off by Bitcoin because wallets can appear overly complex. This is especially the case when you start talking about private keys, public addresses, and blockchain ledger(s). With this in mind, it might be worth considering a trusted provider that offers a custodian wallet.
As we explained earlier, this means that the wallet provider is responsible for keeping your Bitcoin safe. In other words, you don’t need to worry about storage as this role is reversed for the entity behind the wallet. Crucially, if you do go the custodian route, consider an FCA-regulated broker like eToro.
On the one hand, some free Bitcoin wallets offer a skin and bones service. That is to say, the only feature offered by the wallet is that of Bitcoin storage. On the other hand, the best Bitcoin wallets in the UK come packed with useful tools and features.
For example, if opting for the eToro wallet, you will also be able to buy and sell cryptocurrencies without paying any commission. You can also buy shares, ETFs, and other asset classes via the provider. A multi-function wallet provider like eToro also allows you to exchange one cryptocurrency to another.
While at present your main focus might be on storing Bitcoin, there might come a time when you decide to invest in other cryptocurrencies. This is an important consideration to make when choosing the best crypto wallet UK, as some online wallets only support Bitcoin. As such, if you then decided to buy Ethereum or Litecoin, you would need to obtain a secondary wallet.
This is why the best Bitcoin wallets in the UK offer support for heaps of other digital coins. In the case of our top-rated UK wallet provider eToro – you can store over 120 different cryptocurrencies. This allows you to build a diverse portfolio of digital assets and keep all of your coins in a single wallet.
And of course – you need to find out whether or not your chosen Bitcoin wallet offers an all-round user-friendly service.
In other words, the best crypto wallet UK should be free of complex jargon if you are a newbie. Instead, you should be able to set the wallet up with ease, as well as transfer funds in a burden-free way.
Ultimately, by using a complicated Bitcoin wallet that isn’t user-friendly, you are increasing the odds of you making a critical mistake.
Best Bitcoin Wallet for iPhone and Android
Most Bitcoin wallets are designed to work on both iPhones and Android devices. However, there can be small differences in the wallet design that make them better for one operating system than the other. If you’re looking for the best Android Bitcoin wallet or the best iPhone Bitcoin wallet, be sure to check reviews in the App Store and Google Play. We think eToro is the overall best Bitcoin wallet in the UK, while Coinbase is optimised for iPhones and Binance is optimised for Android devices.
Step by Step Guide: How to Get Started with Bitcoin Wallets
So now that we have covered the ins and outs of how the best UK Bitcoin wallets work, we are now going to walk you through the setup process with top-rated provider eToro.
- Step 1: Open an Account With eToro
- Step 2: Download the eToro Wallet to Your Phone
- Step 3: Add Bitcoin to Your eToro Wallet
- Step 4: Keep or Sell Your Bitcoin
Step 1: Open an Account With eToro
As we noted earlier, eToro offers the best crypto wallet UK and is regulated by the UK’s FCA. In turn, this means that it is legally required to verify all account users – as per anti-money laundering rules. Don’t worry, you can complete the process in just a few minutes – as eToro utilizes automated verification technology.
Here’s what you need to do:
- Head over to the eToro website and click on the ‘Join Now’ button
- Enter your personal details – such as your full name, home address, and date of birth
- Verify your mobile number by entering the code that eToro sends via SMS
- Upload a copy of your passport or driver’s license
- Upload a copy of a recently-issued bank account statement or utility bill
Once again, the above steps can be completed in minutes if you have the required documents to hand.
Step 2: Download the eToro Wallet to Your Phone
Once you have opened an account, you then need to download the eToro wallet app. You will be redirected to either the Google Play or Apple Store by clicking on the respective link.
When the app has been downloaded, install it and process to log in with your eToro credentials.
Step 3: Add Bitcoin to Your eToro Wallet
Now that you have access to your eToro wallet, you need to transfer your Bitcoin in. If at this stage you do not have any Bitcoin, you can buy some directly from within the eToro app.
This requires a minimum deposit of $10. Instantly-processed payment methods include debit cards, PayPal, Skrill, and Neteller.
If, however, you already own Bitcoin, you will need to locate your unique wallet address from within the app. Copy it to your clipboard and then head over the wallet in which the Bitcoin is currently stored. Then, you simply need to paste the wallet address and specify how much Bitcoin you want to transfer.
The funds should appear in your eToro Bitcoin wallet in less than 20 minutes.
Step 4: Keep or Sell Your Bitcoin
At some stage – whether that’s in weeks, months, or years to come – you will want to cash out your Bitcoin back to pounds and pence after keeping it secured in your crypto wallet. eToro allows you to do this at the click of a button.
As soon as you confirm the sale, the cash will be placed into your eToro account. Then, you can withdraw the funds back to your debit card, e-wallet, or bank account.
Recent news you need to consider before getting a crypto wallet
Last updated: 09/03/2022 – In simple terms, cryptocurrency wallets are places to store your crypto, and these can be physical devices, computer programs or online services. There’s two types of wallets: hot and cold. Hot wallets are always connected to the Internet and are typically less secure than cold wallets, which are kept offline. Crypto wallets give people control over their own finances, but also the responsibility to protect their wallets, which can be hacked if passwords are stolen. Here’s some news to consider before getting a crypto wallet:
- Coinbase Blocks 25,000 Russian Wallets: After claiming it wouldn’t implement a ban on Russian accounts, Coinbase has since done exactly that. They justify their actions by saying that these accounts were engaged in illicit activities, which may be true. This could negatively affect public trust in products such as Coinbase Wallet.
- Israel Seizes 30 Wallets Linked to Hamas Funding: Israel’s ministry has seized several wallets owned by an exchange company based in the Gaza Strip. They also declared the company a terror group. It’s important to consider the fact that governments can seize wallets from companies they disapprove of and crypto wallets can be used to fund terror.
- Crypto Wallet Markets Will Hit Big Revenues in Future: Leading crypto wallets such as Trezor are expected to grow rapidly between now and 2028. If you’re looking to buy a cold crypto wallet, this information may help you select one that’s likely to survive over the long-term. Other mentions include Wasabi Wallet and Cobo.
- Crypto Startup Argent Wants to Put an End to Gas Fees: Argent is an Ethereum smart wallet for iOS and Android devices that has been around for several years now. Their layer 2 scaling solution is set to drop and it will introduce faster and cheaper transactions without compromising on security. This could make Argent a popular choice because ETH gas fees are too high for many people.
- $120,000 Stolen From Nano Ledger S and MetaMask Hot Wallets: A crypto investor clicked on a bad link and ended up losing vast sums of money from various wallets. The user claims he left his ledger unlocked, so when a hacker assumed control of his browser, the hacker was able to take everything. This conveys the importance of protecting your crypto wallets and how risky it is to use hot wallets for storing large sums.
To conclude on Crypto Wallets
Make no mistake about it – if this is your first time learning about Bitcoin wallets there is every chance that you feel somewhat overwhelmed. After all, not only do you need to consider the type of Bitcoin wallet that is right for your needs, but there needs to be an understanding of key metrics like private keys and public addresses.
This is why we believe that eToro offers the best crypto wallet UK. This is because the wallet is simple to use and it doubles up as a brokerage and exchange service. You can buy and sell 16 digital currencies commission-free, as well as access 500 crypto-pairs. Most importantly, eToro is regulated by the FCA.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.