Bitcoin Wallets with the Best Rates UK
Before we cover the best Bitcoin wallets in more detail, here’s a quick look at the top Bitcoin wallets in the UK. You can compare the best Bitcoin accounts and 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!
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.
In this guide, we explore the Best Bitcoin wallet UK and the best Bitcoin account UK. After running you through our top five 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.
Best Bitcoin Wallets 2020
As we have explained throughout this guide, if you want to buy cryptocurrency in the UK you will first need to locate a good broker. There are many providers to choose from – some good, some bad, and others outright ugly.
To help point you in the right direction, below you will find a selection of the best cryptocurrency exchanges currently serving UK clients.
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.
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/credit cards, e-wallets, and bank transfers
- Minimum investment of just $25
- 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 unregulated investment products. No EU investor protection.
2. Coinbase – User-Friendly Cryptocurrency Wallet With Over 35 Million Customers
Coinbase is well recognized in the online cryptocurrency space – as the broker is has opened a Bitcoin account UK for millions of 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.
3. Binance – Huge Crypto Exchange That Offers a Popular Bitcoin Wallet
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.
4. CoinCorner – Best Beginner Bitcoin Account UK and Wallet
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.
5. Coinjar – Best for Storing Your Bitcoin Long-Term
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.
6. 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.
What is a Bitcoin Wallet?
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. 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 account UK 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.
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.
First and foremost, you need to consider the type of Bitcoin wallet that you want to go with.
Your options are as follows:
- Web-Wallet: This means that you will be keeping your Bitcoin funds with the exchange or broker that you used to make the purchase. This is usually the least secure option on the table. The one exception to this rule is eToro – which is authorized and regulated by the FCA.
- Desktop-Wallet: There are lots of free Bitcoin wallets in the market that can be downloaded to your desktop device. Although more secure than a mobile wallet, you will need access to your desktop software wallet every time you wish to send funds.
- Mobile-Wallet: This wallet type offers the perfect balance between convenience and security. Regarding the former, you can send, receive, and trade cryptocurrencies by simply opening the wallet app. In terms of security, the best mobile wallets offer two-factor authentication, biometric login, and email confirmation on withdrawals.
- Hardware-Wallet: As we covered earlier, hardware wallets offer the highest level of security on your Bitcoin funds. Not only are the funds kept offline, but to transfer funds you need to physically enter your PIN onto the device. On the flip side, hardware wallets are the least convenient to when it comes to transfers.
As you can see from the above, all Bitcoin wallets offer a certain level of security and convenience. As such, you need to think about what your main priorities are before making a decision.
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, 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 wallet 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.
How to Get a Bitcoin Wallet
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
As we noted earlier, eToro is authorized and 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 $200 (about £160), but you can invest from just $25 (about £18). Instantly-processed payment methods include debit/credit 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: 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. 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/credit card, e-wallet, or bank account.
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 Bitcoin wallet in the 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.
You can get started at eToro by clicking on the link below!
eToro – Best Bitcoin Wallet UK
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
What is the best Bitcoin wallet for iOS?
If you're looking for the best wallet for iOS devices, look no further than eToro. Once downloaded, you can safely store your Bitcoin funds, as well as buy, sell, and trade digital currencies from within the app.
What is the best Android Bitcoin wallet?
As per the answer above, eToro is also the best Bitcoin wallet for Android. The app has been optimized specifically with your Android or iOS device, so both operating systems work seamlessly with the wallet.
How do I check my Bitcoin wallet address?
This depends on the type of wallet you have opted for. If it's a mobile wallet, then you can usually view your address as soon as you load the app up. If opting for a web-wallet, you can find your address from within your account dashboard.
What is the best anonymous Bitcoin wallet?
The vast majority of Bitcoin wallets allow you to store your funds anonymously. The exception to this rule is if you are using a wallet provider that also supports purchases with a debit/credit card or other fiat currency method. If it does, you will be required to verify your identity before you can start using the wallet.
What is the safest Bitcoin wallet?
The most secure way of storing your Bitcoin funds is to purchase a hardware wallet. On the flip side, this is the least convenient option on the table - at least in terms of transferring funds out of the wallet.
How do I keep my wallet private keys safe?
The safest way to store your private keys is to write them down on a sheet of paper. However, it is imperative that you keep the paper safe and secure. If somebody finds it, they can access your Bitcoin wallet.
Can you store Bitcoin and Ethereum in the same wallet?
Yes, there are many Bitcoin wallets in the UK that also support Ethereum. In fact, if using the eToro wallet, you can use it to store 120 different cryptocurrencies.
What are some other Bitcoin wallets?
Electrum, Exodus, Mycelium, Jaxx, KeepKey and Nano X are some other popular Bitcoin wallets.