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Best Crypto Exchange UK 2022 – Cheapest Bitcoin Exchange Revealed

These days there is an abundance of crypto exchanges to choose from due to the ever-growing popularity of the cryptocurrency market. These exchanges allow users to buy, sell, and exchange cryptos from the comfort of their own homes – although it’s crucial that you choose an exchange that will suit your unique needs and investment goals.

This guide will discuss the best crypto exchange UK in detail, touching on the top exchange available to traders today and highlighting how you can begin trading crypto right now – with low fees!

Key Points on Crypto Exchanges in UK

  • Crypto exchanges are platforms where traders can buy and sell cryptocurrency using FIAT currency or crypto.
  • There are many crypto exchanges in operation these days, most of them offering a wide array of coins, tokens, and crypto/crypto pairs to trade.
  • When choosing a crypto exchange, it’s crucial to consider factors such as the exchange’s safety, fee structure, and trading tools.
  • Our recommended exchange for trading cryptocurrency is eToro, as the platform offers tight spreads and over 40 cryptos to invest in.

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

Get Started with the Best UK Crypto Exchange – Quick Guide

Want to start trading cryptocurrency right away? We’ll show you how to get started with eToro, our #1-rated crypto exchange in the UK for 2022.

  1. Open an Account: Head to eToro’s website and click ‘Join Now’ to sign up for a crypto exchange account.
  2. Verify Your Identity: Upload a copy of your driver’s license or passport and proof of address to verify your account.
  3. Deposit Funds: eToro requires a minimum deposit of £200, which you can pay by credit card, debit card, PayPal, Neteller, Skrill, or bank transfer.
  4. Start Trading: Search for the cryptocurrency you want to trade, enter the amount you want to buy, and click ‘Open Position.’

Best Crypto Exchange UK 2022

If you’re looking to starting buying and selling digital currencies right now, below you will find the best crypto exchanges in the UK.

  1. eToro – Overall Best Crypto Exchange in the UK (FCA Regulated) –  Visit Now
  2. Bybit – Popular Crypto Exchange with Derivatives Markets – Visit Now
  3. Kraken – Ideal Crypto Exchange for Advanced Traders – Visit Now
  4. Crypto.com – Rapidly-Growing Crypto Exchange with Huge Selection of Assets
  5. Gemini – Top-Rated Crypto Exchange for Staking
  6. Coinbase – User-Friendly Crypto Exchange UK With Over 35 Million Customers
  7. Binance – Popular UK Exchange With Hundreds of Cryptocurrency Pairs
  8. CoinCorner – Best UK Crypto Exchange for Buying Bitcoin Quickly
  9. Coinjar – Leading Crypto Exchange UK for Inexperienced Traders and Investors
  10. Luno – Trusted Exchange UK for Mobile Usage

Top Crypto Exchanges Reviewed

With so many crypto exchanges active in the UK trading scene, there are certain metrics in particular that can help you separate the wheat from the chaff.

On top of regulation and safety, this should also include supported cryptocurrencies, fees, commissions, payment methods, and more.

1. eToro – Overall Best Bitcoin Exchange UK (FCA Regulated)

etoro logo Not only is eToro the safest crypto exchange in the UK, but it is also the most cost-effective. Unlike the vast majority of crypto platforms, this super popular exchange is authorized and regulated by the FCA.

It also holds licenses with authorities in Australia and CySEC, so safety should be of no concern. On top of stocks, ETFs, and thousands of CFD markets, eToro allows you to buy and sell over 120 cryptocurrencies, including many of the best new crypto coins. This includes everything from Bitcoin and Ethereum to Ripple and EOS.

One of the most appealing things about eToro – which is now home to over 17 million traders, is that the platform is commission-free. This means that you can trade your chosen digital currency without needing to pay any fees. You will, however, need to pay a small 0.5% FX fee when you make a deposit. But, this is countered by the commission-free offering.

eToro best crypto exchange

Plus, eToro does not charge any ongoing platform fees, either. Crucially, if you are looking to join a UK crypto exchange for the very first time, eToro is a great option. Not only is the platform simple to use, but opening an account takes minutes. The FCA-regulated provider also supports a host of everyday payment methods – including debit/credit cards and bank transfers.

You can also add funds to your account with Paypal, Skrill, or Neteller. Once you go through the account opening process, eToro also gives you the option of trading cryptocurrencies passively. This is through its ‘Copy Trading‘ feature, which allows you to copy the trades of a successful digital currency investor.

Cryptocurrency copyportfolios on eToro

Additionally, it also offers fully managed portfolios. In what it calls ‘CopyPortfolios’, this includes an investment strategy that focuses on cryptocurrencies. These passive tools are a great option for complete newbies that are entering the crypto scene for the first time.

What we also like about eToro is that it supports fractional crypto ownership. This means that you only need to invest or trade a minimum of $25 per order, so you don’t need to risk large amounts of money. Finally, you can buy, sell, and trade digital currencies at this top-rated platform online or via the eToro investment app.

Pros

  • Offers Bitcoin and 15 other top cryptocurrencies
  • Buy Bitcoin 100% commission-free
  • More than 17 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 Bitcoin trades
  • Fully regulated in the UK by the FCA
  • Over 2,400 stocks and 250+ ETFs

Cons

  • A small withdrawal fee of $5
  • The platform operates in US dollars

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

2. Bybit – Popular Crypto Exchange with Derivatives Markets

bybit logo

Another great crypto exchange to consider is Bybit. Although it has only been around for a few years, Bybit has grown exponentially in that time and now has over 3 million registered users. Bybit is based in Singapore and offers a myriad of markets to trade on, including the spot market and various derivatives markets. Notably, users can trade ‘inverse perpetual futures’, which provides exposure to the future value of specific trading pairs – with the option to use leverage too.

At present, Bybit has over 80 cryptocurrencies available to trade, ranging from popular options such as BTC and ETH, to lesser-known coins such as Tezos and Aave. In terms of funding your account, Bybit allows users to deposit a large number of cryptos and also exchange FIAT currency into crypto using Bybit’s Fiat Gateway. The latter option will require some KYC checks to be completed with third-party providers, and a service fee will also be charged – although this will vary depending on the provider.

bybit crypto exchange

In terms of fees, Bybit utilises a ‘maker/taker’ structure, whereby users are charged a percentage fee when they buy and sell an asset. These fees are very low with Bybit – for example, taker fees are only 0.1%, whereas maker fees are 0.0% when trading the spot market. Finally, Bybit offers a web-based application and a mobile app for iOS and Android, with the latter featuring extensive price alerts and no server overload or downtime!

Pros

  • Low trading fees
  • Offers web-based app and mobile app
  • Over 3 million users
  • Over 80 coins to trade
  • Various derivatives markets

Cons

  • Not regulated in the UK

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

3. Kraken – Ideal Crypto Exchange for Advanced Traders

kraken logo

If you’re looking to buy cryptocurrency, you may also wish to consider Kraken. Kraken boasts over 6 million clients across nearly 190 countries, making it one of the largest exchanges in the world. In terms of regulation, Kraken is authorised by various entities worldwide, including FinCEN and FINTRAC. Although not regulated directly by the FCA, Kraken’s well-known CryptoFacilities brand is – which adds more credibility to the platform.

Users can trade on Kraken using the Instant Buy feature or Kraken Pro, with the latter being the pure exchange element of the platform. If you use the former, there will be a 1.5% trading fee and a transaction fee, depending on which payment type you use. To provide an example of this, credit card purchases will have a 3.75% fee plus a flat fee of €0.25. If you opt to trade on Kraken Pro, you’ll pay a maker or taker fee, which works out to be 0.16% or 0.26%, respectively.

kraken crypto exchange review

At present, Kraken offers over 50 cryptos to trade and features various crypto indices and futures contracts. Users can fund their accounts in different FIAT currencies (including GBP) or digital currencies – with the latter allowing instant deposits. Finally, Kraken really shines when it comes to educational content, with a whole library of guides, videos, and podcasts dedicated to explaining crypto concepts to beginners!

Pros

  • Wide range of educational content
  • Deposit in various FIAT currencies
  • Regulated in multiple countries worldwide
  • Various markets to trade
  • Useful Instant Buy feature

Cons

  • Complicated fee structure

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

4. Crypto.com – Rapidly-Growing Crypto Exchange with Huge Selection of Assets

crypto.com logo

Crypto.com is one of the fastest-growing crypto exchanges in the entire industry and now has over 10 million users worldwide. The platform features over 150 coins and tokens to trade, along with various markets which can be traded on margin, depending on which country you live in. Notably, Crypto.com even has a dedicated NFT marketplace, which is relatively rare for exchanges.

In terms of fees, Crypto.com uses a volume-based maker/taker structure, with a 30-day trading volume of less than $25,000 equating to a 0.4% fee on either side of the trade when in the spot market. Derivatives markets will typically have much lower fees, and you can even reduce trading fees substantially by holding and staking CRO – Crypto.com’s native token. If you stake over 5000 CRO, you’ll get a 10% reduction on costs – and the more you stake, the more you save!

crypto.com review

Like other exchanges, Crypto.com allows you to buy instantly on the app or use the exchange. App-based purchases will come with a 2.99% fee if you use a credit/debit card, although deposits made in FIAT from various methods (such as SEPA transfer) are free to make. Finally, the Crypto.com app is highly user friendly and can even use the ‘Earn’ feature to generate a return on your crypto holdings automatically!

Pros

  • Offers over 150 coins
  • Easy-to-use ‘Earn’ feature
  • Free FIAT deposits
  • Dedicated NFT marketplace
  • Can stake CRO to reduce fees

Cons

  • High fees when buying with a credit/debit card

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

5. Gemini – Popular Crypto Exchange for Crypto Staking

gemini logo

If you’re looking for one of the best crypto staking platforms, then Gemini certainly fits the bill. Gemini is the platform founded by the Winklevoss Twins, two very well-known investors in the crypto industry. The great thing about Gemini is that it is regulated in the UK by the FCA, making it one of the safest for UK-based traders. At present, reports state that Gemini has over 13 million users and is available in approximately 60 countries worldwide.

If you’re interested in staking, Gemini is one of your best options, as the platform has a dedicated feature called ‘Gemini Earn’. With this feature, you can earn up to 8.05% APY on your holdings, which is far higher than you’d get with a regular bank account. The great thing about this feature is that there’s no lock-in period – users can transfer their crypto around whenever they please.

gemini review

In terms of trading, users can trade over 40 cryptocurrencies on Gemini or Gemini ActiveTrader, with the latter designed to appeal to experienced and high-volume traders. Most retail traders will utilise the former option, which is available on iOS or Android and features a sleek interface and easy-to-understand tools. Gemini charges a transaction fee based on your trade size (the higher the size, the higher the cost) and assigns a convenience fee of 0.50% when buying or selling a coin.

Pros

  • Easy staking feature
  • Platforms for beginners and experienced traders
  • Regulated by the FCA
  • User-friendly app
  • Over 13 million users

Cons

  • Not as cheap as other exchanges

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

6. Coinbase – User-Friendly Crypto Exchange UK With Over 35 Million Customers

coinbase logo Coinbase is a crypto exchange and Bitcoin trading platform that is particularly popular with inexperienced traders. As soon as you head over to the provider’s website, you’ll see that the platform is simple, clean, and easy to navigate.

This is also the case when it comes to opening an account, which in most cases – should take you no more than 10-15 minutes. You will find an assortment of digital currencies at Coinbase Pro – which includes both large and small-cap projects.

For example, while most investors will stick with major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, Coinbase also hosts Kyber Network, OMG, and LOOM. Irrespective of which digital currency you decide to buy at this top-rated exchange, Coinbase allows you to deposit funds with ease.

Coinbase crypto exchange uk

This is because you can choose from a UK debit card or bank account transfer. With that said, it is important to note that Coinbase charges 3.99% when you deposit funds with a debit card. This is significantly more than the 0.5% you will need to pay with eToro.

Additionally, Coinbase is expensive when it comes to trading commissions. This stands at 1.49% on all buy and sell orders. For example, if you bought £1,000 worth of Bitcoin, Coinbase would charge you £14.90. Then, if you sold your Bitcoin when it was worth £3,000, your 1.49% commission would amount to £44.70.

Cryptocurrencies available on Coinbase

Nevertheless, once you have made a crypto purchase at Coinbase, you can leave the coins at the platform or withdraw them to a private wallet. If you opt for the former, Coinbase is known for its institutional-grade security practices. This includes keeping 98% of client funds in cold storage, meaning they are held offline.

There are several user-centric security controls that you can set up, too. For example, you can place a 48-house time-lock on all withdrawal requests, and automatically block account log-ins that don’t come from your registered device or IP address. Finally, Coinbase also offers a mobile trading app that also doubles-up as a Bitcoin wallet.

Pros

  • 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

Cons

  • 3.99% fee on debit card deposits
  • 1.49% Bitcoin trading fee

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

 

7. Binance – Popular UK Crypto Exchange with Hundreds of Cryptocurrency Pairs

Binance Logo While eToro and Coinbase are popular options for those who wish to buy and sell cryptocurrencies, Binance is great if you are planning to day trade or swing trade. This is because the crypto exchange gives you access to hundreds of tradable pairs.

This makes it highly conducive for actively trading digital currencies, as opposed to buying and storing them for several years. Although Binance was only launched in 2017, it is often home to the largest daily trading volume and liquidity in the cryptocurrency industry.

In fact, in the 24 hours prior to writing this guide, the platform facilitated more than $17 billion worth of cryptocurrency trades. On top of offering one of the most extensive numbers of cryptocurrency trading markets, Binance is also renowned for offering super competitive fees.

Binance Bitcoin exchange

This actually starts at just 0.10% – meaning that a £1,000 buy or sell position would cost just £1 in commission. If you find yourself trading large volumes, your fees will be reduced even further. You can also lower your trading commission by holding a quantity of BNB coins, which is the cryptocurrency native to the Binance platform.

On the flip side, Binance is a bit expensive if you are planning to fund your account with a UK debit or credit card. This is because you’ll need to pay 2% of the transaction amount. Although cheaper than the 3.99% required by Coinbase, it’s important to remember that eToro charges just 0.5%.

Binance Crypto Trading Fee Structure

Nevertheless, the Binance trading suite itself is jam-packed with tools and features that will suit the seasoned pro. This covers a full range of chart reading tools, technical indicators, and the ability to connect your API to a third-party provider. The latter allows you to deploy automated trading strategies and robots.

In terms of safety, the main Binance exchange isn’t a regulated entity like eToro, insofar that it isn’t licensed by the FCA. It does, however, have a great reputation for security and customer care. We like the SAFU (Safe Asset Fund for Users), which is an emergency insurance fund to cover the unfortunate event of an external hack.

Pros

  • Largest cryptocurrency exchange UK 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

Cons

  • Not great for newbie investors
  • A standard charge of 2% on debit/credit card deposits

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

 

8. CoinCorner – Ideal Crypto Exchange in Britain for Buying Bitcoin Quickly

CoinCorner Logo If speed and fast execution is your main priority, it might be worth considering CoinCorner. The platform is more of a cryptocurrency broker than an exchange, insofar that the provider only facilitates Bitcoin purchases.

In other words, if you are simply looking to buy Bitcoin and hold onto your digital coins for several months or years, CoinCorner is a great option. This is because the end-to-end account setup process can be completed in minutes.

First, you need to register an account by providing some personal information. Then, it’s just a case of making a deposit with your chosen payment method. This includes UK debit/credit cards, bank transfers, or Neteller. Once you have funded your CoinCorner account, you can purchase from just a few pounds worth of Bitcoin.

coincorner best crypto exchange uk

On the one hand, CoinCorner does make the end-to-end Bitcoin investment process a simple one. Unfortunately, the main drawback with this top-rated provider is that it is expensive to use. For example, you will be charged 2.5% to buy Bitcoin with a debit card and 3.2% when using a credit card.

CoinCorner is also useful if you wish to sell your Bitcoin back to pounds and pence, as the process once again takes minutes. An additional feature that we came across on the CoinCorner platform is that of recurring buys. Put simply, this allows you to buy Bitcoin automatically at set intervals.

Coincorner Crypto Trading Fees

For example, you might elect to buy £100 worth of Bitcoin on the 25th of each month. There is also a cashback feature offered by the platform, which rewards you with Bitcoin when you make purchases from one of its partnered retailers. This includes the likes of Waterstones, Burton, Currys PC World, Confused.com, and Boots.

Pros

  • Very fast to start trading
  • Supports a wide variety of payments
  • Set up recurring cryptocurrency investment
  • Reward program with 1,000+ businesses

Cons

  • Extremely high trading fees
  • Minimal charting and trading tools

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

 

9. Coinjar – Best Cryptocurrency Exchange UK for Inexperienced Traders and Investors

Coinjar Logo

Coinjar is an online cryptocurrency broker and exchange that is ideal for inexperienced traders. The platform makes the process of buying and selling digital currencies simple, as the website is free from overly complex Blockchain jargon.

Instead, it’s just a case of quickly opening an account, uploading some ID, and purchasing your chosen cryptocurrency via a UK Faster Payments bank transfer.

Although you can deposit and withdraw funds to and from your bank account fee-free, Coinjar does charge a commission of 1% when you buy or sell a digital currency. For example, if you decided to buy £500 worth of BItcoin, this would cost you a trading fee of £5. On top of its core brokerage service, Coinjar also offers a simple-to-use crypto exchange.

Coinjar crypto exchange uk

This allows you to trade almost 50 cryptocurrency pairs at the click of a button. This includes a full suite of digital currency pairs that are priced against GBP. You can also trade the exchange rate between two competing cryptocurrencies, albeit, these pairs are more suited to seasoned pros.

The fees charged by the Coinjar exchange are more competitive than its brokerage service. For example, instead of paying 1% to buy Bitcoin, you can trade digital currency pairs from just 0.20%. You can get this commission reduced further by trading larger volumes.

Pros

  • Offers ready-made cryptocurrency portfolios
  • Faster Payment bank transfers are free
  • Relatively inexpensive fee structure
  • Excellent cryptocurrency trading platform
  • Regulated by Australian Transaction Reports and Analysis Centre

Cons

  • Doesn’t include any technical indicators

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

 

10. Luno – Leading Crypto Exchange UK for Mobile Usage 

Luno Logo The final entry on our list of the best UK crypto exchanges is that of Luno. In particular, this provider makes the cut for its top-rated mobile trading app. This allows you to buy, sell, and trade cryptocurrencies while on the move – with the app fully optimized for both iOS and Android devices.

This popular crypto exchange app supports a great range of payment methods, which include bank transfers and debit cards. With that said, debit card deposits are charged at 3.5%, which is expensive.

To counter this, Luno charges just 0.1% in trading commissions. Although not as competitive as the 0% rate offered by eToro, this is still very competitive. In terms of supported markets, Luno is a bit thin on the ground. This is because it only allows you to access Bitcoin, Ethereum, Ripple, and Litecoin.

Luno Best crypto exchange

Although these are typically the most traded digital currencies in the space, you won’t have access to the likes of EOS, Bitcoin Cash, Cardano, TRON, or Tezoz – like you would at eToro. Nevertheless, Luno is regulated by the FCA, so you can use its trading app without needing to worry about the safety of your account.

In addition to this, Luno also keeps 95% of all client funds in cold storage. We should also mention the savings account feature available on the app. This allows you to earn interest on your cryptocurrency balances of up to 4% per year. Luno is able to do this as it will lend the crypto assets held in your savings account to a third-party – which in turn, pays interest.

Pros

  • 0.1% commission
  • Lots of trading tools and indicators
  • Cryptocurrency savings accounts
  • Keeps 95% of client funds in cold storage
  • Earn up to 4% in interest per year via the savings account
  • FCA regulated

Cons

  • High debit card fee
  • Limited choice of coins

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


Best Crypto Exchange Comparison

Platform Name Number of Supported Cryptos Fees to Buy Bitcoin
eToro 42 0.75%
Bybit 80+ 0.1%
Kraken 50+ 1.5% + variable fee based on payment method
Crypto.com 150+ 0.4%
Gemini 40+ 0.5% + variable fee based on trade size
Coinbase 100+ 0.5% spread + variable fee depending on trade size and payment method
Binance 500+ 0.1%
CoinCorner 1 Volume-based fee, ranging from £1 to 1% of your trade size
CoinJar 7 1%
Luno 6 0.1%

 

Other Cryptocurrency Exchanges in the UK

Of course, there are many other cryptocurrency exchanges available in the market, you can see a full list of our crypto exchange reviews below:

What is a Crypto Exchange?

In a nutshell, the best crypto exchanges in the United Kingdom give you access to the ever-growing digital currency industry. Depending on your chosen provider, the exchange might offer brokerage and/or trading services. Regarding the former, this means that you will be using the exchange to buy or sell your chosen digital currency.

Crypto exchanges often add new cryptocurrencies to their offerings but there are some still in their pre-sale stage that have strong momentum moving into 2022. One such example is Lucky Block that stands to revolutionize the lottery industry as we know it.

For example, you might be looking to buy Bitcoin with a debit card – which is arguably one of the easiest and fastest ways of making an investment. When completing this transaction with eToro, you will be buying the coins directly from the provider. This means that you do not need to go and perform an additional exchange between pounds and cryptocurrencies.

etoro crypto exchange

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

Alternatively, some crypto exchanges in Britain specialize in trading services. This means that you will be trading cryptocurrency pairs – much like you would at a traditional forex broker. In simple terms, your objective here will be to speculate on the future value of a cryptocurrency pair like BTC/GBP or BTC/ETH.

We should also note that some crypto exchange platforms in the UK allow you to swap one digital currency to another. For example, you might be holding Ripple and you wish to exchange it for Ethereum. All in all, the best UK crypto exchanges allow you to buy, sell, and trade digital currencies from the comfort of your home.

New UK Crypto Trading CFD Regulations

As of January 2021, the FCA introduced new rules on cryptocurrency derivatives. At the forefront of this is CFD trading instruments that track the real-world value of digital currencies. These CFD products not only allow you to trade cryptocurrencies with leverage, but you can also engage in short-selling.

However, as leverage crypto CFDs are complex financial products, the FCA has since prevented UK retail clients from gaining access.

As such, any FCA-regulated broker or exchange that you use will not offer you these products. On the flip side, there are dozens of cryptocurrency exchanges that still offer leverage crypto assets to UK residents. But, these platforms operate without a regulatory license, so should be avoided.

How to Choose the Right UK Crypto Exchange for You

According to CoinMarketCap, there are more than 300 crypto exchanges currently active in the online space. There are likely hundreds more that the provider is yet to add to its data feed.

The key point here is that choosing the best crypto exchange in England is no easy feat – especially if you don’t know what you are looking for.

With this in mind, below we discuss the most important factors that you need to cross-check before choosing a provider.

Safety & Regulation

etoro fca Make no mistake about it – billions of pounds worth of digital assets have been stolen from bitcoin exchanges over the past few years. This is one of the main reasons why newbie investors and traders are reluctant to enter the market.

The good news, however, is that there are a select number of exchanges that do things by the book. By this, we mean that they are fully authorized and regulated by the FCA.

At the forefront of this is eToro, who not only holds a fully-fledged license with the FCA but CySEC and ASIC, too. The platform is also registered with FINRA, which opens the doors to the lucrative US marketplace.

Ultimately, if you entrust your funds with an unregulated crypto exchange, there is every chance that your capital is at risk. Instead, you are advised to only use FCA-regulated platforms that put safety and customer care at the heart of everything.

Trading Options

As we briefly discussed earlier, there are many services that top crypto exchanges offer. As such, you need to check whether or not your chosen provider can facilitate the market you wish to access.

For example:

Buy/Sell Crypto

The best crypto exchanges allow you to buy cryptocurrency directly. This means that you can buy your chosen digital asset with an everyday payment method, like debit/credit cards, bank account transfers, and even e-wallets. As soon as the transaction is complete, you might have the option of keeping your coins on the platform or withdrawing them to a private wallet.

Trade Crypto

Some exchanges are geared towards short-term trading. This would include strategies such as day trading, swing trading, and even scalping. In other words, your primary objective here is to speculate on the future value of a digital currency pair in the short-term. You will be looking to make modest, but regulated profits throughout the trading week.

Swap Crypto

You then have UK crypto exchange platforms that allow you to swap one digital currency to another. For example, you might have a number of Ethereum coins that you wish to swap for Bitcoin Cash. Usually, as soon as the transfer is made, you can then withdraw the respective coin out to a private wallet.

To clarify,  eToro allows you to buy/sell and trade digital currencies. Plus, when using the eToro wallet, you can convert one crypto to another. As such, it supports all of the core services discussed above.

UK Crypto Exchange Fees

It goes without saying that even top crypto exchanges in the UK are in the business of making money. The way that platforms charge fees and commissions can vary quite considerably, so below we list the main charges that you should look out for.

Deposit Fees

The first fee that you need to be aware of is with respect to funding your account. After all, if you want to buy or trade cryptocurrencies online, you will initially need to make a deposit.

In a lot of cases, we found that UK crypto exchanges can charge handsomely when using a debit or credit card. This is because of the perceived risk involved when facilitating cryptocurrency-related transactions.

Example debit card deposit fees include:

  • Coinbase: 3.99%
  • Luno: 3.5%
  • CoinCorner: 2.5%
  • Binance: 2%

Fortunately, there is a much more cost-effective option in the way of eToro. This is because the provider charges an initial FX conversion fee of 0.5% – which is the case across debit/credit cards and e-wallets.

Trading Commission

Much like deposit fees, trading commissions can vary considerably from exchange to exchange. For those unaware, the commission relates to the fee that you pay when you buy, sell, or trade cryptocurrency. In all but a few rare cases, this is charged as a percentage against the size of your trading transaction.

  • For example, Coinbase charges 1.49% – which you need to pay at both ends of the trade.
  • This means that a £500 purchase of Bitcoin would cost £7.45.
  • You would then need to pay 1,49% again when you sell your Bitcoin back to cash.

Binance is very competitive when it comes to trading fees, as the platform charges just 0.10%. However, eToro is by far the most competitive option in this marketplace, as you can buy, sell, and trade crypto in a 100% commission-free manner.

Spreads

The ‘spread’ is super important as it is often overlooked by first-time crypto traders. Much like any financial instrument – the spread is the difference between the buy and sell price of the digital currency market.

  • For example, if Bitcoin has a buy price of $30,000 and a sell price of $30,500 – then the spread here is $500.
  • The wider the gap between the two prices, the more you are indirectly paying.

What you will often find is that commission-free brokers typically charge a wider spread to make up for a lack of trading fees. This wasn’t, however, the case when we reviewed eToro.

bitcoin spread at eToro

  • As you can see from the snippet above, the ‘buy’ price on BTC/USD on eToro is $32,667.
  • The ‘sell’ price is being quoted at $32,423.
  • In real terms, this means that the spread amounts to just 0.75%.

When you factor in the commission-free offering on this trade, this is very competitive.

Trading Tools & Features

Some of you might simply be looking to buy Bitcoin with a credit card and then hold on to your investment for several years. If this is the case, then you won’t be too concerned with trading features.

With that said, certain tools offered by the best crypto exchanges in the UK can enhance your end-to-end trading experience.

This includes:

Fractional Ownership

Irrespective of whether you are a newbie investor or a seasoned pro, fractional ownership is crucial in the cryptocurrency industry. After all, digital currencies are highly speculative asset classes, so you don’t want to be spending over £20,000 to buy a single Bitcoin.

Instead, it’s best to use an exchange that supports fractional ownership. This means that you can buy a fraction of one digital currency unit. For example, eToro allows you to buy a cryptocurrency at a minimum of just $25. This works out at less than £20.

Automated Trading

Cryptocurrencies are still understood by very few people in the UK. This makes the investment or trading process even more intimidating. This is why we like crypto exchange platforms that offer automated trading services.

Copy trading at eToro

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

As we mentioned earlier, FCA broker eToro allows you to copy a successful trader like-for-like. This will be at an amount proportionate to what you invest.

  • For example, if the eToro trader risks 5% of their capital buying Bitcoin and you invested £1,000, £50 worth of Bitcoin will be added to your portfolio.
  • Then, when the trader sells their Bitcoin position, you will do the same.

This is ideal if you want to gain exposure to cryptocurrencies but don’t have any experience of how the industry works.

Payment Methods

Don’t forget to check whether or not your chosen UK crypto exchange supports your preferred payment method. Crucially, as most exchanges operate without a license, very few can legally offer support for debit/credit cards or bank account transfers.

Even those that do typically charge excessive fees for the convenience of using fiat currency. Nevertheless, all of the best cryptocurrency exchange UK providers that we discussed on this page support debit cards and bank transfers.

Some, like eToro, also support e-wallets. This means that you can buy Bitcoin with Paypal in a safe and convenient manner.

Customer Service

Customer service is also an important metric to consider when searching for top bitcoin exchanges in the UK. For example, you might need assistance in how to make a deposit or complete a trade.

If the provider in question offers a live chat facility during standard UK hours, then this is a great bonus. This is because it allows you to speak with a customer service agent in real-time without needing to wait for an email reply.

How to Get Started with the Best Crypto Exchange in England

We are now going to show you how to get started on a crypto exchange in less than 10 minutes. The walkthrough below will explain how to open an account, make a deposit, and place your first trade with FCA platform eToro.

Step 1: Open a Crypto Trading Account at eToro

Unlike the hundreds of trading platforms that operate without a license, eToro will ask you to provide some personal information before you can start trading. This is to ensure it complies with FCA regulations and ultimately – keeps financial crime away from the platform.

As such, the first port of call is to visit the eToro website and click on the ‘Join Now’ button.

Sign up for an eToro account to trade cryptocurrency

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

Here, you will need to provide your full name, home address, date of birth, email address, and telephone number. You will also need to provide your national insurance number and choose a username and password. Finally, to complete the eToro account opening process, you’ll need to verify your mobile number by entering the code that is sent to your phone.

Step 2: Quickly Upload ID

Unless you are planning to deposit more than $2,250 (about £1,700) right now, you can skip the verification process for a later date. But, as this does need to be completed before a withdrawal request is allowed, it’s best to do this now.

All you need to provide is a clear copy of your:

  • Passport or driver’s license
  • Bank account statement or utility bill

In most cases, eToro will verify the above documents instantly!

Step 3: Deposit Funds

You will now be asked to make a deposit into your eToro account. As we noted earlier, this comes at a fee of just 0.5% – which is considerably cheaper than the 3.99% charged by Coinbase.

At eToro, you can choose from a debit/credit card (Visa, MasterCard, Maestro), e-wallet (Paypal, Skrill, Neteller), or bank transfer.

Step 4: Search for a Crypto Trading Market

Now that you have made a deposit, you can proceed to buy your chosen cryptocurrency. All you need to do is enter the name of the digital currency into the search box.

buy bitcoin on best crypto exchange

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

As you can see from the above, we are searching for Bitcoin. Then, click on the ‘Trade’ button when you see the coin you wish to buy.

Step 5: Place Crypto Trade

You will now see an order box pop-up. This is where you need to tell eToro the specifics of your trade.

If you want to keep things simple, all you need to do is enter your stake. This needs to be in US dollars and meet a minimum of $25. If you want to add some risk management orders to your position – you can also set up limit, stop-loss, and take-profit orders.

Enter the amount of Bitcoin you want to buy on eToro

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

Finally, click on the ‘Open Trade’ button to complete your commission-free crypto trade!

eToro – Best Crypto Exchange in the UK – Commission-Free and FCA Regulated

In summary, although it’s great that UK residents now have access to hundreds of bitcoin exchanges – it is important to remember that most of these providers operate without a license. As such, not only do you need to check whether the exchange is regulated by the FCA, but also metrics surrounding supported markets, fees, and payment methods.

After reviewing dozens of well-known providers, we found that the best crypto exchange in the UK is eToro.

This is because the platform is commission-free, offers 16 different cryptocurrencies, and allows you to deposit funds with a debit/credit card, bank transfer, or e-wallet. And of course, this top-rated exchange is regulated by the FCA – so you can avoid the need to use a shady unlicensed platform!

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

FAQs

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Kane Pepi author check sign Pro Investor

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.

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