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Best Crypto Exchanges UK 2023

Best crypto exchange UK

Looking for your perfect crypto exchange?

I’ve tested, scored, and ranked the best crypto exchanges in the UK.

Whether you’re seeking security, user-friendliness, or extensive coin options, I’ve got you covered.

So, in a nutshell, what are the best cryptocurrency exchanges in the UK? The best crypto exchanges in the UK include eToro, Uphold, and Coinbase. These platforms offer a range of cryptocurrencies, user-friendly interfaces, and regulatory compliance for users in the United Kingdom.

Best overall
4.8
Large selection of altcoins
4.5
Description:

eToro is trusted by over 30 million users worldwide. It's the best crypto exchange in the UK due to its cold storage, range of over 3,000 assets, innovative trading features, user-friendly GBP deposit options, and industry-leading fees.

Description:

Uphold is the easiest way to buy, sell, and stake cryptocurrency in the UK. A secure and transparent platform with over 250 assets.

Pros:
  • User-friendly
  • Copy the moves of professional traders
  • Social trading & educational features
Pros:
  • Easy to buy, sell, and stake crypto
  • Safe & transparent financial reserves
  • Crypto debit card (with 4% cashback & 0% foreign transaction fees)
Cons:
  • Withdrawal fees
Cons:
  • High fees on low-volume cryptos
Disclaimer:
Don’t invest unless you’re prepared to lose all the money you invest.
Disclaimer:
Don’t invest unless you’re prepared to lose all the money you invest.
Best overall
4.8
Description:

eToro is trusted by over 30 million users worldwide. It's the best crypto exchange in the UK due to its cold storage, range of over 3,000 assets, innovative trading features, user-friendly GBP deposit options, and industry-leading fees.

Pros:
  • User-friendly
  • Copy the moves of professional traders
  • Social trading & educational features
Cons:
  • Withdrawal fees
Disclaimer:
Don’t invest unless you’re prepared to lose all the money you invest.
Large selection of altcoins
4.5
Description:

Uphold is the easiest way to buy, sell, and stake cryptocurrency in the UK. A secure and transparent platform with over 250 assets.

Pros:
  • Easy to buy, sell, and stake crypto
  • Safe & transparent financial reserves
  • Crypto debit card (with 4% cashback & 0% foreign transaction fees)
Cons:
  • High fees on low-volume cryptos
Disclaimer:
Don’t invest unless you’re prepared to lose all the money you invest.

Top Crypto Exchanges in the UK Ranked

Here is a quick list of the best cryptocurrency exchanges to use in the UK based on my hands-on analysis:

Don’t invest unless you’re prepared to lose all the money you invest.

  1. eToro – Overall best crypto exchange UK for beginners
  2. Uphold – Best UK crypto exchange for a large selection of altcoins
  3. Coinbase – Best cryptocurrency exchange UK for simplicity
  4. Kraken – Cheapest crypto exchange UK
  5. Revolut – Best if you want your mobile banking & crypto in one place

As you can see, I’ve given eToro the #1 spot.

In my experience, eToro is the overall best crypto exchange in the UK, especially if you are new to cryptocurrency.

The social trading and community aspect is unique and makes you feel like there’s help and guidance always at your fingertips.

You can also copy top traders which is incredibly useful for newcomers.

But, let’s not neglect the others, and let’s continue with my detailed reviews of each cryptocurrency exchange.

Best Crypto Exchanges UK Compared for Investors

Here I’ve compared the crypto exchanges based on four key factors you must consider and compare:

RankCrypto exchangeFees to Buy BitcoinDeposit feesNumber of CryptoGBP Deposit Methods
1eToro1%
+ market spread
0.5%90+Bank transfer, debit card,
Neteller, Skrill, eToro Money
2Uphold1% trading fee
& 1% spread fee
Debit card fee
of 3.99%
250+Bank transfer (ACH), debit card,
Apple Pay, Google Pay
3Coinbase1% commission
+ 0.5% spread fee
Debit card fee
of 3.99%
250+Bank transfer, credit card,
cryptocurrency, debit card, PayPal
4KrakenFrom 0.26%£1 fee on
bank transfers
230+Bank transfer, credit card,
cryptocurrency, debit card,
Apple Pay, Google Pay, SWIFT
5Revolut1.49%2.5%80+Bank transfer, credit card,
cryptocurrency, debit card, Apple Pay,
Google Pay, SWIFT

Best Cryptocurrency Exchange UK Reviews

Crypto is moving fast in the UK, here are some statistics that highlight the movement.

  • As of 2023, nearly 4.97 million people in the UK hold some form of crypto asset, which is nearly 10% of the population1.
  • The revenue in the cryptocurrency market in the UK is projected to reach US$1.89bn in 2023, with an annual growth rate of 18.84%2.
  • Almost 500 businesses in the UK accept cryptocurrency as a payment method3.

As you can see, crypto is gaining traction in the UK and reshaping the financial scene daily4.

The complexities of cryptocurrency put many people off, but I’m here to shine some light on it and help UK investors choose the best cryptocurrency exchange for them.

Having worked in the retail investment & crypto sector in London over the last four years, I had the opportunity to experience the rise in cryptocurrency first-hand.

Additionally, in my role working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”, I was able to work with and test some of the biggest cryptocurrency exchanges and platforms on the market.

Using my experience in this field, I’ve compiled a list of the best UK crypto exchanges based on four key criteria:

  1. Fees to buy Bitcoin (as a base fee)
  2. Deposit fees
  3. Number of cryptos available
  4. GBP deposit methods

Factors such as usability, education materials, and additional features were also considered.

All the crypto exchanges I’ve reviewed below are regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA), and have apps available on Android and iOS.

1. eToro – Overall best crypto exchange UK for 2023

Don’t invest unless you’re prepared to lose all the money you invest.

eToro - Overall best crypto exchange UK for 2023.

The overall winner on my list of the best crypto exchanges and what I recommend for beginners is eToro.

eToro is a safe and secure crypto exchange in the UK that is also very cost-effective.

You can open up an account and buy crypto on eToro within minutes.

You can then deposit funds with your debit card or e-wallet right away, or opt for a bank transfer, although this may take a few days.

The minimum deposit for UK investors on eToro is $10.

After you’ve added funds to your account, you’ll have access to more than 90 cryptocurrencies (I believe there are currently 92 to be specific, however, coins are added frequently).

You can buy Bitcoin, Ethereum, XRP, Cardano, and Solana, just to name a few.

One of the biggest advantages of eToro is its CopyTrader feature.

eToro’s copy trading technology allows you to trade cryptocurrencies completely hands-off by copying the buying and selling of a successful investor.

The below screenshot shows what the CopyTrader section of the platform looks like.

eToro copy trader feature.

You can add various filters like which market you want to invest in and returns gained over a certain timeframe.

Once you click on an investor’s profile, it takes you to their page where you can see their portfolio, performance metrics, and statistics.

It also features a Twitter-like feed where investors can share information and any updates.

CopyTrader profile on eToro, the best crypto exchange UK.

The platform also has Smart Portfolios, which are fully managed investment portfolios.

It will automatically copy multiple assets based on a predetermined investment strategy.

The Smart Portfolios are designed to help investors diversify their portfolios, minimise long-term risk and take advantage of current market opportunities. Many of the portfolios include cryptocurrency.

Both features are a good introduction to the world of cryptocurrency investing for beginners, and investing in general.

Another benefit of using eToro is that it is a multi-asset platform, meaning that not only can you buy and sell cryptocurrencies such as Bitcoin and Ethereum, but you can also trade stocks, ETFs, and other various CFDs.

It’s a great option for those wanting to dabble in various markets and have their investments and/or trading activity all in one place.

eToro charges a simple 1% fee for buying or selling crypto on its platform.

This fee is included in the price shown when you open or close a position. The 1% fee is added to the market price (Bid-Ask spread).

It is worth noting that a small 0.5% fee is applied when depositing in GBP. This is the platform’s currency conversion fee into dollars.

However, I see this as marginal due to its low 1% fee and how eToro doesn’t charge any ongoing platform fees.

The FCA-regulated platform supports the most common payment methods such as debit cards, bank transfers, Skrill, Neteller, and more.

A brand new feature eToro just launched is that you can now earn up to 5.3% interest on unused balances in the platform, pretty cool!

Overall, I recommend eToro if you are taking your first steps in the crypto world and signing up for your first UK crypto exchange.

Along with its intuitive mobile app, I’ve found that eToro is a great overall trading platform for beginners and experienced traders alike.

Finally, it’s worth noting that as of 2023, eToro announced that they reached 30 million registered users worldwide5.

On top of this, they have an ‘Excellent’ rating on Trustpilot (which is quite rare for crypto exchanges), with over 18,000 reviews.

eToro Trustpilot review.

Key rating criteria:

Fees to buy BitcoinDeposit feesNumber of cryptoGBP deposit methods
1% +
market spread
0.5%90+Bank transfer,
debit card, Neteller, Skrill,
eToro Money

Customer support: 24/5 support via live chat, email, and ticket system.

Read my complete eToro review.

eToro pros:

  • Low minimum deposit amount ($10)
  • CopyTrader feature for passive investing
  • Easy-to-use interface for beginner investors

eToro cons:

  • Small conversion fee for GBP deposits

Don’t invest unless you’re prepared to lose all the money you invest.

2. Uphold – Best UK crypto exchange for a large selection of altcoins

Uphold - Best crypto exchange for a large selection of altcoins.

If you’re looking for a great crypto exchange with a large selection of coins, Uphold is one of the best.

It offers more than 250 cryptocurrencies, from crypto giants like Bitcoin and Ethereum to popular meme coins, DeFi coins, and stablecoins.

Uphold charges a variable spread, but it doesn’t charge a commission for crypto trades.

The spread is different for every crypto and it largely depends on the state of the market.

But for popular crypto coins, it’s usually in the range of 0.8%-1.2%. You can check the current spread in the preview of an order of any digital currency before you decide to trade. 

One of the unique aspects of Uphold is its complete transparency.

If you’re worried about the liquidity of the exchange, you can see real-time insights into how much cash it has in reserve at any time (in case of market downturns).

Also, Uphold undergoes third-party security audits, which ensure the overall safety of the system and the safeguarding of customer funds. 

Just like eToro, you can trade more than just cryptocurrency with Uphold – the platform offers stock and commodities trading (although I wouldn’t say it’s best for this).

I’d recommend Uphold if you are interested in trading a variety of different altcoins (over 250+), while I still think eToro is overall better with its extra features.

Key rating criteria:

Fees to buy BitcoinDeposit feesNumber of cryptoGBP deposit methods
1% trading fee
& 1% spread fee
Debit card fee
of 3.99%
250+Bank transfer (ACH), debit card,
Apple Pay, Google Pay

Customer support: 24/7 support via live chat and email.

Read my complete Uphold review.

Uphold pros:

  • 250+ cryptocurrencies 
  • Preview the spread before every trade
  • Transparent financial reserves
  • Third-party security audits

Uphold cons:

  • High spreads on lower-volume assets

3. Coinbase – Best cryptocurrency exchange UK for simplicity

Coinbase - Best crypto exchange UK for beginners.

Coinbase’s cryptocurrency exchange is one of the simplest ways to purchase crypto for beginners. It was the first exchange I used for buying Bitcoin.

Founded in 2012 by co-founder Brian Armstrong, Coinbase is one of the first crypto exchanges and has seen significant growth in users.

It serves over 70 million verified users in more than 100 countries worldwide. Located in the US, Coinbase works closely with regulators to build a reputable brand that fosters user security.

Coinbase currently supports over 250 coins and 402 trading pairs and rakes in more than a billion-dollar trading volume daily.

Although it is a useful crypto exchange for beginners, it also features Coinbase Pro, which is perfect for experienced traders.

Coinbase also offers valuable educational materials for users.

One thing you need to be aware of is its high fees when compared to other cryptocurrency exchange platforms, 0% – 3.99% varying on the type of transaction; other fees apply too.

Many investors choose Coinbase for its strong security and user-friendly design, even with its high fees. The platform stores 98% of funds in cold wallets and mandates two-factor authentication for all users.

Another key feature is its advanced crypto wallet. Download it to your phone for full control over your private keys.

Unless using the Pro feature, I’d recommend Coinbase to beginners who only want to invest in crypto and no other assets.

However, don’t forget about its high fees.

Key rating criteria:

Fees to buy BitcoinDeposit feesNumber of cryptoGBP deposit methods
1% commission +
0.5% spread fee
Debit card fee
of 3.99%
250+Bank transfer, credit card,
cryptocurrency, debit card, PayPal

Customer support: Live messaging support is available 24 hours a day, seven days a week (although it can be quite slow).

Read my complete Coinbase review.

Coinbase pros:

  • User-friendly interface
  • Reliable crypto wallet
  • Coinbase Visa card to spend crypto worldwide

Coinbase cons:

  • High fees & complicated structure
  • Customer support tends to be slow

4. Kraken – Cheapest crypto exchange UK

Kraken - Cheapest crypto exchange UK

If you need more of a crypto trading platform, where you plan to buy and sell cryptocurrencies frequently, I would recommend Kraken.

Kraken, launched just two years after Bitcoin, is among the oldest crypto exchanges and now offers 237 cryptocurrencies.

The cryptocurrency exchange is suitable for beginners and also offers complex tools for expert traders and investors, including an API for added flexibility.

Kraken’s fees range from 0.16% – 2%. Fees on its more advanced Kraken Pro service are among the lowest reviewed, making it one of the cheapest crypto exchanges in the UK.

Therefore, if you’re an advanced crypto trader who is looking for a cheap crypto exchange to facilitate frequent trades, I’d recommend Kraken.

Key rating criteria:

Fees to buy BitcoinDeposit feesNumber of cryptoGBP deposit methods
From 0.26%£1 fee on
bank transfers
230+Bank transfer, credit card,
cryptocurrency, debit card,
Apple Pay, Google Pay, SWIFT

Customer support: Live messaging and phone support are available 24 hours a day, seven days a week.

Read my complete Kraken review.

Kraken pros:

  • Suitable for traders & investors of different experience levels
  • Advanced crypto trading platform
  • Low trading fees when using the Pro version

Kraken cons:

  • Higher fees when not using Kraken Pro
  • Some trading features unavailable to UK users (futures trading)

5. Revolut – Best if you want your mobile banking & crypto in one place

Revolut - Best if you want your mobile banking & crypto in one place.

If you are currently a user of Revolut, the easiest way to buy crypto would be through its built-in crypto exchange.

Revolut is a British online banking app with a customer-first approach, making it widely popular in the UK.

User-friendliness is one of the many reasons you would use the Revolut app.

With a Revolut account, you can buy, hold, and sell 80 different cryptocurrencies in split-second transactions.

After successful account creation and fund deposit, Revolut allows you to invest in your desired cryptoassets instantly.

The reason I included Revolut on this list is that some people may want to keep their banking and crypto investments all in one place.

Despite the slightly higher fees, for some, the price you pay for convenience may be worth it.

Additionally, Revolut has many great features such as:

  • The ability to send crypto to your friends
  • Stake your crypto and earn up to 11.65% APY
  • Earn free tokens by taking and completing quizzes
  • Make everyday payments with your crypto balance using your card
  • Round up your spare change in crypto

If you prioritise convenience and simplicity, Revolut may be the best bet for you.

Key rating criteria:

Fees to buy BitcoinDeposit feesNumber of cryptoGBP deposit methods
1.49%2.5%80+Bank transfer, credit card,
cryptocurrency, debit card,
Apple Pay, Google Pay,
SWIFT

Customer support: Live in-app chat.

Read my complete Revolut review.

Revolut pros:

  • Users can spend in 150 different currencies with no hidden fees
  • Fintech banking solution with crypto features
  • Disposable virtual cards

Revolut cons:

  • High crypto tokenfees
  • Not as many cryptocurrencies as other platforms

What Is a Crypto Exchange?

In short, cryptocurrency exchanges allow you to buy, sell, and trade digital currencies.

A crypto exchange is a way to purchase cryptocurrency assets. It pairs buyers and sellers to execute a trade at a fixed rate.

Exchanges typically benefit from taking the finders fee, a small fee from the whole trade, but they will also provide you with safety, numerous tools, and other features suitable for your investment goals.

There are different types of exchanges. However, Centralised Exchanges (CEX) are the most commonly used types of exchanges. CEXs bring interested parties together and handle asset exchange via their account.

On the other hand, Decentralised Exchanges (DEX), which are less commonly used, pair transacting parties with each other directly without any interference.

Fundamentally, crypto exchanges are designed to bring parties together to facilitate the trade and exchange of cryptocurrency.

How Do Exchanges Work?

As mentioned earlier, crypto exchanges facilitate trades between buyers and sellers, and that makes them no different from traditional trading platforms.

If you want to know how using these exchanges exactly works, let me take you through the process, step-by-step: 

  1. You first need to open an account with your chosen crypto exchange by providing some personal information.
  2. You have to deposit funds to be able to start trading cryptocurrency. Regulated exchanges like eToro accept fiat deposits via debit card or bank transfers.
  3. After you’ve funded your account, choose a cryptocurrency pair you want to trade. The most traded pair in this space is BTC/USD.
  4. Now you need to place an order at your chosen cryptocurrency exchange and enter the amount of money you want to spend.

And that’s it. The process is more or less the same with all the exchanges I’ve reviewed above.

If you’re looking for a more thorough walkthrough, you’ll find a more detailed guide on how to use a crypto exchange in the UK further down.

How to Choose the Best Cryptocurrency Exchange UK

Choosing the best cryptocurrency exchange in the UK can be a difficult decision, especially for beginners.

But it doesn’t need to be that hard, plus you can always try out a few!

At the end of the day, it will depend on your priorities and what feels right to you.

Along with the key rating criteria I used to rank the exchanges, here’s what to look for and compare:

Ease of Use

For those looking to get into the world of cryptocurrency trading, the process can seem daunting, so the simpler the exchange the better.

Experienced traders, on the other hand, may search for a platform that provides more advanced features such as specialised charting and order types, as well as margin trading.

To make the experience easier, beginners should look for a platform that has a user-friendly interface and is easy to comprehend.

eToro, Coinbase, and Revolut are the clear winners here in terms of simplicity.

Security

Security is another important factor to consider when choosing a crypto trading platform.

The security of an exchange is worth looking at from two angles: the security of your coins and assets and, secondly, whether the exchange’s security is up to standard and satisfactory by regulators.

In terms of coins, you should be asking what percentage of customer funds are stored offline or in cold storage. Although I always recommend moving your cryptocurrency off an exchange.

Certain cryptocurrency exchanges maintain an insurance fund to use in case of a hack. However, it depends if the insurance fully covers all losses incurred from such breaches.

It’s important to look at the exchange’s overall security and ask yourself what is it doing to protect customers’ funds.

Uphold is at the forefront of providing full transparency with its audited proof-of-reserves. This means they are providing real-time data to demonstrate how they are protecting customer funds, verifying that they are always fully backed 1:1.

Fees

When choosing a crypto exchange, transaction and trading fees are other factors to consider. For low-volume traders, fees may not be an immediate issue since other benefits outweigh fee costs.

Also, comparing the functionality and service provided to the fee can help determine if the charged fee is fair.

Lower fee platforms are recommended for high-volume traders, while traders focused on buying and lending may consider a wide range of features and functionalities.

Kraken Pro is one of the cheapest crypto exchanges, however, I wouldn’t recommend it for a complete beginner. On the other hand, eToro keeps it simple with its 1% fee across the board.

Supported Cryptocurrencies

Supported cryptocurrencies may not be a deal-breaker for everyone, the top 20 coins make up 90% of usage after all, but for experienced traders, you may want more flexibility and freedom depending on your trading strategy.

Generally, it’s always better to have more tokens at your disposal.

After all, building a diversified portfolio is highly recommended. This will reduce the risk of one asset’s performance affecting your entire portfolio.

In other words, diversifying your portfolio means not putting all your eggs in one basket.

Regulation

Cryptocurrency and other financial assets are legal property in the UK.

Exchange platforms need to carry out necessary steps to comply with the regulator’s guidelines, including getting a license like an EMI license.

You should look for a crypto exchange that holds a regulatory license. That’s one of the most important things to take into account if you want to trade safely.

And that’s precisely why I find eToro the best cryptocurrency exchange in the UK. Apart from being regulated by the FCA, eToro is also regulated in Australia (ASIC) and Europe (CySEC). And in case you decide to invest in stocks or ETFs, your money will be secured by the FSCS.

Customer Support

Customer support is an integral part of every institution, regardless of the sector or type of platform.

Customer support is essential for building trust and integrity, as a lack of support eventually leads to losing confidence.

Also, a lack of customer support can sometimes make platform navigation and usage more difficult. On rare occasions, it can lead to a loss of money.

Therefore, considering the availability of customer support is essential when choosing the best exchange in the UK.

Wallet Security

Although I’d never recommend a user keep their cryptocurrency on an exchange, the exchange’s in-built wallet security is an important point to consider.

Generally, there are hot wallets that make use of internet access but are not as secure as the second type, cold wallets.

A cold wallet is more secure as it does not require internet access; therefore, it is not susceptible to hacking and cyber-attacks.

It is always safer to use a cold wallet.

Tools & Features

In terms of tools and features, crypto exchanges are quite versatile.

Exchanges like Kraken offer a variety of tools and features. The platform provides charting tools, technical indicators, custom order types, and so on. 

Another cool feature you might want to use is a copy trading tool offered by eToro.

This feature will allow you to copy more expert traders, making it quite useful for beginners. The platform also has Smart Portfolios, a feature that can also come in handy for those looking to diversify their risk. 

Some exchanges also offer features like crypto savings accounts, cards, staking, and even loans.

Tax on Cryptocurrency in the UK

Over time, you may realise profits from your crypto investing and trading efforts.

At that point, you may want to withdraw funds you earned and use them in the real world or for another purpose. In that case, you’re going to have to pay tax. 

If you’re a beginner, don’t worry – it’s not as complicated as it might seem. The tax laws in the UK generally aren’t complex. And there isn’t any particular cryptocurrency tax in the UK.

Cryptocurrency withdrawals are subject to Capital Gains Tax (just like in equity markets). You can also be subject to Income Tax though, depending on how you’re planning to use your crypto holdings.

To make things more clear, let’s look at how these two tax types work. 

  • Capital Gains Tax – This is relevant when you sell your crypto for FIAT currency. You’ll be charged this type of tax if you’re making withdrawals from crypto exchanges. However, Capital Gains Tax only applies when you have made a profit; there’s no tax involved if you experience a loss or your investment ends at breakeven. 
  • Income Tax – Income tax applies if you perform certain DeFi transactions. That can include staking your crypto or adding it to a liquidity pool. However, if you’re not sure if this type of tax applies to you, you should talk to a professional.

Capital Gains Tax rates are listed on the UK Government website. If you’re in the category of the basic Income Tax band, you’ll pay 10% on any gains. But if you’re above this band, you’ll pay 20% of the profits you make. 

For more complex scenarios I advise you to talk to a tax professional. 

You can also visit the UK government’s guide on UK tax on cryptoassets.

How to Use a Crypto Exchange in the UK

Finally, I’ll take you through all the essential steps of using a crypto exchange in the UK.

In my walkthrough, I will use eToro as an example. 

At the end of the day, eToro is one of the best options for investing in crypto, whether you’re a beginner or a seasoned investor.

This FCA-regulated platform will allow you to buy crypto with as little as $10. 

Step 1: Open an Account on eToro

Opening an account on eToro.

First, you need to open an account on the eToro website.

It’s a straightforward process; you just need to provide some personal information as well as your e-mail address and mobile number (eToro will text you the verification code afterward).

To make things even quicker, you can sign up with your Facebook or Google account. 

Step 2: Verification 

eToro verification.

As I mentioned earlier, eToro operates within the guidelines of multiple regulators.

Therefore, it will ask you to go through a verification process. You can upload a copy of your ID card, passport, or driver’s license.

As proof of your residential address, you can upload a bank account statement or a recent utility bill.

Any withdrawals will be restricted until you complete this step. However, you can deposit up to $2,000 without uploading an ID just yet.

Step 3: Deposit Funds 

Depositing funds on eToro.

On eToro, you need to deposit a minimum of $10. You can make instant deposits via Visa, MasterCard, and Skrill. You can also opt for UK bank transfers, but you’ll have to wait a few days to process them. 

Regardless of what supported payment method you choose, eToro will charge you a small FX fee of 0.5%. Your GBP payment will be automatically converted to USD.  

Step 4: Search for Crypto 

eToro crypto watchlists.

To find crypto on eToro, you just need to enter the name of the crypto in the search bar.

Once you see the digital currency you’re looking for, select the ‘Trade’ button. And to explore what digital assets are offered on the platform, click on the ‘Discover’ button followed by ‘Crypto’.

Step 5: Buy Crypto 

Buy Bitcoin on eToro.

Now you’re finally ready to buy crypto. To do so, let eToro know what amount of money you want to spend. You can invest any amount from $10 upward.

When you’re ready to confirm and complete your order, click on the ‘Open Trade’ button.

Where to Store Cryptocurrency After Buying on an Exchange?

Storing cryptocurrency after buying it is another common concern for beginner investors. After buying your preferred cryptocurrency, many exchanges serve as crypto wallets for storing cryptocurrency.

If you prefer to move your crypto off an exchange (highly recommended), there are a few ways you can store your cryptocurrency after purchase. You can either use a hot wallet or a cold wallet.

Although cold and hot wallets work the same way, i.e. to store cryptocurrency, their main difference is internet access.

Hot wallets require internet connectivity and are mainly used on mobile phones or desktops. These types feature public and private keys, a combination of words or characters to secure your wallet.

Hot wallets are normally free, an advantage that makes them accessible to everyone. Additionally, hot wallets can store any type of cryptocurrency. However, due to their internet access, hot wallets are more vulnerable to cyber-attacks.

A cold wallet is a hardware device, like a physical leather wallet that you can hold and carry. Although not free, cold wallets guarantee a maximum level of security. It is much harder to hack as long as it is unplugged from a computer or mobile device.

If you are going to be holding onto your crypto for a while, you may want to purchase a cold wallet from Trezor or Ledger.

Recap

What is the best cryptocurrency exchange in the UK?

Here are the best crypto exchanges to use in the UK.

  1. eToro – Best overall; Copy trading tools; Popular cryptos; 90+ crytpoassets
  2. Uphold – High level of security; Large number of altcoins; 250+ cryptoassets
  3. Coinbase – Best for beginners; User-friendly; Crypto wallet; Popular coins; 150 cryptoassets
  4. Kraken – Live prices; Trading platform; Crypto card; All-levels; 238 cryptocurrencies
  5. Revolut – Mobile app; Crypto card; Beginner-friendly; 120+ cryptocurrencies
  6. CoinJar – Pre-made crypto portfolios; 50+ cryptocurrencies
  7. Gemini – Great for staking; Credit Card; 80+ cryptocurrencies
  8. Crypto.com – Insurance cover; Verified proof of reserves; 250+ cryptocurrencies
  9. Huobi – Large selection of altcoins; 1,000+ cryptos
  10. Bybit – Crypto trading tools; 100+ cryptos

Final Thoughts

Hopefully, my guide has helped you choose the best crypto exchange for you.

It’s important to opt for an exchange that fits your investment goals and interests, but you should also pay attention to fees, regulation, supported coins, and any extra features. 

All things considered, I highly recommend using eToro, regardless of your level of experience.

This FCA-regulated exchange is safe, user-friendly, and lets you start with just £8.

Best overall
eToro - Overall best crypto exchange
4.8

eToro is trusted by over 30 million users worldwide. It's the best crypto exchange in the UK due to its cold storage, range of over 3,000 assets, innovative trading features, user-friendly GBP deposit options, and industry-leading fees.

Pros:
  • User-friendly
  • Copy the moves of professional traders
  • Social trading & educational features
Cons:
  • Withdrawal fees
Don’t invest unless you’re prepared to lose all the money you invest.

UK Crypto Exchange FAQs

What is the best crypto exchange for beginners UK?

For beginners in the UK, eToro and Coinbase are considered the best exchanges. They offer user-friendly interfaces and educational resources, making them ideal for those new to cryptocurrency trading.

What is the safest crypto exchange in the UK?

The safest crypto exchanges, recognised for their robust security measures and user trust, are eToro and Kraken. Both platforms have established a reputation for providing secure trading environments and implementing advanced safety protocols.

What is the best cryptocurrency exchange with low fees UK?

In the UK, Kraken stands out as the best exchange for those seeking low fees. It is highly regarded for its competitive fee structure, appealing to users looking to minimise trading costs.

Are UK crypto exchanges regulated?

Yes, UK crypto exchanges are regulated. They fall under the oversight of the Financial Conduct Authority (FCA). The FCA ensures that exchanges meet certain standards for security and fairness.

What is the cheapest UK cryptocurrency exchange?

The cheapest crypto exchange in the UK depends on many factors that generally affect total costs like leverage, deposit method, fees, and the type of cryptocurrency you wish to buy. Kraken Pro is a good option to start with. However, its complex user interface can be complicated for beginners to navigate and use.

Is Binance better than Coinbase?

This is a subjective decision that depends on your goals and the preferred functionality you want. The only disadvantage of Binance can be its complex interface for beginners. However, Binance offers a wide range of functionality at a very low cost. Coinbase is generally easier to navigate, especially for beginners. Therefore, your preference can also be influenced by your proficiency in trading. Meanwhile, it is essential to know that you can start with Coinbase while learning to get the hang of Binance, then switch once you think you are proficient enough. UPDATE: Binance has suspended UK deposits & withdrawals6.

Is investing in cryptocurrency legal in the UK?

Yes, investing in cryptocurrency is legal in the UK. However, the Financial Conduct Authority (FCA) has banned the sale of crypto derivatives to retail consumers7. It’s important to stay informed about regulatory updates when investing.

Are cryptocurrency exchanges legal in the UK?

Yes, cryptocurrency exchanges are legal in the UK. However, they are subject to regulation by the Financial Conduct Authority (FCA). Exchanges must comply with specific requirements, including anti-money laundering (AML) and know-your-customer (KYC) rules. Always make sure any crypto exchange you use is registered with the FCA.

More crypto guides:

Sources:

  1. https://www.fca.org.uk/publication/research-notes/research-note-cryptoasset-consumer-research-2023-wave4.pdf ↩︎
  2. https://www.statista.com/outlook/dmo/fintech/digital-assets/cryptocurrencies/united-kingdom ↩︎
  3. https://uk.style.yahoo.com/most-popular-cryptocurrency-2021-uk-093057693.html ↩︎
  4. https://www.cam.ac.uk/research/news/study-highlights-growing-significance-of-cryptocurrencies ↩︎
  5. https://www.statista.com/statistics/1262787/etoro-registered-users/ ↩︎
  6. https://www.bloomberg.com/news/articles/2023-03-14/binance-halts-deposits-and-withdrawals-for-customers-in-the-uk ↩︎
  7. https://www.ft.com/content/6e79e3e0-c7c9-4577-998c-5c79d24cf1d2 ↩︎

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