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Best Crypto Exchange in the UK for 2024

Tobi Opeyemi Amure
Reviewed by:
Best crypto exchange UK

In a nutshell, the best crypto exchanges in the UK are eToro, known for its social trading feature; Uphold, which offers a unique ‘Anything-to-Anything’ trading experience; and Coinbase, popular for its user-friendly interface and extensive cryptocurrency selection.

Looking for a safe place to invest in crypto in 2024?

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

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

Best overall
4.8
Large selection of altcoins
4.5

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.

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

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

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

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

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

10 Best Cryptocurrency Exchanges UK Ranked

Here is a quick list of the top choices 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. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

  1. eToro – Best for beginners
  2. Uphold – Best for a large selection of altcoins
  3. Coinbase – Best for simplicity
  4. Kraken – Best for low-cost trading
  5. Revolut – Best if you want your mobile banking & crypto in one place
  6. Gemini – Best for the security-conscious
  7. Crypto.com – Best for diverse trading options & mobile use
  8. CoinJar – Best for simple crypto transactions
  9. CEX.IO – Best for advanced traders with a competitive fee structure
  10. Bitpanda – Best for easy access to crypto & innovative savings products

Top Picks Compared for UK Investors

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

RankExchangeFeesDeposit feesCryptocurrencies availableGBP 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
6GeminiFrom 1.49%Debit card fee of 3.49%,
PayPal fee of 2.50%
70+Bank transfer, credit card,
cryptocurrency, debit card,
Apple Pay, Google Pay, PayPal,
SWIFT, CBIT™
7Crypto.comUp to 0.075%Debit card fee of 2.99%250+Bank transfer, credit card,
cryptocurrency, debit card, Apple Pay,
Google Pay, SWIFT
8CoinJarUp to 0.10%None50+Bank transfer (ACH), debit card,
Apple Pay, Google Pay
9CEX.IOUp to 0.15%None200+Bank transfer (ACH), debit card,
Apple Pay, Google Pay
10Bitpanda1.49%None300+Bank transfer (ACH), debit card,
Apple Pay, Google Pay

How We Tested & Rated the Exchanges

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

  • As of 2024, 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 2024, 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 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 platform for them.

Using my experience in this field, I’ve compiled a list of my selections based on four key criteria:

  1. Fees to buy crypto
  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 options I’ve reviewed below are regulated by the UK’s Financial Conduct Authority (FCA) and have apps available on Android and iOS.

Why Trust Us?

I’ve worked in the retail investment & crypto sector in London over the last four years. I worked for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor” where I was able to work with and test some of the biggest cryptocurrency brands on the market.

I hand-test each platform I review, many of which I use for personal use. I’m editorially unbiased and only recommend products I’d recommend to my family. You can read about my process and methodology for reviewing platforms here, ‘how we test‘.

Additionally, this article was reviewed by Tobi Opeyemi Amure, a cryptocurrency expert and writer at Investopedia and Investing.com to ensure accuracy.

1. eToro – Best for beginners

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro - Best for beginners.

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 platform 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 instantly, or opt for a bank transfer, although this may take a few days.

The minimum deposit for UK investors on eToro is $100.

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.
Past performance is not an indication of future results.

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.
Past performance is not an indication of future results.

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-registered 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 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, with over 18,000 reviews.

eToro Trustpilot review.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP 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.

Pros:

  • Low minimum deposit amount ($100)
  • CopyTrader feature for passive investing
  • Easy-to-use interface for beginner investors

Cons:

  • Small conversion fee for GBP deposits

Read my complete eToro review.

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

2. Uphold – Best for a large selection of altcoins

Uphold - Best for a large selection of altcoins

If you’re looking for a great option 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 cryptoDeposit feesNumber of cryptosGBP 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.

Pros:

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

Cons:

  • High spreads on lower-volume assets

3. Coinbase – Best for simplicity

Coinbase - Best for simplicity

Coinbase 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 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 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 cryptoDeposit feesNumber of cryptosGBP 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).

Pros:

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

Cons:

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

4. Kraken – Best for low-cost trading

Kraken - Best for low-cost trading

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 exchanges and now offers 237 cryptocurrencies.

It’s 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 platform to facilitate frequent trades, I’d recommend Kraken.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP 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.

Pros:

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

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 cryptoDeposit feesNumber of cryptosGBP 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.

Pros:

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

Cons:

  • High crypto token fees
  • Not as many cryptocurrencies as other platforms

6. Gemini – Best for security-conscious crypto traders

Gemini - Best for security-conscious crypto traders.

Founded in 2014, Gemini stands out in the UK’s crypto market, known for its strong security and trustworthiness.

Regulated by the Financial Conduct Authority (FCA), it offers robust security measures like two-factor authentication and cold storage, enhancing the safety of user funds.

Key Features:

  • Offers over 70 cryptocurrencies, appealing to a variety of traders.
  • Gemini Earn feature allows earning up to 8.05% APY on holdings, with no lock-in period.
  • User-friendly interface, accessible via a comprehensive mobile app.

Fees and Security:

  • Maximum trading fee of 1.49%, with no charges for GBP deposits and withdrawals.
  • First SOC 1 Type 2 and SOC 2 Type 2 certified exchange, ensuring top-notch security.

Gemini provides a seamless trading experience with its advanced trading options, educational resources, and a versatile ecosystem that includes an NFT marketplace.

Despite past security incidents, its commitment to safety and compliance makes it a reliable choice for UK crypto investors.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP deposit methods
From 1.49%
Debit card fee of 3.49%,
PayPal fee of 2.50%
70+Bank transfer, credit card,
cryptocurrency, debit card,
Apple Pay, Google Pay, PayPal,
SWIFT, CBIT™

Pros:

  • Enables cryptocurrency transactions in brick-and-mortar stores via Gemini Pay
  • Extensive educational materials
  • Stringent security protocols

Cons:

  • Trading interface may be challenging for novice users
  • Transaction costs are higher than other platforms

7. Crypto.com – Best for diverse trading options & mobile use

Crypto.com - Best for diverse trading options & mobile use

Crypto.com, recognised for its exceptional mobile trading capabilities, is a standout option in the UK.

With a substantial user base of over 80 million6 and supporting 250+ cryptocurrencies, it offers a seamless experience on both iOS and Android platforms.

Key Features:

  • Boasts over 250 tradable coins, including major ones like Bitcoin and Ethereum.
  • Offers competitive trading commissions starting at 0.075%, with volume-based discounts.
  • Unique offerings like a dedicated NFT marketplace and Crypto.org chain.

Fees and Savings:

  • Charging 2.99% on debit card payments, it offers free bank transfers.
  • Introduces a tiered fee structure, with a maximum maker fee of 0.4%.
  • Crypto savings accounts and loans, with options to earn returns on holdings.

Security and Compliance:

  • Adheres to stringent security protocols, including MFA and compliance screenings.
  • Holds prestigious certifications like ISO/IEC 27001:2013, emphasising its robust security.
  • Successfully managed a security breach in 2022, promptly refunding affected users.

Accessibility and Support:

  • User-friendly app with intuitive features and no minimum deposit requirements.
  • Offers various payment options including e-wallets and credit/debit cards.
  • Ensures compliance with KYC regulations, requiring photo ID for account opening.

Crypto.com’s comprehensive suite, including crypto visa cards and DeFi wallet, alongside its commitment to security and user-friendly interface, makes it a top choice for UK crypto traders.

Its ability to cater to both novice and experienced traders, combined with its expansive cryptocurrency offerings, positions it as a versatile and trustworthy platform.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP deposit methods
Up to 0.075%Debit card fee of 2.99%250+Bank transfer, credit card,
cryptocurrency, debit card, Apple Pay,
Google Pay, SWIFT

Pros:

  • Large selection of coins and trading pairs are available
  • Low bank transfer fees
  • Simple program for staking cryptocurrencies

Cons:

  • Elevated charges for withdrawing cryptocurrencies

8. CoinJar – Best for simple crypto transactions

CoinJar - Best for simple crypto transactions

CoinJar, established in 2013, is ideal for both novice and experienced traders in the UK and Europe.

Known for its straightforward and jargon-free approach, CoinJar makes buying and selling digital currencies effortless, especially for beginners.

Key Features:

  • Supports a diverse range of over 50 cryptocurrencies, including Bitcoin, Ethereum, and large-cap altcoins.
  • Offers a user-friendly interface on both web and mobile platforms (Android and iOS).
  • Unique offerings such as CoinJar Bundles for diversified crypto investments and a cryptocurrency debit card.
  • Institutional-grade solutions like OTC trading desk for advanced traders.

Fees and Accessibility:

  • A flat commission of 1% on buy and sell orders, with competitive trading fees on the CoinJar Exchange (0.00% for taker orders and 0.04% – 0.10% for maker orders).
  • No extra withdrawal fee to external wallets (network fee applies).
  • Allows instant crypto purchases using debit cards with a relatively low fee.

Security and Support:

  • A trusted platform with no history of hacking incidents.
  • Offers responsive customer support, ensuring user satisfaction.
  • Integrates CoinJar card with Google Pay, allowing seamless crypto transactions.

User Experience:

  • CoinJar is ideal for users of all levels, with an easy-to-use app and options for automated crypto purchases.
  • Features like Crypto Bundles aid beginners in diversified crypto investments.
  • Advanced traders benefit from razor-thin spreads and globally sourced liquidity on CoinJar’s OTC platform.

Catering to a wide range of users, from beginners to institutional investors, it offers a secure and convenient platform for trading and investing in a variety of cryptocurrencies.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP deposit methods
Up to 0.10%None50+Bank transfer (ACH), debit card,
Apple Pay, Google Pay

Pros:

  • Advanced multi-signature security system for digital assets
  • 90% of users’ funds are securely stored offline
  • Easy-to-use trading interface available on both web and mobile apps
  • Extensive resources for learning about cryptocurrency trading.

Cons:

  • Lacks investment options
  • No demo accounts for practice trading
  • Support is limited to ticket-based communication

9. CEX.IO – Best for advanced traders with a competitive fee structure

CEX.IO - Best for advanced traders with a competitive fee structure

Founded in 2013, CEX.IO is a reliable choice for UK traders, offering a comprehensive range of services for both retail and institutional investors. With over 4 million users, it supports more than 200 cryptocurrencies.

Features and Accessibility:

  • Competitive trading fees, starting from 0.15%, and a variety of payment methods.
  • Mobile app available for iOS and Android, enhancing trading flexibility.

Security and Investment Options:

  • Prioritises security with no history of customer fund losses, and implements robust measures like 2FA and cold storage.
  • Offers staking with attractive APYs, along with crypto-backed loans.

User Experience:

  • Intuitive interface suitable for a range of traders, from beginners to advanced.
  • Some users may find the fee structure and verification process a bit complex.

CEX.IO, known for its security and diverse trading options is an appealing option for users seeking a secure and versatile platform.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP deposit methods
Up to 0.15%None200+Bank transfer (ACH), debit card,
Apple Pay, Google Pay

Pros:

  • Supports a broad selection of cryptocurrencies
  • Allows users to earn cryptocurrency rewards
  • Offers loans backed by cryptocurrency

Cons:

  • The variety of products and services might confuse new users
  • Has less liquidity compared to top international exchanges

10. Bitpanda – Best for easy access to crypto & innovative savings products

Bitpanda exchange.

Bitpanda, founded in 2014 in Vienna, Austria, has established itself as a prominent crypto exchange, particularly for the European market including the UK.

Key Features:

  • Offers trading in cryptocurrencies, metals, stablecoins, and DeFi tokens.
  • Includes innovative products like Bitpanda Pay, Crypto Index, and Savings.
  • Provides a comprehensive mobile app for both Android and iOS users.
  • Specialises in instant asset swaps through Bitpanda Swap.

Fees and Accessibility:

  • Trading fees are 1.49% for buying and selling crypto, with more competitive rates for professional traders on Bitpanda Pro.
  • Offers multiple fiat deposit options, with SEPA deposits being free of charge.
  • Transparent fee structure, although some users find the fees slightly complex.

Security and Investment Options:

  • Adheres to high security standards with no reported breaches.
  • Allows investments in physically-backed metals like gold and silver.
  • Offers a unique feature, Bitpanda Crypto Index, for diversified crypto investments.

User Experience:

  • Praised for its fast, reliable service and responsive customer support.
  • Provides educational resources for newcomers.
  • Some users report complexities in the verification process and fee structure.

Bitpanda excels for its wide range of services, commitment to security, and user-friendly interface, making it a preferred choice in the UK and Europe.

Key rating criteria:

Fees to buy cryptoDeposit feesNumber of cryptosGBP deposit methods
1.49%None300+Bank transfer (ACH), debit card,
Apple Pay, Google Pay

Pros:

  • Offers a cryptocurrency index fund
  • Provides excellent learning materials
  • Includes a Bitpanda Visa card

Cons:

  • Lacks features for earning interest
  • Limited selection of cryptocurrencies on the Bitpanda Pro platform

Factors to Consider

Choosing a crypto 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 them, here’s what to look for and compare:

Ease of Use

The simpler the exchange the better for newcomers.

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 straightforward interface and is easy to comprehend.

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

Security

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

Transaction and trading fees are another important factor 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 platform that holds a regulatory license. That’s one of the most important things to take into account if you want to trade safely.

eToro does a good job of this. Apart from being registered by the FCA, it’s also registered 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.

It 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.

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 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.

NerdWallet has a good video that can help you further:

Final Thoughts

Hopefully, my guide has helped you get your head around the confusing world of crypto.

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 recommend using eToro, regardless of your level of experience.

This FCA-registered exchange is safe, user-friendly, and lets you start with $100.

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
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

FAQs

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.

Are cryptocurrency exchanges legal in the UK?

Yes, cryptocurrency exchanges are legal in the UK. 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 exchange you use is registered with the FCA.

Similar 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://crypto.com/company-news/global-cryptocurrency-owners-grow-to-580-million-through-2023 ↩︎
  7. https://www.ft.com/content/6e79e3e0-c7c9-4577-998c-5c79d24cf1d2 ↩︎

eToro is a multi-asset platform that offers both investing in stocks and crypto assets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as a basis for investment decisions.

Copy Trading does not amount to investment advice. Your investment value may go up or down. Your capital is at risk.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilising publicly available non-entity-specific information about eToro.

Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London 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”.

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