Although Coinbase is one of the most popular cryptocurrency exchanges, investors are seeking alternatives due to its high trading fees and limited selection of coins.
By evaluating factors such as security, user experience, trading options and customer support, I’ve picked some of the best Coinbase alternatives in the UK.
I’ll also help you choose the best one for you.
Table of Contents
Quick Answer: My Top Picks
Looking for the best Coinbase alternatives in the UK? Here are a few options worth considering.
- eToro – Overall best Coinbase alternative UK
- Kraken – Best for Leverage & margin trading
- Uphold – Best for trading multiple assets
Best Coinbase Alternative UK Reviews
Take a look at the list I’ve prepared below of the top Coinbase alternatives available in the United Kingdom.
1. eToro – Overall Best Coinbase Alternative UK
Don’t invest unless you’re prepared to lose all the money you invest.
When it comes to buying cryptocurrencies, eToro stands out as a compelling alternative to Coinbase for several reasons.
Firstly, eToro offers a user-friendly and intuitive interface, making it an excellent platform for both beginner and experienced traders.
With its sleek design and straightforward navigation, users can quickly navigate through the platform and execute trades with ease.
One of the standout features of eToro is its unique social trading functionality through its CopyTrader and Smart Portfolios. These features allow users to follow and copy the trades of successful traders on the platform, enabling beginners to learn from experts and potentially improve their trading outcomes.
This social aspect sets eToro apart from Coinbase, making it an attractive choice for those looking to engage with a community of like-minded traders.
Furthermore, eToro distinguishes itself with its fee structure. While Coinbase charges a variety of fees, including transaction fees and spread markups, eToro operates on a fixed 1% trading fee for buying and selling cryptocurrencies.
This transparent approach to fees can result in significant cost savings for frequent traders.
Finally, it’s worth noting that in March of 2021, eToro announced that they reached 20 million registered users worldwide.
On top of this, they have an ‘Excellent’ rating on Trustpilot (which is quite rare for crypto exchanges), with over 18,000 reviews.
Read my complete eToro review.
- Fees: Crypto trading fees are 1%.
- Supported Assets: 92 cryptocurrencies, stocks, indices, commodities, fiat currencies and ETFs.
- Regulation: FCA.
- Customer Support: 24/5 support via live chat, email and ticket system.
- GBP Deposit Methods: Bank Transfer, Debit Card, eToro Money, Skrill, Neteller, Rapid Transfer & Trustly.
Don’t invest unless you’re prepared to lose all the money you invest.
2. Kraken – Best for Leverage & Margin Trading
You may already be aware of the FCA’s recent ban on crypto-derivatives. And perhaps the biggest impact is that investors can no longer trade Bitcoin CFDs or access leverage trading.
But one name still stands out in this regard; Kraken, which supports leverage crypto trading in the UK. This is attributed to the fact that Kraken doesn’t provide crypto derivatives in their purest form. So, you can enjoy a leverage limit of 1:5 when buying Bitcoin on this platform.
Assuming you deposit £200 into your trading account, you could invest as much as £1,000. What’s more, Kraken provides even better leverage when trading Bitcoin futures, sometimes going as high as 1:40.
When comparing tradable assets, it’s safe to say that Kraken is more than just a broker. It is also an exchange. That means you can trade Bitcoin and other valuable cryptocurrencies on the platform.
In that case, everything begins with a successful fund transfer, with Kraken having a minimum deposit requirement of £1.
While you can deposit funds anytime via debit cards, the costs are high, going up to 3.75% + €0.25 per transaction. This fee also covers the commission charged when buying Bitcoin.
It’s important to note that Kraken also offers an excellent collection of digital currencies based on the investor’s needs. It has a reasonable fee of 0.16% for every trade, which is better than most trading platforms.
Read my complete Kraken review.
- Fees: 0.16% – 2%.
- Supported Assets: 221 cryptos.
- Regulation: FCA.
- Customer Support: Live messaging support and phone support are available 24 hours a day, seven days a week.
- GBP Deposit Methods: Bank Transfer, Faster Payments Transfer, SEPA, Swift.
3. Uphold – Best for trading multiple assets
For individuals and businesses seeking a platform that enables seamless crypto transactions, crypto earnings through staking, and the ability to trade a variety of assets, Uphold emerges as a compelling alternative to Coinbase.
While Uphold falls short in advanced trading capabilities, it offers several unique features and advantages worth considering.
One notable advantage of Uphold is its ability to facilitate cross-trading between cryptocurrencies, stocks, precious metals, and fiat currencies.
This versatility allows users to diversify their investments and explore different asset classes within a single platform.
Additionally, Uphold supports instant purchases of cryptocurrencies using credit and debit cards, as well as popular payment methods like Apple Pay and Google Pay, providing convenience and accessibility.
When compared to Coinbase, Uphold may have a more limited selection of cryptocurrencies, supporting around 250+ digital assets.
However, Uphold compensates by offering lower trading fees, particularly for popular cryptocurrencies like Bitcoin, Ethereum, and mainstream coins. This cost-effective approach can be beneficial for frequent traders or those looking to optimize their trading expenses.
While Coinbase may offer a wider range of cryptos, Uphold provides attractive features such as its Uphold Mastercard, which offers rewards up to 2% when using crypto for purchases.
Uphold also caters to businesses with its comprehensive business services and APIs, facilitating seamless integration and enhanced functionality.
It’s important to note that Uphold supports crypto staking, providing users with up to 24% in staking annual percentage yields (APYs).
However, Coinbase may have an edge in terms of staking options, offering higher APYs, particularly for newer tokens.
Coinbase also presents a broader selection of tokens available for staking compared to Uphold.
In summary, Uphold serves as a versatile alternative to Coinbase, excelling in facilitating crypto transactions, supporting cross-trading of various assets, and offering competitive trading fees for popular cryptocurrencies.
While it may lack advanced trading features and a diverse crypto selection, Uphold’s unique offerings such as the Uphold Mastercard and business services make it an attractive choice for those seeking a comprehensive crypto platform.
Read my complete Uphold review.
- Fees: Deposits are free when funded by a bank account, debit/credit card, using Bitcoin, or from another Uphold account. Crypto trading fees range between 0.8% and 1.2%.
- Supported Assets: 250+ cryptos, shares, precious metals and fiat currencies.
- Regulation: FCA.
- Customer Support: 24/7 support via live chat and email.
- GBP Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
How to Choose the Best Coinbase Alternative UK
Choosing the best Coinbase alternative in the UK requires careful consideration of several factors.
Here are some key aspects to keep in mind when making your decision:
- Cryptocurrency Selection: Evaluate the range of cryptocurrencies supported by the alternative platform. Look for exchanges that offer a diverse selection of coins, including popular cryptocurrencies and emerging digital assets.
- User Experience: Consider the user interface and overall user experience provided by the alternative platform. Look for intuitive and user-friendly interfaces that make it easy to navigate, trade, and manage your assets.
- Fees and Pricing: Compare the fee structures of different platforms. Look for exchanges with competitive fees, including transaction fees, deposit and withdrawal fees, and any other applicable charges. Pay attention to hidden fees and be aware of any additional costs associated with specific services.
- Security Measures: Ensure that the alternative platform prioritises security and employs robust measures to protect your funds and personal information. Look for exchanges with two-factor authentication, cold storage for cryptocurrencies, and a strong track record of security practices.
- Regulatory Compliance: Verify that the alternative platform operates within the legal framework and is compliant with relevant regulations. Choose exchanges that are licensed and regulated by reputable authorities to ensure a higher level of trust and accountability.
- Customer Support: Consider the quality and availability of customer support provided by the alternative platform. Look for exchanges that offer responsive customer service channels, such as live chat, email support, or phone support, to address any issues or concerns you may have.
- Trading Features: Assess the trading features and tools available on the alternative platform. Look for exchanges that provide advanced trading options, such as limit orders, stop-loss orders, and margin trading, if you require more sophisticated trading functionalities.
- Reputation and Trustworthiness: Research the reputation and track record of the alternative platform. Read user reviews, check industry forums, and look for any notable incidents or controversies associated with the exchange. Opt for exchanges with a strong reputation for reliability and trustworthiness.
- Liquidity: Consider the liquidity of the platform, especially if you plan to engage in larger trades. Look for exchanges with sufficient trading volume and liquidity to ensure smooth execution of orders.
- Additional Features: Explore any additional features or services offered by the alternative platform that align with your specific needs. This may include options like social trading, staking, lending, or access to other financial products.
By carefully evaluating these factors, you can select the best Coinbase alternative in the UK that aligns with your trading goals, preferences, and priorities.
Remember to conduct thorough research and compare multiple platforms to make an informed decision.
Final Thoughts
Coinbase is often one of the first platforms newcomers to crypto use that does a decent job of satisfying their basic needs.
However, it’s also one of the most expensive options in the market.
There are many alternatives to Coinbase out there, and it’s worth researching them all to see if they meet your specific needs better.
My overall favourite Coinbase alternative is eToro, outshining Coinbase in many aspects.
Besides being FCA regulated and easy to use, eToro only charges a 1% fee on all crypto investments, making it an excellent choice for all investors.
FAQs
Is Kraken better than Coinbase?
Both Kraken and Coinbase have their own strengths and weaknesses, and the choice between them depends on individual preferences. Kraken offers advanced trading features and lower fees, while Coinbase provides a user-friendly interface and a wider range of supported cryptocurrencies.
What is the best Coinbase UK alternative for inexperienced investors?
While it’s widely known for its high trading fees, Coinbase still stands out as a great platform for newbies. However, there’s no harm in considering eToro if you are completely new to this field and looking for an efficient platform with an easy-to-use interface and low trading fees.
Is Coinbase safe to use in UK?
Yes, Coinbase is generally considered safe to use in the UK and authorised by the FCA. It is a reputable and regulated cryptocurrency exchange that has implemented security measures to protect user funds and personal information.
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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, 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 basis for investment decision.
Copy Trading does not amount to investment advice. Your investments value may go up or down. Your capital is at risk.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
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 utilizing publicly available non-entity specific information about eToro.
