9 Best Bitcoin Brokers in the UK for 2023

Bitcoin brokers enable investors to buy and sell cryptocurrencies online. In this guide, we compare a selection of the best Bitcoin brokers in the UK.

Read on to get started with an FCA-regulated crypto broker that accepts UK debit cards at low fees.

Reviewing The Best Bitcoin Brokers for Beginners

The crypto trading space is largely safe, but some brokers operate without adequate licensing and consumer protections. As such, first-time investors should ensure they choose a Bitcoin broker that is regulated.

Moreover, the chosen Bitcoin broker should offer low fees and support for UK debit cards and bank transfers. Read on to review the best Bitcoin brokers in the UK for 2023.

1. eToro – Overall Best Bitcoin Broker in the UK (FCA-Regulated)

eToro was founded in 2007 and is authorized and regulated by the FCA. This top Bitcoin broker is also licensed by authorities in the US, Australia, and Cyprus. Therefore, eToro is the best Bitcoin broker in the UK for safety. Not only that, but eToro also stands out for its user-friendliness.

For example, new eToro customers can open an account in about five minutes. Multiple UK deposit methods are supported, including debit/credit cards, PayPal, Skrill, and bank transfers. Moreover, the minimum deposit is a very beginner-friendly $10 (about £8).

After making a deposit into the eToro account, UK investors can then buy Bitcoin. eToro supports over 70 other cryptocurrencies too.

This includes Ethereum, Litecoin, Ripple, Cardano, Solana, Dogecoin, and more. Instead of buying individual cryptocurrencies, some investors use eToro for its smart portfolio service.

This enables investors to gain exposure to a basket of different cryptocurrencies but through a single trade. Furthermore, crypto smart portfolios are managed by eToro. This means that the basket of assets is rebalanced on behalf of investors. Another popular investment tool offered by eToro is copy trading.

As the name suggests, this enables eToro users to ‘copy’ successful traders. So if the chosen trader buys Bitcoin and Dogecoin, the same trade will be mirrored. Each copy trading position is proportionate to the amount invested. The minimum investment for copy trading and smart portfolios is $200 (about £160) and $500 (about £400), respectively.

But when buying and selling individual cryptocurrencies the minimum is just $10 per trade. eToro also offers thousands of individual stocks from the UK and international markets. There are no trading commissions to pay when trading stocks. This is also the case with ETFs.

eToro also supports forex trading, commodities like oil and gold, and indices. All supported assets can be traded online or via the eToro app for iOS and Android. eToro also offers the best crypto wallet in the UK. This is popular for storing Bitcoin and other cryptocurrencies in a user-friendly way.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

2. OKX – Low-Cost Crypto Broker for Experienced Traders

OKX is a Bitcoin broker that supports hundreds of trading pairs. This option is suitable for experienced traders that seek high-level trading tools. For example, the OKX trading suite is integrated with TradingView. This means that traders have access to advanced charting tools and technical indicators.

OKX also supports in-depth order books and several order types, including stop-losses and take-profits. Although OKX is popular with seasoned crypto traders, it also supports an ‘instant buy’ feature. This enables UK investors to deposit funds with a debit/credit card and a variety of e-wallets.

The minimum deposit requirement is just £1, so all budgets are catered for. A quick KYC process is required at OKX but this simply entails uploading some ID.  OKX is also one of the best Bitcoin brokers in the UK for passive investment tools. For example, it supports crypto savings accounts.

APYs of up to 10% are available on USD Coin and Tether. Bitcoin, Ethereum, and Shiba Inu yield 5%. The likes of API3 and Ren offer a huge APY of 365%. Best of all, savings accounts are flexible at OKX. This means that investors can withdraw their cryptocurrencies at any time without facing a penalty.

3. Binance – Trade Hundreds of Crypto Pairs With Low Commissions

Binance was founded in late 2017 and is now the most popular Bitcoin broker in this space. This provider averages many tens of billions of pounds in daily trading volume, so traders have access to premium liquidity. Moreover, Binance is used by over 100 million people globally, so trading activity is strong around the clock.

Binance is also popular for its low-fee structure. Buying and selling crypto here costs just 0.10% in commission. Furthermore, a selection of Bitcoin pairs can be traded on a commission-free basis. This includes BTC/GBP, so UK investors can buy Bitcoin without worrying about exchange rates.

Binance is also one of the best brokers for diversification, with more than 350+ coins supported on its primary exchange. However, there are even more cryptocurrencies to trade in the Binance Innovation Center. This supports up-and-coming cryptocurrencies with a small market capitalization.

Binance also offers earning tools, such as savings accounts and staking. Another feature of Binance is that it offers several crypto wallets to choose from. This includes its decentralized wallet app – Trust Wallet. One of the main drawbacks of Binance is that it regularly has its GBP payment gateway removed. Another disadvantage is that Binance is not regulated by the FCA.

 

4. Coinbase – Top Bitcoin Broker for First-Time Investors

Coinbase is a trusted crypto broker that is regulated in the US. But it also supports UK residents alongside convenient payment methods, such as debit/credit cards and PayPal. Coinbase has been operational since 2012, so it is also one of the oldest Bitcoin brokers in this marketplace.

Coinbase supports hundreds of cryptocurrencies and offers institutional-grade security. This includes keeping 98% of client-owned crypto assets in cold storage and two-factor authentication. UK investors considering Coinbase should know that this broker charges high fees.

For example, standard trading commissions amount to 1.49%. And if buying crypto with a UK debit card or PayPal, fees amount to 3.99%. On the flip side, Coinbase supports GBP-denominated crypto pairs, so this removes the need to pay a foreign exchange fee.

 

5. Bitstamp – Trading Commissions Start From 0% Per Slide

Just like Coinbase, Bitstamp is an established Bitcoin broker with a proven track record that spans over a decade. This broker is popular with investors that wish to diversify in a low-cost way. For example, trading less than $1,000 (about £800) in a 30-day period enables investors to trade at 0% commission.

When trading above $1,000 and below $10,000 (about £8,000) in a 30-day period, a commission of 0.30% is charged. Although Bitstamp offers low commissions, it charges 4% on UK debit card payments. Instead, consider depositing funds via a UK bank transfer, which is free of charge.

 

6. Crypto.com – Buy and Sell Crypto via a User-Friendly Trading App

Crypto.com is another US-centric exchange that has since opened to the UK market. It offers some of the lowest trading commissions in this space across over 250 cryptocurrencies. The maximum commission payable is just 0.075% per slide. In addition to low fees, Crypto.com is also popular for its user-friendly app. Across both iOS and Android, this supports GBP deposits.

Using a debit/credit card will cost 2.99% in fees. But opting for a UK bank transfer is fee-free. The Crypto.com app also supports savings accounts. APYs were, however, recently reduced to mitigate market risk. Crypto.com also offers a DeFi wallet app. This enables UK investors to control their private keys.

 

7. Kraken – Instantly Buy Crypto With a UK Debit Card 

Founded in 2011, Kraken is an established Bitcoin broker that supports over 200 cryptocurrencies. The main appeal of Kraken is that it takes just minutes to buy crypto with a UK debit card. The minimum investment is just £8, so investors on a budget are catered for.

Investors should keep an eye on fees when using a debit card, as this is built into the market spread. Kraken also supports GBP deposits via a UK bank transfer. Standard trading commissions at Kraken start at 0.26%. Although this can be reduced to 0.24%, this requires a monthly trading volume of at least $50,000 (about £40,000).

 

8. Coinmama – User-Friendly Crypto Broker With Instant Wallet-to-Wallet Delivery 

Coinmama is another established crypto broker, with the platform first launching in 2013. Coinmama is different from other brokers insofar as it does not offer a wallet service. Instead, investors must specify their private wallet address when completing their order. Coinmama will then transfer the tokens accordingly, once the payment is made.

Coinmama supports UK debit/credit cards, so the investment process takes just minutes. However, this is only after a KYC process has been completed. Fees are the main drawback of Coinmama, with the broker charging a commission of up to 3.9%. Those with a higher loyalty level can have this reduced to 0.99%.

9. CEX.io – Crypto Ecosystem With Trading and DeFi Services 

Founded in 2013, CEX.io is home to more than 4 million registered users. It supports a broad crypto ecosystem that covers many products and services. In addition to crypto trading, CEX.io also offers a wallet app for iOS and Android, alongside savings accounts, loans, and staking.

Although CEX.io offers transparent pricing, deposit fees are high. For example, UK residents pay 2.99% on debit/credit cards and up to 3.99% + £3 when using Skrill or Neteller. Moreover, new customers can only trade up to $3,000 (about £2,400) in a 30-day period for the first three months. As CEX.io is more suitable for casual investors.

What is a Bitcoin Broker?

If you’ve ever wondered how to buy Bitcoin in the UK then you’ll have already come across crypto exchanges and BTC brokers.

To buy crypto in the safest way, an account will need to be opened with a Bitcoin broker. In simple terms, Bitcoin brokers operate in a similar way to share dealing platforms. This is because Bitcoin brokers are an intermediary between the crypto markets and UK investors.

This means that Bitcoin brokers make money from trading commissions. Some Bitcoin trading brokers offer a wide variety of other cryptocurrencies, enabling investors to diversify. This often includes the likes of Ethereum, Dogecoin, Litecoin, Bitcoin Cash, and many others.

Just remember that it is not a legal requirement for UK Bitcoin brokers to be regulated by the FCA. As such, many crypto brokers operate without adequate licensing. eToro, on the other hand, is not only regulated by the FCA, but also by FINRA (US), CySEC (Cyprus), and ASIC (Australia).

This means that eToro is the best Bitcoin broker in the UK for safety. Another thing to note is that some Bitcoin brokers offer additional products and services. This can include a proprietary wallet, crypto loans, savings accounts, and an NFT marketplace. eToro also offers crypto smart portfolios and copy trading tools.

How do Bitcoin Brokers Work?

Bitcoin brokers provide a platform for UK investors to buy and sell cryptocurrencies. As noted above, the investment process is virtually identical to using a share dealing platform.

For example:

• After choosing a Bitcoin broker, the investor will need to register an account. This requires some personal information, contact details, and a copy of a passport/driver’s license for verification.
• The investor will then need to deposit funds. Top Bitcoin brokers in the UK accept debit/credit cards, bank transfers, and even e-wallets like Skrill
• Once the account is funded, the investor can choose which cryptocurrency they want to buy. The broker will then deduct the GBP account balance and execute the order.

Before choosing a Bitcoin broker in the UK, it is also important to assess what will happen to the crypto tokens after completing the purchase.

For example, at eToro, the crypto tokens are safely stored in its custodial web wallet. But in the case of Coinmama, the tokens will be instantly transferred to a private crypto wallet after completing the payment.

Are Crypto Brokers the Same as Crypto Exchanges?

The terms crypto ‘brokers’ and ‘exchanges’ are used interchangeably but are different in nature. For example, brokers enable UK investors to directly buy Bitcoin and other cryptocurrencies. This means that the broker will have an allocation of crypto in its own wallet, which it sells to investors for a commission.

But in the case of crypto exchanges, investors trade directly with other people. This means that liquidity becomes an important metric to consider.

• For example, let’s suppose that an investor wishes to buy £2,000 worth of Bitcoin.
• In this scenario, the trade can only be executed if another trader on the exchange wishes to sell £2,000 worth of Bitcoin.
• If there isn’t £2,000 worth of liquidity at the current market price, this will result in slippage.
• In simple terms, this means that part of the investment will be executed at a less favorable price.

Additionally, there is often a disparity in regulation when comparing crypto brokers and exchanges. For example, many crypto brokers in the UK – such as eToro and Crypto.com, are authorized by the FCA.

But in the case of the best crypto exchanges in the UK like Binance, Bitstamp, and even Coinbase – no FCA regulation has been secured.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

How to Pick a Crypto Broker?

There are many considerations to make when choosing the best Bitcoin broker in the UK.

The checklist below covers the most important factors to research before opening a brokerage account.

Safety and Regulation

We have discussed regulation throughout this guide and for good reason – the best crypto brokers in the UK are licensed by the FCA.

Put simply, before licensing Bitcoin brokers, the FCA has a long and stringent application process. This requires brokers to hold a minimum amount of capital and to keep client funds in segregated accounts. The latter point ensures that GBP balances are not held or controlled by the broker itself.

FCA-regulated brokers are also required to conduct KYC verification checks. This ensures that the broker offers a safe and secure trading environment for all of its clients.

In addition to FCA regulation, UK investors should also explore what security controls are in place. This will ensure that the broker is well-defended against a potential hacking attempt. The best Bitcoin brokers in the UK keep client-owned tokens in cold storage. This means the tokens are never connected to a live server.

Additionally, the best cryptocurrency brokers offer two-factor authentication. This will reduce the threat of the account being accessed by an unauthorized person.

Supported Cryptocurrencies

The best Bitcoin brokers in the UK support dozens of cryptocurrencies. Investors can review the list of supported markets prior to opening an account.

eToro, for example, offers over 70 cryptocurrencies. In addition to Bitcoin, this includes everything from Litecoin, Dash, Cardano, and Dogecoin to Ripple, Bitcoin Cash, and Ethereum.

Moreover, eToro also supports stocks, ETFs, forex, commodities, and indices.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

Trading Commissions 

Trading fees otherwise referred to as commissions, should also be assessed when choosing a UK Bitcoin broker.

Commissions will vary considerably from one broker to the next. Moreover, the way that the commission is charged can also vary. For example, eToro has a simple commission structure that amounts to 1% of the overall trade.

• In the case of OKX, the broker uses a market maker-taker system.
• Casual investors that are simply looking to buy crypto fall in the ‘market taker’ category.
• As such, commissions amount to just 0.1% – which is charged on both buy and sell orders.

Many Bitcoin brokers also offer discounted trading fees on larger volumes.

• For instance, when trading more than $10,000 in a 30-day period, OKX commissions are reduced to 0.095%.
• For each subsequent $10,000, the trading commission is further reduced.

Some Bitcoin brokers also offer discounted fees when a user holds their token. For example, holding BNB on the Binance exchange offers a 25% discount on commissions.

Investment and Trading Features 

Another factor to consider when choosing a Bitcoin broker is the type of investment tools it offers.

Here’s an overview of some of the best tools in the market:

Smart portfolios

Smart portfolios are offered by the FCA-regulated broker, eToro. There are several to choose from and each is professionally managed. Each smart portfolio will hold a selection of hand-picked cryptocurrencies. This supports diversification in a passive manner.

For example, the ‘Cryptos by Market Cap’ smart portfolio contains 20 different cryptocurrencies. Each holding is weighted by market capitalization, so the smart portfolio represents the broader crypto space.

Copy trading

eToro also offers a copy trading feature. This enables investors to passively copy the positions of a successful trader.

For example:

• An eToro user invests £1,000 into a crypto trader via copy trading
• The trader uses 10% of their balance to buy Ethereum
• 10% of the eToro user’s investment will also be used to buy Ethereum
• This means that the user now has £100 worth of Ethereum in their portfolio
• When the trader being copied sells their Ethereum, the same will happen in the eToro user’s portfolio

eToro’s copy trading service comes without additional fees, but the minimum investment is $200.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

Charting tools

Charting tools are used by experienced traders who target short-term gains. OKX is the best Bitcoin broker for charting, as it is integrated with TradingView.

This means that traders can:

• Deploy chart drawing tools
• Access technical and economic indicators
• Customize the charting screen
• View real-time price movements from one-minute

In addition, OKX also offers custom order types and in-depth buy/sell books.

Do note that the above trading tools will not suit first-time crypto investors. Instead, a user-friendly Bitcoin broker like eToro will be a lot more suitable.

Savings accounts

Some Bitcoin brokers support savings accounts. The concept is the same as depositing funds in a bank to earn interest – but with crypto instead of pounds.

For example, OKX offers dozens of savings accounts, some of which pays an APY of up to 365%. It is also possible to earn 5% on Bitcoin and Ethereum.

OKX savings accounts are flexible, meaning instant and penalty-free withdrawals. This isn’t always the case with other Bitcoin brokers, so check this before proceeding.

User-Friendliness 

As noted above, some Bitcoin brokers are aimed at seasoned traders while others are more suitable for beginners. This is an important consideration to make when choosing a broker.

After all, if a broker doesn’t offer an adequate user experience, this can result in trading errors.

Deposits and Withdrawals 

To buy Bitcoin from an online broker, a deposit will need to be made. Most of the Bitcoin brokers discussed today accept debit/credit cards and UK bank transfers. Some brokers also accept e-wallets, including PayPal and Skrill.

• In addition to checking what payment types are accepted, investors should also assess what fees will apply.
• For example, debit/credit card deposits at eToro cost just 0.5%.
• But using a debit/credit card with Bitstamp will cost 4%.

We also came across Bitcoin brokers that build their payment fees into the exchange rate or market spread.

This can make it incredibly difficult to know what fees are being paid. This is because the investor will need to manually assess the price being offered against the market average.

Additionally, it is also important to assess minimum deposit requirements. At both eToro and Kraken, the minimum deposit is just $10 – or about £8.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

How Safe are Bitcoin Brokers?

Whether or not a Bitcoin broker is safe will vary from one provider to the next. Not only in terms of regulation but safety protocols like two-factor authentication and cold storage.

By using the checklist below, investors can assess how safe a Bitcoin broker is before opening an account.

Licensing  

Very few Bitcoin brokers in the UK are authorized and regulated by the FCA. This is because crypto assets are unregulated financial products in the UK, so FCA regulation is not a legal requirement.

But this doesn’t mean that UK investors should use an unlicensed broker to buy Bitcoin. On the contrary, eToro is one of the few Bitcoin brokers with an FCA-regulated status. As such, it enables UK residents to buy and sell crypto in a safe environment.

With that said, some Bitcoin brokers in the UK are regulated by financial bodies located abroad. For instance, Coinbase is approved by the SEC in the US. Coinbase is also a public company that trades on the NASDAQ exchange, which offers additional safety nets.

In other cases, we also came across Bitcoin brokers that are regulated offshore. These are typically financial bodies that offer little in the way of investor protection.

Cold Storage  

The best Bitcoin brokers in the UK safeguard client crypto tokens through ‘cold storage’. As we briefly noted earlier, this means that the tokens are kept offline at all times.

In theory, the tokens cannot be hacked by a third party as the wallet is never connected to the internet.

It is best to opt for a Bitcoin broker that keeps at least 95% of client funds in cold storage.

Two-Factor Authentication  

Another safety feature to look for when selecting the best Bitcoin broker in the UK is two-factor authentication.

Here’s how it works:

• When logging into the brokerage account, a code will be sent to the registered mobile phone
• The user will then need to enter the code to complete the login process

Without the code, access to the account is prohibited. This reduces the threat of the account being hacked remotely.

IP and Device Whitelisting  

Some Bitcoin brokers also whitelist both IP addresses and devices. For example, let’s suppose that the brokerage account was opened from the investor’s home WiFi.

If the investor then tries to log in to the account from another IP address, additional security measures will be taken. This might be email verification or two-factor authentication.

Are Crypto Brokers Legal in the UK?

As noted earlier, crypto assets are unregulated in the UK. This means that both crypto brokers and exchanges can operate without being regulated by the FCA.

This isn’t the case with traditional securities, such as stocks and index funds. As such, the crypto trading markets are often described as the Wild West.

The safest way to buy Bitcoin and other cryptocurrencies is to use an FCA-regulated broker like eToro. Otherwise, there is no surefire way to know whether the platform offers a safe place to invest.

Regulated Bitcoin brokers will always display their FCA registration number, usually somewhere on the homepage. To verify this, investors can use the FCA register.

Conclusion

The best Bitcoin brokers in the UK have been ranked and reviewed for safety, supported coins, payment types, fees, and more.

eToro is a clear favorite with UK crypto investors for its low-fee structure and FCA-regulated status. eToro is also popular with first-time investors, as the minimum deposit is just $10 (about £8).

To invest in crypto today, open an account with eToro and deposit funds with a debit/credit card, e-wallet, or bank transfer.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

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