12 Best Crypto Exchanges UK in 2024 – Compare Crypto Trading Platforms

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Many crypto exchanges enable UK investors to buy digital currencies with their local fiat currency.

We have ranked and reviewed the 12 best crypto exchanges in the UK for a variety of factors, such as supported coins, regulations, fees, payment methods, user-friendliness, and more.

The 12 Best UK Cryptocurrency Exchanges

The 12 best crypto exchanges in the UK are listed below, updated for 2024.

  1. eToro – Overall best cryptocurrency exchange with 70+ cryptos and low fees.
  2. Coinbase – Popular crypto exchange for beginners – Debit cards supported.
  3. Kraken – Popular cryptocurrency exchange that has never faced a major security breach.
  4. MEXC – Leading exchange offers 0% spot trading fees.
  5. Gate.io – Trade over 1,400 cryptocurrencies online or via an iOS/Android app.
  6. PrimeXBT – Use crypto copy trading or trade crypto futures with no minimum deposit.
  7. KuCoin – Leading crypto exchange with over 700 cryptocurrencies and 0.1% spot fees.
  8. Margex – Trade Bitcoin with up to 100x leverage and get high staking yields on multiple cryptos.
  9. Bitrue – Trade 700+ cryptos and access high staking yields and cryptocurrency loans.
  10. Bitget – Popular crypto exchange supporting 600+ cryptos with low trading fees.
  11. Pionex – Trade cryptos with an automated trading bot and get high staking returns.
  12. Gemini – Interest on crypto holdings from audited and regulated exchange.

Still not sure which UK crypto exchange to choose? Read on and find our comprehensive reviews of the above providers.

Reviewing The UK’s Top Bitcoin Exchanges

The best crypto exchanges in the UK offer low fees across a wide range of coins and strong security features. Check out our reviews of the 12 best UK crypto exchanges:

1. eToro – Overall Best Cryptocurrency Exchange With 70+ Cryptos And Low Fees

eToro was founded in 2007 and now has a client base of over 30 million users globally. Opening an account when depositing under $2,000 does not require users to upload any ID.

eToro Crypto Exchange

Deposits are processed instantly at eToro when using a UK debit card, although bank transfers can take up to 48 hours.

eToro charges a deposit fee of 0.5% on GBP payments, while other exchanges are known to charge upwards of 4-5% on deposits. Cryptocurrencies can be bought and sold with a fee of 1%, which is the case across all 70+ coins at eToro. Alternatives to Bitcoin at eToro include Dogecoin, Decentraland, Bitcoin Cash, Ethereum, and Cardano.

eToro also offers a mobile app, so UK investors can buy and sell crypto while on the move. The app is supported for both iOS and Android devices. and enables investors to store their crypto tokens.

Crypto Copy Portfolio eToro

eToro also offers crypto Smart Portfolios – there are several to choose from and each targets a specific area of the crypto industry. For example, Coinshares France SAS smart portfolio offers exposure to Bitcoin, BNB, Cardano, Litecoin, and Ethereum at various weights.

eToro manages the smart portfolio on behalf of investors for a passive experience. Copy trading is another passive investment tool at eToro and allows investors to mirror the buy and sell orders of a chosen trader. eToro has thousands of verified traders to choose from and the minimum investment is $200.

We should also note that eToro also offers thousands of UK and international stocks and ETFs. UK traders can also speculate on contracts-for-differences across forex, indices, and commodities.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
70+ 0.5% on all supported payment types 1% + Market Spread Yes
70+ crypto coins, debit card deposits, copy trading, large user base, supports stocks, ETFs, and other assets

Pros pros

  • Instant deposits with a UK debit card
  • Proprietary crypto wallet
  • Suitable for all investor profiles
  • Invest passively via crypto Smart Portfolios

Cons cons

  • 0.5% fee on GBP deposits unless using the eToro Money crypto wallet

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. Coinbase – Popular Crypto Exchange for Beginners – Debit Cards Supported

Coinbase was launched in 2012 and is now used by more than 100 million investors. This crypto exchange is suited for beginners, but we should make it clear that Coinbase fees are very high. For example, Coinbase enables UK investors to buy crypto with a debit card, but this attracts a fee of 3.99%.

While this does include the trading commission, this is significantly higher than the 0.5% charged by eToro. Furthermore, a 1% trading commission will apply when buying or selling crypto.

Coinbase Crypto Exchange

Security at Coinbase is industry-leading, with account logins requiring two-factor authentication. Coinbase implements an additional security check when logging in from an unrecognized device. This crypto exchange also keeps 98% of client crypto assets in cold storage. The Coinbase app doubles up as a crypto wallet, which is available for both iOS and Android.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
250+ Debit card fee of 3.99%. 1% commission + 0.5% spread fee Yes Simple and beginner-friendly exchange, more than 250+ coins supported, heavily regulated, and great security tools

Pros pros

  • Buy crypto with a UK debit card
  • More than 250 crypto assets can be traded
  • Great security tools – including two-factor authentication
  • Mobile app that doubles up as a crypto wallet

Cons cons

  • Debit card fee of almost 4%

3. Kraken – Popular Crypto Exchange Has Never Faced a Major Security Breach

The next top cryptocurrency exchange in the UK is Kraken – used by more than 9 million people worldwide. Kraken stands out for its low trading fees – which starts at just 0.16% per transaction. 

The trading fees decrease as your trading volume increases on the exchange. Kraken also offers instant crypto buying options – which attract a higher fee. The fee is set at 1.5% for instant crypto buys, and 0.9% on stablecoins. 

Kraken Homepage

Notably, Kraken is one of the only major cryptocurrency exchanges that has never faced a major security breach. This exchange has also won the CSO50 award for its robust security measures and protocols. 

On Kraken, investors can start trading more than 220 cryptocurrency assets, by making a minimum deposit of just $1. Advanced traders can leverage the margin and futures trading options on Kraken – to maximize their trades. With Kraken Pro, investors can also access advanced charting options to help with their technical analysis. 

This safe crypto platform stores 95% of all user’s funds within cold storage. 

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
220+ 3.75% Debit card fee Starts from 0.16% per transaction (1.5% for instant buy) Yes Stores 95% assets in cold storage, Advanced trading options, instant buy

Pros pros

  • Low trading fees – starting at 0.16% per transaction
  • Stores 95% of funds in cold storage
  • Never faced a major security breach
  • Offers more than 220 cryptos

Cons cons

  • 3.75% debit card fee

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. MEXC – Leading Exchange Charges 0% Spot Trading Fees

MEXC charges 0% spot trading fees on its platform – making it a top pick among millions of investors.

MEXC Homepage

Furthermore, the futures trading taker fees starts from just 0.02% per transaction and is 0% for limit orders. Investors on MEXC can trade more than 1,000 cryptos. Some of the top assets include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • Decentraland (MANA)
  • Cardano (ADA)

Advanced traders can maximize the value of their trades by applying up to 10x leverage. However, this feature should only be used if you have a high-risk tolerance.

A safe trading platform, MEXC stores more than half a billion worth of cryptocurrency deposits in cold storage. By offering two-factor authentication (2FA) protocols and compulsory KYC forms, MEXC ensures the security of user’s assets.

MEXC staking

Through features such as the MEXC Launchpad – investors can search and invest in newly launched crypto tokens. One can also generate passive income by staking popular coins such as Bitcoin and Polkadot to generate up to 10% in annual yields.

MEXC offers 24/7 customer support, and advanced trading options to help assert strong trading positions. The platform is availablele via desktop, and through the mobile application via iOS and Android.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
1,000+ 2% debit card fee 0% on spot trading Yes 1,000+ coins, 0% spot trading fees, high staking APYs on certain crypto tokens

Pros pros

  • Over 1,000 tradable cryptos
  • 0% spot trading fees
  • Over $500 million funds stored in cold storage
  • High staking yields
  • Uses 2FA security protocols

Cons cons

  • Charges 2% in debit card fees

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

5. Gate.io – Trade Over 1,400 Cryptocurrencies Online or via an iOS/Android App

Gate.io is one of the best crypto exchanges in the UK for supported markets. In total, the exchange offers access to more than 1,400 cryptocurrencies. This includes a huge range of newly launched projects, which will suit investors that like to buy small-cap tokens. Gate.io offers zero-commission trading across selected coins, which includes Bitcoin and Ethereum.

Gate.io Crypto Exchange

Standard commissions start at 0.20% per slide, but this can be reduced to 0.15% when holding GT tokens. Although Gate.io accepts debit/credit card payments, this is processed by third-party providers. As such, fees will vary depending on the selected merchant. Gate.io also offers crypto savings, loans, and dual investments.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
1,400+ Depends on the third-party payment provider From 0% on selected pairs. Standard commissions start at 0.20%. Yes Lists more than 1,400 coins, huge daily trading volumes, DeFi services such as dual investments and savings accounts

Pros pros

  • Gain exposure to more than 1,400 crypto assets
  • Some trading pairs are commission-free
  • Standard trading commission of just 0.20%
  • Also offers DeFi investing and borrowing services

Cons cons

  • Fiat currency deposits and processed by third parties

6. PrimeXBT – Trade  Crypto Futures With No Minimum Deposit

PrimeXBT is one of the rare trading platforms that don’t have a minimum deposit. This means you can deposit any amount you wish to test the platform, and if you like what you see — deposit more. Deposit options include crypto and fiat, which is limited to AdvCash and Perfect Money, which are third-party services.

With PrimeXBT, you can trade crypto, as well as crypto futures with some of the lowest fees of 0.01% and 0.02% maker/taker. Moreover, you can use copy trading and let others trade on your behalf if you don’t want to trade by yourself. This can be useful, especially if you’re learning how to trade.

Prime XTB crypto trading platform

Beginners can also benefit from PrimeXBT Academy where they can learn how to use the trading platform, how to deposit and trade crypto and deep dive into advanced subjects like blockchain and NFTs.

On top of crypto trading, you can diversify your portfolio with currencies, indices and commodities like gold, oil and gas.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
40 Determined by the third-party provider. Determined by the third-party provider. No Trade crypto, Forex, indices and commodities, copy trading features and low trading fees

Pros pros

  • Low trading fees
  • Copy trading bot
  • Can trade Forex, indices and commodities in addition to crypto

Cons cons

  • Only two fiat deposit options
  • Not available in all countries

7. KuCoin – Leading Crypto Exchange With Over 700 Coins and Low Spot Trading Fees

KuCoin is one of the leading crypto exchanges with over 30 million users worldwide and close to $3 billion in daily trading volume. This isn’t surprising given the number of valuable features it offers.

Buying crypto at KuCoin is fast and simple using a card or by using peer-to-peer transfer via Wise, Revolut, AdvCash, Skrill, Google Pay and more. Alternatively, you can use a third-party service such as Banxa or Simplex.

Of course, you can also use fiat deposits via bank transfer if that’s a supported method in your country and your currency. Moreover, multiple fiat currencies are supported for direct crypto purchase at KuCoin, a feature that many other crypto exchanges lack.

KuCoin exchange

With over 700 coins to choose from and spot trading fees from 0.1%, this is one of the leading exchanges to buy and trade crypto. This includes large coins like BTC and ETH, but also popular and meme coins like BONK, PYTH and MEME.

Additional KuCoin features include KuCoin Earn where you can earn passive income from cryptocurrencies you decide to lock for a select period of time; Futures trading with up to 125x leverage; Trading bot to automate your trading; And an NFT exchange platform.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
700+ Depends on the third-party service Starts from 0.1% per transaction Yes Low fees, over 700 supported coins, up to 125x futures trading leverage, NFT exchange

Pros pros

  • Low trading fees – starting at 0.1% per transaction
  • Over 700 supported cryptocurrencies
  • Up to 125x leverage with crypto futures
  • KuCoin Earn and Savings where you can earn passive income in the form of more crypto coins

Cons cons

  • Card fees depend on third-party providers

8. Margex – Trade Crypto Futures With Up To 100x Leverage

Margex is a crypto futures exchange that offers up to 100x leverage and beginner-friendly demo accounts where you can learn how to trade risk-free.

Margex also boasts a price manipulation protection technology called MP Shield System. This is designed to give users the best prices and liquidity from over 12 different providers.

Margex crypto exchange

If you don’t like to trade yourself, use copy trading or stake select cryptocurrencies to earn passive income. The USDC stablecoin staking comes with 5% annual percentage yield, while ETH offers 4.7% APY as of this writing.

One of Margex’s useful features is alert notifications where you can set up not just the cryptocurrency price but also volume, market cap and ETH gas. This can be valuable if you’re looking to trade based on criteria other than the price itself.

To begin trading on Margex, you need to purchase crypto, which you can do via Visa or Mastercard. Once you have the coins in your wallet, select futures trading. Spot trading is in development at the moment of writing.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
20+ Depends on the deposit method Depends on the purchase method No 100x leverage on crypto futures, copy trading, and staking

Pros pros

  • 100x leverage on crypto futures
  • Accepts Visa and Mastercard
  • Copy trading
  • Coin staking

Cons cons

  • Spot trading not available yet

9. Bitrue – Trade 700+ Cryptos and Get Competitive Staking Rewards 

The next top cryptocurrency exchange in the UK is Bitrue – a popular trading platform used by more than 10 million people worldwide. Since launching in 2018, Bitrue has garnered more than 10 billion in trading volume.

Investors can trade more than 700 crypto assets on Bitrue, along with more than 120 futures and 1,000 crypto trading pairs. When trading Bitcoin, the platform charges a fee of just 0.098% per transaction. However, you can purchase BTR, the native token of Bitrue, and get trading discounts. 

Bitrue home

Those looking to generate passive income can access Bitrue’s staking mechanism. So far, more than $396 million has been staked on this trading platform. A 30-day staking return on Tether (USDT) will generate you an APY of 16%. Even higher yields can be generated through ‘Power Piggy’ – a trading tool that offers high daily yields and additional bonuses for BTR token holders. 

Other features include the Bitrue launchpad – giving you access to brand new crypto tokens. Through the crypto loans feature, investors can get crypto-backed loans by offering a portion of their own holdings as collateral. 

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
700+ Depends on the third-party payment provider 0.098% – Discounts for BTR token holders No Trading fees discounts to BTR token holders, crypto loans offered, access new projects with the Launchpad feature

Pros pros

  • Trading discounts for BTR token holders
  • Access new crypto projects with the Launchpad
  • High staking yields 
  • Over 1,000 crypto pairs are accessible

Cons cons

  • Has been hacked in the past 

10. Bitget – Popular Crypto Exchange Supporting 600+ Cryptos With Low Trading Fees

Bitget is a promising crypto exchange that has grown to serve a massive user base in the UK, with a particularly strong presence in futures trading. It offers a rich selection of trading opportunities, including spot and futures trading.

It supports over 600 cryptos for spot trading and a wide range of futures trading options with high liquidity and low fees. Traders can engage in USDT-Margined, USDC-Margined, and Coin-Margined futures, allowing for different trading strategies.

Bitget Exchange

A standout feature of Bitget is its crypto copy trading platform, which is considered one of the largest globally. This enables users to replicate the strategies of experienced traders, which can be particularly beneficial for beginners or those looking to improve their trading strategies.

The platform also offers advanced trading bots, like the Spot Grid and Martingale bots, allowing users to automate their trades and potentially capitalize on market movements.

Fees and Costs

  • Spot Trading Fees: Both makers and takers are charged a standard fee of 0.1% per trade, with a 20% discount available for those paying with BGB tokens.
  • Futures Trading Fees: Makers pay 0.02% and takers 0.06%.
  • Copy Trading: Participation in copy trading does not incur additional fees, but up to 10% of the profits generated are shared with the trader being copied.
  • Deposit and Withdrawal Fees: Bitget charges network fees for withdrawals, varying by crypto, but there are no fees for depositing cryptos.
Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
600+ No deposit fees Spot trading fee : 0.1%

Futures trading: Starts from 0.06% per transaction

Yes  Copy trading tools, offers margin trading, offers high liquidity

Pros pros

  • Over 600 cryptos supported.
  • Advanced crypto copy trading platform.
  • Low futures trading fees.
  • High liquidity in trading.

Cons cons

  • Restricted in several countries, including the USA and Canada.

11. Pionex – Auto trading Bot Lets you Trade 300+ Cryptos with Extremely Low Fees

Pionex is an innovative trading platform that allows investors to trade cryptos through its automated trading bot. The platform offers 16 free built-in bots, each offering different trading parameters and strategies. 

For instance, you can trade crypto futures with the Futures Grid Bot. Alternatively, investors can create their own asset index by trading with the rebalancing bot option. One of the most popular options is the ‘Grid Trading Bot’ – which aims to buy cryptos at a lower price, and sell at a high. 

Pionex home

The Pionex trading platform offers some of the lowest trading fees – starting at just 0.05% per transaction. As your 30-day volume increases, the fees can drop even further. On Pionex, you can also earn high annual yields through the staking tool. 

For instance, staking ETH for 180 days results in 3.37% APYs. Pionex experiences more than 100 million daily trades, and an average monthly trading volume of over $50 billion. Interested investors can make a deposit on this platform by using VISA, Mastercard, ApplePay, and Bank transfers. 

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
397 No deposit fees Spot trading: starts from 0.05% per transaction No Offers automated trading bots, staking mechanism, multiple payment methods

Pros pros

  • Automated trading bot
  • Get high staking APYs
  • Low transaction fees
  • Multiple payment options

Cons cons

  • Complex platform for beginners

12. Gemini – Interest on Crypto Holdings and Credit Card Options from Regulated and Audited Exchange

Founded in 2014 by American twins, Cameron and Tyler Winklevoss, Gemini is a cryptocurrency exchange and custodian bank.

Known for its user-friendly interface and commitment to security, Gemini is one of the most popular places to buy, sell and store cryptocurrencies on the planet today.

Recently certified to ISO27001 and SOC Type 2 levels, Gemini are committed to earning and maintaining customer trust. Furthermore, with an ethos rooted in the liberating power of crypto, Gemini continue to advocate for more rigorous crypto legislation.

Gemini awards and certifications

Gemini’s well-designed user interface makes it a popular choice among those looking to get into cryptocurrency trading and investing. Alongside advanced security audits, Gemini is regulated by the FCA in the UK. Furthermore, successful SOC 1 & 2 audits mean that its digital assets are insured.

Apart from impressive security and legislative credentials, Gemini offer an array of impressive products and services. Alongside access to more than 70+ cryptocurrencies, Gemini also offer a proprietary wallet that generates interest on crypto holdings, a Gemini credit card with associated rewards as well as plans for a forthcoming NFT marketplace.

Fees are fixed (0.5%) for trades worth less than $200 (or 1.49% for those over) and it costs 3.49% to purchase crypto with a debit or credit card. As with many crypto exchanges there are limits on deposits and withdrawals. Gemini customers can deposit up to $5,000 daily and $30,000 monthly. Meanwhile, withdrawals are capped at $100,000 daily (via ACH).

Overall, Gemini remains a popular platform for those looking to buy, trade or hold crypto. Its commitment to security and legislation as well as its alignment with original crypto values mean that Gemini remains at the forefront of the Web3 revolution.

Number of Crypto Deposit Fee Fee for Buying Bitcoin Proprietary Wallet? Top Features
70+ No deposit fees 0.5% under $200. 1.49% over. Yes Simple and user friendly design, interest on crypto holdings (via wallet), Gemini Credit Card, NFT marketplace (coming soon).

Pros pros

  • Security focused
  • Interest on crypto holdings
  • Credit Card with 0% interest & no annual fee
  • NFT marketplace coming soon

Cons cons

  • Limited crypto compared to others
  • Higher than average fees

What is a Cryptocurrency Exchange?

Ever wondered how to buy Bitcoin in the UK? Crypto exchanges enable UK residents to buy and sell digital assets, such as Bitcoin, Dogecoin, and Litecoin. In many ways, crypto exchanges operate in the same way as share dealing platforms.

  • For instance, the investor will first need to register an account with their chosen crypto exchange before making a deposit.
  • The best crypto exchanges accept debit/credit cards, bank transfers, and even e-wallets.
  • Once an account has been funded, the investor can choose which crypto assets they want to buy.
  • The crypto exchange will collect a commission when the investor enters a buy or sell order.

How do Cryptocurrency Exchanges Work?

Cryptocurrency exchanges sit between the investor and the digital asset markets. Once again, this is no different from a share dealing platform offering access to the London Stock Exchange.

With that said, conventional crypto exchanges process orders between buyers and sellers on the same platform.

  • For instance, if an investor wishes to buy $1,000 worth of Bitcoin, at least one person on the same exchange will need to sell the same amount.
  • On the other hand, some of the platforms discussed today operate as a broker, rather than an exchange.

After buying crypto from an exchange or broker, investors then have two options. They can either keep the tokens on the platform or decide to withdraw them to a private wallet.

How to Pick the Best Crypto Trading Platform UK for You?

There are certain considerations that need to be made when selecting the best crypto exchange in the UK. This includes everything from fees and licensing to supported coins and accepted payment methods.

Here’s what we focus on when ranking the best crypto exchanges in the UK:

Regulation

Some of the best crypto exchanges in the UK are regulated by the FCA or by other globally recognised regulatory bodies. FCA-regulated ensures that UK investors can buy, sell, and trade digital currencies safely.

Tradable Cryptos

The number of supported crypto assets listed is another important factor to consider. Most crypto exchanges support dozens of markets, from Bitcoin, Dogecoin, and Ethereum to Ripple, BNB, and Bitcoin Cash.

Crypto Prices on eToro

Have a look at what coins are available before opening an account.

Fees

Fees – including both deposits and commissions, should be evaluated when selecting the best Bitcoin trading platform in the UK.

When depositing funds instantly with a debit card, for example, eToro charges 0.5%. At Coinbase, however, users will pay up to 3.99%.

Commissions will vary considerably too. For example, Gemini has a standard trading commission of 1.49% while at Binance, this starts from 0%.

Wallet

After buying crypto from an exchange, the tokens will initially be stored by the provider. This means that investors can view their balances by logging into their accounts.

However, this does mean that the exchange will retain the private key for the wallet, which will not suit all investor profiles.

Many of the UK crypto exchanges discussed today – including eToro and Binance, offer a proprietary wallet app. This offers more flexibility when it comes to storing and transferring crypto.

Tools & Features

The best crypto exchanges offer tools and features in addition to their primary trading service.

For example, eToro offers managed crypto smart portfolios. Each portfolio offers access to multiple cryptocurrencies through a single investment. The smart portfolio is maintained and rebalanced by eToro, which means the investment process is passive.

Bitcoin Price Chart on eToro

Binance and Crypto.com offer savings accounts, which enable investors to earn interest on their crypto holdings.

Additionally, it makes sense to choose a crypto exchange that offers research tools, such as news, charting, and expert market insights.

Payment Methods

Buying crypto for the first time will require investors to choose an exchange that supports fiat payments. Users can deposit funds with a UK debit/credit card, e-wallet, or bank transfer.

As noted above, it is important to check what payment fees will apply to the preferred deposit method. Investors should also assess the minimum deposit requirement.

Customer Service

The best crypto exchanges in the UK offer top customer service during standard market hours or even beyond.

Although Binance is used by more than 100 million traders, the exchange also offers a superb customer experience. In most cases, users will be connected to a live chat agent in under five minutes.

Mobile App

Most crypto exchanges in the UK offer a mobile app. This makes it a seamless process when buying, selling, and trading crypto on the move.

The best UK crypto exchange apps double up as a wallet. This means that users can safely store their crypto tokens on a smartphone.

Are Cryptocurrency Exchanges Legal in the UK?

Yes, cryptocurrency exchanges are legal in the UK. Any UK individual is able to buy and sell cryptocurrencies with an exchange with no legal issues.

However,  crypto assets are unregulated financial products in the UK. As such, exchanges can serve UK clients without needing to be regulated by the FCA – at least for the time being.

It’s typically a good idea for investors to only use crypto exchanges that are authorized and regulated by the FCA. This will ensure that the chosen exchange is legitimate and that it operates within the guidelines of the UK’s financial watchdog.

Another factor about the legality of crypto assets is that certain forms of trading are now banned in the UK. For example, UK retail clients can not trade crypto derivatives. This includes crypto CFDs, futures, options, and perpetual swaps.

Are Bitcoin Exchanges Safe?

Leading on from the above section, crypto exchanges in the UK are safe when they are authorized and regulated by the FCA. This is the first safeguard that should be evaluated when choosing an exchange.

Investors should also assess the length of time that the exchange has been operational. For instance, eToro was launched in 2007 – two years before the creation of Bitcoin. Coinbase is also well-established, with the platform launching in 2012.

eToro Wallet App

When selecting the best Bitcoin exchange in the UK, investors should also assess what security tools are in place. This should include the following:

  • Cold Storage: The vast majority of investor crypto assets should be stored in cold storage. This means that the tokens are held offline at all times – removing the threat of a remote hacking attempt.
  • 2FA: The best Bitcoin exchanges in the UK offer two-factor authentication (2FA). This means that when logging in, the user will need to enter a code that is sent via email or text message.
  • Insurance: Some crypto exchanges have an insurance fund in place in the event of a hack. Whether or not the insurance is able to cover the full extent of the hack remains to be seen.

Ultimately, crypto exchanges are safe when choosing the right provider.

How do Crypto Exchange Fees Work?

It is important to understand how crypto exchange fees work before proceeding. This will ensure that beginners know exactly how much they are paying when placing orders.

The main crypto exchange fees to look for are highlighted below:

Payment Fees

When depositing ‘fiat money’ (e.g. USD), fees are often high at crypto exchanges. This is because banks charge crypto exchanges higher fees due to the risk involved, which is passed on to the end user.

For example, those wishing to deposit funds with a debit/credit card at Gemini or Crypto.com will pay 3.49% and 2.99% respectively.

Commissions

Trading commissions are charged when buying and selling crypto at a crypto exchange. Binance is one of the most competitive, with certain pairs available to trade at 0% commission.

Gemini and Coinbase are the most expensive, with commissions amounting to 1.49%.

Some crypto exchanges build the commission into the price of the digital asset being traded. This makes it difficult to know exactly how much is being charged.

Example of Crypto Exchange Fees

To assess the competitiveness of a crypto exchange pricing structure, both payments and commissions need to be taken into account. Here’s an example of the disparity in fees when buying crypto with a UK debit card:

In addition to the above, investors should also consider the market spread. This is the gap in pricing between the buy and sell quote provided by the exchange. To keep fees to a minimum, the spread should be as low as possible.

How to Use a Crypto Exchange in the UK

The crypto trading scene can be an intimidating arena for even the most experienced traders and degens. Considering the risks involved when buying and selling cryptocurrencies let’s explore how to use a crypto broker or exchange in 2024.

Step 1 – Create A New eToro Account

Visit the eToro website to sign up and open a trading account using your email, or social media. Following from this, users are prompted to verify their accounts with proof of ID and address. 

eToro account opening process

Step 2 – Fund Your eToro Account

After your account is created, you can deposit funds in your eToro account.

Funding your eToro account

eToro supports a wide range of payment methods as shown in the table below.

eToro's supported payment options

Step 3 – Search for & Research Cryptos

Once your account is funded, you can enter the name of the cryptocurrency on the navigation bar and hit ‘Enter’.

For example, those looking to buy BTC can search for the crypto which will open the investment page for that asset. From there users can explore the price history, market analysis and more.

Bitcoin investment page on eToro

Step 4 – Buy Crypto

After researching the cryptos you’re interested in the final step is to purchase those digital assets. Once you’ve clicked on ‘Trade’ you’ll need to enter how much you’d like to invest and then hit ‘Open Trade’ to confirm your purchase.

buying BTC on eToro

As you can see above, we’ve used BTC as an example.

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

Conclusion

Choosing the right crypto exchange is crucial when buying and selling digital currencies in the UK.

All you need to do is open an account, and fund it with either a card or a bank transfer.

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

FAQs

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Michael Graw
Technology Expert
Michael Graw
Technology Expert

Michael Graw is an experienced writer in the business and B2B tech fields. His articles can be found on Business Insider, Entrepreneur, Tom’s Guide, and TechRadar, and cover everything from corporate finance to crypto and international tech regulation. A prolific copywriter and entrepreneur, Michael has worked with a wide range of SaaS and tech companies and has his finger firmly on the pulse of B2B tech and finance.