Best Crypto Exchanges UK in 2023 – Compare Crypto Trading Platforms

Many crypto exchanges enable UK investors to buy digital currencies with pounds.

We have ranked and reviewed the 10 best crypto exchanges in the UK for a variety of factors, such as supported coins, regulations, fees, payment methods, user-friendliness, and more.

Read on to get started with an FCA-regulated UK Bitcoin exchange in five minutes.

Reviewing The UK’s Top Bitcoin Exchanges

The best crypto exchanges in the UK offer low fees across a wide range of coins, not to mention support for debit/credit cards and e-wallets. We also look for exchanges with small minimum deposit requirements and a strong regulatory framework.

Check out our reviews of the 10 best UK crypto exchanges:

1. eToro – Overall Best Crypto Exchange in the UK (FCA Regulated)

The safest way to buy Bitcoin and other cryptocurrencies is to use a regulated exchange or one of the best Bitcoin brokers in the UK. Not only is eToro regulated by the FCA, but the SEC, ASIC, and CySEC too. eToro was founded in 2007 and now boasts a client base of over 30 million users. Opening an account with eToro is simple and when depositing under €2,000 (about £1,700) – there is no requirement to upload any ID.

Deposits are processed instantly at eToro when using a UK debit/credit card. This is also the case with PayPal, Skrill, and other e-wallets but bank transfers can take a day or two to arrive. Unlike many other crypto exchanges in the UK, eToro charges a reasonable deposit fee of just 0.5% on GBP payments.

As we discuss shortly, other exchanges are known to charge upwards of 4-5% on deposits. eToro is also competitive when it comes to trading fees. Cryptocurrencies can be bought and sold at a fee of just 1%. This is the case across all 70+ coins at eToro. Popular 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. Did you know that eToro also offers the best crypto wallet UK app? This enables investors to safely store their crypto tokens. Best of all, when using the eToro wallet, GBP deposits can be made without any fees.

eToro is also popular with beginners for its 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, so this promotes a passive experience. Copy trading is another passive investment tool at eToro. In a nutshell, copy trading 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 (about £160).

We should also note that eToro is more than just a crypto exchange. The platform also offers thousands of UK and international stocks and ETFs on a commission-free basis. UK traders can also speculate on contracts-for-differences across forex, indices, and commodities. Finally, the minimum deposit at eToro for UK residents is just $10 (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.

2. Binance – Trade Hundreds of Crypto Assets at a Commission of 0.1%

Binance was founded in 2017 and is now the largest crypto exchange globally. This is in terms of registered account holders and daily trading volume, not to mention liquidity levels. Binance is more suited for UK investors that wish to actively trade crypto. The Binance exchange is home to more than 350 coins and trading fees are super low.

In fact, 13 selected pairs can now be traded on a commission-free basis. This includes BTC/GBP, which is a major plus point. Standard trading commissions on other pairs start at 0.1% per slide. Fees reduce as trading volume increases. A 25% discount can also be achieved by paying commissions in BNB tokens, which are native to Binance.

Binance accepts UK debit/credit cards, which are processed instantly after going through a quick KYC process. This is at a fee of 1.8%. We found that the better option is to deposit funds via a UK bank transfer. Not only will this reduce the deposit fee to just £1, but the payment should be credited within 5-10 minutes.

Binance has three proprietary wallets for safekeeping crypto tokens. The Binance web and mobile wallets are custodial, which means that users do not control their private keys. This option benefits from cold storage, two-factor authentication, and an insurance fund known as SAFU (Safe Assets Fund for Users). There is also Binance’s Trust Wallet app, which is decentralized.

3. OKX – Low-Cost Crypto Exchange With Passive Income Tools

OKX is a low-cost crypto exchange that supports hundreds of digital currencies. This includes everything from Bitcoin, Dogecoin, and Bitcoin Cash to Stellar, Filecoin, and Polygon. OKX charges just 0.1% per slide when buying and selling crypto. Just like Binance, fees are reduced when trading volumes increase.

OKX offers an advanced trading suite that comes packed with tools. This includes integration with TradingView, so users can access technical indicators, drawing tools, and more. With that said, OKX is also suited for beginners, as it supports debit/credit card purchases. The minimum card purchase is £9.

OKX does not publish its debit card fees, which likely means that charges are built into the price of the chosen crypto. Another feature of OKX is that it offers several different ways to earn passive income. For example, OKX offers crypto savings accounts with an estimated APY of 10% on Tether and USD Coin and 5% on Bitcoin and Ethereum.

These rates are offered on a flexible term so there is no need to lock the crypto assets away. OKX also offers staking, which comes with even higher APYs. For example, ATOM can be staked at 35.76% but this is on a 120-day lock-up period.  OKX also provides access to a decentralized exchange, in addition to a non-custodial wallet.

4. 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 nearly 4%.

While this does include the trading commission, this is significantly higher than the 0.5% charged by eToro. UK investors can also deposit funds via a bank transfer without paying any fees. But a 1.49% trading commission will apply when buying or selling crypto.

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.

5. Huobi – Buy and Sell More Than 500 Crypto Assets With Low Fees 

Huobi is a global exchange that is increasingly becoming popular with UK investors. One of the main reasons for this is that Huobi lists more than 500 crypto assets. This will appeal to investors that wish to buy small-cap cryptocurrencies, as well as newly launched projects. Huobi has a very competitive pricing structure, with commissions starting at just 0.2%.

Lower commissions are available when holding a minimum allocation of Huobi Tokens. Huobi also enables UK investors to buy crypto instantly with a debit card. But only a handful of crypto assets are supported in this regard, such as Bitcoin, Ethereum, XRP, and Tether. Just like OKX, Huobi does not publish its debit card fee.

6. Kraken – Deposit GBP via a Bank Transfer and Buy Crypto at a Fee of 0.26%

Kraken is also one of the best crypto exchanges in the UK for competitive pricing. UK investors can open an account and make a deposit via a standard bank transfer. The transfer takes 0-3 days to clear and attracts a fee of just £1. When the money arrives, investors can then buy crypto at a low commission of just 0.26%.

Commissions at Kraken operate on a sliding scale. This means that investors can reduce their fees by trading larger amounts. Kraken offers access to more than 185 cryptocurrencies. This includes popular coins like Bitcoin, Solana, Litecoin, Ethereum, and Ripple. Kraken also offers savings accounts with both flexible and fixed terms.

7. Crypto.com – One of the Best Apps for Buying and Selling Crypto

Crypto.com is one of the best crypto exchanges in the UK for mobile trading. This popular exchange offers a mobile app for both iOS and Android. The app enables UK investors to deposit funds with a debit card or bank transfer. The latter is processed fee-free but might take a couple of days to arrive. Debit card payments are instant but cost 2.99% in fees.

Either way, Crypto.com is a user-friendly exchange with support for more than 250 coins. Trading commissions are very competitive here too. For instance, commissions start at just 0.0750% per slide, with discounts offered on larger volumes. Crypto.com also offers crypto savings accounts and loans.

8. Gemini – Great Crypto Exchange for Security and Storage

Although Gemini charges high fees, it is still one of the best crypto exchanges in the UK for security and trust. This US-based exchange entered the UK market in 2020 and it remains a popular choice with long-term investors. Gemini is adequately regulated and has solid security practices in place to keep investor funds safe.

For example, this includes crypto insurance coverage, SOC certifications, two-factor authentication, multi-sig protections, and cold storage. When it comes to fees, Gemini charges 3.49% on debit card payments. 2.50% is charged when using PayPal. UK investors will also need to cover a 1.49% standard trading commission.

9. CEX.io – Multiple Crypto Trading and Earning Services Since 2013

CEX.io is another option to consider when searching for established UK Bitcoin trading platforms. This provider was launched in 2013 and boasts a customer base of over 4 million traders. CEX.io supports more than 70 cryptocurrencies and commissions start from 0.15% per slide. Multiple payment methods are accepted, but fees are somewhat high.

For instance, debit/credit cards, PayPal, Skrill, and Google/Apple Pay cost up to 3.99%. In addition to its crypto exchange, CEX.io also supports savings and accounts and staking, with APYs of up to 5% and 30% respectively. Users also have access to crypto loans, a wallet, and a mobile app.

10. 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.

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.

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.

To remain safe at all times, it is best to use an FCA-regulated exchange like eToro.

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.
• eToro, for example, is an FCA-regulated broker that enables users to buy Bitcoin directly from the platform.
• This is because eToro holds an allocation of cryptocurrencies on its books, so it does not require buyers and sellers to be matched.

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

The best crypto exchanges in the UK are regulated by the FCA. This is one of the many reasons why eToro is ranked as the overall best place to buy Bitcoin and other cryptocurrencies.

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.

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 just 0.5%. At CEX.io and 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, Binance, and OKX, 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.

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 GBP payments. When opting for the FCA-regulated broker eToro – 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. eToro goes one step further by offering 24/5 customer support via live chat and email.

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 and Kraken are also well-established, with the platforms launching in 2012 and 2013, respectively.

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. This is why eToro is the overall best UK Bitcoin exchange, as its security features and regulatory framework are institutional-grade.

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. GBP), 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.

It is worth shopping around in this regard, as eToro charges just 0.5% for the same service.

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 complete newbies.

Therefore, we will now explain how to get started at one of the best crypto exchanges for beginners – eToro.

Step 1: Open an eToro Account

The first step is to open an eToro account.

Click on the ‘Sign Up’ button and fill out the registration form.

eToro will ask for some basic personal information, including an email address and mobile number.

Step 2: Complete the Verification Process

All FCA-regulated brokers and exchanges need to verify the identity of their customers. This is to comply with anti-money laundering laws.

At eToro, the verification process requires a copy of a passport/driver’s license in addition to a bank statement or utility bill. The latter needs to have been issued within the prior three months.

Do note that the verification process can be completed at a later date if the investor is depositing under €2,000 (about £1,700).

Step 3: Deposit Funds

The minimum deposit at eToro is $10 (about £8). The fastest way to make a deposit is with a UK debit/credit card or an e-wallet like Paypal.

Choose a payment type, enter an amount of $10 or more, and confirm the deposit.

Step 4: Search for Crypto

Now that the eToro has money in it, the investor can proceed to buy crypto.

In the search box, type in the name of the crypto being purchased. In our example below, we are searching for Bitcoin (BTC).

Next, click on the ‘Trade’ button.

Step 5: Buy Crypto

The final step is to place a buy order on the chosen crypto.

Type in the amount of money to be used for the purchase, in US dollars. The minimum purchase amount is just $10.

Click on ‘Open Trade’ to complete the crypto investments. The trade will be executed instantly and the tokens will then be deposited into the eToro web wallet.

Conclusion

Choosing the right crypto exchange is crucial when buying and selling digital currencies in the UK. After reviewing the top 10 providers in this space, we found that eToro is the best crypto exchange in the UK for 2023.

eToro is licensed by the FCA and accepts debit/credit card payments at just 0.5%. Commissions are competitive and eToro even offers fee-free storage in its secure web wallet. eToro is also perfect for beginners and the minimum deposit requirement is just $10 (about £8). Accounts at eToro take just five minutes to open.

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.

FAQs