Digital assets have become mainstream, and the increase in demand has led to the rise in demand for crypto exchange platforms. Finding the best exchange site can be challenging since many platforms are available.
This is especially true for those living in the United Kingdom, as investors must select a reliable exchange that complies with the various regulations.
This article will walk you through the best crypto exchange platforms in the United Kingdom to help seasoned, and beginner traders find a platform that suits their needs.
Quick Rundown Of The 5 Leading Exchanges In The United Kingdom
- Best overall: Uphold
- Top Derivative Tradings Site: Bybit
- Best for deep liquidity and staking: Binance
- Best for trading Altcoins: KuCopin
- Best for trading different assets: eToro
Top 12 Cryptocurrency Trading Platforms in the United Kingdom
Here’s a list of the top 5 crypto trading platforms in the United Kingdom. These sites have been analysed based on fees, deposit methods, user experience, supported assets and licensing. Let’s look at each of the sites in detail:
1. Uphold
This is the UK’s most popular crypto trading site, with over ten million users. Uphold is based on land, and it’s an FCA-regulated site offering GBP deposits to exchange over 250 digital assets at low charges.
The platform allows various deposit methods, including GooglePay, Apple Pay, Debit/Credit Card payments and bank transfers. Uphold has the lowest charges compared to other crypto platforms, and their variable spreads average 0.5%.
Uphold is the leading exchange platform in the United Kingdom since it’s the only platform that offers real-time information demonstrating how they protect users’ funds and are always backed 1:1.
Its features include:
- Supported Assets: 210 digital assets, 40 shares, four precious metals and 27 fiat currencies.
- Licensing and Regulation: Licensed and regulated by the FCA.
- Client Support Options: Email, live chat and 24/7 support.
- GBP Deposit Options: Apple Pay, Google Pay, SEPA, Debit/Credit Card and Bank Transfer.
Pros
- It has a simple and user-friendly interface making it beginner-friendly
- Supports a broad range of digital assets, including LTC, BTC, and ETH
- It is a convenient trading platform as it allows instant exchanges
- It is affordable as it has the lowest fees
- It has robust security features; thus, users’ funds are protected
- It supports commodity and stock trading
- Its financial reserves are transparent
Cons
- Only supports limited payment options
2. Bybit
This is the biggest non-KYC exchange globally, available internationally in 180 countries.
It’s among the only sites that don’t require customers to authenticate their identities before depositing, withdrawing, and trading through derivatives and spot markets. Bybit offers more than ten different digital asset staking options.
Its features are as follows:
- Charges: Free withdrawals and deposits and the spot market charges are 0% (this offer is only available for a limited duration; the regular charges are 0.1%). The platform charges between 0.01% to 0.06% for rebates.
- Licensing and Regulation: The site isn’t regulated by any government institution; hence users aren’t subjected to KYC.
- Customer Support Options: 24/7 support via phone, ticketing system, and email.
- GBP Deposit Options: Google Pay, Maestro, Revolut, Bank Transfer, ZEN, SEPA, Debit/Credit Card, and Wise.
Pros
- It has a user-friendly interface
- Offers several trading options like spot trading and futures contracts
- Offers high leverage of up to 100x
- Offers low charges than most crypto exchanges
Cons
- Only supports a limited number of digital assets
- The site isn’t regulated
3. Binance
This leading global exchange site is known for its broad selection of digital assets, including popular ones like BTC and ETH.
Binance also offers secure and fast transaction processing and has a user-friendly interface.
The platform is available in more than 130 countries, including the UK, and has the highest trading volume compared to all other crypto investing and trading platforms.
Its features are as follows:
- Charges: Withdrawal and deposit range between 0.5% and 1.8% depending on your method. Taker rebate/derivatives maker costs 0.04% and 0.02 %, respectively, while spot trading costs 0.1%.
- Supported Cryptocurrencies: 350+
- Licensing and Regulation: Licensed by the FCA.
- Customer Service Options: Offers round-the-clock support via a digital ticketing system, email, and live chat.
- GBP Deposit Options: Debit/Credit Card and Faster Payments.
Pros
- It has a user-friendly interface that’s simple to navigate.
- Offers various trading options such as futures contracts, margin, and spot trading.
- It has high trading volumes making it easy for users to trade crypto at market prices.
- Has robust security features in place, including 2FA and cold storage.
- Offers competitive instant buy charges
- Supports a wide array of digital assets
- It has features like crypto staking and an NFT marketplace
- Has no account management charges
Cons
- The platform has experienced security breaches
- Only supports limited fiat currencies
4. KuCoin
This feature-filled exchange platform is available in more than 160 countries. Kuoni offers margin, derivatives, and spot trading, allowing users to invest in NFTs.
The site has one of the largest tokens selection and supports more than 600 on spot markets. Further, it has more than 2000 trading pairs on derivatives/futures markets.
Cryptocurrency, KCS.
Kucoin has an easy-to-use interface making it accessible to seasoned and beginner traders. The site has various security features, including cold storage and 2FA. Since the FCA regulates the site, users must complete KYC forms.
Its features are as follows:
- Charges: withdrawals and deposits are free, while spot starts from 0.1%. The taker rebate/derivatives maker charges are 0.06% and 0.02%, respectively.
- Supported Assets: more than 600
- Licensing and regulation: Users don’t have to fill out KYC as it isn’t regulated in the UK.
- Customer Support Methods: Offers round-the-clock support through digital ticketing, email, and live chat.
- GBP Deposit Options: Allows Apple Pay, Bank Transfer, Banxa, Simplex, and Debit/Credit Card.
Pros
- Supports a large digital assets selection
- Offers discounts to users who hold its native asset, KCS
- It has an easy-to-use interface
- High liquidity makes it easy to trade digital assets at reasonable prices.
- Has robust security features
Cons
- Only supports fiat currencies
- Users must complete KYC forms which is a disadvantage to users who value their anonymity
5. eToro
This worldwide multi-asset investment site lets users trade various assets, including EFTs, indices, currencies, commodities, shares, and digital assets.
eToro is available in more than 140 countries. Besides trading assets, the platform offers resources and tools for analysing trends, market research, and a community where users can connect with other investors and traders.
Its features include:
- Charges: Withdrawals and deposits are free, and all trades are charged a 1% flat fee.
- Supported assets: Over 3000 stocks, 92 digital assets, 27 commodities, 18 indices, and 49 fiat currencies
- Licensing and Regulation: Regulated by the FCA.
- Customer Service Options: Offers round-the-clock support through a digital ticketing system, email, and live chat.
- GBP Deposit Options: Trustly, Rapid Transfer, Netellet, Skrill, eToro Money, Debit/Credit Card, and Bank Transfer.
Pros
- It has a user-friendly interface
- Supports various assets, including stocks, commodes, and crypto
- There are no commission charges for stock trading
- The FCA regulates it
Cons
- It has a limited crypto selection compared to other platforms
- The platform has a minimum deposit requirement
- Users can’t withdraw crypto assets only trade them
6. OKX
The site has robust security features, and it stores 95% of its users’ funds in cold storage, and the other assets are held in semi-offline wallets.
If you trade with OKX, you can use their digital asset as a guarantee for a fiat loan. Users can temporarily use their digital assets for purchases without worrying about capital gain taxes.
Its features include:
- Fees: The site is cheaper than most exchanges as maker fees go for 0.08% while taker fees are 0.1%. The platform doesn’t disclose its deposit charges; therefore, ensure you double-check your payment before buying.
- Supported assets: Supports various digital assets such as XRP, BTC, LTC, and ETH.
- Licensing and regulation: The site is licensed by the FCA.
- Customer service options: Offers round-the-clock customer service via phone, live chat, and email. It also has an exhaustive FAQ section.
Pros
- Has a wide selection of loan assets
- Has low charges
- It has many educational materials making it perfect for beginner traders
- You can take out fiat loans using digital assets as collateral
Cons
- Supports limited fiat currencies
- Limited deposit options
- Smaller traders are subjected to high fees
7. Bitstamp
This is among the longest-running trading platforms worldwide, launched in 2011. Butsmap has robust security features and supports more than 50 digital assets.
This well-established site has a strong focus on regulatory Compleats. While its supported charges and assets are only ideal for some users, it’s a solid choice for individuals searching for a secure and reliable platform for trading crypto assets.
Its features include:
- Fees: The platform charges a 0.5% charge when you trade, which reduces to 0.25% if you exceed £7975 in trade volume every month. Purchasing crypto assets instantly using a debit or credit card costs 5% for every transaction.
- GBP deposit methods: The site lets users deposit funds through the FP (Faster Payments) network.
- Supported assets: Over 50 crypto assets
- Customer service options: The site offers 24/7 phone, email, and live chat support.
- Regulation and compliance: The site is FCA-regulated.
Pros
- There are no minimum deposits on the platform
- Offers affordable trading charges
- It’s reliable as it has a long-running reputation
- There are no charges on deposits made through faster payments
- The sites mobile app has biometric authentication
Cons
- It doesn’t have a user-friendly interface
- Supports limited crypto assets
- Small traders are charged high fees
8. Crypto.com
This platform has over ten million users globally and is perfect for advanced and beginner traders. Crypto.com is available on mobile and the web, and it has a user-friendly interface with clear tabs at the bottom for the main segments.
The platform also has a non-custodial free wallet app supporting over 100 digital assets. It also has various educational materials to help beginners navigate crypto trading. The site has a Crypto Earn feature that allows users to earn interest on 50 digital assets at up to 14.5% APY.
Its features include:
- Charges: 0.4% taker/maker fees
- GBP deposit options: The site allows users to trade crypto using a Debit/credit card.
- Supported assets: Over 150 digital assets
Pros
- Low charges
- Credit/Debit card purchases are free for the first month
- The platform offers a free wallet app
- The platform has an educational section
Cons
- The platform charges high fees
- Their customer support sometimes has slow response times
9. Margex
This platform allows users to trade Crypto assets with 100x leverage. Margex works like any other margin trading and doesn’t fall under the United Kingdom’s ban on digital assets derivatives.
Users who margin trade with this platform can select your leverage and explicitly view the price levels where you will liquidate your assets. Users can also view their maximum risk allowing users to make smarter trading decisions.
The platform has an advanced digital trading site packed with tools for technical crypto trading. Various personalised charts, technical indicators, price alerts, and stop-loss orders exist. The site also displays recent trades and the crypto order book so investors can stay one step ahead.
Its features include:
- Charges: Users can long or short trade with as little as £1. You’ll pay 0.019% when users create liquidity and 0.060% when you remove an asset from the market.
- Supported assets: The site supports various assets, including BTC and ETH.
- GBP deposit options: The platform doesn’t allow direct GBP deposits; nevertheless, you can deposit USD and EUR via Debit/Credit transfer or bank transfers.
- Licensing and regulation: Not regulated by the FCA.
- Customer support: The site offers 24/7 customer support through email and live chat.
Pros
- Offers low maker/taker charges
- Allows users to trade with up to 100x leverage
- The least tread size is £1
Cons
- The site isn’t regulated
- Digital assets selection is low
10. Huobi
This is among the best exchange platforms in the UK for earning passive income. Huobi has a savings account that allows users to deposit cash used to facilitate loans.
Besides a digital asset savings account, the site has various markets and digital assets such as DeFi and ERC-20 tokens.
Its features include:
- Charges: There are different charges depending on the service one is using. Spot trading on the site ranges between 0.2% and 0.4% depending on a user’s trading volume.
- Supported assets: The site supports various digital assets, including Ripple, Litecoin, and Bitcoin.
- GBP deposit options: The platform doesn’t support direct GBP deposits; it allows USD and EUR deposits through debit/credit cards or bank transfers.
- Customer service options: Huobi has 24/7 customer support through live chat and email.
- Regulation and licensing: Not regulated by the FCA.
Pros
- The trading charges are low
- Supports multiple payment options
- Digital asset deposits are free
- Offers a digital asset wallet app
- Has a broad selection of crypto assets
Cons
- Limited fiat currency support
- the user interface isn’t user-friendly
11. Coinbase
This is the best exchange platform for beginner traders. Coinbase is available on its native app, compatible with Android and iOs and its web app. The platform allows users to purchase digital assets using credit or debit cards.
Coinbase is user-friendly and has enhanced security features, and it stores 98% of users’ funds in cold wallets. The site also has a comprehensive research feature that offers users various educational guides. The site also has a Crypto wallet, giving users complete control of their private keys.
Its features include:
- Charges: Card payments cost 0.5%, and the platform also has a standard 3.99% transaction charge. Bank transfers are free; users must pay a 1.49% commission once the cash is deposited.
- Supported assets: Supports various digital assets, including Ethereum and Litecoin.
- GBP deposit options: The site allows deposits through the Faster Payments network and Debit/Credit cards.
- Customer service options: Offers round-the-clock support through email, live chat, and phone support.
- Regulation and licensing: Licensed by the FCA.
Pros
- It has a user-friendly interface making it ideal for beginners
- Offers a broad digital assets selection
- Has robust security features
- Doesn’t charge inactivity charges
- Round-the-clock customer support
Cons
- The platform’s charges are expensive
- The site requires users to provide personal details, which may be an issue for users who prefer anonymity
12. AQRU
This London-based exchange platform allows users to generate yields on their digital assets. The site supports five crypto assets, which users can purchase through its gateway.
You can fund your account in DAI, USDC, USDT, ETH, and BTC and instantly start getting interest on your holdings. The site offers 12% interest yearly on stablecoin deposits and 7% on ETH and BTC deposits. The interest is usually paid daily, and you don’t have to contend with lock-up periods.
Its features include:
- Charges: ETH and BTC deposits cost 7% while
- Supported assets: Supports give digital assets
- GBP deposit options: Allows deposits to be made through Moonpay and Debit/Credit cards
- Customer service options: Offers round-the-clock customer support via email and live chat.
- Regulation and licensing: Not regulated
Pros
- Users can buy digital assets through MoonPay
- Offers up to 12% on digital assets deposits
- There are no lock-up periods
- FIAT deposits are free
Cons
- Only limited digital assets are available
- Isn’t regulated
Is buying crypto in the UK Legal?
Yes, digital trading assets in the UK is legal, as no laws restrict individuals from trading crypto. Nevertheless, digital assets aren’t considered legal tender in the United Kingdom, so there are regulatory issues one must consider when trading them.
The FCA (Financial Conduct Authority) has outlined guidelines on how to use digital assets in the United Kingdom. The FCA doesn’t regulate digital assets, and people should be aware of the risks involved in trading crypto, such as money laundering and fraud.
How Crypto Is Taxed In The UK
Cryptocurrency tax treatment in the United Kingdom depends on the activities involved. The general guidelines are as follows:
- Digital assets held as an investment are subject to capital gain tax when you sell them, meaning you must pay tax on the profits if you sell an asset for a profit.
- People who use digital assets for non-investment transactions like buying services or goods are subject to VAT. In such situations, users must pay VAT on the value of services or goods they purchase using crypto.
- For those digital mining assets as a business or trade, their mining activities are subject to income tax, meaning you’ll need to pay tax on profits made from mining.
- Crypto tax treatment is complex and varies based on individual circumstances. Consult HMRC (HM Revenue and Customs) or tax professionals for more advice on taxing crypto transactions.
How do Bitcoin Exchanges Work?
Crypto exchange platforms facilitate trades between sellers and buyers. They aren’t different from conventional stock trading platforms that let market participants trade shares in the open marketplace.
Here are the steps to follow to trade on exchange platforms:
- Register an account with your preferred platform
- Fund your account using your preferred deposit method
- Select the digital asset pair to trade, such as BTC/USD
- Place an order forecasting whether you think the digital asset will fall or rise in value and the amount you wish to stake
Factors To Consider When Choosing A Crypto Platform
Here are some of the factors to bear in mind before choosing an exchange platform:
- Reputation and Security: Choose a reliable platform that has a record of offering secure transactions. Ensure the site offers security features like 2FA, regular security checks, and cold storage.
- Fees: Determine how much a platform charges for withdrawing, depositing, and trading crypto assets, compare it with other exchange sites, and select the one with the most competitive costs.
- Assets supported: Opt for an exchange with a broad array of digital assets, including the ones you want to trade.
- Liquidity: Check the platform’s trading volume to ensure adequate liquidity for the crypto you wish to trade. When an asset has high liquidity, you can sell or buy it at market prices.
- User Interface and Customer Support: A good exchange should have an easy-to-use interface and offer round-the-clock customer service through multiple channels, including email and live chat.
- Regulatory Compliance: Ensure the platform complies with local regulations and has the necessary permits to operate, ensuring your personal information and funds are secured.
Bottom Line
For investors in the United Kingdom, there are various crypto platforms. Every platform has different features, fees, and supported assets; therefore, you must do your due diligence to find one that best suits your needs. When settling on an exchange, consider the customer support options, supported assets, and the charges.
