Best Crypto Exchange UK – Best Exchange Revealed

Cryptocurrencies were one of the hottest investments last year, and the rapid growth of digital money looks poised to continue. Currencies like Bitcoin, Ethereum, Ripple and others offer opportunities for short-term traders and long-term investors alike.

In order to buy cryptocurrencies in the UK, you’ll need a crypto exchange. A crypto exchange is effectively a broker for cryptocurrencies, giving you an on-ramp from pounds to Bitcoin and other digital currencies.

In this guide, we’ll help you find the best crypto exchange UK for 2023. We review the 5 top crypto exchanges, plus explain how to choose the right one for you and how to start trading cryptocurrency today.

Top Crypto Exchanges 2023

There are dozens of UK crypto exchanges to choose from. But to ensure you’re getting the best trading experience at the lowest cost, it’s important to pick one of the top crypto exchanges operating today.

Here are our picks for the 4 best crypto exchanges you can use to start trading today:

• Binance – Best for Cryptocurrency Trading
• Coinbase – Widest Selection of Cryptocurrencies
• CoinCorner – Best Crypto Exchange for Long-term Investing
• CoinJar – Best Crypto Wallet for Trading and Spending

Best Cryptocurrency Exchange UK Reviewed

Let’s explore some of the best crypto exchanges in the UK.

What is a UK Crypto Exchange?

A crypto exchange is a digital marketplace where you can buy and sell cryptocurrencies.

You can think of a crypto exchange much like a stock broker, but for digital currencies. A crypto exchange matches your order to buy, say, Bitcoin with a corresponding order from another trader to sell Bitcoin and then facilitates the transaction.

Many crypto exchanges also provide trading platforms to help you profit from cryptocurrency trading. You can access technical charts, for example, or order books that show all of the trades happening for a particular currency on the exchange.

One thing to note is that all of the top UK crypto exchanges we reviewed are centralized exchanges. That is, there is a company between you and other traders facilitating transactions, just like there is for the stock market.

However, there are decentralized crypto exchanges as well. Decentralized exchanges enable you to send cryptocurrency directly to a buyer or to accept cryptocurrency directly from a seller. These exchanges can be less expensive, but they are also more susceptible to fraud since transactions aren’t monitored by a third party.

Choosing the Best Cryptocurrency Exchange UK for You

How do you decide which UK crypto exchange is best for your needs? There are several important factors that differentiate exchanges. Let’s take a closer look at the ones you need to consider.

Safety & Regulation

Safety is a major consideration when choosing a crypto exchange. The early days of crypto trading were rife with fraud and other problems, and fraud can still happen if you choose an exchange that’s not trustworthy.

In addition, cryptocurrencies are subject to security risks that don’t exist in traditional markets. For example, the exchange Mt. Gox famously lost over $450 million in clients’ Bitcoin as the result of a hack into its servers.

So, it’s essential to make sure that the cryptocurrency exchange you choose not only takes security seriously, but works to proactively protect your account. Be sure to check on what cybersecurity measures the exchange uses and see if the exchange is insured to protect against theft of client funds.

Many exchanges give you the option to have them manage your crypto wallet or allow you to manage it yourself. Managing it yourself is potentially more secure, although you can lose access to your funds if you ever lose your password.

One thing to note is that unlike stock brokers, many crypto exchanges aren’t regulated by government agencies. The UK’s Financial Conduct Agency recently set up a program for regulating cryptocurrency exchanges, and platforms like Coinbase and Binance now fall under the FCA’s authority.

Trading Options

Another important thing to consider when choosing a crypto exchange is what assets you can trade. Some exchanges only allow you to buy and sell Bitcoin, others limit you to a handful of the most popular cryptocurrencies, and some give you access to hundreds or even thousands of digital tokens.

In general, having more digital currencies to trade is better. But if you only plan to trade coins like Bitcoin and Ethereum, access to thousands of coins shouldn’t override other factors like pricing and safety when it comes to picking an exchange.

Fees

Trading fees can vary widely between cryptocurrency exchanges, and even for different cryptocurrencies at the same exchange.

Typically, trading fees come in two forms: commissions and spreads. Commissions may be a fixed amount or percentage per trade, while spreads are variable percentage fees that vary based on price action.

Some platforms charge extra if you remove liquidity from a cryptocurrency as opposed to adding it in. The trading fees can also vary based on the amount of money you’re trading in a single transaction or over the course of a month.

Be sure to look carefully at all the fees that an exchange charges to get a sense of how much you might pay to trade.

Trading Tools & Features

Many crypto exchanges offer built-in trading platforms that you can use to track price action, conduct market research, and place trades. Within these trading platforms, look for key features like technical charts with dozens of built-in technical indicators. You should also be able to see the order book for any cryptocurrency, which shows you all the trades that have been placed for that coin over the course of the trading day.

The trading platforms should also give you a range of ways to place orders and manage risk. For example, many exchanges offer not just market and limit orders, but also stop-loss orders, good-till-cancelled orders, and even one-cancels-the-other orders.

Another feature to look for is a built-in cryptocurrency wallet. All of the exchanges we highlighted offer managed crypto wallets, so you don’t have to worry about connecting your own third-party wallet.

Both your wallet and the trading platform should be available via a mobile app. That way, you can trade cryptocurrency from anywhere and spend your coins on purchases if you wish.

Payment Methods

One long-standing challenge for new cryptocurrency traders has been making the initial exchange from GBP to popular coins like Bitcoin. Thankfully, most exchanges have now solved this problem and enable you to fund your cryptocurrency trading account using GBP.

Look for exchanges that offer simple payment methods like debit or credit card, PayPal or Skrill transfers, or even UK bank transfers. Be sure to check whether any of these simple payment methods come with extra fees before you fund your account.

Customer Service

The crypto market operates 24/7, so you need an exchange that provides round-the-clock customer service. Thankfully, many of the top crypto exchanges do – Binance and Coinbase both offer 24/7 support.

Keep in mind that not all support is equally helpful. You can get answers over the phone immediately if something happens to your account, but email responses can take hours or days.

Best Crypto Exchange UK – Conclusion

Cryptocurrency has widely been touted as the replacement for traditional currency and the next big shift in the global financial system. If you want to start trading or investing in digital coins, you need the best cryptocurrency exchange UK for the job.

With these 4 top UK crypto exchanges, you can trade a wide range of coins while paying few fees and getting access to top-tier trading tools.

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