If you’re based in the UK and interested in trading Bitcoin, you will need to register an account with a top-rated uk crypto exchange.
There are hundreds of Bitcoin exchanges to choose from - most of which operate without a regulatory license. Therefore, you need to choose wisely before risking any capital.
In this guide, we discuss the best Bitcoin exchanges in the UK right now based on a number of core metrics - such as regulation, fees, supported markets, and user-friendliness.
List of UK Based Crypto Exchanges - Quick Overview
If you’re strapped for time and simply require an overview of the best Bitcoin exchanges in the UK right now - consider the three providers outlined below.
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Get Started With the Best Crypto Trading Platform UK Today - 5-Minute Tutorial
If you want to start trading cryptocurrencies right now - the quickfire guide below shows you how to get started with the best Bitcoin exchange in the UK -eToro, in under five minutes.
The platform is regulated by the FCA and allows you to buy and sell Bitcoin from just $10 (about £7).
- Step 1: Open Account - Visit the eToro website and open an account by entering your personal and contact details.
- Step 2: Upload ID - As eToro is FCA-regulated, it will require a copy of your passport or driver’s license - which will be verified instantly.
- Step 3: Deposit Funds - Deposit some funds into your new eToro account with a UK debit/credit card or an e-wallet like Paypal. UK bank transfers are also supported.
- Step 4: Search for Bitcoin- Enter ‘Bitcoin’ into the search bar and click on the ‘Trade’ button.
- Step 5: Buy Bitcoin - Finally, to buy Bitcoin, enter your stake (minimum $10). Click on ‘Open Trade’ to complete your Bitcoin purchase.
And that’s it - you’ve just learned how to buy cryptocurrency at the UK’s number one Bitcoin exchange - eToro.
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Best Bitcoin Exchange UK - Full Reviews
When searching for the best Bitcoin exchanges in the UK, you need to consider a full range of metrics. Important factors include how much the Bitcoin exchange charges in commissions, what markets it supports, and whether or not it accepts your preferred payment method.
Taking all of this into account, below you will find full reviews of the best Bitcoin exchanges in the UK right now.
1. eToro - Overall Cheapest Crypto Exchange UK
We found that eToro is one of the best Bitcoin exchanges in the UK for several core reasons. First and foremost, unlike the vast majority of Bitcoin exchanges active in this industry, eToro is regulated by the FCA. As such, you can buy, sell, and trade Bitcoin in safety.
eToro is also user-friendly in all departments. For instance, not only is the platform simple to use but you can easily deposit funds with a UK debit/credit card. Other payment methods supported include Paypal, Skrill, and UK bank transfers, The minimum deposit to get started is a very affordable $50 (about £35).
What we also like about this top-rated exchange is that you can buy Bitcoin from just $10. This allows you to dip your toes into the Bitcoin trading scene without needing to risk large sums of capital. When it comes to fees, this is where eToro is truly a market leader.
In a nutshell, you can trade Bitcoin on a spread-only basis - which means that instead of paying a commission, you simply need to cover the mark-up between the buy and sell price. At eToro, this starts at a very competitive 0.75%. Finally, eToro offers dozens of other digital assets in addition to Bitcoin - including Ethereum, Ripple, Litecoin, Dogecoin, and Shiba Inu.
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2. Coinbase - User-Friendly Bitcoin Exchange With High Fees
Another Bitcoin exchange that is somewhat popular in the UK is Coinbase. The exchange was launched back in 2012 - which makes Coinbase one of the most established in this space. Coinbase targets its exchange to casual traders that have little to no experience in trading Bitcoin.
However, the main drawback here is that Coinbase is super expensive. For example, if you wish to buy Bitcoin directly with your Visa or MasterCard, you will be charged a commission of 3.99%.
This means that by purchasing £200 worth of Bitcoin, you will pay almost £8 in fees. You can also add funds to your account via a bank transfer. Although this is free, you will need to wait several days for the funds to arrive.
Then, you will need to pay a standard trading commission of 1.49% when you proceed to buy Bitcoin. As such, when you compare the fee structure of Coinbase to eToro, it is clear to see that there are much cheaper options in the market.
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3. Binance - Low-Cost Crypto Exchange Without Regulatory Status
In terms of client accounts and trading volume, Binance is actually the largest Bitcoin exchange globally. Traders are attracted to Binance for a variety of reasons - especially when it comes to fees. After all, the most you will pay to trade Bitcoin and other supported digital assets is just 0.10%.
Furthermore, Binance offers a huge range of markets on its platform - with more than 100 cryptocurrencies that you can buy, sell, and trade at the click of a button. However, it is crucial to note that Binance is not regulated in the UK.
In fact, Binance is not licensed in any single jurisdiction, so this is important to bear in mind. Moreover, the FCA recently opened an investigation into Binance as per its unregulated status. In turn, the Bitcoin exchange no longer supports UK bank account deposits or withdrawals.
This means that should you wish to cash your Bitcoin profits out, you will need to go through the hassle of withdrawing your tokens to an alternative exchange.
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How to Find the Best Bitcoin Exchanges UK
It is important that when searching for the best Bitcoin exchanges in the UK, you have a checklist of core metrics to check before you register.
In the sections below, we outlined the main factors to consider before you choose a Bitcoin exchange.
Regulation and Safety
Make no mistake about - the vast majority of Bitcoin exchanges offering services to UK clients are unregulated. And as such, this goes against the guidance of the FCA.
Fortunately, you have exchanges like eToro - which is both authorized and regulated by the FCA to offer cryptocurrency services in the UK market.
This means that in choosing eToro as your go-to Bitcoin exchange, you can buy and sell cryptocurrencies without needing to worry about the safety of your money.
Payments
Once you have opened an account with your chosen Bitcoin exchange, you will be required to fund it. After all, you will be unable to buy Bitcoin without first having a sufficient account balance.
This is where Bitcoin exchanges in the UK can really vary - both in terms of supported payment methods and the applicable fees.
For example:
- We mentioned earlier that Coinbase allows you to deposit funds with a UK debit or credit card - which is great. However, you will need to pay a huge transaction fee of 3.99% for the pleasure.
- In comparison, eToro only charges 0.5% to deposit funds with a debit or credit card - which is charged for converting GBP into USD.
Take note, some of the Bitcoin exchanges that we came across only accept payments in digital currency - so be sure to check this before signing up.
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Commissions
You will need to pay a commission to buy and sell Bitcoin online. Once again, this will vary across Bitcoin exchanges.
For example, Coinbase has a standard commission of 1.49% in place. This means that when you buy Bitcoin, you will pay 1.49% of the total investment amount. Then, when you sell Bitcoin at Coinbase, you will again pay this commission of 1.49%.
Over at FCA-regulated exchange eToro, you will only need to cover the spread. As noted earlier, this stands at a competitive 0.75% when trading Bitcoin.
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In Summary
This brief article has reviewed the very best Bitcoin exchanges in the UK. We have also discussed the most important metrics to consider before you choose an exchange - with a strong focus on regulation, payments, and commissions.
In summary, we found that eToro is the overall best Bitcoin exchange in the UK - not least because the platform is FCA-regulated and it offers super-low fees. It’s also approved as the best crypto exchange uk Reddit.
Additionally, when using eToro, you only need to meet a $10 minimum investment when you buy Bitcoin - which is about £7.
Disclaimer:
The above content is non-editorial, and BCCL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content. Crypto/NFTs are unregulated, highly risky, and there may be no regulatory recourse for any loss from such transactions. Readers to exercise caution/due diligence, and comply with all applicable laws, including but not limited to taxation laws. Above content does not constitute investment advice nor promotes, suggests or presents Crypto/NFTs to solve financial difficulties/achieve financial security/act as an alternative to employment/income opportunity.
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