The post Best Crypto Exchanges in the UK for August 2024 by Jay and Julie Hawk appeared first on Benzinga. Visit Benzinga to get more great content like this.
Benzinga’s top picks for the best cryptocurrency exchange in the UK include Coinbase, Kraken and eToro.
Cryptocurrency trading in the United Kingdom has grown significantly, with reputable exchanges providing secure and user-friendly platforms. Choosing the right exchange is crucial for making secured investments. This guide explores five top cryptocurrency exchanges operating in the UK, highlighting their strengths and weaknesses to help you make an informed decision. The list caters to both experienced traders and beginners in the crypto industry. Coinbase, ideal for beginners, and Kraken, a favorite for experienced traders, top our list for the best crypto exchange in the UK for this month.
Quick Look at the Best Cryptocurrency Exchanges in the UK:
- Best for Beginners: Coinbase
- Best for Advanced Traders: Kraken
- Best for Copy Trading: eToro
- Best for Diversification: PrimeXBT
- Best for Spot Trading: MEXC
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Top 5 Best Cryptocurrency Exchanges in the UK
Here is the list of the top cryptocurrency exchange platforms in the United Kingdom:
1. Best for Beginners: Coinbase
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Coinbase is one of the largest cryptocurrency exchanges by trading volume, serving customers in over 100 countries and supporting hundreds of crypto coins and tokens. The platform features a user-friendly interface with options like staking and earning, as well as a “learn and earn” feature where users watch educational videos and answer questions to earn crypto assets. Trading fees can be high on the basic platform, but users can access the advanced platform for free.
Best For
- Coinbase is best for beginners because of its user-friendly interface.
- The availability of over 30 products caters to the needs of traders of every mindset.
- Coinbase offers a learn and earn program.
- You can earn coins and tokens by watching tutorials and answering crypto-related questions. This platform lets you earn crypto just by spending your fiat via a debit card as you normally would when you use Coinbase’s Visa debit card.
- Offer a wide variety of altcoins.
- Ideal for new investors.
- Complicated fee structure
- Does not support margin trading (only 3x on Pro version)
Launched in 2012, Coinbase is a popular cryptocurrency exchange serving over 100 million users. It’s particularly well-suited for beginners due to its user-friendly interface and educational resources. However, it’s important to be aware of Coinbase’s fees, which can be higher than other options. For instance, buying crypto with a debit card on Coinbase incurs a 3.99% fee, significantly steeper than the 0.5% charged by some competitors. A separate 1% commission applies on crypto trading. Despite the higher fees, Coinbase prioritizes security. Account logins require two-factor authentication, and additional checks are implemented for unrecognized devices. They also store 98% of client crypto assets in secure offline storage (cold storage). Finally, Coinbase offers a convenient mobile app (iOS and Android) that functions as an exchange and a crypto wallet.
Why We Picked It: Coinbase offers a vast selection of over 250 cryptocurrencies for trading. Despite the fees, Coinbase caters well to beginners with its user-friendly interface and secure platform. They even offer a built-in wallet to store your cryptocurrency.
2. Best for Advanced Traders: Kraken
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Kraken is one of the oldest cryptocurrency platforms in the crypto market, catering to both new and expert cryptocurrency traders. By supporting over 240 cryptocurrencies, including altcoins and meme coins, Kraken gives investors more choices along with deep liquidity. The platform ranks No. 1 in Europe in large order executions with over 35% market share. In February, the platform launched an institutional offering to provide solutions like spot and over-the-counter (OTC) trading, custody and staking.
Best For
- Traders looking for advanced features and analytics
- Investors seeking access to a wide range of cryptocurrencies
- Provides access to a broad range of major cryptocurrencies and altcoins
- Customizable order types, charts and leveraged futures trading
- Strong commitment to security and regulatory compliance
- Trusted by over 9 million clients in 190 countries
- Not available in all U.S. states — no services to New York and Washington residents
- You pay higher fees if you are not on Kraken Pro
- Multiple apps may be confusing to beginners
- Staking and rewards not available in the U.S.
Another top UK exchange for crypto is Kraken, which has over ten million users globally. Kraken shines with its low trading fees, starting at just 0.16% per transaction. These fees decrease as your trading volume increases. Kraken offers instant buying options with a slightly higher fee of 1.5% for most crypto and 0.9% for stablecoins. Security-conscious investors will appreciate Kraken’s spotless record: they’ve never had a major security breach. Their CSO50 award for outstanding security protocols also speaks volumes about their commitment to protecting your assets. Kraken offers a wide range of options for both beginners and experienced traders. Newbies can explore over 200 cryptocurrencies, while seasoned investors can leverage margin trading and futures options to potentially maximize their returns. Plus, Kraken Pro unlocks advanced charting tools for in-depth technical analysis. They store 95% of user funds in secure cold storage, offering peace of mind for your crypto holdings.
Why We Picked It: Kraken offers trading in over 200 cryptocurrencies. There’s a 3.75% fee for buying Bitcoin with a debit card, but trading fees start much lower at 0.16% per transaction (or 1.5% for instant purchases). Like Coinbase, Kraken provides a secure wallet and stores 95% of user assets in cold storage while offering advanced trading options.
3. Best for Copy Trading: eToro
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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro is headquartered in Cyprus, England and Israel. A major eToro plus is its social trading operations, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its underwhelming research and customer service features.
Best For
- Investors looking to CopyTrade other traders
- Simple user interface
- Several major cryptocurrencies and altcoins
- Expansive network of social trading features
- Large client base for new traders to imitate
- Only 21 coins available in the US but over 30 globally
Looking for a user-friendly cryptocurrency trading platform with social features in the UK? eToro might be a good fit. Deposits made with a UK debit card are processed instantly, while bank transfers can take a day or two. They charge a deposit fee of 0.5% on GBP payments, which is generally lower than other crypto exchanges. When buying or selling any of their 70+ cryptocurrencies, a flat fee of 1% applies. Popular available trading options include Bitcoin, Dogecoin, Ethereum and Cardano. Convenience is a plus with eToro’s mobile app (iOS and Android), which allows you to trade and store your crypto on the go. For a more hands-off approach, explore their prebuilt Crypto Smart Portfolios. These thematic portfolios, like the Coinshares France SAS option, offer exposure to various cryptocurrencies with varying weights managed by eToro. Another social feature is copy trading, where you can mimic the trades of experienced investors. With thousands of verified traders to choose from and a $10 minimum investment, it’s a low barrier to entry. Keep in mind that eToro primarily focuses on cryptocurrencies, but it also offers thousands of UK and international stocks and ETFs. You can even speculate on contracts-for-difference (CFDs) across various asset classes.
Why We Picked It: eToro offers over 70 cryptocurrencies for trading. They have a flat fee of 0.5% on deposits and a 1% fee on buying Bitcoin (plus spread). While they provide a mobile wallet, their strength lies in variety. eToro boasts a user-friendly platform with social features like copy trading and offers a wide range of assets beyond just crypto.
4. Best for Diversification: PrimeXBT
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PrimeXBT, founded in 2018 and opened in 2019, is a multi-asset brokerage that features up to 100 times leveraged trading on the most popular cryptocurrencies and stock indices, and up to 1,000 times leverage on forex pairs and commodities. The experience is broken down between dynamic crypto futures trading and CFDs for traditional assets. The brokerage also charges dynamic fees that decrease to as low as 0.001% as your balance grows.
The platform features a few trading products to serve all of your needs, including the flagship PrimeXBT crypto futures platform, which offers comprehensive trading tools, an educational platform called PrimeXBT Trading Academy, weekly trading competitions, and the Covesting copy trading module, which allows you to copy strategies and invest alongside other experienced traders of your choice. All trading aspects of the trading platform feature a modern and sleek customizable user interface.
PrimeXBT requires KYC in the same way as other brokerages do. The platform boasts a plethora of safety features to ensure the security of your funds and account. Some features include 2FA, manual withdrawal clearance, crypto address whitelisting and cold storage of digital assets.
Best For
- Traders who are looking to maximize their profits
- Active traders
- Traders of any level
- Traders who prefer anonymity
- Traders who want to diversify their portfolios across different asset type
- Traders who want good customer support — 24/7 live chat feature in 16 languages
- Up to 100x leverage for crypto and stock indices trades
- Up to 1,000x leverage for forex and commodity trades
- Variable leverage system and choice between cross or isolated margin
- Long and short trading with multiple order types
- Customizable and friendly user interface
- Low fees
- No need for KYC verification
- Not available in the U.S., Canada, Japan, and other countries/regions
- No spot trading
PrimeXBT caters to those who value low barriers to entry. Unlike some crypto exchanges, they don’t have a minimum deposit, allowing you to try out the platform with any amount before committing more. Deposits can be made with various cryptocurrencies and fiat money through third-party services like AdvCash and Perfect Money. PrimeXBT shines with its competitive fees. Crypto trading fees start at 0.01%, with even lower maker/taker fees of 0.01% and 0.02% for crypto futures contracts. They also offer copy trading, enabling you to mimic the trades of experienced investors, which can be helpful for beginners. Speaking of beginners, PrimeXBT Academy offers educational resources to help you navigate the platform, understand crypto basics, and even delve into advanced topics like blockchain and NFTs. Beyond crypto, PrimeXBT allows you to diversify your portfolio with traditional assets like currencies, stock indexes, and commodities such as gold, oil, and gas. This makes it a well-rounded platform for those seeking a wider range of investment options. However, keep in mind the limited fiat deposit options through third-party services.
Why We Picked It: PrimeXBT offers over 40 cryptocurrencies for trading but has no built-in crypto wallet. The deposit fee and how much you pay for Bitcoin depend on the third-party service you use. This platform stands out for its low trading fees and the ability to copy experienced traders but keep in mind the limited ways to deposit fiat currency.
5. Best for Spot Trading: MEXC
MEXC stands out for its competitive fee structure. Notably, they offer 0% spot trading fees, making it an attractive option for cost-conscious investors. For those interested in futures trading, taker fees start at as low as 0.02% per transaction, with limited orders even enjoying a 0% fee. But MEXC isn’t just about low fees. They offer a vast selection of over 1,000 cryptocurrencies to trade, including popular options like Bitcoin, Ethereum, and Dogecoin. Seasoned traders can leverage their holdings for potentially amplified returns with up to 10x leverage. Security is a priority at MEXC. They store over half a billion dollars worth of user cryptocurrency in secure cold storage and require two-factor authentication (2FA) and KYC verification for added protection. Beyond trading, MEXC Launchpad allows you to discover and invest in newly launched crypto projects. You can also generate passive income by staking popular coins like Bitcoin and Polkadot, potentially earning up to 10% annual returns. MEXC offers 24/7 customer support and advanced trading tools to help you make informed decisions. The platform is accessible from your desktop or through their mobile app (iOS and Android).
Why We Picked It: MEXC is a great choice for investors focused on spot trading, as they uniquely charge 0% fees for those transactions. There’s a wide selection of over 1,000 cryptocurrencies to trade, and you can even earn passive income by staking certain tokens with yields up to 10%. However, keep in mind there’s a 2% fee for buying Bitcoin with a debit card.
How to Choose the Best Crypto Exchange in the UK for You?
Here are the key factors to consider when choosing a cryptocurrency exchange in the United Kingdom:
Regulation
Regulation is the first and foremost thing every trader must consider if they are starting trading. The Financial Conduct Authority (FCA) is the reputed regulator for the UK market, so it is recommended that traders prioritize those regulated by FCA.
Available Crypto Range
A wide range of tradable assets makes it convenient for any trader to diversify their portfolio. There are hundreds of trading strategies, but every crypto may not support each trading strategy. So, you can choose the cryptocurrency that suits your trading style. Above all, you must go with the crypto exchange offering many cryptocurrencies, including Bitcoin and altcoins like Dogecoin, Ethereum, Ripple, BNB, and Bitcoin Cash.
Fees/Cost of Trading
When choosing the best crypto trading platform in the United Kingdom, it is essential to evaluate fees, including deposit and commission charges. For instance, eToro charges a 0.5% fee for instant deposits with a debit card, while Coinbase can charge up to 3.99%. Trading commissions vary widely; MEXC commission starts at 0% for spot trading. Understanding these fees is crucial for making informed decisions and minimizing costs.
Type of Wallet Offered
After buying crypto from an exchange, the tokens are initially stored by the exchange itself, allowing investors to see their balances by logging into their accounts. However, this means the exchange holds the private key to the wallet, which might not be ideal for all investors. Many UK crypto exchanges, like eToro, offer their own crypto wallet apps, which provide more flexibility for storing and transferring crypto.
Payment Methods
When buying crypto for the first time, investors must choose a cryptocurrency exchange that accepts regular money (fiat payments). Users can deposit funds using a UK debit/credit card or digital wallet, or by transferring money from their bank account. It’s important to check the payment fees for the chosen deposit method. Additionally, investors should look at the minimum deposit requirement for the exchange.
Are Cryptocurrency Exchanges Legal in the UK?
While buying and selling cryptocurrencies through exchanges is legal in the UK, it’s important to understand the regulatory landscape. Crypto assets are unregulated, so crypto exchanges operating in the UK don’t necessarily need authorization from the Financial Conduct Authority. However, choosing an FCA-registered exchange offers peace of mind. They operate under the FCA’s guidelines, ensuring a legitimate platform. Keep in mind that certain types of crypto trading are banned in the United Kingdom for retail investors, including derivatives like CFDs, futures, options, and perpetual swaps.
Finalizing the List of Best Crypto Exchanges in the UK
Picking the right crypto exchange depends on what you want to do. For beginners, Coinbase is user-friendly but has higher fees. Kraken offers lower fees and advanced features. eToro boasts social features and a mobile app but has a limited crypto selection. PrimeXBT shines with low fees and copy trading but has limited ways to deposit fiat currency. MEXC is a great option for spot trading with 0% fees, but it also has a 2% fee for debit card purchases. Remember, do your research and choose an FCA-regulated exchange for added security.
Frequently Asked Questions
What is the best crypto exchange in the UK for beginners?
On the basis of prudent research, our experts say that Coinbase is the best crypto exchange in the UK for beginners.
Answer Link
Which UK crypto exchange has the lowest fees?
Among many in the business, MEXC charges 0% trading fees for spot trading.
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Should I use Coinbase or Binance?
Choosing between Coinbase and Binance depends on personal preferences. Coinbase is ideal for beginners because of its user-friendly interface and strong regulatory support. Binance is suitable for more experienced traders because of its advanced trading features and lower fees.
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The post Best Crypto Exchanges in the UK for August 2024 by Jay and Julie Hawk appeared first on Benzinga. Visit Benzinga to get more great content like this.