Although there are hundreds of cryptocurrency exchanges in the world, in the UK there are strict regulations about which platforms can legally operate here. There are only a few crypto exchanges that are registered with the Financial Conduct Authority (FCA), and I will discuss the top platforms in this article.
It may be tempting to use other crypto exchanges that are not registered with the FCA, but this is not safe as they are not allowed to accept UK customers.
To make things easy for you, I have done hours of research on cryptocurrency exchanges in the UK and come up with the best choices. My reviews are based on various factors including ease of use, features, fees and the level and quality of customer support.
I recommend trying out different exchanges to see which one works best for you. What may be the most suitable for one person may not necessarily be the best option for another.
Coinjar has been around since 2013 and since that time, it has become one of the most recommended crypto exchanges in the world. Many users love this platform because the experience on Coinjar is similar to that of using a banking system. Thanks to its simple and intuitive user interface and excellent support, CoinJar has risen to become a favourite among beginners.
Coinjar also has low trading fees on the market of between 0 and 0.1%, and there are a variety of deposit methods accepted, making it easy to buy your first cryptocurrency. If you like to trade on the go, you can easily do so using the Android or iOS app. Learn more by reading my full review here.
Uphold is a unique platform that offers traditional investment options such as forex, precious metals, and US stocks, alongside 125 cryptocurrencies. There are plenty of deposit methods available including Bank Transfer, Debit/Credit card, Google Pay and Apple Pay, and the trading fees are all included in the spread, so you know exactly what you are getting at each transaction.
Uphold also offers a unique 'Anything to Anything' trading experience, which means you can instantly trade any asset or currency for another. For example, you can swap your Gold for Bitcoin at the click of a button. See more details about Uphold in my full review here.
eToro is a popular broker established in the UK in 2007. Initially offering stocks and ETFs, they now also offer 75 cryptocurrencies. eToro is an excellent choice for those who like to invest in traditional assets as well as crypto.
There are various deposit methods such as online banking, PayPal, debit/credit card, and wire transfer, with no fees involved. They also offer a demo trading account with $100,000 play money, so you can practise trading before you risk your own money.
eToro also has a heavy focus on social trading where users can interact with others on the News Feed, or copy successful traders and make profit alongside them. See my eToro review to learn more.
Bitstamp is one of the oldest-running crypto exchanges, established in 2011, and currently headquartered in London. It is a professional trading platform, more suited to those who are interested in day trading, rather than simple buying and holding of crypto. There are advanced charts with technical indicators and tools for experienced traders.
Bitstamp also offers options for their users to stake crypto and earn interest on their holdings. This is a great way to earn passive income if you plan on holding your crypto for the long term. Learn more about this and other features of the platform in my review.
Frequently Asked Questions
No. Each exchange supports different cryptocurrencies. For example, there are exchanges that only support Bitcoin, others support tens of cryptocurrencies while some support more than a hundred. There is no guarantee that an exchange has all the cryptocurrencies you might want to buy or sell. Some platforms also only list the popular cryptos, so check the exchange itself to know exactly which cryptocurrencies they support.
In recent years, regulators have added more laws and guidelines to help protect consumers, but there are still unscrupulous exchanges out there. It is therefore a good idea to research many exchanges you are interested in to lower your chances of registering on and depositing money with a fraudulent exchange.
If you want to do such a high-volume trade, you should consider using an over-the-counter (OTC) broker to avoid any slippage.
You can view live trading volume for the largest cryptocurrencies on platforms such as CoinMarketCap. These platforms usually stream the trading volumes 24 hours a day.
Exchanges in many countries around the world adhere to anti-money laundering and counter-terrorism financing laws and regulations. To comply with set rules and regulations, exchanges must gather some important details about their customers. This is why you may be asked to provide your ID.