Because there are so many cryptocurrency exchanges in the world, it can be difficult deciding which one is the best one for you. In the UK, there are a few great options available to traders, so there is no need to feel like you do not have enough options compared to those in the US or Asia.
To make things easy for you, we are going to look at 10 of the best cryptocurrency exchanges. Our reviews are based on several factors including ease of use, the features on the exchange platforms, fees and the level and quality of customer support.
We recommend first choosing one exchange that works well for you and sticking with it. Without doing this, you would be forced to keep your currencies in different exchanges which can be annoying and difficult to deal with.
Coinjar has been around since 2013 and since that time, it has become one of the most recommended crypto exchanges in the world. Many of the people who love this platform say they prefer it because the experience on Coinjar’s platforms is similar to that of using a banking system. Because of its simple and intuitive user interface and excellent support, CoinJar has risen to become a favorite among beginners.
Coinjar also has some of the lowest fees in the crypto exchange market at 0.25%. Coinjar has both an Android and iOS app if you are interested in using the platform on your mobile device or anywhere where you cannot get access to a computer. Coinjar also offers lots of different ways to fund your account which makes buying your first cryptocurrency a breeze.
Because their headquarters are located in the UK, CEX is a great option for people in the UK. CEX affords its users lots of benefits including faster payments, even when paying with GBP, and great security. CEX is also among a handful of exchanges where you can use your Mastercard or Visa to make deposits.
CEX allows you to trade and exchange more than 10 coins including BTC, BCH, LTC, ZEC, BTT, TRX, ETH, DASH, BTG and many others.
Other benefits of tracing on CEX include their mobile apps and great customer support.
ChangeNOW is geared towards more experienced users. Its main standout features include great customer support as well as offering a similar number of cryptos to Binance. This makes ChangeNOW a great alternative to Finance for experienced traders.
Because ChangeNOW is a limitless non-custodial crypto exchange, it is one of the safest exchanges and a great choice for both high-volume and retail traders. ChangeNOW’s platform is intuitive and easy to use which makes it great for both beginner and experienced users.
For new users, there are great customer service agents who pay close attention to detail and are standing by to answer any questions you may have.
One of the things working against Coinburp is the fact that it supports a limited number of coins. These include Ethereum, Bitcoin, Litecoin and IOS. However, Coinburp is able to stand out due to the simplicity and speed of its platform. Similar to CEO, Coinburp also uses the Faster Payment Service (FPS). Using this system enables Coinburp’s users to deposit fiat currencies directly from their bank accounts to their trading accounts. The one downside is that there are no other payment options available.
Coinburp caters to people who want to get in and out of the market relatively fast while paying extremely low fees and using a very user-friendly platform.
Coinburp has passed all the necessary security checks and adheres to all UK regulations, making it a very safe platform to use.
The bottom line is that although you will not be doing any advanced trading on Coinburp, it is still a great platform for those who want to trade some of the more common cryptos.
Coinfloor is another one of the older UK exchanges and this makes it one of the most experienced exchanges in the UK. While Coinfloor has a long list of great features including great support, adequate security and a decent fee structure, it does not target beginners who are having their first run at cryptocurrency trading.
The people who trade on Coinfloor usually have a sizable bankroll and require a personal touch when investing and trading crypto. Coinfloor is somewhat limited because it only supports BTC, BCH and ETH.
While Coinfloor is not the best bitcoin exchange for those who are just starting out and those who want to start small, it is great for those who have a large amount of money to invest or trade crypto and who need a personalized and refined approach.
Binance remains one of the biggest crypto exchanges in the world. Binance started off as Binance JE which closed its doors in 2020 and what remains is Binace Global. The attraction features of Binance Global are its low fees, great customer support, good security, very fast transactions as well as a huge array of cryptocurrencies to choose from. Their exchange rates are some of the best in the market and they also offer several ways to fund your account including using credit cards, wire transfer or bank transfer.
Binace is not recommended for beginners because the user interface can take some time to get used to. However, once you understand the platform and all the different options it offers, it becomes a great exchange to trade cryptocurrencies on.
The reason Binance is one of the biggest and most popular cryptocurrency exchanges in the world is the fact that it charges very low fees, is an excellent platform and gives traders a large number of cryptocurrencies to trade or exchange.
Coinbase/Coinbase Pro is the largest foreign exchange for UK residents and is known by traders all over the world. Although Coinbase is a solid platform that works really well, their fees are higher than those of most other exchanges and the company has received some negative press over the years.
Coinbase still works as you might expect it to, with its strongest attraction being the inclusion of all possible payment options to cater to its international clientele. Coinbase also supports more than 15 coins so it should be easy to find what you need to trade if you choose Coinbase.
Because it was founded in 2011, Kraken is one of the oldest exchanges in the world. As with Coinbase, Kraken has also received some negative press over the years, but it remains a great option for traders. Once you are on the platform, you will quickly realize that it is a lot more advanced than most other exchanges. The features are extensive and numerous, perhaps evidenced by Kraken having a features section. A word of caution though; trading futures is very risky and should only be attempted by those who are sure of what they are doing.
Kraken supports over 15 coins that you can trade. Kraken is also very secure and despite some of the bad press it has received, it still remains a robust and secure platform.
Advanced traders also get one-on-one support and there are over-the-counter services and favorable fees for all traders.
Changelly is a European exchange and although it is not as popular as the other exchanges on this list, its popularity is rising. They have a great selection of currencies to choose from and their platform is also very reliable. Although you can use any fiat currency you would like, the platform will convert it to either USD or EUR which is not ideal for UK traders.
Bittrex is based in the United States, but remains popular with UK traders. It was founded by security engineers from some of the biggest companies in the world. Although Bittrex is great for beginners, it lacks some of the features that attract users to the other exchanges. Because it only accepts deposits in USD, it may not be a great option for those in the UK.
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.