Best Crypto Exchanges in the UK for October 2024

   Benzinga's top picks for the best crypto exchanges in the UK include Coinbase, Kraken and eToro. Cryptocurrency trading in the United Kingdom has seen significant growth due to the rise of reputable exchanges that provide secure and user-friendly platforms for investors. As more individuals look to participate in the crypto market, selecting the right exchange becomes crucial for ensuring the safety of their investments. Factors such as regulatory compliance, transaction fees, security features and customer support play a vital role in making an informed choice. This guide explores five top crypto exchanges operating in the United Kingdom, 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 exchanges in the UK for this month. Quick Look at the Best Cryptocurrency Exchanges in the UK: Best for Beginners: CoinbaseBest for Advanced Traders: KrakenBest for Copy Trading: eToroBest for Diversification: PrimeXBTBest for Spot Trading: MEXC Top 5 Best Crypto Exchanges in the UK Here is the list of the top crypto exchanges in the United Kingdom: 1. Best for Beginners: Coinbase 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'sfees, 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 crypto exchange 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. Coinbase's regulatory compliance in the UK involves adhering to stringent financial regulations set forth by the Financial Conduct Authority (FCA) and other relevant authorities. This compliance includes implementing robust Anti-Money Laundering (AML) and Know Your Customer (KYC) measures, ensuring that all customers are thoroughly verified before they can buy cryptocurrencies. Why We Picked It: Coinbase offers a vast selection of over 200 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 cryptocurrency wallet to store your coins. 2. Best for Advanced Traders: Kraken Another top UK crypto exchange 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 digital 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 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 cryptocurrency wallet and stores 95% of user assets in cold storage while offering advanced trading options. 3. Best for Copy Trading: eToro Looking for a user-friendly crypto trading platform with social features in the United Kingdom? eToro might be a good fit. Deposits made with a UK debit card are processed instantly, while transfers from a bank account 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 crypto 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. There is a flat fee of 0.5% on deposits and a 1% fee on buying Bitcoin on eToro (plus spread). While they provide a mobile wallet, their strength lies in variety. eToro boasts a user-friendly platform with social trading features and offers a wide range of assets beyond just crypto. 4. Best for Diversification: PrimeXBT PrimeXBT caters to those who value low barriers to entry. Unlike some cryptocurrency 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 crypto trading 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 Know Your Customer (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 cryptocurrency exchange platform 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 Here are the key factors to consider when choosing a cryptocurrency exchange in the United Kingdom: 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 cryptocurrency exchange offering many coin options, including Bitcoin and altcoins like Dogecoin, Ethereum, Ripple, BNB and Bitcoin Cash. Crypto Trading Fees 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 cryptocurrency 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 trying to buy 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 United Kingdom, it's important to understand the regulatory landscape. Crypto assets are unregulated, so crypto exchanges operating in the United Kingdom 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 cryptocurrency 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 crypto exchange for added security. Frequently Asked Questions