If you’re wondering how to buy cryptocurrency in the UK, finding the right platform is crucial. The best crypto exchange in the UK not only offers a wide range of cryptocurrencies but also provides a user-friendly experience and competitive fees.
Also, it’s important to consider factors like FCA regulation and GBP transaction support to ensure a safe trading environment. In this guide, we will review the 8 best crypto trading platforms in the UK to help you make informed choices.
Key Takeaways:
The best crypto exchanges in the UK are OKX, MEXC, Gate.io, Coinbase, Kraken, Crypto.com, eToro, and CoinJar due to FCA regulation, high security, and competitive fees.In the UK, cryptocurrency gains over £3,000 are subject to Capital Gains Tax (CGT) at rates of 10% for basic taxpayers and 20% for higher earners, as per HMRC guidelines.UK crypto traders can choose from centralized exchanges (CEX), decentralized exchanges (DEX), and peer-to-peer (P2P) platforms, each offering different levels of control and privacy.List of Best Cryptocurrency Exchanges in the United Kingdom
We have reviewed multiple cryptocurrency trading platforms in the UK based on factors like fees, security, ease of use, FCA compliance, and features. Here is the list of our best crypto exchanges in the UK:
OKX: Overall best crypto exchange in the UKMEXC: Best for zero-fee UK tradersGate.io: Best for advanced trading toolsCoinbase: Best for beginnersKraken: Best for regulatory complianceCrypto.com: Best for crypto Visa cardeToro: Best UK crypto brokerCoinJar: Best for easy GBP depositsBest Crypto Exchanges in the UK – Detailed ReviewOKX
OKX is the best crypto exchange in the UK. It allows you to access many services, from basic spot trading to more advanced options like futures, margin trading, and decentralized finance (DeFi) products. It supports over 350 different cryptocurrencies and 500+ trading pairs. The traders can also use advanced tools like trading bots, staking, and borrowing/lending services.
OKX is available through both mobile apps and desktop versions. This makes it convenient for traders, whether you prefer trading on the go or at your desk. OKX also offers low trading fees, starting at 0.08% maker and 0.1% taker. However, UK traders must follow the new rules set by the Financial Conduct Authority (FCA). These rules include a 24-hour “cooling-off” period for new users and a focus on managing trading risks.
It has also added a Web3 marketplace, where you can take part in DeFi, buy NFTs, or use decentralized apps (dApps). The staking feature offers returns as high as 20% on certain tokens, which might be appealing if you’re investing for the long term in the crypto market.
ProsA large variety of cryptocurrencies Low trading fees (starting at 0.08%)Advanced tools like margin and futures tradingStaking and lending options with good returnsHigh liquidity for large tradesConsChallenging for beginners due to its many advanced featuresNot licensed by FCA to operate in the UK
MEXC is a popular cryptocurrency exchange that has been around since 2018, attracting millions of traders worldwide, including those from the UK. One of its main advantages is that it allows UK users to trade without completing the Know Your Customer (KYC) verification process, which is ideal if you prefer privacy. With this option, you can withdraw up to 10 BTC per day, which provides flexibility for most traders.
MEXC stands out with its low fees, making it one of the cheapest exchanges for UK traders. It offers 0% maker fees and occasionally runs promotions where you can trade futures contracts without paying fees. This makes MEXC a very cost-effective option, especially for frequent or high-volume traders.
The platform supports over 2,800 cryptocurrencies, from big names like Bitcoin and Ethereum to lesser-known altcoins. It also offers a range of trading options, including spot trading, futures, and copy trading.
ProsKYC is not mandatory for UK tradersWithdraw up to 10 BTC daily without verificationExtremely low trading fees, with occasional zero-fee offersWide range of cryptocurrencies and trading optionsUser-friendly mobile and desktop platformsConsNot regulated by the FCALimited GBP deposit methods for UK residents
Gate.io is another UK crypto trading platform that offers a wide range of crypto features. With access to over 2,700 cryptocurrencies, it’s ideal if you’re looking to explore different assets. Whether you’re into spot trading, margin trading, or futures, Gate.io has something for you. You can even use up to 100x leverage for futures trading.
For those who prefer automated trading, Gate.io has several trading bots. These bots, like the Grid Trading and Futures Trading bots, can help you set trading strategies and let the system do the work, which is handy if you don’t want to monitor the market constantly.
When it comes to fees, Gate.io is competitive. The base fee for spot trading starts at 0.1%, but if you hold their native GT token or trade in large volumes, you can get discounts. Security-wise, Gate.io implements two-factor authentication (2FA), stores most of its funds in cold wallets, and performs regular security checks to protect your assets.
ProsHuge variety of cryptocurrenciesCompetitive fee structure (starting at 0.1%)Advanced trading tools, including bots and high-leverageRobust security featuresConsInterface can be complex for beginnersLimited fiat currency support for UK users
Coinbase
Coinbase is one of the top exchanges in the UK, especially for beginners due to its FCA license and straightforward design. If you’re new to crypto, signing up is easy. All you need is to verify your ID, add a payment method like a bank account or debit card, and you’re ready to start buying crypto. Coinbase’s app and desktop exchange make it simple to manage your portfolio, and you can even receive real-time notifications on price changes.
For more experienced users, Coinbase has an “Advanced Trade” option that gives you access to detailed tools and real-time order books. You can also store your assets securely in the non-custodial Coinbase Wallet or earn rewards by staking certain cryptocurrencies directly through the platform.
Coinbase is available across multiple countries, including the UK, and supports GBP transactions, making it convenient for UK-based traders. However, one drawback is the higher fees – bank transfers cost about 1.49%, and debit card transactions are even higher at 3.99%. These fees can add up quickly, especially if you’re making smaller transactions.
ProsGreat for beginners and advanced users alikeAccess to over 200 cryptocurrenciesCan stake assets to earn rewardsSupports GBP for UK usersCoinbase Web3 wallet for DeFi usersConsHigh fees, especially for debit card transactionsCustomer support can be slow sometimesKraken
Kraken, founded in 2011, is one of the oldest cryptocurrency exchanges globally and is well-regarded in the UK. Kraken’s UK platform supports over 200 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and more.
UK users can trade in GBP, which makes Kraken attractive for avoiding currency conversion fees. Kraken also offers margin trading with up to 5x leverage and supports futures trading on popular crypto pairs like BTC and ETH.
Kraken’s reputation is built on security, with over $100 million invested in cybersecurity. The platform uses advanced features like cold storage for most assets, two-factor authentication (2FA), and withdrawal whitelist management. UK users can also access Kraken’s Pro platform, which offers advanced charting tools, lower trading fees, and more detailed market data, ideal for professional traders.
ProsStrong security measures and regulatory complianceSupports trading in GBP and advanced trading options like margin and futuresEarn staking rewards on assets like ETH, DOT, and moreDeep liquidity and trading volume across marketsConsHigh crypto trading fees compared to exchanges like OKX and MEXCA pro interface can be complex for beginnersCrypto.com
Crypto.com is a major Bitcoin exchange in the UK with over 100 million global users. Launched in 2016, it supports the buying, selling, and trading of over 350 cryptocurrencies. It supports spot and margin trading, giving UK traders access to advanced financial tools like limit orders and derivatives. The platform also supports DeFi tools, with features like the Crypto.com DeFi Wallet and DeFi Earn, which provide users with decentralized financial services.
UK traders can fund their accounts via bank transfers, debit/credit cards, or cryptocurrency deposits. The platform also offers a range of payment options, including Crypto.com Pay, enabling users to spend their crypto on everyday purchases. Additionally, its Visa card offers rewards of up to 5% cashback in CRO tokens for UK users who choose to convert and spend crypto.
ProsWide selection of cryptocurrencies (350+)High security, including 2FA and cold storageDeFi integration and crypto-backed Visa card with cashbackTransfer GBP via FPS and Apple/Google PayConsHigh trading fees for low-volume tradersLimited customer support optionsComplex fee structure for crypto withdrawals
eToro
eToro is a British Bitcoin platform for cryptocurrency trading, ideal for both beginners and seasoned investors. It stands out for its user-friendly design and unique features, such as social trading. This platform offers access to popular digital currencies like Bitcoin, Ethereum, and 100+ altcoins.
It offers a CopyTrading system, which lets you automatically mimic the trades of more experienced investors. This is especially helpful if you’re new to crypto trading and want to benefit from expert strategies. Another feature, CopyPortfolios, is designed for users looking for diversified portfolios. These portfolios are made up of several cryptocurrencies or other financial instruments, which are managed as a group.
For UK users, eToro supports GBP deposits and withdrawals, making the process smoother. The platform also offers CFD trading (contracts for difference), allowing you to trade cryptocurrencies with leverage. It’s worth noting that eToro charges a withdrawal fee of $5 and an inactivity fee of $10 if your account has been inactive for a year.
ProsCopyTrading and CopyPortfolios for easy investment strategiesFCA-regulated for added safetySupports trading in GBP and has a range of crypto assetsDemo account for new UK investorsConsHigh charges for trading, withdrawals, and inactivityLimited number of supported crypto assets (only 100)CoinJar
CoinJar is the best cryptocurrency app in the UK, offering services since 2013. It is known for its user-friendly platform. It provides access to over 60 different cryptocurrencies. The exchange is also fully regulated by the Financial Conduct Authority (FCA) in the UK.
You can use fiat currencies like GBP to make deposits via the Faster Payments system, with no fees for GBP deposits and withdrawals. Fees are set at a flat 1% for crypto conversions, which is quite high compared to many exchanges. If you’re looking for faster transactions, CoinJar offers instant crypto purchases using Visa, Mastercard, Apple Pay, or Google Pay, but these methods come with a 2% fee.
In addition to regular crypto trading, CoinJar offers advanced trading tools through its CoinJar Exchange, where traders benefit from lower fees based on trading volume. High-volume traders can enjoy fees as low as 0.06% for takers and 0.02% for makers. Another unique offering is the CoinJar Card, a crypto debit card that allows you to spend your crypto assets in-store or online, with a 1% transaction fee for purchases.
ProsUser-friendly interface suitable for beginnersFCA-regulated in the UKNo fees on GBP deposits/withdrawalsCoinJar Card for crypto spendingInvest in themed baskets of crypto with CoinJar BundlesCons2% fee for instant buys with credit/debit cardsLimited range of advanced trading features compared to some competitorsComparison of Best Crypto Trading Platforms in the UKExchangeSupported CoinsTrading FeesFCA RegulatedOKX350+0.08% maker, 0.1% takerNoMEXC2,800+0% maker, occasional zero-fee promotionsNoGate.io2,700+0.1% base, discounts with GT tokenNoCoinbase200+0.6% exchange trading, 1.49% bank transfers, 3.99% debit cardYesKraken200+0.25% maker and 0.4% takerYesCrypto.com350+0.15% maker and 0.3% takerYeseToro100+1% trading, $5 withdrawal, $10 inactivity feeYesCoinJar60+1% flat fee for crypto conversionsYesHow to Choose a UK Crypto Exchange?Security
Security is absolutely essential when it comes to choosing a crypto exchange. You want to make sure the platform you use has robust security measures to protect your money. The best exchanges use things like two-factor authentication (2FA), cold storage (which keeps your assets offline where they’re safer from hackers), and encryption to keep your information secure.
Some platforms even offer insurance on your funds, which can help protect you if there’s ever a security breach. Exchanges like OKX and Coinbase are known for storing a large portion of their funds in cold storage and have insurance to cover losses. Remember, cryptocurrency hacks have cost billions globally, so using an exchange with strong security measures can really help protect you.
Regulatory Compliance
In the UK, crypto exchanges have to be registered with the Financial Conduct Authority (FCA). This ensures they follow rules like anti-money laundering (AML) and know-your-customer (KYC) requirements, which are designed to keep things safe and above board.
Some big exchanges, like OKX, Kraken, and Coinbase, are registered or in the process of getting registered with the FCA. It’s safer to use exchanges that follow these rules because it makes it easier to trust the platform with your money. On the flip side, using an exchange that doesn’t comply with UK regulations can be a big risk because you have less protection if something goes wrong.
Supported Cryptocurrencies
The next thing to consider is which cryptocurrencies the UK exchange supports. If you’re just looking to trade major coins like Bitcoin (BTC) or Ethereum (ETH), most exchanges will have you covered. However, if you’re interested in trading lesser-known coins (altcoins), you’ll want to choose a UK platform with a wider selection.
For example, OKX offers more than 350 different cryptocurrencies, while Kraken has around 200. CoinJar is more limited, focusing mainly on the bigger, more stable options. So, depending on what you want to invest in, it’s important to check whether the exchange supports those specific cryptocurrencies.
Trading Fees
Typically, crypto exchanges charge trading fees for buying and selling, and sometimes additional withdrawal fees if you want to take your money or crypto off the platform. MEXC is one of the best zero-fee crypto exchanges.
OKX is also known for having low trading fees at around 0.08% per trade, which can go even lower if you trade more. Kraken’s fees start at 0.4% for takers and 0.25% for makers, while Coinbase tends to charge around 0.6%. Some exchanges also charge a withdrawal fee for taking your money out.
Tools and Features for Crypto Investing
Crypto exchanges offer different features depending on your experience level. If you’re new to crypto, you might prefer platforms that are easy to use and have educational resources. For example, Coinbase is often recommended for beginners because of its simple interface and features like recurring buys, which allow you to invest a set amount regularly.
On the other hand, if you’re more experienced, you might want access to advanced tools. OKX and Kraken are good options for advanced traders as they offer features like margin trading, futures trading, and staking, where you can earn passive income on your cryptocurrency. Kraken even offers staking with returns of up to 21%, and OKX has its Launchpad, which lets you invest in new crypto projects.
GBP Payment Methods
One final thing to consider is how you can deposit and withdraw GBP (British pounds). Most UK-focused exchanges will allow you to deposit GBP directly through Faster Payments Service (FPS), which is usually free and quick.
For example, OKX, Kraken, and Coinbase all accept bank transfers through FPS, making it easy to move money in and out. Some exchanges also let you deposit using a debit or credit card, though this might come with higher fees. For example, Coinbase charges a 3.99% fee for GBP deposits via debit card. For larger sums, bank transfers are usually the cheaper option. Some exchanges even support PayPal for UK users.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is an online marketplace where people can purchase, trade, and transfer digital currencies such as BTC, ETH, and others. These platforms serve as intermediates, connecting buyers and sellers while offering real-time market data and tools for trading.
Cryptocurrency exchanges can also provide wallets for holding digital assets, however, security differs by platform. Exchanges in the United Kingdom must register with the FCA in order to comply with anti-money laundering legislation.
Types of UK Crypto Exchanges
There are three main types of crypto exchanges in the UK: centralized exchanges (CEX), decentralized exchanges (DEX), and peer-to-peer (P2P) platforms.
Centralized Exchanges (CEX): These are also known as custodial crypto exchanges. Centralized exchanges are the most common platforms you’ll come across. Popular ones in the UK include OKX MEXC, Coinbase, and Kraken. These platforms are run by companies that manage and oversee all trading activities. However, when you use a CEX, you trust the exchange to keep your funds safe, which can be risky in case of hacks.Decentralized Exchanges (DEX): Decentralized exchanges, such as Uniswap and SushiSwap, work differently. They allow you to trade directly with other users through smart contracts without any central authority. This offers more privacy and control over your funds since you don’t need to share personal information or trust a third party. However, DEXs usually have lower liquidity, which means trades might take longer or cost more. They also don’t support GBP deposits, so you’ll need to own cryptocurrency first to use these platforms.Peer-to-Peer (P2P) Exchanges: Peer-to-peer (P2P) exchanges like Paxful or OKX P2P let you trade directly with other users. The exchange acts as a middleman, holding the funds in escrow until the transaction is confirmed by both parties. British Crypto Regulations and Tax
Since January 2020, all crypto-related businesses operating in the UK must register with the FCA, or they risk fines and potential shutdowns. You’ll need to pay Capital Gains Tax when you sell or dispose of cryptocurrencies at a profit. This includes selling for fiat currency, trading one crypto for another, or using crypto to buy goods or services.
Capital Gains Tax (CGT): The annual tax-free CGT allowance is £3,000 for the 2024/25 tax year, down from £6,000 in 2023/24. Any gains above this are taxed at 10% for basic-rate taxpayers and 20% for higher-rate taxpayers.
Income Tax: If you receive cryptocurrency as payment (for services, staking, mining, or through airdrops), it is treated as income. In these cases, you’ll be taxed at your standard income tax rate, which can be 20%, 40%, or 45%, depending on your overall income bracket.
Reporting Requirements: You are required to report any crypto-related profits or losses to HMRC. If your gains exceed the £3,000 CGT allowance, they must be included in your self-assessment tax return. Failure to report could lead to penalties ranging from 10% to 100% of the owed tax, based on the severity of the offense.
The FCA also classifies crypto assets into three types: exchange tokens (like Bitcoin), security tokens, and utility tokens. Each category has different legal and tax implications, so it’s essential to understand where your holdings fall.
How to Invest in Cryptocurrency in the UK
To invest in cryptocurrency in the UK, you need to follow a few essential steps:
Choose a UK crypto exchange: First, choose a UK-based crypto exchange. It is important to select one registered with the Financial Conduct Authority (FCA), such as OKX, eToro, or Coinbase, to ensure the platform meets legal standards for security and compliance.Create an account and complete KYC: Once you’ve chosen an exchange, sign up and verify your account. You will need to provide an email address and create a strong password. You will also need to go through the Know Your Customer (KYC) process. This involves submitting identification documents, such as your passport or driver’s license, to comply with UK regulations aimed at preventing money laundering. After your identity is verified, make sure to activate multi-factor authentication (MFA) for added security. This step typically involves using an app like Google Authenticator for an extra layer of protection.Deposit GBP or crypto: After completing verification, you can deposit GBP or cryptocurrency into your account. Most UK exchanges allow GBP deposits through bank transfers, credit cards, or even PayPal. If you already own some cryptocurrency, many UK platforms let you deposit that directly.Start buying crypto: With your funds in place, you’re ready to start purchasing cryptocurrency. You can buy popular digital currencies like Bitcoin or Ethereum. Once purchased, you can choose to keep your crypto on the exchange or transfer it to a personal wallet for extra security.
For a more step-by-step guide, you can read our in-depth article “How to buy cryptocurrency in the UK”.
Conclusion
In a nutshell, when choosing the best crypto exchanges in the UK, consider factors like fees, user experience, security, and available assets. OKX, MEXC, and Kraken offer advanced tools and low fees for experienced traders, while Coinbase and CoinJar provide user-friendly options for beginners. Each platform caters to different needs, so evaluate what matters most to you before selecting an exchange.
Overall, the listed cryptocurrency sites in the UK here provide reliable services and a broad range of features for UK users looking to trade or invest in cryptocurrencies.
FAQs: Best Crypto Exchange UKWhat is the best crypto exchange in the UK for beginners?
OKX is often considered the best crypto exchange in the UK for beginners. Its user-friendly interface makes it easy to sign up, verify your identity, and start trading. It offers clear guidance and tutorials for new users, making it accessible for those new to cryptocurrencies.
What is the lowest fee crypto exchange in the UK?
MEXC is the lowest-fee cryptocurrency app in the UK. It offers 0% maker fees and runs promotions where users can trade futures without any fees, making it highly cost-effective for both casual and high-volume traders.
OKX also provides low fees, starting at 0.08%, which appeals to traders looking for affordable options. These exchanges, however, are not FCA-regulated, so users need to weigh cost savings against regulatory considerations.
Is Binance legal in the United Kingdom?
Binance is currently not permitted to operate in the UK as a fully regulated exchange. The Financial Conduct Authority (FCA) has issued warnings against Binance, stating that it does not meet the required legal standards to operate in the UK.
Although UK users can still access Binance through offshore platforms, it is important to be aware of the regulatory risks involved. For UK residents seeking a legal and regulated exchange, alternatives like Coinbase and Kraken are safer options.
What is the best broker to trade crypto UK?
eToro is the best broker for trading crypto in the UK. It offers access to over 100 cryptocurrencies and provides unique features like CopyTrading, where you can automatically copy the trades of successful investors.
eToro also supports fiat deposits in GBP and is FCA-regulated, ensuring a safe and compliant trading experience. It is ideal for both beginners and experienced traders due to its mix of social trading tools and educational resources.
What is the best way to buy crypto in the UK?
The best way to buy crypto in the UK depends on your preferences. For ease of use, Coinbase allows quick purchases via debit cards or bank transfers, though fees can be higher. If you’re looking for low fees, OKX or MEXC are better suited, but they require more advanced knowledge of trading. For regular, smaller purchases, CoinJar offers convenient options like instant crypto buys using Apple Pay or Google Pay. Each method has trade-offs in terms of speed, cost, and complexity.
What’s the safest crypto exchange in the UK?
Kraken is the safest crypto exchange in the UK. It has invested over $100 million in security measures, including cold storage, two-factor authentication (2FA), and continuous security audits.
Coinbase also offers robust security features and is regulated by the FCA, making it another strong choice for safety-conscious users. Both platforms emphasize compliance and asset protection.
Is Coinbase legal in the UK?
Yes, Coinbase is fully legal in the UK and regulated by the Financial Conduct Authority (FCA). This makes it a trusted platform for buying, selling, and trading cryptocurrencies. It also complies with UK financial laws, ensuring that users’ funds and personal information are protected.