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These days there are a huge amount of cryptocurrency exchanges, so which one should you be using?
In the UK we have a few great options available, so no need to feel left out when compared to the US or Asia!
Based on our reviews, we’ve created a comparison table below to make it easier for you when considering your options.
Our rating is based on factors such as ease of use, fees, trading features and support.
|Website||Overall Rating||Location & Currency||Available Cryptocurrencies||Fees||Our Review||Visit Site|
|UK || ||Depends on trade volume||CEX.io Review||Visit Site|
|UK || ||Depends on transaction||Coinburp Review||Visit Site|
|UK || ||Depends on trade volume||Coinfloor Review||Visit Site|
|United States || ||4%||Coinbase Review||Visit Site|
|United States || ||0.26%||Kraken Review||Visit Site|
We hope this detailed list has helped clarify which we believe are the preferred exchanges to use in the United Kingdom.
Our suggestion would be to pick one exchange which works for you and stick with it, it will make your life much easier. The alternative would be keeping cryptocurrencies on different exchanges which is hard to keep track of.
If you still aren’t sure which UK cryptocurrency exchange will work best for you, see our below detailed breakdowns for our recommended exchanges to help you make a more informed decision. Find out more information on our rating process.
Leonard – Crypto Head
Best UK Cryptocurrency Exchanges: Reviews 2020
CEX is definitely our favourite exchange for the UK. With their HQ being based in the UK, it allows for some great benefits like faster payments and being able to pay with GBP. They’re also one of the few exchange where you can use Visa or Mastercard to deposit.
As for supported cryptocurrencies, you’re looking at 10+ coins. At the time of writing these are BTC, ETH, BCH, BTG, DASH, LTC, XRP, XLM, ZEC, MCH, BTT, and TRX.
Then look at security, CEX.io is incorporated in the UK as a private limited company and is registered with FinCEN, and uses cold storage to store user funds. Thumbs up from us.
And finally, aside from their support being very good, they even have an app that allows for trading on the go!
While Coinburp doesn’t support a lot of coins (Bitcoin, Ethereum , Litecoin, EOS, and Bitcoin Cash), their strength lies in the simplicity and speed of the system. Just like CEX.io, they also use UK Faster Payments Service (FPS), which means you can deposit fiat instantly from your bank account. The downside is that there are no other payment options available. Coinburp really caters to the easy-in, easy-out market, with extremely low fees overall, and a very user-friendly platform.
They’ve got all the required checks when it comes to regulations and laws in the UK, so security is on point (always good to know).
In short, you won’t doing any advanced trading on Coinburp just yet, but it’s well setup for those just wanting to get some of the most common coins.
Coinfloor is one of the UK’s oldest and most experienced exchanges. And while everything seems to be spot on, from support, to security, decent fee structure, etc… Their target are not the beginners that want to dip their toes in the industry. People that trade with Coinfloor do so because the have the money, and need a more personal touch to investing and trading cryptocurrencies. They also only support BTC, ETH, and BCH.
So maybe not the best bitcoin exchange to start with if you’re wanting to start small, but if you ever want to go big and need a more refined approach, they’ve got everything covered.
Coinbase is the largest foreign exchange. It’s well-known across the world. And while the platform works fine, their fees are just on the edge of affordable and they’ve had some bad press over the years.
That being said, it all works as it should, and they have every possible payment method available to cater to its’ international client-base. As for supported cryptocurrencies, they have over 15 coins at the moment, so you should find what you need if you decide to go with them.
We recommend reading our Coinbase review and do your own research before making a decision.
Kraken was founded in 2011 making it one of the oldest exchanges currently on the market. And while it has had some bad press over the years, it seems it’s not a bad option for the UK, you just have to do a SEPA payment. Once you’re in, the platform is pretty advanced, and the features extensive, they even have futures section (although trading on futures comes with even more risk).
As for supported coins, they’ve got 15+ cryptocurrencies for you to trade with.
Combine that with one-on-one support for more advanced traders, an over-the-counter service, and very reasonable fees… they’re not bad.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.
Everything You Need to Know About Cryptocurrency Exchanges
Crypto a quickly emerging industry, and some people have more experience with it than others. If you are considering trading or investing in this growing market, whether it’s bitcoin or an altcoin, it’s important to note that the first step is exchanging your fiat currency to get your cryptocurrency of choice. However, to make this happen, you need to get going with the best UK cryptocurrency exchange that best fits your needs. After the increase in popularity with Cryptocurrency a huge number of trading platforms starting popping up all over the world. So it’s important to look at all the major factors that differentiate them such as trading fees, security and support.
Before you drown yourself in research on this topic, you should start by educating yourself on the different types of bitcoin exchanges, and the benefits and risks of each. To help you understand this, let’s get started by going over the two most common types of currency exchanges you will encounter in your search:
Peer to Peer vs. Traditional Cryptocurrency Exchanges
Peer to peer and traditional cryptocurrency exchanges are going to be the main types of exchanges you encounter during your experience as a cryptocurrency trader. Neither is inherently better than the other, and both come with their own sets of advantages and disadvantages. Let’s break down each so you can better understand and ultimately make an informed decision about which suits you best:
Traditional exchanges like Kraken or Coinbase are organizations that purchase and sell cryptocurrencies as a business. These types of exchanges tend to offer the best rates but they also impose the most requirements on their users and have the most procedures and regulations to comply with. This helps to protect both them and you from fraud but gives you a lot more hoops to have to jump through. One of the biggest bonuses with using traditional exchanges is that they have huge liquidity and lots of trading pairs to choose from when purchasing Cryptocurrency.
For example, you will often need to go through wait times to transfer funds to the exchange or to verify your identity. Once you have become an established client, this time will be reduced, it will also be reduced if you connect your bank account or credit/debit cards.
One of the reasons these transfers can take so long is because traditional exchanges offer such limited payment options. Typically, you’ll need to transfer money from your bank to the exchange, which can take a while.
If you are considering using a traditional UK bitcoin exchange for your needs, you should still conduct careful research of the requirements imposed by the specific exchange you want to use. Every exchange might set their own restrictions and requirements. These could range from limits on the geographic area you need to be located in to purchase limits, and more. Before you register with any exchange, make sure you carefully review their policies so you don’t get any unwelcome surprises and find out too late that the exchange doesn’t fit your needs. We also highly recommend storing your Cryptocurrency in an offline cold storage wallet instead of on the exchange as it mitigates any potential risk with the exchange going down.
Peer to Peer
Peer to peer exchanges are exchanges where you can exchange your fiat currency for your cryptocurrency using a transaction that is conducted between two private parties. Such peer to peer exchanges have a lot of aspects in common with traditional exchanges, but with their own sets of unique benefits and risks.
With peer to peer exchanges, the verification steps and wait times are often less than what you would find from a traditional exchange. This comes with faster transaction times but less security, so you can take on the risks of completing a private transaction between you and another individual for the added benefit of speed. However, you will not have the protections that come with using a reputable, established, traditional exchange.
In most cases, your transaction will go smoothly, just as thousands of trades do every day on peer to peer exchanges. However, in a few select instances, people do find themselves taken advantage of. To help protect yourself, it helps to take into account the history and feedback of the user before you conduct business with them. The experience previous users have had with a trader might advise the experience you will likely have.
Another thing to keep in mind about peer to peer exchanges is that you might have to pay a slightly inflated price because others might be trying to make a profit. The amount of currency and payment method you are exchanging will also significantly affect your price. Some payment forms will be competitively priced with traditional exchanges, others might be notably above traditional prices. This has to do with the fact that your trader is accepting more risk with certain forms of payments and this will be reflected in the price.
Features to Look for When Choosing a UK Exchange
Now that you know the two main types of exchanges you will encounter, you next need to know what to look for when picking a specific exchange. Here are some factors that you should definitely keep in mind when comparing different types of exchanges you might want to use.
- Speed: Depending on your situation, you might have different needs in terms of speedy transactions. Read up on the exchange’s policy on how long it takes to complete a transaction before you sign up for anything.
- Risk: Before signing up for a cryptocurrency exchange, check out what measures they take to secure the platform.
- Prices: What sort of markup over the spot price does the currency charge? This could result in you losing a lot of money if you’re not careful, so look for the best rates possible if you’re trying to be cost effective in your exchanges.
- Location: Where is your exchange located? This might play a factor, especially in certain exchanges that require you to be in a specific geographic area.
- History and Reviews: Looking up the history and reviews of a cryptocurrency exchange is a good way to find out how reliable it is. Have they been involved in any scandals in the past? Do they generally get high ratings and glowing reviews from satisfied users? These are a good guide to help you decide if it is the right cryptocurrency for you.
- Coins: From Bitcoin, to Ripple, Ethereum, and everything in between. Check which coins the exchange supports.