If you want to buy or sell cryptocurrency in the UK, consider using the best crypto exchange to sign up on. Although there are countless options that you can choose from, in the UK, you need to select a platform that complies with the Financial Conduct Authority (FCA). As long as the crypto exchange has been authorised, investors can deposit British Pounds through debit cards, credit cards, local bank transfers, and other payment methods. In this guide, we cover the best cryptocurrency trading platforms available to investors in the UK.
Kraken
A reliable crypto exchange that you can consider in the UK is Kraken. The platform caters widely to the needs of the British market. Kraken offers over 250 cryptocurrencies, from popular assets like Bitcoin, Ethereum, and Litecoin to smaller tokens.
Kraken offers a mobile application that can be downloaded from Google Play and App Store. You can also pay for Kraken Pro, a professional trading feature on the exchange platform. It provides narrow spreads, high deposit limits, and deep liquidity, making it a top choice for investors trading forex, too.
Binance
Binance is a well-known cryptocurrency exchange in the UK, offering a daily trading volume of about $5 billion. Aside from the UK, Binance has a presence in over 130 countries and is a leader in the cryptocurrency market. Binance offers over 350 cryptocurrency assets, including Bitcoin and Ethereum, and is easy to use for beginners.
Binance is regulated in Europe but not by the FCA in the UK. Due to this, the FCA has issued a warning about Binance, so you should keep this in mind before signing up on the platform. The banking options on Binance include UK Faster Payments, credit cards, and debit cards.
Uphold
Uphold is also a top cryptocurrency exchange in the UK and is regulated by the Financial Conduct Authority. The platform offers over 250 digital assets to buy, sell, and trade.
The platform offers various payment methods, including bank transfer, debit card, credit card, and Faster Payments. It also provides Google Pay, Apple Pay, and SEPA. Aside from cryptocurrencies, it offers shares, precious metals, and fiat currencies. Uphold is also known for its transparency, as the exchange provides real-time data showing how it protects customer funds.
Gemini
When considering the most reliable crypto exchange in the UK, Gemini is a top choice. It was one of the first crypto exchanges to register with the FCA in August 2020, making it a dependable option. Gemini is also known for its focus on safety and transparency.
Gemini offers over 100 cryptocurrencies that you can trade in the UK. The exchange also owns Nifty Gateway, an NFT marketplace for those interested in expanding their portfolio. Gemini also offers a mobile app, a digital wallet, an exchange platform, and an active trader interface. The GBP payment methods include Faster Payments, MasterCard, VISA, and bank wire.
How To Choose the Best Crypto Exchange
When choosing a crypto exchange, you should consider the following factors.
Supported Cryptocurrencies
For one, consider signing up with a crypto exchange that offers a wide range of assets aside from Bitcoin. Look at the assets available before you choose an exchange. While some only support a few assets, others can include over 300.
Fees
If a cryptocurrency platform offers expensive fees, it would eat into your investment returns. So, it’s essential to check the fees you have to pay before opening an account. You need to pay trading fees, withdrawal fees, and other transaction fees.
Liquidity
This is a crucial factor to consider, as it determines how quickly the exchange will be able to execute your orders. When there is low liquidity, you may find it challenging to sell your coins, and you could be prompted to wait or try again later. This is not ideal because market prices could change before you can attempt the order again.
Customer Service
Another factor that you need to consider is customer service. Since investing in crypto is done online, you need a platform that offers reliable customer support.
Payment Methods
You also need to check the payment methods available on the crypto exchange. Exchanges usually come with different payment methods, including credit cards, debit cards, wire transfers, e-wallets, and others. UK exchanges should come with Faster Payments. Ensure that the payment methods are convenient for you.
Security
Hackers target crypto exchanges, so it’s essential to choose a reliable exchange. Select one with solid security measures in place to protect your funds.
Reputation
Finally, you need to check the reputation of the crypto exchange. Ensure the UK FCA has regulated it, read the customer reviews, and even look into the exchange’s history.
Make the Reliable Choice
If you want to start investing in cryptocurrency in the UK, you can consider these top four platforms and get started. It’s important to check different factors before you choose a crypto exchange so that you can protect your investments in the long term.