To buy, sell, and exchange cryptocurrencies you need a dedicated crypto trading platform also known as a crypto exchange. UK customers have access to a wide variety of platforms and it can be difficult to know which is suitable. In this guide on the best crypto trading platform UK, we look at what you should consider when choosing a platform. We also provide insight into the five top choices for UK investors.
In this guide to the best crypto trading platform UK…
- How to choose a crypto trading platform
- Best crypto trading platforms for UK customers
- Coinbase
- Binance
- Kraken
- Coinjar
- CEX.io
- Other options
- Summary – Best crypto trading platforms UK
How To Choose a Crypto Trading Platform
Crypto trading platforms are usually complex and there are many things to consider. These include:
- Available cryptocurrencies
- Types of trading and buying services
- Accepted payment methods
- Security
- Inclusion of a secure crypto wallet
- Fees
- Usability of the platform
Available Cryptocurrencies
Firstly, what cryptocurrencies can you trade on the platform? Some people simply want to buy popular coins like Bitcoin and Ethereum. Virtually every trading platform supports these as standard. However, you may also want to delve deeper and look for larger gains on other coins or trade NFTs. As a result, look at the different cryptocurrencies the platform supports.
Types of Trading and Buying Services
Secondly, the type of trading available is also vital. There are two types of trading available – basic and advanced. Basic trading usually involves buying cryptocurrencies directly using GBP and payment cards. It will also have a simple set of tools so you can quickly swap and sell crypto. These are ideal for first-time users, and those who just want to make a few investments.
The second type is advanced trading. This is essentially a full trading exchange similar to Forex. Here you have trading graphs, modules, and advanced options. Most everyday users will find this confusing. However, if you intend to trade often and in larger volumes, these tools are essential.
Accepted Payment Methods
The payment methods accepted are also highly important. As a minimum, we would expect a UK crypto trading platform to offer debit and credit card transactions. Some platforms also offer other payment options too such as Apple Pay, PayPal, and bank transfers. Therefore, check what payment methods are supported to ensure you can easily make deposits to invest.
Security
Security is one of the primary concerns when using any crypto trading platform. Firstly, you want your deposit money to be secure. Secondly, you also want your cryptocurrencies and account details to be secure.
As standard, we would recommend only using crypto trading platforms that have 2FA authentication for logins. This is an authentication process that involves entering a specific code generated via an authentication app like Authy, or from an email or SMS. Also, it is preferable that the platform requires advanced account verification and ID verification to prevent fraud.
Inclusion of a Secure Crypto Wallet
To trade cryptocurrencies, you need a crypto wallet. This is a secure digital storage medium that has a unique address. You can use a range of third-party providers to create a secure crypto wallet. However, many crypto trading platforms provide a crypto wallet with your account.
Fees
Trading fees, deposit fees, and withdrawal fees are also something to consider. This directly affects your profitability and transactions. Most platforms impose trading fees, or as a minimum include a spread on prices. This means that the price offered to you is slightly lower than the current market average. Also, some platforms impose deposit and withdrawal fees. Make sure you understand the fees involved before choosing any platform.
Usability of the Platform
Lastly, the usability of the platform is also important. This again depends on your level of experience. For example, you may have no knowledge of crypto trading and just want an easy to use platform that allows you to quickly buy crypto using your debit card. Alternatively, you may want advanced tools and full control over the trading process.
Best Crypto Trading Platforms for UK Customers
Now that you understand what to look for in a cryptocurrency trading platform, we can discuss some of the top options for UK investors. We have included a selection of both simple and advanced trading platforms to hopefully suit all levels of experience.
1. Coinbase
- Type: Basic trading
- Supported Cryptocurrencies: 50+
- Fees: Variable
- Security: 2FA enabled for logins
Coinbase is the best crypto trading platform UK for beginners. It does not offer any advanced trading utility, but it does offer a simple interface and easy access to a wide range of cryptocurrencies. We love the simplicity of Coinbase and how it makes crypto investing and trading easy for the uninitiated user.
A Coinbase account includes a secure wallet, and you can also create a separate secure wallet for trading cryptocurrencies not available on Coinbase. The fees vary depending on the cryptocurrency, the volume, and current prices. Coinbase includes a spread, and there is a small fee that covers gas fees etc. This is a little higher than some other platforms, but the payoff is the ease of use and convenience of the platform.
We also like the security offered by Coinbase. There is a verification process for your account. Also, you must use 2FA authentication for logins.
Visit Coinbase to get started.
2. Binance
- Type: Basic and advanced trading
- Supported Cryptocurrencies: 100+
- Fees: 0.1%
- Security: 2FA enabled for logins
Next up we have Binance. Although Binance has had some issues with legality and use in the UK, it remains one of the best options. Binance is a versatile platform that offers both basic trading, and advanced trading. As a result, it appeals to any type of user, regardless of your experience and investment plan.
Beginners, and those simply wanting to buy some crypto can use the basic buy and convert functions. These allow you to purchase cryptocurrency directly using payment methods like debit cards. Alternatively, experienced users can use the advance trading platform. This gives a full set of graphs and analytical tools for detailed trading – much like a Forex platform.
Binance also supports a huge range of cryptocurrencies with over 100 currently supported. For security, Binance also has a robust verification system, and also a two-stage 2FA authentication for logins. There is also a high-quality mobile app available that has both simple and advanced modes to suit different users.
Visit Binance to get started.
3. Kraken
- Type: Basic and advanced trading
- Supported Cryptocurrencies: 20+
- Fees: Variable
- Security: 2FA for logins and email authentication for withdrawals
Kraken is a similar platform to Binance in that it offers both basic and advanced trading functionality. We like Kraken because of the advanced security it provides. Firstly, users benefit from secure crypto storage – 95% of deposits are kept offline. Secondly, 2FA is available for logins, and withdrawals cannot be made without an email confirmation.
For different levels of experience, there is the instant buy feature, or Kraken Pro. The instant buy feature has higher fees which include a 0.9% fee for any stablecoin, and a 3.75% payment processing fee. The Pro platform has much lower fees as little as 0.02% depending on your trading volume.
We also like the great support Kraken has for different cryptocurrencies and the ease of use of the platform. Whether you just want to invest a small amount in crypto or engage in advanced trading, Kraken has tools to suit.
4. Coinjar
- Type: Basic and advanced trading options
- Supported Cryptocurrencies: 40+
- Fees: Variable
- Security: 2FA available for logins
Coinjar is also one of the best crypto trading platform uk. It has three different levels of service – for everyday users, for traders, and for institutions. The everyday solution offers a basic approach to buying, selling, and swapping cryptocurrencies. You can view price fluctuations on simple graphs, and easily make transactions.
Alternatively, the CoinJar Exchange is for high-volume trades and advanced traders. It has a typical trading layout complete with flow graphs and can be customized with different modules.
For flexibility, Coinjar supports 40+ cryptocurrencies including Bitcoin, Ethereum, Ripple, Chainlink, Uniswap, and Yearn.finance. We also like the relatively low fees compared to some other platforms. For example, there is a flat 1% fee for conversion, and most deposit types are also free.
5. CEX.io
- Type: Spot trading and basic trading
- Supported Cryptocurrencies: 70+
- Fees: Variable
- Security: 2FA enabled
Our last pick is CEX.io. This is another global crypto trading platform that is a good option for UK traders. It has some of the best options and versatility for spot trading and margins with its advanced trading platform. You can even view live trading charts for currency pairs via its website.
For those who aren’t interested in advanced trading, there is also a simple buy feature. This allows you to buy cryptocurrencies directly using a credit or debit card. Payment methods accepted include bank transfer, SERP, ACH, and SWIFT to name a few.
CEX.io also has a wide support for popular cryptocurrencies and is continually expanding its offering. We also like the staking feature where you can earn interest if you hold a specific type of cryptocurrency.
Other Options
If you’re not keen on any of the above and still hunting for the best crypto trading platform UK, we recommend you check out eToro, which is a trading platform that also offers crypto exchange. Another option is you choose a digital bank account with a crypto trading facility, such as Revolut.
Summary – Best Crypto Trading Platform UK
We hope you have found this guide useful. It is important to take the time to choose your platform. Don’t jump into this without research and information. Any of the above platforms could make a suitable option for beginners, or for advanced trading. However, you must look at what each platform offers, and see which is best suited for your needs.
If this guide to the best crypto trading platform UK helped you, please recommend DigitalSupermarket.
