Best UK exchanges for crypto trade and investment
A cryptocurrency exchange is a platform for purchasing and selling crypto coins and tokens such as Bitcoin, Ether, and USD Coin (USDC).
Crypto exchanges function similarly to brokerage systems that you may be more familiar with. Each service provides a platform via which you can establish various order types to buy, sell and lend cryptocurrencies.
Crypto exchanges can be either centralised, which implies a single corporate authority manages them, such as a brokerage business, allowing both listed securities (centralised finance) and digital assets (decentralised finance).
Decentralised exchanges, similar to cryptocurrency blockchains, frequently grant verification rights to anybody wishing to join a network and confirm transactions. This encourages accountability and openness while also ensuring that the exchange can continue operating if the corporation that manages the exchange cannot do so.
How do I create a cryptocurrency exchange account?
Visit the crypto exchange’s website or download its app to establish a crypto exchange account. Each cryptocurrency exchange has its own registration procedure. You may be able to open an account and buy and sell modest quantities of cryptocurrency without validating your identity or entering much personal information. However, as the sector has expanded, methods to combat money laundering and fraud have been implemented. In general as part of know your client (KYC) requirements, you must provide:
- The birthdate
- The postal address
You may also be required to provide picture documentation to prove your identity. When it comes to crypto, everyone is looking for the safest and most reliable way to invest and trade. Several different exchanges are available, but not all are created equal.
This post will review the top five best exchanges for crypto in the UK. We’ll review the pros and cons of each and how to use them. So whether you’re a beginner or a seasoned trader, this post has something for you.
Coinbase was established in 2012 by Brian Armstrong and Fred Ehrsam and is based in San Francisco, California.
Coinbase has built a large user base thanks to its user-friendly interface, reliable platform, and robust security features. It supports a number of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin transactions and has over 20 million users.
While Coinbase is a reliable exchange, it does have some downsides. For example, its fees are relatively high, and it doesn’t support as many cryptocurrencies as some competitors.
Gemini is a name that often comes up when choosing a reliable crypto exchange. This platform was founded by the Winklevoss twins (of Facebook fame) and is one of the most respected exchanges in the world.
Gemini is known for its security and compliance measures, as well as its customer service. The platform has a user-friendly interface and allows buying and selling of most of the cryptocurrencies, including, Bitcoin, Ethereum, and Litecoin.
Kraken, one of the most popular crypto exchanges, offers many cryptocurrencies. It’s been operating since 2011 and is considered one of the most reliable exchanges.
Kraken has a relatively high minimum deposit amount, so it may not be ideal for beginners. However, its features, such as a user-friendly interface, high liquidity, and security, make it a popular choice for experienced traders.
Binance is among the most popular crypto exchanges in the world. It’s known for its fast transactions, low fees, and wide selection of cryptocurrencies.
Binance has suffered a few outages in the past, but overall it’s been a very reliable exchange. The customer support is also excellent and offers a wide range of languages.
eToro is a multi-asset exchange platform that allows users to invest in publicly listed securities such as equities and cryptocurrency assets, as well as trade CFDs. Over 120 cryptocurrencies are available on eToro, including prominent coins like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB), and Solana. Opening an account with eToro is entirely free, and all new customers receive a free US$100,000 (£82,737) trial account to experiment with buying crypto and other assets before committing to trading or investing in them. eToro has a minimum deposit of only $10 (£8.27) for UK and US residents; however, it charges a 1% trading fee on every buy and sells order of crypto assets.
For UK users, eToro provides the eToro Money app, which allows you to convert GBP to USD for free, lowering your foreign exchange expenditures. The platform also serves as a wallet for keeping your crypto currency holdings and enables simple cryptocurrency transfers from one exchange or wallet to another. There are other fee’s that you should review before committing to use eToro as your broker.
When picking a best crypto exchange, available in UK, it can be challenging to know where to start. With so many exchanges on the market claiming to be the best, it can be difficult to figure out which one is right for you. It’s better to conduct further research about available crypto exchanges and multi asset exchanges, know the pros and cons of each platform, and choose the one that suits your requirements best.
Don't forget, Moni Talks will soon be launching Trade Moni- a brand new cryptocurrency trading and exchange platform, so keep your eyes peeled.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.