The popularity garnered by Bitcoin, or cryptocurrency in general, in recent times is tremendous, to say the least. And, with crypto skyrocketing each day to a higher bid, it is only natural to have more and more people take a profound interest in the investment it makes. However, buying, selling, or even exchanging crypto requires one to consult/approach an exchange.
It’s much like how consulting a bank for money-related matters works, just that a typical cryptocurrency exchange operates digitally, with not many physical crypto exchanges around the world yet. Nonetheless, a crypto exchange aims to facilitate buying and selling bitcoin besides other cryptocurrencies for a person using regular fiat money as well as trading and storing this virtual wealth in a wallet for greater control.
However, again the recognition of crypto has given rise to a multitude of crypto exchanges in the market, and as opposed to popular belief, several options make choosing the ideal exchange for your needs rather tricky. The following article discusses ways to choose a perfect cryptocurrency exchange, followed by some of the best ones to consider in the UK.
How to Pick a Perfect Cryptocurrency Exchange in the UK?
Like any other service, you may avail in the market, picking a cryptocurrency exchange requires you to compare and evaluate the one that benefits you the most. But for that, one must also be aware of what to look for when comparing exchanges. So, let’s get started –
UK Regulations and risks –
Cryptocurrency exchanges collapsing due to hacking or those compromised if not turning out to be a complete fraud and scam from the very start are incidents not unheard of throughout the crypto buzz. And, therefore, before you sign up for digital crypto exchange, make sure they are not fraudsters and, if not, what measures they have in place to secure the platform from one.
An ideal, safe, and trustworthy platform that complies with the UK’s strict laws and regulations to govern the digital currency industry, including the FCA-certified exchanges.
Considering how profit is the main aim for most people who invest in crypto in the first place, taking note and comparing markup over the spot prices that different exchanges charge will help you make a wise decision. Picking the best rates possible will lead to cost-effective if not profitable, deals.
If something is clear from the ever-changing crypto trends and values, it is the fact that nothing is certain, and opportunities are only worth it if you grab them on time. Therefore the time a crypto exchange takes to complete a transaction mentioned in their policies is crucial and must not be overlooked.
Different cryptocurrency exchanges support the various types of cryptocurrency coins, from Bitcoin to Ethereum, etc. Therefore, for you to trade in your desired cryptocurrency, it is a given that you must choose an exchange that supports it.
Ease of use –
Though the interface and ease of using it might not seem much for other purposes, the same becomes highly valuable with crypto in context. It is especially true for beginners or those new to the world of crypto.
Though not all, there are certainly some crypto exchanges that require their clients to be in a specific geographical area for active trade with them. So, before you consider a crypto exchange, look for such requirements and if or not you fall under the category.
Reviews and client history –
Nothing tells about the quality and reliability of service better than those who have experienced it, and the same is true for cryptocurrency exchanges. Checking reviews, feedbacks, and the history of the service will ensure you that there has been no past scandal that you must be wary of, as well as if what they offer has been satisfactory for other clients or not.
Best Cryptocurrency Exchanges in the UK to Consider
Well, knowing how to pick the right cryptocurrency exchange is one thing, and researching extensively to find and then compare is another. Not to mention how demanding the latter is.
The following list is finely assembled after extensive market research and comparison to make the process of finding an ideal exchange easier for you. Let’s get started –
Binance is easily one of the most popular and largest cryptocurrency exchanges globally, especially known for its high performance at excellent cost-friendly rates. It is also a safe and stable crypto trading platform that can be easily accessed through the Binance website or mobile app with all the product offerings and a wide range of cryptocurrencies.
However, considering how Binance requires one to know how entering an order through a trade window works, the platform, for a large part, is ideal for traders and investors who are already aware and experienced. That being said, beginners or those new to the crypto world might have a hard time wrapping their heads around it all.
Coinbase has a reputation that is hard to match for other crypto exchanges, making it yet another leading and trustworthy provider of digital assets. The platform’s idea of reliability and security can be derived from the fact that it has amassed over 68 million global clients in less than a decade since its launch.
What’s more, coinbase features trading exchanges for all from beginners to intermediate and pros in the field with its user-friendly interface, availability of a number of payment methods, and much more. However, considering how Bitcoins stored in Coinbase wallet are not really under your custody might require you to take necessary steps and precautions.
If the security of your digital assets is your prime concern, there is a no better option to consider than Gemini. Given the bank-like security measures for both users’ information and fund storage of the platform, it is often referred to as the safest crypto exchange in the UK.
But besides being safe, Gemini also features zero deposit fees for transferring cryptocurrency or fiat currency assets to exchange. Note: the rules differ a bit on debit card purchases a bit. Nevertheless, it has a simple and elegant interface to help you trade seamlessly.
Facilitating financial trading and investment across several markets such as ETFs, Crypto, Indices, etc., eToro is a global financial brokerage used by millions of traders and investors, including those in the UK. In addition, social trading on the platform allows a person to observe the trading experts and their strategies so as to maximize personal results through a method called copy/mirror trading, something the platform is well known for.
Though good for beginners who wish to invest in different cryptocurrencies through a powerful platform, the platform also presents high-risk options for those without a thorough understanding of CFDs, among other risk factors.
Besides a simple interface through a desktop or mobile app as per convenience, this FCA registered crypto exchange also provides its clients with excellent customer support for assistance at every step. With that and a solid range of digital products, there is little wonder as to why CoinJar has become one of the most recommended and reputable exchange platforms since its launch in 2014.
Furthermore, the competitive trading fee makes it an all the more alluring option for beginners and pros alike to buy and sell cryptocurrency.
Well, being one of the UK’s most experienced and oldest cryptocurrency exchanges does speak for the faith and value people put in Coinfloor as a premier platform. Still, there is plenty to say about Coinfloor from its spot-on security measures, support, decent fee structure, transparent Bitcoin holdings, reputation, and more. \
However, Coinfloor lacks liquidity and has a low trading volume compared to other crypto exchanges in the market, making Coinfloor a not so “best” choice, though it is certainly a good one.
Founded in 2015, Uphold is a leading multi-asset and digital currency exchange that has facilitated over $4 billion in crypto transactions. However, the ability to trade in digital and fiat currencies is not all that Uphold provides to its users, as the platform also supports US stocks and commodity tradings.
But that’s not all. Uphold is easy to use, appealing, and convenient platform that focuses on making the crypto trade and investment as seamless as possible for investors from all backgrounds and experiences. What’s more, it has 0% trading commissions with no hidden fees.
With 6 million global users and $17 billion in crypto transactions, Luno is one of tha largest cryptocurrency exchanges available in more than 60 countries, including the UK. Designed with beginners in mind, Luno features a rather easy-to-follow interface as well as a quick way for individuals to make investments.
Moreover, 0% to 0.1% trading fee for UK residents offered by Luno makes it a popular choice as it is. In addition, there is also no fee for depositing or withdrawing funds to a local bank when using Luno.
The number of cryptocurrency exchanges in the market sure makes choosing the ideal one a task. However, beginners, for whom the right one is most difficult, are also the ones who must make this choice most wisely and enter the crypto world through a reputable and well-established platform.
Considering the ones mentioned above or consulting a crypto industry expert to get recommendations on the right choice are two of the safest ways to go. Happy Scrolling!