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10 Best Crypto Exchanges UK (2022)

Blockchain Technology


The adoption of cryptocurrency continues to be on an exponential rise, with new financially significant coins emerging and creating profitable gains in the financial world. It has also been an instrumental and innovative change in the world’s economy.

Cryptocurrency has been a major development in conducting transactions throughout the world. In fact, it has evolved to using non-fungible tokens to sell rights of intellectual property and arts, for financial exchange, and most importantly, payment of services. Due to its essential impact in improving seamless financial transactions, there is no doubt that cryptocurrency has totally revolutionised the world’s financial system and is here to stay. 

Meanwhile, going deep into the cryptocurrency sphere might seem a little bit complicated. Often, newbies have problems as to where to start, as several platforms are offering different endless lists of coins, making it almost difficult to comprehend some things or understand what to do.

In this article, we have carefully analysed and listed the top 10 best UK crypto exchanges, their features, pros and cons, and transaction fees if available.

We carefully looked at their top features, especially the provision of seamless transactions and other features worth considering when planning to choose a top UK crypto exchange. Also, the article delves into which of them is best to use and the best ways to store cryptocurrency after withdrawal from the exchange.

Below is a list of the top 10 crypto exchanges in the UK

1. Binance
2. Coinbase
3. Kraken
4. Crypto.com
5. Gemini
6. Gate.io
7. KuCoin
8. Bitstamp
9. Bittrex
10. Coinjar

1. Binance

Founded in 2017 by Changpeng Zhao, Binance is the largest crypto exchange in the world. Binance processes more than 1,400,000 transactions in a second, making it the best crypto exchange in the UK.

Binance, best UK crypto exchange.

Binance offers more than 600 cryptocurrencies and rakes in more than $20 billion transaction volume per day. It also offers a wallet, card, loan and gift card service.

Binance continues to maintain its place at the top of the world’s best crypto exchange with a low transaction fee and high level of encryption. It serves millions of users from all over the world with hundreds of fiat currencies.

Popular for its low transactions and operational fee, Binance boasts one of the lowest transaction fee exchanges globally, charging only 0.02%-0.1% transaction fee, 3%-4.5% fee on debit card purchases, and a completely free transaction fee for UK Bank transfers.

Although Binance is best for experienced traders and crypto investors, it offers Lite Mode for newbies who are finding it difficult to get the hang of the Standard mode. 

Its user interface features several vital trading options, including spot, futures and margin trading. It also offers a seamless way to make crypto purchases and transactions.

Pros

1. Swift and free account funding
2. Extremely wide range of coin listings, the largest in the
crypto market
3. A wide range of supported transaction types

Cons

1. Although the trading commission is cheap, other exchange
2. platforms do not include these fees.
3. Complicated UI mainly designed for experienced users.

2. Coinbase

Coinbase is a mainstream crypto exchange founded in 2012 headed by co-founder Brian Armstrong. Regarded as one of the earliest crypto exchanges, Coinbase has enjoyed a huge rise in usage like Binance.

Coinbase UK crypto exchange.

Coinbase serves more than 70 million verified users in more than 100 countries worldwide. Located in the US, Coinbase works closely with regulators to build a reputable brand that fosters user security.

Coinbase currently supports 139 coins and 402 trading pairs and rakes in more than a billion-dollar trading volume daily.

Coinbase is a useful beginner-friendly exchange platform. However, it features the Coinbase Pro, ideal for experienced traders. Coinage also offers valuable educational materials for users.

Unlike Binance, Coinbase’s transaction fee is higher when compared to other platforms – 1.49% for standard transactions, 3.99% for instant buys and 2% + £0.55 for withdrawal.

In addition, Coinbase charges a 0.5% spread on trades, including a fee of £0.99 – £2.99 depending on trading volume.

Coinbase is generally more suitable for beginners as it offers an extremely basic user interface, higher fees and lower coin listings, and most especially educational materials for newbies looking for help to get started in the crypto world. Meanwhile, Coinbase is almost less suitable for pro traders looking for complex analytical tools and options when trading.

Pros

1. Free and swift payment that supports GBP
2. Good number of coin listings
3. Availability of built-in cryptocurrency wallet

Cons

1. Complicated fee structure
2. Fairly impressive features that are mainly useful for
beginners and not experienced traders

3. Kraken

Kraken is one of the oldest crypto exchanges launched barely two years after Bitcoin. Currently, Kraken offers 94 different cryptocurrencies and 403 trading pairs. It also helps businesses integrate cryptocurrency into their financial system.

Kraken, buy, sell and trade cryptocurrency.

Furthermore, Kraken is an entirely newbie-friendly exchange as well as a complex trading UI for experienced traders, offering API for more flexibility.

Kraken’s transaction fee ranges from 0% to 0.26%. However, this fee generally depends on 30 rolling volumes. Kraken offers zero transaction fees on deposits using Faster Payments Service. However, the SWIFT or CHAPS deposit attracts a £3 and £21 transaction fee.

Another advantage of using Kraken is its high trade limit. Kraken offers a whooping £72,000 trade limit, higher than most other exchanges. Kraken is also an excellent choice of crypto exchange for both new and seasoned traders as it offers a wide range of cryptocurrencies and trading pairs alongside a free trading fee.

However, newbies need to know that Kraken has no inbuilt wallet. Therefore, there’ll be a need to withdraw your cryptocurrency from Kraken for use outside the exchange.

Pros

1. Excellent for all traders of different experience level
2. Good numbers of coin listings
3. Low transaction and trading fee

Cons

1. Complicated fee structure. However, the fee
decreases as trading volume increases
2. The absence of a built-in wallet can be an issue for
beginner traders

4. Crypto.com

Crpyto.com is another reliable solution to buy, sell and trade cryptocurrency. It offers solutions for investors, businesses and institutional investors looking to integrate cryptocurrency into their financial system.

crypto.com, buy, sell and pay with Crypto.

Crypto.com offers several mouthwatering features, including credit card provisions that offer perks and even interest rates on deposits, amounting to up to 8%.

Crypto.com features over 150 coins and 264 trading pairs and offers a wider range of cryptocurrencies when compared to other exchanges. It also rakes in more than $1 billion daily trading volume.

Concerning fees, Crypto.com changes in an almost similar way to Kraken. It offers a progressive trading fee, from 0.4% to 0.04%. However, the disparity depends on volumes. Also, there is zero transaction fee or deposit. However, Crypto.com only accepts USD, which may incur a fee from banks and spread of GBP/USD pair.

Crypto.com is an excellent crypto exchange for beginners and experienced traders. It is also suitable for users looking for more than just trading experiences out of the platform.

Crypto.com’s card is also a great solution for users to receive rewards and interest rates, depending on their transaction volume and card usage.

However, the platform’s main disadvantage is its complicated UI and features that can confuse new users, especially additional products being offered on the platform. 

Pros

1. Provision of up to 14% interest on
cryptocurrency
2. Cashback opportunity of up to 8% with their VISA card
3. Offers a wide range of coin listings

Cons

1. Complicated user interface which can be
difficult to navigate
2. Funding of account is only in USD;
therefore it may incur an additional fee for non-US users

5. Gemini

Founded in 2014 by the Winklevoss twins, Gemini is another top crypto exchange platform that rakes in one of the highest transaction volumes in the crypto market.

Gemini crypto mobile app.

In contrast to other exchanges, Gemini offers more than just a crypto exchange service. It holds an EMI licence that ensures an extra layer of security and protects users against hacks and cyber attacks, giving room for reliability.

Gemini features a more complex trading platform with advanced analytical tools for experienced traders, especially users looking for more than just buying and selling crypto. The platform also features advanced charting and multiple order types.

Gemini offers 62 coins and 85 trading pairs. However, larger coins like Ripples are not available, which may be an issue for some traders willing to invest in their preferred coin. Gemini charges 0.35% trading fee on trades below $500,000. However, the fee decreased to 0.03% for trades over $500m. They also charge a 0.5% convenience fee on all transactions.

Although Gemini is a top exchange worldwide with a wide range of cryptocurrencies, their slightly higher trading and transaction fee may be a concern for experienced traders dealing with a huge amount of money.

Pros

1. Has EMI licensure in the UK
2. Provision of teaching and educational materials
3. Low minimum deposit requirement

Cons

1. Low number of coin listings. Also, high market cap
coins like Ripple is unavailable.
2. Fees are high, especially for new traders with small trades

6. Gate.io

Gate.io was founded in 2013 as a one-stop-shop trading service offering more than just traditional crypto exchange services. Gate.io offers finance options, such as lending, borrowing and investing solutions and they offer payment for mining services.

Gate.io crypto exchange.

Also a leader in enhancing cybersecurity, Gate.io continues to be a top exchange that prioritises user safety. Gate.io provides access to more than 1000 cryptocurrencies and more than 2000 trading pairs. It also offers margin trades and lending services to users.

Gate.io has one of the lowest transaction fees, with only 0.2% on each trade. Also, withdrawal and deposit fees are totally free. However, Gate.io doesn’t accept Fiat currency. This implies that users can only deposit or withdraw existing cryptocurrency.

Gate.io makes security a top priority, making it one of the most security-conscious exchanges on the market. It also serves experienced traders looking to access different trading tools and options. Although their fee may not be the cheapest, Gate.io offers one of the most competitive features in addition to the security of their platform.

Pros

1. Highly secure
2. Good number of coin listings
3. Provides other services like lending and borrowing.

Cons

1. Non-competitive trading fee
2. Deposit and withdrawals can only be made with cryptocurrencies

7. KuCoin

KuCoin is another top popular exchange serving every 1 in 4 crypto holders worldwide. KuCoin is a large crypto exchange that offers access to more than 500 cryptocurrencies and more than 1000 trading pairs. It also boasts of an extremely low transaction fee.

KuCoin, the people's exchange.

KuCoin offers more flexibility when compared to other exchanges. In addition to sophisticated trading tools, it provides an opportunity for copy trading. This enables you to use trading bots to copy experienced and successful traders, thereby minimising market research, monitoring and even incurred losses. KuCoin also offers a lending service that allows users to borrow or lend cryptocurrency at a competitive rate.

Another advantage of KuCoin is its low trading fee pegged at 0.1%. Also, there is no fee on deposit and a meager transaction fee for withdrawals. Meanwhile, KuCoin does not support funding of accounts from fiat deposits. An account can only be funded via cryptocurrency. Furthermore, they allow users to buy cryptocurrency with fiat currency, a process subjected to a reasonable transaction fee.

Conclusively, KuCoin is great for both new and experienced users. Apart from the fact that KuCoin doesn’t allow bank deposits, it is a great exchange that offers a vast number of services to traders and investors, both beginners and experienced.

Pros

1. Availability of leverage
2. Good user experience
3. Provision of other services, including lending, borrowing and trading software

Cons

1. Bank deposit is unavailable
2. User interface can be fairly complicated for
new traders

8. Bitstamp

Founded as a security-focused and safety fostering exchange, Bitstamp aims to be a more reliable financial institution than an exchange with associated risks or vulnerabilities. Bitstamp serves several users who want the utmost security for their funds and investment. In terms of security and uptime, Bitstamp ousts its competitors.

Bitstamp cryptocurrency exchange.

Bitstamp offers a simple and low trading fee structure. Trading fees start from 0.5% and can reduce to 0% once the threshold has been reached. Bitstamp also offers a free bank deposit fee. However, there is a 2% fee on all withdrawals, even getting as high as 5% for card withdrawals. However, note that your card issuer may charge an additional fee.

Bitstamp offers more than 40 coin listings, an averagely good number for beginners and experienced investors. Bitstamp is especially best for inexperienced traders who prioritise security and service uptime.

Pros

1. Top-notch security
2. Top-notch uptime and stability
3. Great customer support experience

Cons

1. Lower number of features compared to
other platforms.
2. Low range of coin listings

9. Bittrex

Founded by ex-Microsoft engineers, Bittrex fostered security as a huge part of the company’s success. Bittrex has held impressive security and reliability features that make the platform invincible to cyber-attacks and hacking.

Bittrex Crypto Exchange.

Although Bittrex had issues with user verification, there has been a resolution. Meanwhile, the issue cost Bittrex its BitLicense application in New York. While the loss may not affect UK users, it may have some strong implications on London users as New York and London often share the same view on cryptocurrency.

Bittrex charges a higher fee than most other crypto exchanges. Transaction fees start at 0.75% and may increase to 3% in cases of card deposits. However, normal deposits are free while withdrawals are charged.

Bittrex is an excellent form for users who prefer high security, reliability, stability and also want access to more coins.

Pros

1. Highly secure
2. Good number of cryptocurrency listings
3. Excellent customer service

Cons

1. High fees

2. Insufficient features compared to other exchange platforms

10. Coinjar

Founded in 2013, Coinjar serves more than 400,000 monthly users and accrues over $10 million daily trading volume. Coinjar supports only 26 coins and 123 trading pairs which will be enough for newbies and regular users. However, it is very unlikely to attract experienced traders looking for a wide range of cryptocurrencies.

CoinJar cryptocurrency exchange platform.

Coinjar is a highly reliable and secured exchange that fosters industry-standard security, which is better than many other exchanges.

Coinjar charges zero fees on deposits and withdrawals. Although there is a 2% charge on instant buy products. The trading fee on large trades on Coinjar is very competitive compared with other exchanges. Typically, the trading fee varies from 1% to 0.04%, depending on the type of trade.

Summarily, Coinjar is another great exchange for new users looking to delve into cryptocurrency. It offers low-fee trades with a good number of crypto listings and seamless deposit methods with VISA cards to allow an easy and fast crypto trading experience.

Pros

1. Availability of built-in wallet
2. Good user experience, especially for new traders
3. Offers VISA card to spend crypto

Cons

1. Relatively low number of coin listings
2. Offers low functionality for seasoned and experienced traders

What Is a Cryptocurrency Exchange and How Do They Work?

You can purchase cryptocurrency through a broker or a crypto exchange—a cryptocurrency exchange pairs buyers and sellers to execute a trade at a fixed rate. Exchanges typically benefit by taking the finders fee, a small fee from the whole trade.

In contrast, a broker works by serving as an intermediary in a transaction, i.e. they buy assets at their rate before selling out to traders willing to buy at an agreed rate.

Another difference between these two platforms is the higher transaction fee charged by exchange services. This fee usually arises from account funding or withdrawal, especially in fiat currency. Additionally, brokers offer regulated products or assets. Therefore, there is a lower risk of security failure due to hacks or cyber-attacks. This is primarily because brokers are audited by national governing bodies like SEC or FCA.

There are different types of exchanges. However, Centralised Exchanges (CEX) are the most commonly used types of exchanges. CEX brings interested parties together and handles assets’ exchange via their account.

On the other hand, another but less commonly used is Decentralised Exchange (DEX). This exchange pairs transacting parties with each other directly without any interference.

Fundamentally, crypto exchanges are designed to bring parties together to facilitate the trade and exchange of cryptocurrency.

How to Choose the Best Crypto Exchange UK

Choosing the best cryptocurrency exchange in the UK can be a very hard decision, especially for beginners. However, the best decision is a personal decision that depends on individual priorities and preferences in the exchange platform. While many people choose low-fee exchanges, others prefer secure and reliable exchanges.

Some users prioritise stability and longevity so they won’t have to worry about any account migration in the nearest future. Meanwhile, experienced users prefer adequate functionality without minding longevity. That being said, below are some factors to consider when choosing a UK crypto exchange.

Ease of Use

The complexity of the user interface at most times causes difficulty in operation and, many times, a bad experience with exchanges. It could also lead to dissatisfaction. Ease of use is important for beginners and when buying and selling assets is critical. A hard-to-navigate user interface can make it almost impossible to take advantage of those opportunities.

Security

Security is another important factor to consider when choosing an exchange platform. The security of an exchange platform is worth looking at from two angles: security of coins and assets and, secondly, whether the exchange’s security is up to standard and satisfactory by regulators.

If an exchange’s security is not satisfactory, it can attract sanctions from regulators. Although actions from regulators are ultimately to protect users, it can lead to short-term hold up of funds.

Fees

When choosing an exchange platform, transaction and trading fees are other factors to consider. For low-volume traders, fees may not be an immediate issue since other benefits outweigh fee costs. However, it accumulates over time.

Also, comparing the functionality and service provided to the fee can help determine if the charged fee is fair. Lower fee platforms are recommended for high-volume traders, while traders focused on buying and lending can consider a wide range of functionality without minding the fee.

Functionality

Functionality is almost entangled with fees, and it gives you an overview of a crypto exchange’s available resources to achieve your goals. As competition grows among crypto exchanges, choosing an exchange with excellent functionality that will not be outgrown anytime soon is important. Choosing an exchange with many functionalities can save you from the painstakingly stressful process of finding and getting used to a new exchange’s interface.

Supported Cryptocurrencies

Supported cryptocurrencies may not be a deal-breaker for everyone, the top 20 coins make up 90% of usage after all, but it might be an issue, or flexibility may be wanted as part of your trading strategy.

Liquidity

Simply, liquidity means how fast an asset can be traded without the asset’s value getting affected. Given the high volatility of the crypto market, liquidity is an important factor to consider when choosing an exchange.

This is especially important when using high leverage because the inability to convert assets on time can liquidate the whole account. However, high liquidity is generally favoured by an exchange’s number of active users. There, the higher the number of users, the better.

Regulation

Cryptocurrency and other financial assets are legal property in the UK. Therefore, there are little to no regulations for cryptocurrency in the UK. However, exchange platforms need to carry out necessary steps to comply with the regulator’s guidelines, including getting a license like an EMI license. Although licensing is optional, regulators prefer platforms with licenses.

Although it might not have an impactful effect on volatility as seen with the FCA ruling, following guidelines give an exchange a perk of being on the regulators’ good side.

Customer Support

Customer support is an integral part of every institution, regardless of the sector or type of platform. Customer support is essential for building trust and integrity, as a lack of support eventually leads to a loss of confidence. Also, lack of customer support can sometimes make platform navigation and usage more difficult. On rare occasions, it can lead to loss of money. Therefore, considering the availability of customer support is essential when choosing a UK crypto exchange.

Processing Times

Transaction processing time for each coin is different. However, it is also important to consider an exchange’s processing time as they could incur additional costs, especially during delayed processing time.

Wallet Security

Wallet security is also an important point to note, as you’ll be storing your cryptocurrencies in a wallet if your preferred exchange does not offer a wallet service. Generally, there are hot wallets that make use of internet access but are not as secure as the second type, the cold wallet.

A cold wallet is more secure as it does not require internet access; therefore, it is insusceptible to hack and cyber attacks.

It is always safer to use a cold wallet. However, you can also use an exchange’s wallet service if you’re sure that there is a standardised security protocol.

Longevity of the Platform

It is always important to consider longevity before choosing an exchange platform. If you aim to be a long-term trader, it might be overwhelming to change the platform sooner than expected. Also, migration could potentially cost a lot of money. Although it might not be an issue for a beginner, it is important to consider longevity in the long run.

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