Top 10 Crypto Exchanges for UK-Based Users in 2023

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by Agne Cimerman

Published: February 23, 2023 at 3:00 pm Updated: March 09, 2023 at 7:15 pm

To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read original article for precise information.

Cryptocurrency has become increasingly popular in recent years, and as more people in the United Kingdom looking to invest in digital assets, choosing a reliable and secure crypto exchange becomes crucial. We’ve put together a list of the top 10 crypto exchanges in the UK for 2023. These exchanges have been selected based on a range of factors, including reputation, security, user experience, trading fees, and the number of supported cryptocurrencies. 

Compare the best cryptocurrency exchanges in the UK

Binance 

Binance offers a wide range of crypto assets for trading and provides traders with a variety of investment options and opportunities for diversification. The world’s largest crypto exchange has a user-friendly interface and is available on multiple platforms, including desktop and mobile devices, making it accessible for traders on the go. 

The platform also has a strong reputation for security and reliability. It employs a range of security measures, including two-factor authentication, to protect user accounts from potential hacks and scams. Binance also maintains the biggest insurance fund in the industry, which has now surpassed $1 billion. The fund is specifically designated to compensate Binance users if their funds are lost due to a network security breach. This demonstrates the exchange’s commitment to safeguarding its users’ assets and instilling trust in the platform’s security measures.

Binance UK offers a straightforward and cost-effective way to buy and trade cryptocurrencies. The platform charges a fixed maker/taker fee, which is determined by your trading volume over the past 30 days. Furthermore, you can enjoy a 25% discount on these fees if you use Binance Coin (BNB) to pay for them, which will bring down the total cost of trading to as low as 0.03%. By settling your fees with BNB, you can save money and get more value from your trades on the platform.

Pros:

• Large selection of cryptocurrencies
• Low trading fees
• Advanced trading features
• Strong security measures
• Crypto insurance fund

Cons:

• No support for certain features in the UK: Binance has discontinued certain services in the UK due to regulatory concerns.
• High withdrawal fees

Coinbase

Coinbase stands out from other crypto trading platforms due to its strong pro-regulation stance, and it’s one of the few publicly-traded crypto exchanges in the industry. The platform’s commitment to compliance and regulatory oversight makes it a trusted platform for many traders who prioritize security and transparency.

One of the biggest advantages of using Coinbase is its high level of security, similar to that of Binance. The platform offers two-factor authentication, biometric login, and a robust insurance policy that covers all funds held in its hot wallet. Coinbase holds the majority of its users’ funds in cold storage, a highly secure way of storing digital assets offline, protecting them from hacking and other types of cyber threats.

Another advantage of using Coinbase is the platform’s liquidity. With a large user base and high trading volumes, Coinbase offers traders access to deep liquidity and competitive pricing for a wide range of cryptocurrencies.

Coinbase’s focus on compliance, transparency, and regulation, along with its status as a publicly-traded company, makes it a popular and trusted platform for traders in the UK and beyond.

Pros:

• User-friendly interface
• Wide range of cryptocurrencies
• Well-established and reputable
• Multiple payment methods
• Strong focus on security
  • Coinbase is regulated in the UK, providing traders with an added layer of security and trust.

Cons:

• Relatively high fees
• There have been reports of Coinbase freezing accounts or blocking transactions without warning, which can be frustrating for users who are not provided with a clear reason for the action.

Kraken

One of the key advantages of using Kraken is its security measures. The platform utilizes advanced encryption and two-factor authentication to help ensure that user data and funds are protected. Kraken also offers cold storage options for users’ assets, meaning they are kept offline and, therefore, less susceptible to hacking attempts.

Kraken claims to have never been hacked, which sets it apart from most other exchanges. The exchange maintains a high level of security by having 24/7 surveillance over its servers.

Kraken also has competitive fees. The platform offers a tiered fee structure based on trading volume, with lower fees for higher-volume trades. In addition, it has low deposit and withdrawal fees, making it a cost-effective option for UK traders. The platform also offers margin trading and futures trading for advanced users who want to take on more risk.

One potential downside of using Kraken is that the platform can be more complex and less user-friendly than some other exchanges, which may make it less suitable for beginners. Overall, Kraken is a solid option for UK traders who prioritize security, low fees, and a wide range of trading options.

Pros:

• Strong security measures
• High liquidity
• Low fees
• Wide range of cryptocurrencies
• Advanced trading features such as margin trading, futures trading, and stop-loss orders.
  

Cons:

• Limited features for beginners
• Not as user friendly as other platforms

Bitstamp

Bitstamp has been operating since 2011, making it one of the oldest exchanges in the market. This longevity has helped to establish Bitstamp as a reputable and reliable platform for trading cryptocurrencies. The platform provides users with a variety of trading options, including limit, market, and stop orders. It also has an office in the UK.

Another advantage of Bitstamp is its user-friendly interface, making it easy for both novice and experienced traders to use. The platform also has robust security measures in place, including two-factor authentication and cold storage to protect users’ assets.

Pros:

• Reputation
• Easy to use
• High liquidity
• Security
• Regulation

Cons:

• Limited selection of cryptocurrencies
• High fees
• It doesn’t provide a crypto wallet

eToro

eToro is a good crypto exchange for traders in the UK due to its user-friendly interface and social trading features. The platform offers a range of investment options, including cryptocurrencies, stocks, and exchange-traded funds. It also provides a virtual trading account, which allows new traders to learn how to invest in a risk-free environment.

One of the standout features of eToro is its social trading network. This allows traders to follow and copy the trades of other successful traders on the platform. This feature is particularly useful for new traders who may not have a lot of experience in the market.

In addition, eToro offers a range of educational resources to help traders learn more about the markets and make informed investment decisions. These resources include webinars, trading guides, and market analysis.

Pros:

• User-friendly and has a simple interface
• Wide range of trading tools and features
• Variety of payment options
• Low fees for trading cryptocurrencies

Cons:

• The selection of cryptocurrencies is limited compared to other exchanges
• Lacks advanced features and charting tools
• $5 withdrawal fee

Crypto.com

Crypto.com, founded in 2016, is a UK-based crypto exchange that has become a popular choice among traders. There’s more to the platform than just celebrity endorsements, Crypto.com’s reputation is backed by its strong features. One of the highlights of this exchange is its user-friendly interface, making it an ideal choice for beginners.

With over 250 cryptocurrencies to choose from, Crypto.com also boasts security measures, including industry-leading insurance coverage, verified proof of reserves, and impressive security certification. The exchange also offers a variety of financing options, with investors able to stake their crypto for up to 14.5% APR or borrow crypto using collateral.

Moreover, Crypto.com is known for its high levels of security and transparency. It’s a regulated platform that provides insurance coverage for user funds, and it has a strong track record of compliance with regulatory requirements. The platform also has a unique referral program that rewards users for referring new customers, which is an added bonus for those looking to earn some extra income.

Pros:

• Very easy to use for both beginners and experienced traders
• +250 cryptocurrencies to trade
• Impressive security features
• Strong crypto financing options allow users to stake crypto for up to 14.5% APR and borrow crypto using collateral.

Cons:

• Variable fees based on transaction

Gemini

Gemini is a good crypto exchange for traders in the UK because of its strong regulatory compliance, security, and reputation for trustworthiness. It’s licensed and regulated in the UK by the Financial Conduct Authority, which provides a high level of assurance to users that the exchange is operating under strict regulatory standards.

Gemini also takes security very seriously and has implemented a number of security measures, including cold storage for the majority of user funds, two-factor authentication, and regular security audits. The exchange also offers insurance coverage for digital assets held in cold storage.

Another benefit of Gemini is its reputation for reliability and trustworthiness. The exchange was founded by the Winklevoss twins, who have a strong background in finance. Gemini is also one of the few crypto exchanges that have undergone a SOC 2 Type 1 examination, which confirms that the exchange’s systems and controls are in place and operating effectively.

While Gemini’s fees are generally higher than some of the other exchanges, the exchange offers a high-quality platform with a range of advanced features that can be particularly appealing to professional traders.

Pros:

• Security
• User-friendly interface
• Regulation

Cons:

• Limited cryptocurrency selection
• No margin trading
• Long verification process

OKX

OKX (formerly OKEx), founded in 2017, has quickly established itself as one of the leading platforms in the industry. UK customers can purchase over 400 cryptocurrencies using credit cards and GBP. The exchange offers advanced trading features and tools, making it a suitable platform for experienced traders.

One of the key advantages of OKX is its competitive fee structure. The exchange charges low fees for trades and withdrawals, with fees ranging around 0.1% for trades and a withdrawal fee of 0.0005 BTC. OKX also offers discounts on trading fees for users who hold the platform’s native token, OKB. However, the platform has faced some regulatory issues in the past, and its regulatory status in the UK may not be clear.

Pros:

• Wide range of cryptocurrencies
• Low trading fees
• Advanced trading features
• Credit card purchases

Cons:

• Limited customer support
• Prior regulatory issues

KuCoin

KuCoin, also founded in 2017, has gained a reputation as a user-friendly platform that offers a wide range of cryptocurrencies for trading. One of the key advantages of using KuCoin is its low trading fees, which can be as low as 0.1%. The crypto exchange offers a loyalty program that rewards users with reduced trading fees when they hold the KuCoin token (KCS).

KuCoin also has great security measures. The exchange stores the majority of its funds in cold wallets, which are not connected to the internet, and implements two-factor authentication (2FA) and anti-phishing measures to protect users’ accounts. The platform has a 24/7 customer support team and offers a range of educational resources to help users navigate the platform.

However, KuCoin’s relative lack of regulation may be a concern for some users. The exchange is based in Seychelles and is not subject to the same regulatory oversight as exchanges based in more established financial centers.

Pros:

• Large variety of cryptocurrencies
• Low fees
• Easy to use
• High liquidity
• Strong security measures

Cons:

• Limited payment options
• Lack of regulation: KuCoin is not regulated in the UK, which may be a concern for some users
• No fiat currency trading

Gate.io

Gate.io is a good crypto exchange for traders in the UK because it provides a wide range of coins and tokens for trading, including some of the less common ones. The platform is known for its low fees, and it also provides users with multiple trading options, including margin trading. Gate.io is easy to navigate and the platform provides 24/7 customer support.

In terms of security, Gate.io has a good track record, with no known hacks or major security breaches to date. The exchange uses various security measures to protect user accounts and assets, including two-factor authentication and cold storage for funds. Gate.io also provides users with regular updates on security measures and best practices to stay safe while using the platform.

One potential downside of using Gate.io is that it is not regulated in the UK, which may be a concern for some traders.

Pros:

• Wide range of cryptocurrencies
• Competitive trading fees, with discounts available for using the platform’s native GateToken (GT) cryptocurrency
• Good security features
• Margin trading and lending features
• Accessible and user-friendly interface

Cons:

• Less regulatory oversight
• Limited customer support options
• Lower trading volume
• Not regulated in the UK

Pro Tips

If you are a UK citizen searching for the best crypto exchange, Metaverse Post sought the expertise of Crypto Consultants UK, a United Kingdom-based cryptocurrency consultancy firm, to identify the most important factors. There are four major things you need to look at before picking a crypto exchange.

Security

Security is paramount and there’s nothing more important than keeping your assets secure. Always choose an exchange that offers multiple security protocols, such as two-factor authentication, withdrawal verification, and more. Although it is recommended to hold your long-term assets in cold storage, the same principles apply when using an exchange.

Reputation

It’s important to do some general research into an exchange to make sure they have a reputable history in the space. Also, look for any warnings from the FCA. This is often a telltale sign of what may come in the future for the exchange as breaches of UK financial regulations are a red flag, especially as we have more understanding of the crypto space now.

Fees

Different exchanges may charge varying fees for their services, including deposit, withdrawal, and trading fees. UK citizens may want to choose an exchange that offers competitive fees but don’t base the choice on solely extremely low fees as, at times, untrustworthy exchanges offer these to lure in new users.

User Interface

It is also important to choose an exchange that you can use to its full potential. There are many exchanges out there that are reputable but have user interfaces that are not friendly to most of whom are new to the market. Often exchanges offer a simplified version, albeit with limited options.

If you’re new to the world of cryptocurrency and need guidance, you can also check professional consultation services.

Cryptocurrency regulations in the UK

On February 1, the UK government announced plans to regulate cryptoasset activities, and it’s currently in the process of introducing regulations to govern the crypto industry. The proposals include a regime for crypto lending and strengthening rules for crypto trading platforms. The government aims to mitigate risks in the sector, improve market integrity and consumer protection, and provide clarity to businesses and consumers.

The Financial Conduct Authority (FCA) has already implemented several measures to protect consumers, such as banning the sale of crypto derivatives to retail investors. The FCA has also mandated that all crypto exchanges operating in the UK must be registered with the agency and comply with its anti-money laundering and counter-terrorism financing regulations.

According to Crypto Consultants UK, the UK government is likely to continue to introduce measures to regulate the crypto industry in the coming years to protect consumers and ensure that the industry is transparent and accountable.

All in all, this is amazing for both the user and the exchange as it allows for long-term growth in the space and reduces the number of bad actors significantly. Massive progress has already been made and the space has come on leaps and bounds. Regulation is a benefit for all as the crypto space continues to grow, the crypto experts said.

FAQ

There are many great crypto exchanges available to UK traders, including Coinbase, Binance, Kraken, Bitstamp, eToro, Crypto.com, Gemini, OKEx, KuCoin, and Gate.io. Each of these exchanges has its own set of pros and cons, so it’s important to do your research and choose the one that best meets your individual needs and preferences.

When choosing a crypto exchange, there are several factors to consider, including reputation, security, fees, user-friendliness, and the range of cryptocurrencies available for trading. You should also consider whether the exchange is licensed and regulated by a reputable authority (unless you prefer an unregulated platform) and whether it offers good customer support.

Cryptocurrency trading comes with several risks, including the potential for price volatility, regulatory uncertainty, and the risk of hacking or other security breaches. It’s important to do your own research and understand the risks before investing in any cryptocurrency.

To get started with trading cryptocurrencies, you will need to choose a crypto exchange, create an account, and verify your identity. Once you have done this, you can fund your account and start trading. Remember to start with a small amount of money and educate yourself on cryptocurrency trading before investing more. While cryptocurrencies offer a large return on investment, always keep in mind they are considered volatile assets, and like in the case of other volatile assets, invest only what you are willing to lose.

Conclusion

There are a variety of crypto exchanges available to traders in the UK, each with its own set of advantages and disadvantages. While some exchanges, like Coinbase and Kraken, are well-established and respected for their security and user-friendliness, others, like Binance and Crypto.com, offer a wider range of coins and features like staking and borrowing.

When choosing a crypto exchange, it’s essential to consider factors such as fees, security, ease of use, available cryptocurrencies, and deposit and withdrawal options. Ultimately, the best exchange for a UK citizen will depend on their individual needs and preferences. The crypto market is constantly evolving, and traders in the UK have a wealth of options to choose from.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman

Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles