Top Trading Platforms in the UK
To help determine the best crypto platforms in the UK, we have applied our comprehensive ranking methodology. This includes identifying all the platforms currently operating in the UK, narrowing the list down to only FCA-licensed exchanges, and evaluating each one based on factors like trading fees, deposit and withdrawal fees, transaction limits, and security features.
By taking this careful approach and considering each factor in detail, we have determined the Best Cryptocurrency Exchanges in the UK that are safe, reliable, and offer a seamless trading experience.
1. eToro
eToro stands out as the best overall crypto platform in the UK based on our methodology due to its diverse range of assets available for trading, including 90 cryptocurrencies, over 3000 shares, 18 indices, 27 commodities, 49 fiat currencies, and 300 ETFs. The platform is also fully regulated and licensed by the FCA, ensuring that users can trade with confidence and peace of mind.
Another standout feature of eToro is its affordable fee structure, with deposits and withdrawals being completely free and a low flat fee of 1% on cryptocurrency trades. The platform also offers 24/7 customer support via live chat, email, and an online ticketing system, as well as a variety of GBP deposit methods such as bank transfer, credit/debit card, Payoneer, Skrill, Neteller, Rapid Transfer, and Trustly. Overall, eToro's diverse range of assets, affordable fees, and strong regulatory oversight makes it the best choice for anyone looking to trade cryptocurrency in the UK.
- Minimum Deposit: £50 GBP.
- Supported Tokens: 92 Cryptocurrencies & 4000+ other assets.
- Regulatory Compliance: Regulated and licensed with the FCA.
- GBP Funding Method: Credit/Debit Card, PayPal, Neteller, Skrill, Rapid Transfer, Bank Transfer & Trustly.
2. Uphold
Uphold is the second-best overall crypto platform in the UK. Uphold is a London-based exchange that offers over 250 digital assets to buy, sell, and stake through their FCA-regulated exchange. One of the standout features of Uphold is their audited proof-of-reserves, which demonstrates their commitment to safeguarding customer funds and makes them the most secure exchange in the UK. Uphold also offers a variety of convenient GBP deposit methods, including FasterPayments, Bank Transfer, Credit/Debit Card, SEPA, Google Pay, and Apple Pay.
In addition, Uphold has a user-friendly interface and offers 24/7 customer support via live chat and email. While card deposits are subject to a 2.49% fee, deposits made via other methods are completely free. Crypto trading fees on the platform vary between 0.8% to 1.2%, which is competitive compared to other exchanges. Overall, Uphold's presence in London, diverse range of assets, and commitment to security make it a great choice for anyone looking to trade cryptocurrency in the UK.
- Minimum Deposit: £20 GBP.
- Supported Tokens: 250+ Cryptocurrencies & 100+ other assets.
- Regulatory Compliance: Regulated and licensed with the FCA.
- GBP Funding Method: Debit/Credit Card, FPS, Google/Apple Pay, SEPA & Wire Transfer.
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3. Binance
Binance is a leading global cryptocurrency exchange that offers a wide selection of over 350 cryptocurrencies, including popular options like Bitcoin and Ethereum. The platform is known for its wide range of features including spot trading, derivatives trading and crypto options trading. Binance also offers a very competitive fee structure with fees starting at 0.1% for spot trades and 0.06% for derivatives contract trading.
However, it's important to note that Binance is not yet licensed by the Financial Conduct Authority (FCA) in the UK, which could increase platform risk for traders. While Binance is regulated in other countries, the lack of FCA regulation in the UK is something that users should be aware of when considering the platform. Overall, while Binance offers a wide selection of assets and competitive fees, users should carefully weigh the potential risks associated with using an unlicensed exchange when deciding whether to trade on the platform.
- Minimum Deposit: £20 GBP.
- Supported Tokens: 350+ Cryptocurrencies.
- Regulatory Compliance: Not regulated or licensed with the FCA.
- GBP Funding Method: Faster Payments, Credit Card & Debit Card.
4. Coinbase
Coinbase is a leading crypto platform for UK-based traders due to its user-friendly interface, low fees, and strong regulatory oversight. Coinbase offers trading of over 50 cryptocurrencies and is fully licensed by the Financial Conduct Authority despite being a US-based company. The platform also offers 24/7 customer support via live chat and email as well as GBP deposit methods such as Fasterpayments, Credit/Debit Card and PayPal.
One of the main downsides of Coinbase is that its fees are not very competitive when compared to other exchanges. For example, there is a flat fee of 1.49% on all trades and an additional stealth fee charged in the spread of the buy and sell price. Outside of this, Coinbase offers crypto storage in the form of its proprietary online wallet, which is considered one of the most secure options available in the UK. Overall, its combination of security, ease-of-use and currency variety makes it an ideal choice for anyone looking to trade cryptocurrency in the UK.
- Minimum Deposit: £50 GBP.
- Supported Tokens: 200+ Cryptocurrencies.
- Regulatory Compliance: Regulated and licensed with the FCA.
- GBP Funding Method: Easy Bank, Faster Payments, SEPA & Credit/Debit Card.
5. Kraken
Kraken is ranked as the fifth-best overall crypto platform in the UK according to our methodology. Kraken is a global cryptocurrency exchange based in the US that supports the buying and selling of 185+ coins with GBP, EUR, and USD deposits from all major banks. Kraken is regulated by the Financial Conduct Authority (FCA) of the UK, making it a reliable platform for traders.
Kraken is particularly suited for beginners, offering reasonable fees (1%) and fast deposit/withdrawal times, as well as advanced features such as margin trading with up to 5x leverage, charting tools, mobile apps, and more. Overall, Kraken's low fees, advanced features, and regulatory oversight make it a great option for both novice and experienced traders alike, but users should carefully weigh the potential risks associated with using an unlicensed exchange.
- Minimum Deposit: £20 GBP.
- Supported Tokens: 220+ Cryptocurrencies.
- Regulatory Compliance: Regulated and licensed with the FCA.
- GBP Funding Method: Debit/Credit Card, FPS, CHAPS, SWIFT & Plaid.
How does the FCA Regulate Crypto?
The Financial Conduct Authority (FCA) regulates cryptocurrency exchanges in the UK to ensure that they comply with the country's financial laws and regulations. Specifically, the FCA requires cryptocurrency exchanges to be licensed and meet certain standards for security and customer protection. To obtain an FCA license, exchanges must undergo a rigorous application process and adhere to ongoing compliance requirements, including submitting regular reports and undergoing regular audits.
Do you have to Pay Tax on Crypto in the UK?
Yes, in the UK, individuals are obliged to pay taxes on cryptocurrencies according to the guidance issued by HM Revenue and Customs (HMRC). The specific legislation falls under the Taxation of Chargeable Gains Act 1992 for Capital Gains Tax, which applies when selling, swapping, or using cryptocurrency to pay for goods or services.
The tax rate depends on your overall taxable income. Additionally, Income Tax, governed by the Income Tax (Earnings and Pensions) Act 2003, may apply if you receive cryptocurrency from employment, mining, or airdrops. It's crucial to consult with a tax professional for accurate advice tailored to your specific situation.
Is Crypto Staking Legal in the UK?
Crypto staking is legal in the UK as long as it complies with existing financial regulations. In general, crypto staking falls under the category of staking rewards, which are considered taxable income. Therefore, individuals who engage in staking activities may need to report their earnings to HM Revenue and Customs (HMRC) and pay taxes accordingly.
The Bottom Line
In conclusion, as cryptocurrency trading gains traction in the UK, selecting a reliable and secure platform is vital. This blog post has identified the top 5 FCA-licensed exchanges, including eToro (Best Overall), Uphold (Best UK-Based), Binance (Best for Derivatives), Coinbase (Best for Beginners), and Kraken (Best for Institutional Investors).
These platforms have been chosen based on regulatory compliance, features, fees, and security. By opting for an FCA-regulated exchange, UK investors can confidently trade cryptocurrencies while safeguarding their investments.
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