Best Crypto Exchanges in the UK
Another positive position the UK has taken is being transparent and providing well-defined information on the taxation and legality of digital currencies. Rather than taking an ambiguous or grey-area approach, hovering around the idea of banning cryptocurrencies entirely as some other nations have done, or over-regulating and sucking the fun out of it (*cough* America *cough*), the UK got on board early and saw the massive potential and benefits it could bring to their shores.
So, knowing what we know, which is the best place to buy and trade Bitcoin in the UK?
Binance: Sixteen cryptocurrencies tradable for GBP, and 358 total coins that form 1205 market pairs – far more than any competitor.
Gemini: Gemini offers a constantly improving and expanding service, with over 40 cryptocurrencies to purchase directly from their ultra-secure brokerage service.
Gate.io: Originally a Chinese exchange, US-based Gate.io has skyrocketed in popularity and daily volumes over the last couple of years, climbing from the depths as a fairly unknown exchange, to becoming one of the best trading platforms in the world.
Ranking methodology – How we decided which exchanges to consider
- Must have a UK office or presence
- Must be a top 10 cryptocurrency exchange
- Plenty of coins to pick from
- Offers some special perks to UK users
Our Top-Ranked UK Crypto Exchanges
Binance: When Binance left China and moved its headquarters to Malta, the crypto world took stock, but it wasn’t such big news when they registered themselves in London and Jersey. This is perhaps because these aren’t really offices but addresses required to operate legally in a jurisdiction.
“Money is evolving, it’s time to adapt” was the slogan used by Binance’s marketing campaign across London, which primarily targeted bus stops and showed a physical Bitcoin massively oversizing a £2 coin. There’s some truth to this, as on April 14th, 2021, Bitcoin did overtake the British Pound Sterling to become the world’s sixth-largest currency. However, BTC must be over $61,000 for this to happen, and so GBP retook the lead when BTC later dipped. UK users can expect to see Binance.uk as a more simplified version of Binance, with fewer coins and features, but with greater ease of use and an experience tailored precisely to GBP and EUR activities.
- London and Jersey presences
- 13.5 million-plus users
- 358 coins and 1205 market pairs
- The largest cryptocurrency exchange in the world
- 16 GBP-to-crypto trading pairs
- Currently building a special platform just for UK users
- Instant buying and selling of 65 cryptocurrencies thanks to a partnership with Faster Payments
- Users can buy and sell crypto directly with one another in GBP on the P2P platform
- Offers a great debit card for UK users
When announcing the platform’s development in June 2020, the press release stated: ‘The marketplace will provide access to fast and easy deposits and withdrawals for the buying and selling of digital currencies through direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network. Additional features will include fiat-to-crypto currency on-ramps via debit cards and options for customers to open their own virtual bank accounts, each with dedicated sort codes & account numbers, combined with some of the lowest fees in the market. Verified users will be able to trade spot pairs with deep liquidity while leveraging Binance.com’s advanced trading platform. Up to 65 digital assets are being considered to be available at launch.’
The Best Bitcoin Exchange in UK Trader’s Eyes?
So, moving on to the facts, perks, and advantages of Binance (the original platform), perhaps the biggest appeal for traders in the United Kingdom is the ease of depositing and withdrawing funds and the 16 different cryptocurrencies paired with GBP. In fact, beyond those 16 cryptocurrencies, the platform boasts a total of 358 coins that form 1205 market pairs, far more than their competitors on this list.
When it comes to altcoin diversity, this is the best exchange in the UK. It’s a great Bitcoin exchange, too, with ample liquidity for Bitcoin purchases and sales (around eight times as much liquidity as Kraken!). On top of the liquidity and coin diversity, you also have the lowest exchange fees out of all of our winners, starting at just 0.1% for spot trading and with discounts available for high volume traders (measured monthly) or account holders paying their trading fees in Binance Coin (BNB).
For payment methods, UK traders have the following options:
- Credit or debit card – Visa & Mastercard (3DS enabled)
- Bank Deposit (free if using Faster Payments)
- Third-party payments through Simplex or Banxa
- P2P trading – enables options like PayPal, Revolut, Transferwise (Wise), and more
More than 13.5 million people have signed up to Binance and become traders there, to the point where Binance has far outgrown all of their competitors, aside from Coinbase perhaps. With daily trading volumes often exceeding $50 billion, it’s no wonder the platform is going from strength to strength and creating exciting new products and expansions. The founder of Binance, Changpeng Zhao, even predicts that they could post as much as $1 billion in profit in 2021! Coinbase, with higher fees and more than four times as many users, is expected to make about 30% as much profit as Binance, so we can safely say that trading figures on Binance are much higher, though Coinbase does not share their data, so we can’t explore this information.
Binance offers a Visa debit card that allows traders to spend their cryptocurrency, offering a great real-time exchange rate and and up to 8% cashback! All you need to do is transfer your crypto from your spot wallet to your card wallet, and you’re good to go. Read more here.
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