In this beginner’s guide, we look at the7 best crypto exchanges to buy Bitcoin in the UK in 2023. We have put together 6 of the best crypto exchanges we have personally tried and tested to buy Bitcoin, and all the exchanges are available to UK investors.
We will also explain the fees, payment methods, ease of use, pros and cons, and the cheapest way to buy Bitcoin in the UK.
Alternatively, if you’re completely new to crypto investing, you should first check out our guides on thebest crypto wallets for UK investorsorcrypto-friendly banks for UK investors.
7 Best Crypto Exchanges to Buy Bitcoin in the UK
Are you looking for a secure and reliable UK crypto exchange to invest in Bitcoin as a UK investor? Look no further! We’ve compiled a list of the best crypto exchanges to buy Bitcoin UK investors should check out in 2023. Read on to find the cryptocurrency exchange that best fits your needs.
- Coinbase
- Uphold
- Binance
- eToro
- Gemini
- Kraken
- Crypto.com
The quick view table below summarises the exchange, the number of supported cryptocurrencies, fees*, if GBP is supported, and any related sign-up offers.
*Please note that where maker/taker structures are unavailable, these are deemed as taker fees, and credit/debit card fees have not been included.
Coinbase
Coinbase is one of the best-known crypto exchanges for buying Bitcoin in the UK, with over 89 million customers in over 100 countries. In 2021, Coinbase was listed on the NASDAQ under the ticker COIN and became the first crypto platform to be listed on the stock market.
When signing up to Coinbase as a new user, Coinbase offers £5 of Bitcoin to get you started when you buy or sell $100 or more. Another Coinbase feature I would recommend checking out is Coinbase Earn, where you can receive free crypto while learning about each token you earn.
They also offer users a web3 mobile and browser-based crypto wallet, which we covered in our in-depth Coinbase Wallet Review.
Coinbase Payment Methods: Debit Cards (some legacy linked), Credit Cards, Faster Payment Services and SEPA Transfers.
Coinbase Fees: Coinbase is unclear about its fee structure and states that these are calculated at the time of your order. These are determined by a combination of factors, including payment method, size of order and market conditions. However, generally speaking, credit cards are around 3.99%. Coinbase also includes a spread of about 0.5% on their orders.
How to Buy Bitcoin with Coinbase?
- Create an account with Coinbase.com
- Go to “Assets” and choose “British Pounds“.
- Click on “Add Cash” and send your Bank Transfer.
- When your balance is active, go to “Buy/Sell“.
- Select “Buy: Bitcoin” and “Pay with: GBP Wallet“.
- Enter the “Amount” and “Preview Buy“.
- Review your purchase and “Buy Now“.
Coinbase Review
Uphold
Located in London, Uphold reigns as one of the best UK crypto exchanges, offering over 250 crypto assets for buying, selling, and staking. Their Financial Conduct Authority (FCA) regulated platform provides users with instant and affordable GBP deposits through various methods, including Bank Transfer, Debit Card, and Credit Card.
What sets Uphold apart as one of the best crypto exchanges in the UK? They are the only crypto exchange that features an audited proof-of-reserves. This provides real-time data on how customer funds are being custodied, ensuring full 1:1 backing at all times.
- Fees: Free Deposits. Cards are subject to a 2.49% fee. Crypto trading fees range between 0.8% – 1.2%.
- Supported Assets: 210 Cryptocurrencies, 40 Shares, 4 Precious Metals & 27 Fiat Currencies. (Supported Assets Depend on Location)
- Regulation & Licensing: Regulated & Licensed by theFCA.
- Customer Support Options: Live Chat Support 24/7 & Email.
- GBP Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
Uphold Review
Binance
Binance Exchange is the most popular cryptocurrency exchange in the world and was founded in China by Changpeng Zhao, also known as CZ. They have some of the cheapest rates in the industry, with fees starting at 0.1%. Making it an affordable way for their users to trade with diverse tokens.
There have been issues with Binance UK customers being unable to deposit and withdraw from the platform. Plus, some of the UK’s largest banks have blocked customer payments to the crypto exchange platform.
The UK regulators aren’t the only jurisdictions asking questions of Binance. Financial regulators in Japan, Poland, and the Canadian province of Ontario have also targeted the company in recent months.
Binance.com used to have a subsidiary, Binance Jersey, a UK crypto exchange, which I covered in my previous post. However, the crypto trading platform has now ceased trading.
Binance Payment Methods: Faster Payment Service, Debit Card & Credit Cards.
Binance Fees: Binance has some of the lowest trading fees across all cryptocurrency exchanges and charges a maximum of 0.1%. New users can reduce these fees further by up to 20% by using our referral code at sign-up. Plus, you can get better rates by using Binance´s own BNB token.
Check out our guide on How to Save up to 45% on Binance Trading fees to find out more!
- Fees: Deposit & Withdrawal Fees 0.5% – 1.8%. Spot Trading 0.1%. Derivatives Maker & Taker 0.02%/0.04%.
- Supported Assets: 350+ Cryptocurrencies.
- Regulation & Licensing: Regulated by theFCA.
- Customer Support Options: Live Chat Support 24/7, Email & Online Ticketing.
- GBP Deposit Methods: Faster Payments, Credit & Debit Card.
How to Buy Bitcoin with Binance?
- Create an account with Binance.com.
- Choose “Wallets” and “Fiat & Spot“
- Locate “GBP” and choose “Deposit“.
- Choose “Bank Transfer (faster payments) and click “Continue“.
- Enter the “Amount” and “Continue“
- Send your bank transfer.
- When your balance is active, go to “Trade” & “Classic“.
- Choose “BTC/GBP” and “Buy” from the list of markets.
- Select “Bitcoin” and “Fiat Wallet“
- Choose from Market, Limit or Stop Order
- Enter the “Amount“
- Click “Buy BTC“.
Binance Review
eToro
eToro is a one-stop-shop for all your investment needs, offering a comprehensive trading platform for buying, selling, and managing a wide range of assets, including cryptocurrencies, stocks, commodities, indices, and ETFs. With its headquarters in Tel Aviv, Israel, and operations spanning over 140 countries, including the United Kingdom, eToro has become a leading name in the global investment space.
Not only does eToro provide an easy-to-use trading platform for buying and selling assets. eToro comes packed with features and trading tools designed to help you research crypto markets and stay informed about the latest trends. The trading platform features a social network to connect with other traders and investors and share your insights and strategies.
Whether you are a seasoned pro or a novice investor, eToro’s user-friendly interface and wide range of resources and trading options make it a great choice for anyone looking to invest in crypto and other financial instruments. In addition, eToro offers a mobile app for on-the-go investment management, giving you complete control over your portfolio, no matter where you are.
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- Fees: Free Deposits & Withdrawals. Crypto Trades 1% Flat Fee.
- Supported Assets: 92 Cryptocurrencies, 3000+ Stocks, 18 Indices, 27 Commodities, 49 Fiat Currencies & 300 ETFs.
- Regulation & Licensing: Regulated & Licensed by theFCA.
- Customer Support Options: Live Chat Support 24/7, Email & Online Ticketing.
- GBP Deposit Methods: Bank Transfer, Credit & Debit Card, eToro Money, Skrill, Neteller, Rapid Transfer & Trustly.
eToro Review
Gemini
Gemini is a US-based crypto exchange and was launched in 2015 by the Winklevoss twinsCameron&Tyler. The Winklevoss´ rose to fame in 2004 after theysued Mark Zuckerberg over Facebook. The company has since expanded its operations toEurope and Asia.
The Gemini crypto trading platform is available in over 50 countries and supports 60+ cryptocurrencies, including Bitcoin, Ethereum, XRP, Cardano, and stablecoins such as GUSD or DAI. They also support GBP account deposits, as well as Euros and USD.
Like Coinbase, Gemini also offers UK customers $10 of free Bitcoin at sign-up when making a deposit and buying/selling $100 worth of crypto.
If you´re interested in trying the Gemini crypto exchange out for yourself, you can check out our in-depth Gemini Review.
Gemini Payment Methods: UK bank transfer, Credit and Debit cards.
Gemini Fees: Generally, Credit/debit card payment fees are at3.49%. These fees can be greatly reduced by using their more advanced trading platform, “Gemini ActiveTrader,” where you can reduce your trading fees to (a maximum of) 0.35%.
How to Buy Bitcoin with Gemini?
- Create an account with Gemini.com
- Choose “Transfer” and “Deposit into Gemini”
- Select “GBP” and “Continue“
- Send your Bank Transfer.
- When your balance is active, go to “Market“.
- Click on “Bitcoin” and choose “Buy“.
- Enter the “Amount” then “Review Order“.
- Enter the “Payment Method” and select your “GBP Balance“.
- Choose “Place Order“.
Gemini Review
Kraken
Kraken is one of the world’s largest and oldest Bitcoin exchanges, having launched in 2011. Known for its low trading fees, versatile funding options, and security. With Kraken, you can transfer your GBP via FPS, BACs, CHAPS, or using their FIAT currency funding partner Etana.
Kraken provides users with two crypto trading platforms. Their simple trading platform for beginners, or Kraken Pro, is aimed at more advanced traders (similar to the likes of Coinbase Pro or Gemini ActiveTrader).
There are a lot of trading pairs available on Kraken, although not every asset can be purchased with GBP. Therefore, you may need to start by purchasing Bitcoin and then trade for the more diverse type of asset.
Check out our detailed Kraken exchange review to learn more about supported cryptocurrencies with the Kraken cryptocurrency exchange.
Kraken Payment Methods: Bank Transfers, Credit & Debit Cards
Kraken Fees: With Kraken instant buy, you’ll be paying a 0.9% fee for any stablecoins and FX pairs or a 1.5% fee for any other crypto. You’ll also pay 3.75% + €0.25 for card processing fees or 1.7% + $0.10 for bank processing fees.
With Kraken Pro, spot trading fees range from 0.26% all the way down to 0%. Kraken uses a maker-taker fee schedule with volume incentives based on your activity in the past 30 days.
How to Buy Bitcoin with Kraken?
- Create an account with Kraken.com
- Choose “Funding” and “Deposit“
- Select “Pound Sterling” and “Fund Manually“
- Enter the amount and send your bank transfer.
- When your balance is active, go to “Buy Crypto“.
- Select “Bitcoin” and enter the “Amount“.
- “Review” then “Place Order“.
Kraken Review
Crypto.com
The Hong Kong-based Crypto.com was founded in 2016 and has since created a whole suite of crypto products, including its app, wallet, and crypto exchange. With the Crypto.com app, you can deposit and buy crypto with 20+ FIAT currencies, including GBP, which can be deposited using a bank transfer or using a debit/credit card.
Crypto.com provides new users with some great sign-up offers, especially when you buy and stake their CRO tokens. Plus, one of the best features I find using Crypto.com is their debit card, where you receive cashback in their CRO token for every purchase you make.
The Crypto.com exchange has a lot to offer, with low trading fees, more advanced order types, and a few different pairs when you trade crypto. Although, if you want a wider range of cryptos and altcoins, you may be better off using alternative crypto exchanges such as Binance.
Crypto.com Payment Methods: Faster Payment Service, Credit & Debit Card.
Crypto.com Fees: With the Crypto.com exchange, the maximum trading fee is currently 0.4%. You can also purchase crypto with a credit or debit card on the crypto.com app. However, these fees are a lot higher, at 3.5%.
How to Buy Bitcoin with Crypto.com?
- Create an account with Crypto.com App.
- Press on “Accounts” and “Fiat Wallet“
- Select “Transfer” and “Deposit“
- Choose “British Pounds”
- Send your bank transfer.
- When your balance is active, go to the “Home” tab
- Choose “Trade” and “Buy“
- Select “Bitcoin” and “Fiat Wallet“
- Enter the “Amount” and choose “GBP.“.
- “Review” then “Place Order“.
Crypto.com Review
Where to Buy Bitcoin in the UK?
We have put together our list of the best crypto exchanges in the UK. For an in-depth review and tutorial of each trading platform, check out the links below.
If you’re unsure where to buy Bitcoin in the UK, you can also check out our crypto exchange compare page. Quickly compare crypto exchanges to find the best crypto exchange uk platform to fit your requirements. Compare fees, supported cryptocurrencies, sign-up bonus and TrustPilot rating.
Alternatively, if you’re completely new to crypto investing, you should first check out our guides on the best crypto wallets for UK investors or crypto-friendly banks for UK investors.
What is the Cheapest Way to Buy Bitcoin in the UK?
Binance is often considered the cheapest crypto exchange for buying Bitcoin in the UK due to its low fees. However, it’s crucial to not only focus on the fees when choosing a cryptocurrency exchange but also to assess its security and reliability. The safety of your funds and the crypto exchange’s trustworthiness should be a top priority when deciding.
<h2 id="Is it Legal to buy Crypto in the UK?
Is Buying Crypto in the UK Legal?
Cryptocurrency investment has been gaining popularity in the United Kingdom, and it’s no wonder why – it’s perfectly legal! There are no restrictions on buying and selling cryptocurrency in the UK. However, knowing the regulatory landscape and the associated risks is important.
While cryptocurrencies are not considered legal tender in the UK, the Financial Conduct Authority (FCA) has released guidelines to educate individuals on the use of cryptocurrency. The FCA stresses that crypto is not regulated by them and highlights the potential risks, such as fraud and money laundering, that come with investing in crypto.
How is Crypto Taxed in the UK?
When it comes to crypto taxation in the United Kingdom, it all depends on the nature of your activities. Here are some key points to keep in mind:
- Capital Gains Tax: If you hold cryptocurrency as an investment, you will likely be subject to capital gains tax when you sell it for a profit. On the other hand, if you sell at a loss, you may be able to offset that loss against other capital gains.
- Value-Added Tax (VAT): If you use crypto to purchase goods or services, you may need to pay VAT on the value of what you buy.
- Mining Tax: If you mine crypto as a trade or business, your profits from mining will be subject to income tax.
Please note that crypto taxation can be complicated and may vary based on your unique situation. It’s always best to consult with a tax professional or HM Revenue and Customs for personalized advice on how your crypto transactions will be taxed.”
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Conclusion
Investing in cryptocurrencies is an exciting opportunity, and the UK market offers a wealth of options for investors. With so many cryptocurrency exchanges to choose from, it’s essential that you find the right one for your specific needs and goals.
Our comprehensive guide on the best crypto exchanges for UK investors can help you make an informed decision. We consider important factors such as fees, supported assets, security, reliability, and user-friendliness to provide you with a comprehensive overview of available options. By considering these factors, you can find the crypto exchange that fits your unique requirements.
FAQs
Why are investors buying Bitcoin in the UK?
Bitcoin is (again) attracting much attention due to the current economic and political environment. In these unprecedented times, it’s important to be diversified, and in previous recessions, investors would flock to precious metals like gold as a safe haven.
However, since the last recession in 2008, Bitcoin is now potentially the new digital gold that investors want a piece of.
Is Bitcoin legal in the UK?
The Bank of England does not consider cryptocurrency or digital currencies as legal tender. However, the FCA and the Bank of England have issued warnings and guidance about their use.
How to keep your crypto secure?
Once you’ve purchased your crypto assets from a crypto exchange, they should be moved to a wallet to store safely offline. Two hardware wallets we personally use are the Ledger Nano & Trezor. However, other wallets, such as Trust Wallet, Exodus, or Argent, can be downloaded for free on your desktop or mobile.
Please Note: Some of these exchanges are extremely busy ATMs, so if you have any questions, there may be some delays from customer support. Also, some links are affiliates and may not work depending on your location.
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