The community of crypto exchange in the UK is growing at an exponential rate. Majorly due to the ease with which trades can now be placed – right from our mobile phones! Regardless, the industry expects a bigger boom in the coming years, and while new entrants are encouraged to take on as many exchanges as possible, due care is advised.
When researching Bitcoin exchanges in the UK that suit your needs, make sure you consider important factors like the provider’s supported markets, cost of transaction, and the platform’s safety and security. It could be difficult to choose the best crypto exchange UK to achieve your investment goals due to numerous options, but this guide will help you pick the best. Here, we share insights into the top five Bitcoin exchanges UK with high trading volume, reviewing their perks and why they’re top traders’ favourite.
Please note that this article is specifically for the UK crypto investors.
5 Best Bitcoin Exchanges UK 2022
There are numerous crypto exchanges UK. However, some stand out due to their good rate, fast transaction speed, high number of supported currencies, security, and bonuses. Every top crypto trader in the UK looking for the best Bitcoin exchanges UK is recommended look no further than the 5 crypto exchanges UK mentioned below. Each of these Bitcoin exchanges UK has been tried and acknowledged to be far better than their competitors. We consider them below:
1. Bitget
As volatile as crypto investing can be, especially for newbies, Bitget offers a fantastic option for any keen investor to copy the trades of professionals. Not only does it facilitate a self–learning innovative experience for exchangers, but it has also proven to have one of the best user experiences even for veterans in the game of crypto exchange. Bitget also tops this list due to the excellent assurance of security, reliability, and safety measures employed to give it fail-proof exchange structures.
To trade Bitcoin on the Bitget platform, every trader must complete thorough identity verification, commonly known as Know Your Customer (KYC) procedures. This is important to protect their accounts from fraud and other financial hazards. Users can access Bitget exchange services and products after completing the KYC. ID verification on Bitget is a simple process. To confirm the identification, the trader must validate the verification code issued to their account. Following that, UK investors must click “Account Information” and upload their name, nationality, strong password, first name, and pictures of their official ID. The user can open an account after gaining access to the ID verification code.
Finally, Bitget accommodates a wide variety of supported fiat currencies that can be traded and exchanged on the platform.
2. Coinbase
Although based in the USA, Coinbase is a trusted platform for crypto exchange on a global scale – the UK inclusive. With a massive volume of $150 billion traded in the exchange platform, it offers credibility, safety, and security too.
The security level of Coinbase is so strong that most reviews give special credit to this first before any other feature. The management of Coinbase claims to retain funds securely in cold storage, even though its products are not entirely regulated by the SEC. In addition, the security features of the platforms detect and run down any shady or questionable transactions, especially if they are connected to any hacking activities. It has been reported that there was a time when Coinbase blocked an exchange transaction of more than $280,000 worth of Bitcoin transactions to the hackers who broke into Twitter during the COVID pandemic of 2020.
3. Phemex
Phemex is a Bitcoin exchange platform particularly designed for experienced traders. Its features do not accommodate any self–learning experience like Bitget but provide advanced exchangers with insights and tips for better trading through some of its packages, such as PHEMEX OTC (Over The Counter) and the Phemex Prediction Market.
Phemex offers lots of bonuses and opportunities to its new users and does not entail a completed KYC from its users before they can start using the platform.
4. KuCoin
Although it ranks quite low in terms of user experience, KuCoin offers very low transaction fees and a wide range of supported fiats to trade on it. KuCoin offers trading in a wide variety of cryptocurrencies and has extremely low trading costs. It is one of the few systems where users in the U.K. can obtain a merchant account for trading cryptocurrencies, and it gives users who use its KuCoin Token (KCS) a 20% price break on transaction fees.
Discounts are given to investors depending on their average monthly holdings of KCS, the platform’s native token, or their trading volume from the previous month. If they use KuCoin token (KCS), they can reduce fees even more. Like the majority of crypto exchanges in the UK, KuCoin features a maker/taker pricing model, which means that based on whether your order is seen as a maker or a taker, you pay differing fees. The pricing model allows makers to create liquidity on an exchange by making new open orders that are available for others to fill. Meanwhile, takers restrict liquidity by fulfilling current maker orders.
The maker/taker fees vary depending on the trading volume and “class” of the coin currently traded on KuCoin. Also, this Bitcoin exchange classifies its transactions into three categories.
It is crucial to remember that you will be trading in a very unstable new asset class, as in the case with all crypto exchanges. Regardless of the trading platform you choose, doing this calls for accepting a substantial risk.
5. Gate.io
It may be the last on this list, but it is far from being the least. Gate.io is one of – if not – the best Bitcoin exchange UK in terms of cyber security and user–friendliness. It is referred to as an ideal altcoin exchange for a reason—it has 180 unique coins and about 400 distinct cryptocurrency markets. Gate.io is loaded with features; among them are the ability to trade on cryptocurrency exchanges, leverage your margin trades 10x, lend or borrow money on margin, take part in periodic investment projects, and execute perpetual swap contracts.
As previously indicated, Gate.io is a low-cost service with a strong focus on security; in fact, CER named it as one of the finest exchangers for cybersecurity. Users can encrypt their accounts in a variety of methods, and the platform itself has a number of built-in security features.
Finally, in addition to the always-available live chat, it also provides a comprehensive support database with a FAQ section, as well as the New Use Guide. For more complex issues, you can also file support tickets, all of which get very prompt answers and redress from the customer support team.
Comparison Table of Top5 Bitcoin Exchange UK
| Bitcoin Exchange Name | Transaction Fees | Supported Fiat |
|---|---|---|
| Bitget | 0.01% | BCH, BTC, BGB, BTB |
| Coinbase | 1% | BTC, BCH, DOGE, USDT, SHIB, and DAI |
| Phemex | 0.01 0.06% | APE, BTC, USDT, DOGE, XRP, LINK, ADA, SHIB, APE, FTM, COMP, ZEC, MATIC, LTC, AAVE, SAND, and ETH |
| KuCoin | 0.0125%-0.1% | BTC, ETH, USDT, BNB, and, XRP |
| Gate.io | 0% – 0.02% | BTC, ETH, DOGE, BNB, XRP, LTC |
Difference between trading Bitcoin in the UK vs. the USA
Trading Bitcoin in the UK comes easier with the lesser regulations and restrictions placed on the crypto market in comparison to the USA. In addition, some of the exchange sites have different mapped–out policies guiding their activities in different locations. Although the disparities may not be too wide, the little modifications here and there make all the differences between trading in the UK and the USA.
How to buy Bitcoin UK
It is legal, safe, and easy to buy Bitcoin in the UK. Each platform mentioned previously in this article can be used to purchase Bitcoin. However, we strongly advise you to maximize the offers available to new entrants on the Coinbase exchange platform. Although there are numerous aspects to consider while purchasing cryptocurrency, including location and protocol, fortunately, Coinbase’s centralized exchange allows UK residents to buy Bitcoin that is quick, secure, and simple.
Estimate Cost : GBP
Time Needed : 0 days 0 hours 4 minutes
Here is a step-by-step tutorial for purchasing Bitcoin.
Open a Coinbase account.
Consider signing up or downloading the Coinbase app to begin the registration process. To transact, UK residents will need a form of identification and proof of address. For this reason, ensure you have this information ready. Based on where you reside, authenticating your ID may take longer than a few minutes.Include a payment method
Tap on the payment method box and connect a payment method. You can use a bank account, debit card, or initiate a wire.
Select a payment option by tapping the payment method box. You can also use a checking account, a debit card, or a wire transfer.Begin a trade
Pick Buy & Sell on Coinbase.com. Tap the (+) Buy button on the Home tab of the Coinbase mobile app.Choose Bitcoin from the list of assets.
Visit the Buy panel on Coinbase.com to search for and select Bitcoin. Search for Bitcoin in the Coinbase mobile app by typing “Bitcoin” into the search field. When Bitcoin appears in the search results, click to launch the purchase screen.Specify the amount you wish to purchase.
Specify the value you want to purchase in your native currency using the number pad. The program will immediately convert that amount to Bitcoin. You can change the number to the comparable amount of Bitcoin by tapping the cursor keys to the right from the sum of funds you want to spend.Complete your Bitcoin purchase.
When you are ready, tap “Preview buy.” The specifics of your purchase will be displayed to you. Check that everything is in order, and afterward, finalize your purchase by selecting “Buy now.”Check the result.
You will be brought to carry out the requirement after your order has been processed. That is all; you have purchased Bitcoin.
Tools
- Mobile Phone
How to choose the Best Bitcoin exchanges UK?
The majority of Bitcoin exchanges UK have a similar trading method, but there are differences in the features and services that each company may provide to take into account. Thus, one of the most crucial things you can do when you venture into the world of crypto and exchanges is to make a concerted effort to discover an exchange that meets your unique needs. The following is a summary of the important factors to take into account while selecting a best Bitcoin exchange in the UK:
- Reputation
- Cyber security
- Accepts Fiat Money
- Cryptocurrency Availability
- Prior restrictions on Deposits and Withdrawals
- Discounts or Loyalty Programs
- Geographical Restrictions
Conclusion
Whether you’re a crypto newbie just starting or an expert looking to try different exchanges, this review will come in handy. Each Bitcoin exchange UK has its selling points, and you can consider what matters (speed, number of fiat currency available to trade, rate, or discount offers) the most when choosing the best Bitcoin exchange UK for your transactions.
FAQs
Is Bitcoin legal in the UK?
Unlike major areas in Asia and Africa, the UK has a very crypto–friendly environment. Exchangers don’t ‘hide’ their identities or affiliations with the job. However, the UK government actively regulates the industry to protect citizens from incurring potential losses that may adversely affect them.
Where can I buy Bitcoin in the UK?
There are quite a number of Bitcoin exchanges UK that are credible, safe, and secure. These Bitcoin exchanges UK have been certified after going through a proper audit, and they’ve built a reputation for themselves as one of the best. They have incredible offers, and transactions on them are seamless. Namely, Bitget, Coinbase Phemex, KuCoin, and Gate.io are Bitcoin exchanges UK may fit this description.
What is the cheapest way to buy Bitcoin UK?
Numerous platforms exist to buy Bitcoin right from your phone in the UK. Amidst the massive pool of choices out there, we suggest any of Bitget, Coinbase, Phemex, KuCoin, or Gate.io. These crypto exchanges UK provide the lowest fees and also a lot of discount offers for both new and existing customers.
