Investing or trading in Bitcoin or other cryptocurrencies can be intimidating for some people at first. There are a lot of news about scams and people losing money. While this is very much true, many scams have happened and continue to happen. It has never been so easy and straightforward to invest in and safely trade in cryptocurrency as it is today.
The main concern when trading and buying cryptocurrencies is usually safety and security. Whether you wish to buy and hold it long term, want to trade frequently, are interested in anonymity or privacy, or just want ease of use, the following exchanges are the best in the UK for any use case you may have. This mini list covers the best UK bitcoin trading platforms.
The most commonly known and used cryptocurrency exchange in the UK is Coinbase. Coinbase was founded back in 2012, not very long after the release of Bitcoin’s code in 2009. Coinbase is an entirely regulated and licensed cryptocurrency exchange.
While the cryptocurrency industry has been plagued with fraudulent coins and shady exchanges, Coinbase has largely avoided much controversy. Coinbase provides an extremely convenient exchange, greatly lowering the barrier of entry for cryptocurrency investment. Which is usually seen as confusing and convoluted.
Coinbase also provides insured protective wallets for UK investors and traders to store their investments. It is imperative to note that, should your account be hacked from your own doing, this insurance is not applicable. These custodial accounts are very easy for newer users just getting their feet wet. However, the private keys to the coins within them are owned by Coinbase, and not the investor themselves.
On top of all of that, Coinbase also provides the free Coinbase Pro version that has a carying, but cheaper, fee structure. It also has significantly more choices in terms of charts and indicators. Coinbase Pro is a great next step for those who have learned the ropes using Coinbase’s basic. Furthermore, it helps round out the overall offering by adding more features that the more advanced user are looking for.
Cash App is a peer-to-peer money transfer system that pretty much works like Venmo. This kind of service allows its users to split food, pay rent to a roommate, or even shop online at a retailer that accepts Cash App. Cash App can basically act as your bank account and UK users can even have their own Cash App debit cards. This service is very easy to use by itself, but Cash App has even more features.
Cash App also lets its UK users to invest in stocks, ETFs, and cryptocurrency in a similar way that Robinhood functions. The mobile-first interface that this exchange uses is very convenient to figure out and use, making it great for a first-time investor.
While it provides a payment system like Venmo and an investment platform such as Robinhood, Cash App is different in that it allows the user to withdraw cryptocurrency investments to your very own wallet. This is the leading reason that we chose Cash App over Robinhood as the best choice for beginners looking to buy Bitcoin.
The Binance exchange is a cryptocurrency exchange founded back in 2017 with a strong focus on altcoin trading. Binance provides over 100 different trading pairs between different cryptocurrencies. It does provide some fiat-crypto pairs. However, most of its pairs are between cryptocurrencies.
As for now, Binance dominates the UK and global exchange space, making up a significant portion of crypto trading volume every day. The exchange does allow you to directly buy a select number of cryptocurrencies with a credit or debit card. Deposits using over 20 other fiat currencies are also allowed, including the Euro currency.
Binance is best suited for people in the UK who will like to trade or invest in lesser-known altcoins. For instance, Coinbase only provides 22 different cryptocurrencies to trade. On the other hand, Binance has more than 50. Binance is the model exchange for anyone who will like to trade altcoins or anyone who are looking for more advanced charting than most other exchanges.
Bitcoin buyers in the UK will need to keep in mind the fact that certain exchanges may need them to get a wallet of their own before they are able to buy the digital currency. At the same time, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, it’s best that you get one.