What are the best cryptocurrency exchanges available in the UK?
In 2021, there are loads of cryptocurrency exchanges that UK residents can use – but they’re not all that great.
In this quick list, I’ll cover the best cryptocurrency exchanges where you can buy bitcoin and other cryptocurrencies without getting ripped off.
Here’s a quick look at the best options in the UK:
Let’s get to it!
5 Best Cryptocurrency Exchanges in the UK
In 2021, Binance is the best cryptocurrency exchange that’s available to UK residents.
It was established in 2017 by Changpeng Zhao. It quickly went from obscurity to the most popular and well-recommended cryptocurrency exchange in the world.
Binance recently reported that they have more than 15 million users around the world. According to CoinMarketCap and Messari, it is the cryptocurrency exchange which has the largest trading volume. Nowhere else even comes close.
You’re now able to deposit GBP into Binance with a UK bank transfer (via Faster Payments) for FREE, too.
Although there aren’t many GBP trading pairs, you can exchange it for popular cryptocurrencies (e.g., bitcoin or tether). These can then be traded for other cryptocurrencies.
Binance currently has 12 GBP trading pairs available to UK residents:
You’ll pay a maximum of 0.1% in fees when you buy or sell any cryptocurrency on Binance. You can get a 25% discount if you pay your fees using BNB (the exchange’s token). You can get further reductions if you’re a high-volume trader or hold BNB on Binance.
Since it was founded, Binance has continued to evolve alongside the crypto-space. It’s no longer just a cryptocurrency exchange.
Check out their website to learn more.Binance Website
2. Coinbase Pro
Coinbase Pro is a great cryptocurrency exchange that’s available in the UK.
Coinbase is a US-based company that was founded in 2012 by Brian Armstrong and Fred Ehrsam. In 2021, it remains one of the most well-known and popular places to buy, sell, and store cryptocurrencies like bitcoin.
- Has more than 56 million users.
- Available to residents in more than 100 countries.
- More than $335 billion in cryptocurrency trading volume in Q1 2021.
And in the first month of 2021, the Coinbase mobile app has been downloaded about 1.3 million times!
However, Coinbase Pro does have a much lower trading volume than Binance (about 5 times less according to Messari).
You’ve been able to deposit GBP into Coinbase Pro using a UK bank transfer (via Faster Payments) for years. The great thing is that it’s free and the money is credited to your Coinbase account just minutes after you’ve sent it. (However, your initial deposit will take longer to credit.)
If you’re a UK resident, you can trade about 40 cryptocurrencies on Coinbase Pro – but this does include many favourites, like bitcoin, ether, and chainlink. Compared to Binance, it also has more GBP trading pairs.
Coinbase Pro currently has 19 GBP trading pairs available to UK residents:
When you trade on Coinbase Pro, you’ll pay fees of up to 0.5% (regardless of whether you’re a market maker or taker). If you trade more on Coinbase Pro, you will unlock lower fees than this.
You’ll have the option on a cryptocurrency exchange like Coinbase Pro to submit a market order. This trade is executed immediately and is NOT added to the order book. In this case, you’ll be a “market taker” because you’re buying or selling something at the best available price on the order book.
If you submit a limit order that goes into an exchange’s order book, then you’ll be categorised as a “market maker” because you’re adding liquidity (i.e., more money) to an exchange’s cryptocurrency markets.
On some exchanges, you’ll find that you’re offered lower fees (or none at all) if you’re a market maker.
Coinbase was listed on the Nasdaq stock exchange on the 14th April 2021. At the time of writing, it has a market capitalisation of about $60 billion.
Check out their website to find out more.Coinbase Website
Kraken is one of the longest-running and best cryptocurrency exchanges available in the UK.
They’ve also the first cryptocurrency exchange that has received a US banking license. This won’t immediately impact UK users, but it’ll be exciting to see where this leads in a year or so.
Kraken has the 5th highest exchange trading volume (according to Messari). It also consistently has some of the highest trading volume available on its EUR trading pairs.
Here’s one example I snapped on CoinMarketCap (click to expand it).
But what about GBP trading pairs?
You’re in luck! Kraken added support for 13 new GBP trading pairs on the 21st January 2021. They now have more GBP trading pairs than either Binance or Coinbase Pro.
Kraken currently has 21 GBP pairs available to UK residents:
Note: XBT is what Kraken uses to denote bitcoin on their cryptocurrency exchange.
In total, you can trade more than 50 cryptocurrencies on Kraken. While this isn’t as extensive as what’s available on Binance, it does include many of the largest and most popular cryptocurrencies around (and, my favourite, DOGE).
In 2021, you’re able to deposit GBP into Kraken with a UK bank transfer (via Faster Payments) for free, too.
The fees you’re charged on Kraken depend on whether you’re a market maker or taker. Like other cryptocurrency exchanges, you’ll get discounts if you trade higher volume with them.
But in short? You’ll not pay more than 0.26% in trading fees on Kraken. For more details, you can check out this page for Kraken’s full fee schedule.
Check out their website to learn more.Kraken Website
4. Crypto.com Exchange
The Crypto.com Exchange is an up-and-coming cryptocurrency exchange, which is just one piece of the Crypto.com ecosystem that they’re building up.
Crypto.com was originally known as Monaco when it was founded in 2016, but it was rebranded to Crypto.com in 2018. They experienced insane growth in 2020, going from 1 million to over 5 million users in just 12 months.
You can’t deposit fiat currencies like GBP into the Crypto.com Exchange right now – it currently only supports crypto-to-crypto trading pairs (e.g., BTC/USDT). This means you’ll need to exchange your GBP for bitcoin (or another currency) elsewhere.
The Crypto.com Exchange currently supports more than 45 cryptocurrencies – with more being added all the time. The three markets available are: Bitcoin (BTC), Tether (USDT), and Crypto.com Coin (CRO).
One downside is that the trading volume on the Crypto.com Exchange isn’t as high as elsewhere. At the time of writing, it’s about $200 million (which is 1/6 of Kraken’s trading volume).
The maximum trading fees you’ll pay on the Crypto.com Exchange are 0.1% if you’re a market maker or 0.16% if you’re a market taker. Trading fees are volume-based, which means you’ll pay lower fees as you trade more.
You can also get discounts (of up to 100%) if you stake Crypto.com Coin (CRO) and pay your trading fees using it. You can also get a 10% APR interest on whatever CRO you stake – which is a nice little bonus.
New (verified) users can currently get a 2% bonus (in CRO) on cryptocurrency deposits they make. However, the maximum you can get is 500 CRO – which is only about $30.Crypto.com Exchange
5. Gemini Exchange
Gemini is a well-established and reputable cryptocurrency exchange that’s now available to UK residents.
It was established in 2014 by the Cameron and Tyler Winklevoss (i.e., the Winklevoss twins). And although this US-based cryptocurrency exchange has been available for some time in the US, they’ve only been available to UK residents since September 2020.
They’ve recently won a few awards too.
However, the trading volume on Gemini is lower than alternatives like Coinbase Pro and Kraken (about 5-10 times less according to Messari). Given it’s been around nearly as long as both these places, I’m quite surprised by how much less trading volume it has.
You can deposit GBP into Gemini using a UK bank transfer (via Faster Payments) for free. Just like other cryptocurrency exchanges I’ve mentioned, deposits should be credited within a few hours – but the first one you make could take a little longer.
Unfortunately, UK residents can’t access all the cryptocurrencies available on Gemini ActiveTrader (its exchange interface) to those across the pond in the United States.
However, this does include some of the most popular choices – including Bitcoin (BTC), Litecoin (LTC), and Chainlink (LINK).
As a UK resident, I’m currently only able to trade 8 cryptocurrencies on Gemini ActiveTrader:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Chainlink (LINK)
- Zcash (ZEC)
- Basic Attention Token (BAT)
- Orchid (OXT)
On a side note, it’s nice to see that you’re able to buy zcash on Gemini ActiveTrader. That’s because privacy coins like this seem to be slowly becoming harder to buy and sell in the UK.
Gemini ActiveTrader currently has just 2 GBP trading pairs available to the UK residents:
When you trade on Gemini ActiveTrader, you’ll pay up to 0.25% as a market maker or 0.35% as a taker. Like other cryptocurrency exchanges, you’ll be charged lower fees as you trade more on it.
There’s one thing I love about Gemini that I need to mention, too.
Every month, you’ll be given 10 cryptocurrency withdrawal credits. These allow you to make up to 10 withdrawals of any cryptocurrency for absolutely NOTHING each month.
This just one of the things I like about what Gemini is doing.
Check out their website to learn more.Gemini Exchange Website
What Do You Think?
Thanks for checking out this list of the best cryptocurrency exchanges in the UK.
Have a question you want to ask? Or want to share your thoughts?
Let me know in the comments section below!