In the United Kingdom, there are hundreds of cryptocurrency exchanges. Some have been in business for nearly a decade, while others have only been around for a year or two. Others have reportedly lost millions of dollars in user funds as a result of security breaches, and some do not have enough liquidity to accommodate users who want to make large trades. How do you choose the best exchanges so that you don’t lose your hard-earned money or encounter unavoidable difficulties while trading and moving funds? What criteria should you consider?
We’ve made it easier for you by compiling this list of the best cryptocurrency exchanges in the United Kingdom for you. Note that even though some of these platforms aren’t actually in the United Kingdom, they still provide great service to customers in the country.
List of the Best Crypto Exchanges In UK
Here is a list of the ten best cryptocurrency exchanges in the UK. That you can use to start you cryptocurrency investment journey.
Founded in the United Kingdom in 1997, CeX Ltd (/sks/) (Complete Entertainment Exchange) is a second-hand goods chain that specializes in technologies such as computing and video games, as well as DVDs and technology repair. It also sells brand-new merchandise. It was founded in London in 1992 and has since grown to have more than 380 stores in the United Kingdom, which are a mix of franchise and centrally owned stores, as well as more than 225 stores in other countries. CeX is a company that is privately held. Beginning in 2005, CeX began issuing franchise licenses to qualified applicants.
As a secondhand retailer, CeX trades with customers in exchange for cash or a voucher that can be redeemed at any CeX location. CeX provides a 24-month warranty, subject to the terms and conditions, on all of the used products that the company sells. Bitcoin is no longer accepted as a form of payment on CeX.
CeX launched a technology repair service called CeXClinic in the United Kingdom in November of 2017. In addition to video game consoles, smartphones, tablets, and laptops are all covered by the service. Device repairs come with a two-year warranty and a “no fix, no fee” promise.
As of December 2013, the CeX Group, led by Dominic Durante, operates Designer Exchange, which purchases high-end leather goods, jewelry, and handbags from designers around the world. The company has stores in Kensington, Chelsea, Knightsbridge, Manchester, Birmingham, Leeds, and Madrid.
Binance is the world’s largest cryptocurrency exchange by daily trading volume. It was founded in 2017 and is based in Cayman. Changpeng Zhao, a former high-frequency trader, founded Binance. Binance was founded in China but later moved because the Chinese government was becoming more strict about cryptocurrency.
Binance was investigated by the US Department of Justice and the Internal Revenue Service in 2021 for alleged money laundering and tax evasion. The Financial Conduct Authority of the UK ordered Binance to cease all regulated activity in June 2018. Fusion Systems, founded in 2005 in Shanghai by CEO Changpeng Zhao, builds high-frequency trading systems for stockbrokers. In 2013, he became the third member of the Blockchain.info team. For less than a year, he was CTO of OKCoin, a platform for spot trading of fiat and digital assets.
Because of the Chinese government’s recent ban on cryptocurrency trading, the company relocated its servers and headquarters to Japan in September 2017. With a market capitalization of $1.3 billion in January 2018, it has retained that title as of April 2021, despite competition from Coinbase and others.
Binance announced in March 2018 that it would open an office in Malta due to new regulations in Japan and China. Binance signed an MoU with the Government of Bermuda in April 2018. An agreement to develop a platform for trading security tokens was later signed with the Malta Stock Exchange. Binance Jersey, a separate entity from its parent Binance.com exchange, was launched in 2019 to expand its European reach. There are fiat-to-crypto pairs for the euro and the pound.
Three major exchanges raised $32 million in August 2018 for a stablecoin project. An alternative to Bitcoin and other popular digital assets, stable coins are designed to be less volatile. Binance announced in January 2019 that it had partnered with Israeli payment processor Simplex to accept Visa and Mastercard for cryptocurrency purchases. The purchases are limited to Bitcoin, Ethereum, Litecoin, and Ripple’s XRP.
Bloomberg reported on October 28, 2020, that Binance and Changpeng Zhao set up a complicated business structure to fool US regulators and make money from cryptocurrency investors in the country.
According to Forbes, Binance blocks access from US IP addresses, but “potential customers will be taught how to circumvent geographic restrictions.” In May 2021, the IRS and the US Department of Justice announced that Binance was under investigation for money laundering and tax evasion. Binance invested $200 million in Forbes in February 2022.
It is headquartered in Helsinki, Finland, and operates as a peer-to-peer bitcoin trading platform. Its service offers the over-the-counter exchange of local cash for bitcoins in a secure environment. Advertisements for bitcoins are posted on the website by users, who include information like exchange rates and payment methods for buying and selling bitcoins. Other people respond to these adverts by making the payment using the payment method that they have provided.
The cryptocurrency exchange LocalBitcoins has more than 1,000,000 active traders as of December 2020, with a total trade volume of 612 million US dollars between October and December of the same year. The website provides a service to assist in the locating of Bitcoin users who can then meet up to conduct person-to-person bitcoin trading sessions.
The service is recommended for casual traders who want to trade in greater anonymity. The service makes use of an escrow system, and the bitcoin is transferred only after the payments have been received in the seller’s account. The company LocalBitcoins also has an escrow and dispute resolution service for users, as well.
In the United Kingdom, BC Bitcoin is one of the most experienced and highly specialized cryptocurrency exchanges that allow investors to buy, sell, and trade any desired cryptocurrency. The platform operates as an execution-only brokerage firm, which means that it organizes each order in accordance with the needs of its customers. In the UK, the BC Bitcoin Exchange is known as the best place to buy or sell cryptocurrencies. It has a wide variety of coins to choose from, cold storage, more liquidity, and an over-the-counter trading facility.
BC Bitcoin, which operates under the legal name of J&M Trading Limited, is a cryptocurrency broker situated in the United Kingdom. Cryptocurrency trading platform: Jamie Green and Mark Lemon started it in 2017 with the goal of giving investors a safe and easy way to buy and sell bitcoin and other cryptocurrencies in line with their trading portfolios. The platform was set up in 2017.
In order to build a brokerage firm that could be a one-stop-shop for investors from all over the world, both directors pooled their 30 years of experience in the cryptocurrency field to make it happen. The platform provides traders with a user-friendly website as well as other advantageous features such as cold storage, which help them execute successful transactions.
Exmo is a cryptocurrency platform that serves two functions: it facilitates the online exchange of cryptocurrencies and it facilitates the trading of cryptocurrencies. The exchange portion of the company entails the conversion of fiat currencies into Bitcoin. Thus, the Bitcoin/USD pair is the most frequently traded pair on cryptocurrency exchanges.
The trader has the ability to convert Bitcoin into US dollars and vice versa. Pavel Lerner serves as the current Managing Director of Exmo, which is based in the Estonian capital of Riga. Speculating on a wide range of cryptocurrency assets is what trading is all about. The user is wagering on whether the asset price will rise or fall in relation to the fiat currency or cryptocurrency. The next section will contain a list of cryptocurrency assets that are traded on Exmo.
Coinmama has been selling bitcoin for several years, and the process of purchasing bitcoin is rather basic. Coinmama is a bitcoin exchange that sells bitcoin. First and foremost, once you have weighed the risks and determined that you are ready to make a purchase, you must register with the site by creating an account. Your name, email address, and country of residence are required for this process. A single bitcoin, a lot of bitcoins, or even fractions of a bitcoin can be bought at a Bitcoin exchange. Even 0.1 bitcoin can be bought.
You must, however, have your own digital wallet in order to complete the purchase, and you must also be validated before proceeding. Coinmama requires you to submit proof that you are who you claim to be in order to complete the verification process. In order to do so, you must upload a photo of your passport or driver’s license.
Bitcoin is the primary focus of Coinmama’s business, but the company also sells Ethereum, which is the second most popular digital currency after Bitcoin and is favored by many more experienced traders.
It is possible to sell your bitcoin tokens back to Coinmama. However, the service does not facilitate the exchange of bitcoin tokens with potential buyers. According to the corporation, a sell-side function will be implemented “shortly.” For the time being, you’ll have to go through a separate service provider to sell your digital currency.
Swapzone has developed a trading interface that is both extremely interactive and intuitive in its design. Even for complete newbies, the user interface is pretty simple to navigate. A dark theme dominates the design and feel of the platform, which serves as a one-stop-shop for exchanging cryptocurrencies and other digital assets. The platform is presently only accessible through the website and requires nothing more than a computer and a web browser in order to function.
In terms of cryptocurrency exchange platforms, Swapzone appears to be the most secure, and this is due to the presence of two key features. For starters, users are not required to register or log in to the platform. Because of this, there are essentially no accounts or credentials that may be compromised or overtaken. As an extra safety measure, because the platform doesn’t store any cryptocurrency, it isn’t likely to be attacked by anyone who isn’t supposed to be there.
BitPanda is a cryptocurrency exchange based in Austria that primarily serves the European Economic Area. It is the largest cryptocurrency exchange in the world. After being established in 2014, the exchange has quickly risen to become one of the most widely used cryptocurrency exchanges in Europe for the purchase and sale of Bitcoin.
Many people are attracted to the exchange because it offers a highly intuitive and simple interface for buying and trading cryptocurrencies, which is quite appealing to many people. In addition, the exchange has a wide range of payment options that make it easy for people who are new to the cryptocurrency world to buy cryptocurrencies like Bitcoin.
It was founded in 2015 by a group of independent European developers and is based in Panama. YoBit is a cryptocurrency exchange that began operations in 2015. YoBit is now ranked among the top 10 cryptocurrency exchanges in terms of traffic, liquidity, and trading volume. With over 8500 crypto-to-crypto and fiat-to-crypto markets, it provides a vast selection of tradeable cryptocurrencies (more than 500) on over 8500 different exchanges. It has been created with simplicity and convenience in mind, making it a user-friendly exchange for both novice and experienced cryptocurrency users alike.
In addition to providing fast and reliable performance, its extensive security procedures ensure that user cash remains in wallets that have never been stolen in previous years. YoBit’s InvestBox activities, games, and initial exchange offers (IEOs) may also appeal to savvy investors, while crypto project creators may appreciate the platform’s simple currency listing tool.YoBit is a pro-privacy exchange, and it is for these reasons that we have given the exchange a solid rating of 4.5 stars out of 5 on Trustpilot.
CoinJar is owned and operated by CoinJar Australia Pty Ltd, which is based in Australia (ABN 75 648 570 807). Melbourne-based Bitfinex is a well-established cryptocurrency exchange, having its headquarters there. It was founded in 2013 by co-founders Asher Tan and Ryan Zhou, with its initial focus on the domestic Australian market as its primary focus. There have been a lot of countries where it has opened businesses since then. It has opened businesses in the UK, Europe, and many other places.
Users may instantly purchase cryptocurrencies with a credit or debit card, and there are no deposit costs for BPAY and PayID. The exchange also offers cheap trading fees, and there are no fees when withdrawing AUD from a bank account. 90% of all user funds are stored in offline wallets that are distributed across multiple geographically redundant sites. Our investigation has revealed that CoinJar’s servers have not been compromised.
In order to keep users safe, CoinJar uses a number of industry-standard security measures, such as two-factor authentication (2FA), data encryption, Transport Layer Security (TLS), and monthly security audits by a third party. It’s a little different from the way most companies do things. They use machine learning to look for things like fraud and account takeovers.
Given the fact that there are no fees associated with withdrawing AUD to a bank account, CoinJar represents an attractive option for Australian traders. More specifically, CoinJar is geared toward investors who are new to cryptocurrency and are looking for a simple method to get their feet wet in the market. An additional advantage is that your crypto assets can be spent using the CoinJar Card, making crypto a more active part of your daily financial life.
What is a cryptocurrency exchange and how does it work?
Although the user interfaces of cryptocurrency applications may differ, some of the features available on these platforms are permanent and can thus be easily found by even first-time visitors. As a result, you can follow the steps outlined below to make use of cryptocurrency exchange:
- Sign up using your email address and complete the email verification process.
- Complete the Know Your Customer (KYC) process to verify your identity and increase your transaction limits.
- Enable two-factor authentication (also known as 2FA) and other security measures provided by the platform.
- Make use of your preferred deposit method by clicking on the Deposit button (fiat or crypto)
- When you make a fiat deposit, you’ll typically be given a bank account to which you can transfer funds. Once the deposit has been confirmed, you will be able to see the funds in your exchange account.
- For crypto deposits, obtain the address of the asset you wish to transfer and send funds from your external address. For more information, see Crypto Deposits. To gain access to the funds in your exchange account, you must first receive network confirmation.
- If you wish to exchange fiat currency for Bitcoin or other supported cryptocurrencies, look for the “Buy” button.
- Trades between cryptocurrencies should be made through the “Markets” or “Exchange” tabs. Select the appropriate trading pair, such as BTC/ETH to sell Bitcoin for Ethereum.
- Select the order type and proceed to the completion of the transaction.
Also if you are searching for the best crypto exchanges in USA and India then check out the list for that below-
- Best Cryptocurreny Exchanges In India
- Best Crypto Exchanges In USA