The top 4 Cryptocurrency Exchanges in the United Kingdom are what this list is about.
I’ll discuss how I’ve picked these exchanges out of the hundred other options. This will also help you pick better exchanges for any other country when you want to.
Do note that nothing in this piece is financial advice. The exchanges as well as any other information mentioned here are purely for educational and research purposes.
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How we’ve selected the best Crypto exchanges in the UK
You must do this right. Cryptocurrency exchanges hold your money, and in most cases, they also hold your private keys. This means, that if they get hacked, or simply run away, your money’s gone too.
Here are the metrics I look at when picking the best Crypto exchanges:
- Supported Cryptocurrencies: Your exchange must support your trading pairs if you wish to use it. Hence, make sure that your pair exists and that new pairs are onboarded frequently in case you wish to trade some new coin in the future.
- Fees: You’ll be trading on an exchange. This means each trade will cost you money. Hence, the cheaper the trading fee, the better an exchange is.
- Legalities: Exchanges that comply with legal rules and requirements in your country are a good pick.
- Security: Your exchange must offer as many security features as possible. 2-FA (both email and SMS-based), security questions, revolving auth codes, etc. are good options to look for.
- Deposit/withdrawal modes: Some crypto exchanges offer direct deposits from cards and banks. Others only accept Crypto deposits. The more options you get, the better.
- Support: The exchange must have a fast and reliable support system. It can either be live chat, e-mails, telephone, or anything else.
- User interface: You’ll be playing with your money, literally! Hence, the exchange must be easy to use and understand.
Do note that none of these features are “independently decisive”. Meaning, that you should not go with an exchange simply because it has good security or a good support team. All of these features need to be equally strong.
Top 4 Cryptocurrency Exchanges in the United Kingdom
Keeping the factors discussed above in mind, here’s a list of the best Crypto exchanges in the UK.
Do note that the UK has recently implemented the FCA rules in January 2024. This means some exchanges may require you to complete a questionnaire in the UK before you can access their features.
1. Binance
Website: https://binance.com
Binance is the top exchange globally with a magnanimous trade volume of $22 billion in the last 24 hours! It supports over 400 coins which is one of the highest in the industry.
It also has the maximum number of registered users and hit the massive 170 million registered users mark back in December 2023.
Due to its large number of supported pairs and trading volume, it also offers the most impressive liquidity out of all exchanges so far.
It also has a very active P2P base so you can buy/sell crypto using nearly any payment mode (UPI, online transfers, cash or anything else) in a matter of minutes, securely.
Its fee to is one of the lowest in the industry and you enjoy discounts if you hold BNB (Binance Coin). At times, it even offers a 0% fee for certain pairs.
2. Coinbase
Website: https://www.coinbase.com/
Coinbase was founded in 2012, which makes it over 11 years old today. This by itself is a testimonial of its services and capabilities, isn’t it?
It’s the largest crypto exchange if you look at publicly traded cryptocurrency exchanges. Its on-platform assets amount to over $130 billion!
The 24-hour trade volume at the time of compiling this article was over $2.5 billion! It supports nearly 250 coins and offers amazing liquidity.
Coinbase isn’t just an exchange but also has a wallet that you can use.
3. Kraken
Website: https://www.kraken.com/
Kraken is one of the oldest exchanges on the planet and was launched back in 2011, even before Binance.
As of today, its 24-hour trade volume was spotted at $97 million, that’s a lot of money, isn’t it? It supports nearly 260 individual coins.
It lets you buy Cryptocurrencies using Apple Pay, Google Pay, and many other simpler modes. The exchange also can be used for trading forex if that’s your thing.
Back in October 2023, the exchange posted over 10 million registered users which again is a lot of liquidity and depth isn’t it?
4. Mexc
Website: https://www.mexc.com/
Mexc is the 11th top Cryptocurrency exchange globally and is definitely the top 4 Cryptocurrency exchanges in the UK.
As of today (May 4th, 2024), its 24-hour trade volume stood at $839,420,267. It supports over 2100 coins and nearly 2600 markets.
Over 15 fiat currencies can be bought/sold or interacted with as well. Even in terms of volume, it has seen quite the pump in the past few months.
Conclusion
By now, I hope you not only have a decent idea of the top 4 exchanges in the UK but also know how to pick a good exchange on your own.
The basic metrics remain the same, pick an exchange with a good number of registered users, trade volume, and liquidity.
Always remember to enable as much security as available on your exchange account.
