By
George Sweeney, DipFAEdited by
Liz EdwardsUpdated
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
1. You could lose all the money you invest
2. You should not expect to be protected if something goes wrong
3. You may not be able to sell your investment when you want to
4. Cryptoasset investments can be complex
5. Don't put all your eggs in one basket
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
We extensively review UK FCA-registered cryptocurrency exchanges and trading platforms with hands-on expert testing to decide our top picks. We’ve compared 6 crypto platforms in areas such as user experience, fees, cryptoasset choice and trading tools.
To make comparing even easier we came up with the Finder Score. Fees, features and asset-support across the most popular platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange – simple.
To buy and sell crypto in the UK, you need to sign up to a cryptocurrency exchange or app. Increasingly, you can buy and sell crypto through banking apps like Revolut. Our guides and comparisons help you to filter down your options to what’s important to you.
Crypto guides are plastered with warnings and there’s a good reason for that, which is that crypto is incredibly volatile and you could lose all your money. It’s worth knowing that before you take the plunge.
Altcoin stands for alternative coin, and refers to any cryptocurrency other than Bitcoin (BTC). This broad term covers everything from coins like Ether (ETH), which was released in 2014 and has a 12-figure market cap, right down to brand new crypto coins which were invented this morning.
Yes, Bitcoin is also known as BTC (and, less commonly, XBT). All cryptos have a “code”, called a ticker symbol, which is typically 3 letters but can be 4 or more. Bitcoin is BTC, Ether is ETH, Ripple is XRP, Dogecoin is DOGE and so on.
Typically, a crypto wallet is used to safely store your crypto (online or offline) and it can be hardware or software. Whereas, a crypto exchange works like a stock exchange where you can buy or sell crypto by dealing with other crypto investors, and the exchange itself acts as a middleman (or broker) to help facilitate trades.
Yes. In the UK, profits made from selling crypto are subject to Capital Gains Tax (CGT). You may also be taxed if you’re earning crypto through staking or mining. HMRC provides clear guidance, and you can use online tools to help calculate your tax obligations.
This depends on what cryptocurrencies you’re interested in and how you plan to invest. We’ve listed some of the best crypto exchanges that excel in different categories, but the best exchange for you to use will be based on which one suits your needs and budget.
First, think about how you plan to invest in cryptocurrency (or whether you’re looking to trade cryptoassets). If you’re a complete beginner, check out the more beginner-friendly apps and platforms that are simple to use and have some useful learning resources.
If you happen to know your hash rates from your halvings, you might want to think about using one of the crypto exchanges offering more advanced trading features to help you make the most of your investing experience.
Whether you’re a beginner or experienced crypto trader, it’s always worth comparing fees to try and find the best UK crypto exchange with low fees to ensure you get the most value from your digital investments.
There’s no single answer unfortunately, it’s all about finding the best crypto exchange for your budget and investing strategy. We’ve broken down the top FCA-registered crypto exchanges into different categories to help you narrow down the best option to suit your cryptocurrency plans.
The best crypto exchange in the UK depends on your needs. For beginners, eToro, Revolut and Kraken offer user-friendly interfaces. If you’re seeking low trading fees and advanced features, Kraken Pro, Revolut X and Uphold strong options. Always choose an FCA-registered exchange where possible.
There’s no single thread where all the crypto-enthusiast Redditors get together to vote on the best UK crypto exchange. However, a number of posts, threads and comments have highlighted Kraken, which is also on our list as one of the best.
To trade crypto, there has to be a buyer and a seller. The people adding to the order book are makers. For example, if you’re selling a coin at a high price. These orders didn’t exist beforehand, so you’re making more options available. If you buy or sell at a price which is already available, you’re taking options away. Both makers and takers can be charged a fee when trading, called – you guessed it – maker fees and taker fees.
It’s up to you whether you want to leave your funds on an exchange or store them in your own private wallet, which can be done either online or offline. If you do choose to leave your funds on an exchange, it would help to choose one which has additional insurance. This is because the exchange could be hacked, which is something that has happened at very large crypto exchanges in the past.
Our current pick is Uphold is a good choice because you get a debit card linked to your digital wallet that allows you to withdraw your crypto balances as fiat currency (pounds sterling, for example) at a cash machine just like you normally would. You can also use it in shops and online to spend directly from your cryptocurrency balance and you’ll even earn 1% cashback in GBP when spending on your card.
We don’t score and rate decentralised exchanges or those that don’t follow “know your customer” (KYC) requirements because these exchanges don’t comply with the rules.
Yes, it is legal to buy and sell Bitcoin (BTC) in the UK. In order to ensure you’re being legally compliant, it’s a good idea to use only crypto exchanges which are registered with the Financial Conduct Authority (FCA). All of the crypto trading platforms in this guide registered with the FCA (which means they’ve passed checks for money-laundering).
Yes, cryptocurrency exchanges are legal in the UK. However, exchanges that serve UK residents must register with the Financial Conduct Authority (FCA) for anti-money laundering compliance. Not all global exchanges are FCA-registered, so always check this before you sign up.
Yes, you can trade crypto legally from the UK on FCA-registered exchanges like those in this guide. There are currently no signs that crypto trading will be made illegal in the UK.
FCA-registered exchanges like eToro, Coinbase, Kraken, Uphold and all the crypto exchanges listed here are considered safe due to their regulatory compliance. For extra security, we’ve given each platform a Finder score to help you choose platforms offering things like cold storage, 2FA, and a stellar security track record.
No, as of Monday 16 October 2023 at 5pm UK time, Binance stopped accepting new UK users. If you had an existing account, this should still work to some degree but you can’t open a new account with Binance because it does not comply with the FCA’s rules around crypto exchanges and money laundering.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
George is a deputy editor at Finder. He has previously written for The Motley Fool UK, Nasdaq, Freetrade, Investing in the Web, MoneyMagpie, Online Mortgage Advisor, Wealth, and Compare Forex Brokers. He's focused on making personal finance and investing engaging for everyone. To do this he draws from previous work and his Level 4 Diploma for Financial Advisers (DipFA), sharing what he’s learnt. When he’s not geeking out about money, you’ll find him playing sports and staying active. See full bio
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