Find the best alternatives to Binance in the UK.
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
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.
Must read: Binance is banned from operating in the UK
It’s very important to be aware that since January 2021, the Financial Conduct Authority (FCA) has banned cryptocurrency exchanges from selling cryptocurrency derivatives to UK consumers. In 2021, Binance was banned from operating in the UK by the FCA. Whenever a user visits the site, Binance now informs a user about the existing ban. While this doesn’t prevent those in the UK from trading on Binance, customers are currently unable to make deposits via pounds sterling (GBP). The FCA does not regulate cryptocurrency assets such as Bitcoin, but it does require an exchange to be registered with the FCA to operate in the UK.
Binance has the following features:
- It is one of the largest cryptocurrency exchanges by market trading volume.
- It offers a robust set of trading and charting tools.
- It has a wide range of cryptocurrency offerings.
- It is a crypto-only exchange (no fiat currency deposits or withdrawals).
Alternatives to Binance
The following exchanges are probably the closest equivalents to Binance you can find.
Best alternative for number of coins – Kriptomat
Best alternative for ease of use – eToro
Best alternative for payment methods – Coinbase
Best alternative for support – coinpass
If none of the exchanges above has what you’re looking for, you might want to start looking in one of the places below.
- Want to buy with fiat currency? Find out where to buy with almost any fiat currency, from EUR to Zloty.
- Looking for a specific coin? Search for exchanges by coin here.
- Want more options? Get a wider look at the available cryptocurrency exchanges.
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.
Crypto platform news & launches
These awards recognise the crypto providers displaying the best innovations in their field.Read more…
The new crypto Travel Rule came into force on 1 September 2023 – find out what it is and what it could mean for you.Read more…
Binance has suspended pound sterling deposits and withdrawals – find out what this means for its UK customers.Read more…
More guides on Finder
Wirex review 2023
A secure mobile cryptocurrency wallet and debit card.
AQRU review 2023
AQRU’s focus is simplifying the complex world of cryptocurrency in order to give investors the chance to earn a return on their crypto.
Crypto.com review 2023
Learn more about the Crypto.com platform in our complete review.
In this deep-dive review we look at the trading and investment options available, and assess what type of cryptocurrency investor Binance could suit.
KuCoin exchange review
Learn more about the KuCoin exchange, how it works, what the fees are and how to get started trading.
Check out our complete review of Coinbase to see if it’s safe, weigh up pros and cons, compare fees and learn what you can do on it beyond simply buying cryptocurrency.
Bitstamp Bitcoin exchange review
Bitstamp is an EU-based and globally regulated Bitcoin marketplace offering safety and due diligence for cryptocurrency traders.
Kraken is a reputable Bitcoin and altcoin exchange that is designed with the advanced trader in mind.
Gemini exchange review
With head offices in New York, Gemini is a digital currency exchange offering trading and storage services for your Bitcoin and Ethereum tokens.
Changelly cryptocurrency exchange review
Changelly is a popular crypto-to-crypto exchange service that offers access to over 35 cryptocurrencies.