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Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Capital gains tax on profits may apply.
Binance alternatives
Find the best alternatives to Binance in the UK.
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
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
Table: shows partner brands and other brands, sorted by popularity
The following exchanges are probably the closest equivalents to Binance you can find.
1 - 5 of 6
Best alternative for number of coins – Kriptomat
It can be hard to find an exchange which supports a large number of coins if you are an investor that is looking for something more than just Bitcoin and Ethereum. So if a variety of coins is a high priority for you then you may want to consider Kriptomat. Kriptomat supports more than 400 cryptocurrencies including stablecoins and much lesser well-known altcoins – with more cryptocurrencies being introduced on a regular basis. Its comprehensive platform provides new cryptocurrency investors with an easy to use platform, clarity on fees and cryptocurrency education in order to get started.
Best alternative for ease of use – eToro
When choosing a cryptocurrency exchange, finding one that makes it easy to buy, sell and store your coins is key. If top of your wish list is an exchange that has a wide range of features and an intuitive user interface, then eToro is a strong contender. Highlights include a user dashboard which provides you with updates on your social circle, a watchlist where you can monitor the live market rates of a specific set of assets and a virtual trading feature which gives newcomers trading experience without putting themselves at risk of financial loss.
Go to
eToro's website
Capital at risk
Best alternative for payment methods – Coinbase
Whether or not an exchange has an array of payment and deposit methods is something to keep in mind when choosing which service to use. Beginner-friendly exchange, Coinbase, makes buying your first cryptocurrency easy. As a UK user, you can link your bank account to make depositing into your wallet simple. Alternatively, you can use a credit or debit card to make instant crypto purchases. Coinbase even allows customers to cash out to their PayPal account or Visa debit or credit card.
Best alternative for support – coinpass
If having a good customer support team at hand is important to you, then UK-based cryptocurrency platform, coinpass, gives you just that. It has multiple options for contacting its customer support team, including live chat, email support and a contact us form. Users have reported friendly and efficient service, with support offered on weekdays and at the weekend.
Go to
Coinpass's website
Capital at risk
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 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.
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