Are you ready to dip your toes in the pool of cryptocurrency? Then, you must be ready to give your crypto investments in safe hands for trading. By safe hands we mean, you have to choose a reliable cryptocurrency exchange or crypto broker that offers a quality of service along with low trading fees to grow your income generating assets. To buy and sell Bitcoin or other cryptocurrencies in the UK, you’ll need to open an account with a reputable and low-fee broker.
In this article, we will look at the top five Bitcoin brokers in the UK for 2022. We also provide a straightforward step-by-step overview of how to choose an FCA-regulated Bitcoin broker in less than five minutes.
Top Crypto Brokers in the UK
It was difficult to narrow down our selection of the best crypto brokers in the UK to just five crypto brokers in the UK. After all, we took into account everything from legislation, authorized markets, and charges to minimum investment requirements, usability, and customer service.
We cover all of these critical criteria and more in the evaluations below. Now, it’s time to explore the best crypto brokers in the UK.
1. eToro
While doing a thorough analysis of hundreds of brokers in this area, eToro was an obvious choice for the top Bitcoin broker in the UK for 2022. We ranked it number 1 by looking at a number of key variables, including safety, cheap fees, minimal minimums, and an extremely user-friendly investment procedure. Most importantly, the Financial Conduct Authority has approved and licensed etoro.
Furthermore, the platform is licenced by several national agencies, including the SEC, ASIC, and CySEC. When you make an investment in Bitcoin in the UK through eToro, you will simply need to pay the spread, which normally averages 0.75 percent. This implies that if you bought £100 worth of Bitcoin, you would spend around 75p to join the industry.
Furthermore, there will be no costs for keeping your Bitcoin tokens in the eToro Money Crypto wallet. This well-known hot storage has evolved into one of the top crypto wallets in the UK.
Another significant advantage of using eToro as your primary crypto broker is that the platform enables you to purchase Bitcoin in the UK for as little as £7. Furthermore, eToro is home to more than 50 top digital currencies, not simply Bitcoin. This covers cryptocurrencies such as Ethereum and XRP. More tokens are often added based on client demand. If you’re completely new to cryptocurrency trading, you’ll love the eToro investment platform, which needs no foreknowledge.
2. Huobi
If you’re a long-term investor wanting to acquire a diverse range of prominent digital currencies, Huobi may be one of the finest brokers in the UK for you. Although Huobi does not provide the same degree of security or cost-effectiveness as eToro, the platform compensates by providing one of the market’s biggest crypto portfolios with coverage for hundreds of coins.
This means you may investigate digital currency initiatives of various shapes and sizes, resulting in a highly broad portfolio. Consider Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, or Cardano as examples of well-established and large-cap cryptocurrencies.
If you’re looking for the best Defi currencies, you might want to look at Polkadot, EOS, Decentraland, Chainlink, or AAVE. Huobi even accepts stablecoins like TrueUSD and Tether, so you’re protected on all fronts.
Another significant advantage of Huobi for long-term investors is accessibility to crypto interest accounts. All you have to do here is transfer your cryptocurrency into an appropriate account and you will be given interest. For example, if you put Bitcoin into a Huobi crypto savings account with a 90-day lock-up term, you may receive 2.88 %. Crypto staking is another option to earn income at Huobni.
This works in the same way as a savings account, except that your tokens will be locked on the individual blockchain network for a set amount of time. In exchange, you will receive an appealing APY. Huobi’s costs are quite competitive, albeit the broker employs a maker/taker pricing strategy. Simply put, unless you provide the broker with liquidity or trade in exceptionally big quantities, you will pay a 0.40 percent charge each slide. This implies that if you buy £1,000 worth of Bitcoin, you will only spend £4.
3. Crypto.com
Crypto.com comes in second on our ranking of the finest Bitcoin brokers in the UK. One of the main reasons we appreciate this broker is that it has an excellent mobile app, which allows you to conveniently buy and trade Bitcoin while on the road. In reality, the Crypto.com software allows you to trade not only Bitcoin but also more than 200 other digital currencies. After uploading a copy of your ID, you may easily register an account and promptly transfer money with a UK debit or credit card. Alternatively, payments can be sent from your UK bank account. Although the transaction will be processed using Faster Payments, Crypto.com warns that the cash may take up to 7 business days to arrive.
In any case, the minimum payment at Crypto.com is £20, and there are no transaction fees if you use a bank transfer. Crypto.com, like Huobi, uses a maker/taker mechanism for trading commissions. Standard charges are 0.40 percent each slide, although this can be decreased if you trade in bigger quantities. Furthermore, staking Crypto.com’s native CRO currency results in more competitive commissions.
4. Coinbase
Coinbase is another one of the top Cryptocurrency broker in the UK for those of you who have never exchanged digital currencies before. The Coinbase platform has been in operation since 2012, making it a reliable broker to consider. Furthermore, Coinbase is licenced in the United States and is a public stock on the NASDAQ exchange.
Coinbase supports more than 50 cryptocurrencies in its authorized markets. This mostly concentrates on big projects such as Bitcoin and Ethereum, but there is also a selection of ERC-20 tokens and Defi coins accessible. You must pay a regular fee of 1.49 percent for every slide regardless of the crypto asset you purchase. This is obviously far more costly than other UK Bitcoin dealers.
In fact, if you want to buy cryptocurrency with a UK debit or credit card, you’ll have to pay an even huge price of 3.99 percent. As a result, while Coinbase remains a strong alternative for ease of use and security, this popular Bitcoin broker is pricey. Nonetheless, we enjoy Coinbase’s security measures, which guarantee that your digital assets are always secure. For example, according to reports, 98 percent of all crypto assets held by Coinbase are kept offline in cold storage.
Furthermore, extra security measures are necessary when you log into your account or attempt to make a withdrawal. At least, this involves two-factor authentication and, in many cases, email verification.
When you access your Coinbase account from a new device or IP address, the latter will be requested. In terms of account opening charges, Coinbase demands a minimum cryptocurrency purchase of just £2, making it ideal for novices.
5. Binance
Binance is the final platform to examine when looking for the finest Bitcoin brokers in the UK. This platform, which was launched in 2017, draws the most trading volume and liquidity in the cryptocurrency sector. You will have access to over 1,000 crypto marketplaces, including a large range of low-cap currencies. This might be of relevance if you’re wanting to invest in promising ventures with a high potential return.
When it comes to costs, Binance truly shines. This is due to the fact that the absolute most you will spend to trade cryptocurrency are only 0.10 percent per slide. That is, for every £1,000 exchanged, you will pay only £1.
Furthermore, if you hold BNB tokens or trade higher quantities, your fee will be decreased. However, if you want to utilise Binance to buy crypto quickly using your UK debit or credit card, you’ll spend around 2%.
The Bottom Line
After reading this article, you should have a solid understanding of how to select the best Bitcoin broker in the UK for your level of expertise, budget, and investing ambitions.
Overall, our favourite selection is eToro, which is licenced by the FCA and takes only $10 (about £7) to start a Bitcoin account. Furthermore, costs are quite minimal, and you may deposit cash promptly using your UK debit or credit card.
