For the exchange of Bitcoins in the United Kingdom, you will need to use a currency exchange platform. We are not trying to insult your intelligence with this formulation. To buy Bitcoin, you will need to use an exchange. Of course, with the buzz of business, the typical client has a multitude of options. Of course, having too many options can be a disadvantage if you do not know what you are looking for. Fortunately, we’re here to help you. We used our professional team to review all of the best exchanges Bitcoin in the UK and we will tell you where to find them, and why the possibilities are interesting.
Thanks to decades of combined experience, we have examined the community of Bitcoin in the United Kingdom and selected sites, which are distinguished by their exceptional quality. We believe we have identified the five best Bitcoin exchanges in the United Kingdom, taking into account everything from the user interface of the stock exchange and payment options to its speed of delivery and reliability. So, without further ado, here are the best options of conversion of crypto-currency for all lovers of the United Kingdom in regards to Bitcoin.
In regards to trade in the United Kingdom, the most popular site is not an exchange. We won’t get into semantics here, but when you visit eToro, you will see that it is a trading platform, rather than an exchange of crypto-currency. You can use this site to invest a few pounds in Bitcoin. The main advantage of the trading of Bitcoin as a commodity is that you do not buy the goods. In simple terms, this implies that you are betting on the price fluctuations of Bitcoin, rather than buying the real parts. Thanks to this dynamic, you can make transactions much more quickly. When using exchange Bitcoin, there may be a gap between the deposit of funds, obtaining loans, and the possibility of the use. At eToro, you can deposit using convenient payment methods, like PayPal, and you can start trading at the price of Bitcoin in a minute or two. Accordingly, our review of eToro classes this site as an excellent alternative for all those looking for an entry transparent in the world-BTC.
The benefits of eToro
- Completed transactions more quickly
- Several payment options are available, including PayPal.
- The Financial Conduct Authority and the CySEC regulate the British industry.
Downsides of eToro
- The minimum deposit required is 50 pounds.
- Withdrawal fee fixed 25 pounds
As you’ll see in our review of Coinbase, it is the largest exchange for Bitcoin in the world, which makes it an excellent option in any country. However, thanks to a partnership with Barclays, the American company is more established in the United Kingdom than others. Coinbase has been authorized to open a professional account after having negotiated with the largest British bank. The partnership has been formed only a few months after the exchange of crypto-currency has received a license for electronic money from the banking authority of the United Kingdom.
These approval marks indicate not only that the platform Coinbase is highly regulated in the United Kingdom, but also that it facilitates payments to and from Barclays. When these advantages are combined with deposits from 1 pound, guaranteed payments, and a secure platform, it’s easy to understand why Coinbase is one of the exchange offices, the most popular in the United Kingdom.
Benefits of Coinbase
- There are several deposit options.
- The deposit limits are low.
- The transactions are carried out quickly.
- Extremely secure and governed.
Downsides of Coinbase
- There are not a lot of options for the altcoin.
- Trading costs could be exorbitant (up to 4.5 %)
This site exists since 2013. This stock exchange based in the United Kingdom, which began as a holding company for GHash.io, is now a destination for individuals who like margin trading (that is to say, the difference in value between two currencies at a set period). When you join this site, you can speculate on several currency pairs, such as BTC/EUR and BTC/USD.
In our opinion, the main reason why CEX is one of the most trade-notable in the United Kingdom is its interface. CEX, unlike most of the best sites, is designed for beginners. This means that whatever your level of experience, you can register on CEX, connect to it, browse to your choice and make payments in just a few minutes.
Benefits of CEX
- User-friendly Interface foreign exchange Trading BTC
- Sign up for your social media accounts.
Downsides of CEX
- The commissions can be quite expensive.
- The customer service is below expectations.
Binance, like Coinbase, has recently been developed and has become one of the exchanges of crypto-currency deemed most important. The platform Binance, which is based in China, but serving the UK, was funded through an initial offer of coins (ICO). Binance is recognized as one of the “crypto exchanges” authentic markets, with deep roots in the area of cryptography. For inexperienced traders, the interface is bright and airy, making movement easy and fun.
For those at the opposite end of the spectrum, Binance allows verified users to withdraw up to 100 BTC each day. Withdrawing huge sums of money has always been difficult for traders regarding high volume. Binance has responded to this problem by increasing the threshold higher than most. Based on these data, we recommend Binance as one of the best trade exchanges for Bitcoin in the United Kingdom for experienced users.
- Excellent limits of payment for experienced traders
- The interface is colorful and easy to use.
- There are many other things to choose from.
Downsides of Binance
- There is no alternative to deposit.
- Records of certain personal information, such as an IP address.
The last exchange Bitcoin in the UK we recommend is the one that allows you to meet other traders in your area. When you sign up with LocalBitcoins, you can make deposits by credit/debit card or via bank transfer from 1 pound. After that, you can browse a list of merchants in your area, share information, and make a transaction online or in person.
The best thing about this service is that you can get to know the person with whom you exchange. It makes you immediately feel more secure. In addition, as you can see in our review of LocalBitcoins, you can often find better rates. Because LocalBitcoins.com is a marketplace for buyers and sellers, most competitors try to offer the best prices. So, if you take the time to read the alternatives, you should be able to find good exchange rates on this site.
The benefits of LocalBitcoins.com
- Do business with real people.
- Can locate exchange rate reliable
- Payment online or in-person
Downsides of LocalBitcoins.com
- Trade with individuals carries some dangers.
- It accepts only Bitcoin as a cryptocurrency for exchange
Regulation of trade Bitcoin in the United Kingdom
Concerning the policy of crypto and Bitcoin, the United Kingdom became one of the most advanced countries. The trading platforms that offer options for BTC are regulated by the Financial Conduct Authority (FCA) of the United Kingdom, as you can see in our in-depth analysis of eToro. This is the same organization that oversees banks, issuers, credit cards, loan companies, and other financial institutions.
The FCA said at the beginning of 2018 that it was working with the Bank of England and the Treasury to develop new standards for the exchange. Although the organization has no direct control over the crypto-currencies, it is our wish that the exchanges in the United Kingdom meet certain criteria. The objective will be to protect consumers and, at the same time, to attract investments, industries linked to space.
Any recommendation issued by the FCA, the government will work safely, following the current security measures proposed by the major stock exchanges in the UK. When you sign up on a platform such as eToro, you will be asked to confirm your identification in the form of two identifiers, and use a medium of payment recognized to ensure that all transactions are legal.
Payment methods Bitcoin in the United Kingdom
Unlike other countries that have adopted a negative stance on payments in Bitcoin, the British banks have adopted a more permissive one. In general, when you join one of the largest trade Bitcoin in the United Kingdom, you can use the following payment methods :
- Debit/credit card
- Pay Pal
- Transfer of funds by bank wire transfer
However, among the methods presented above, several banks have recently banned payments to Bitcoin by credit card. Although this is expected to change as laws are implemented and as the sector grows, it is currently true that Lloyds Banking Group does not allow you to buy Bitcoin with a credit card.
Customers of the following banks will have to use one of the other methods indicated they wish to trade crypto-currencies :
- Royal Bank of Scotland (RBS)
Final Verdict – what exchange Bitcoin in the UK should you use?
As you can see, the UK has a multitude of exchange Bitcoin of high quality. In reality, what is fantastic is that you can pay and redeem them by any method that suits you best. If you prefer to interactions in face-to-face, LocalBitcoins is a great choice. Binance and Coinbase are ideal if you want to go deeper into the experience exchange of crypto-currencies. On the other hand, the platform trading – eToro stands out as the easiest and fastest way to trade Bitcoin.