Buying and trading crypto has become one of the most sought after activities in the financial sector.
There are many crypto exchanges available on the market today, but finding the best option could be difficult.
In this review, we consider why eToro is perhaps the best crypto exchange UK, the factors to consider when investing in crypto and how to buy your favourite cryptocurrency with low fees.
Upload ID – To verify the account, you will need to upload a valid ID and a recent utility bill
Deposit – You can choose a preferred payment method to deposit 37.78 GBP
Buy cryptocurrency – Browse through the list of available crypto assets and click on ‘Trade’ to buy crypto
67% of retail investor accounts lose money when trading CFDs with this provider
eToro is a private management broker platform founded in 2007 by Yoni Assia, Ronen Asia and David Ring. The platform offers financial investment services and is said to be one of the best crypto exchanges in the UK.
The platform is heavily regulated by top tier regulatory bodies in the UK, such as the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Industry Authority (FINRA) in the USA. Because the FCA has very strict guidelines, it’s been said that etoro is the best UK crypto exchange.
eToro also helps users maximise low-cost investments through its CopyTrade and CopyPortfolio functionalities. These unique tools allow new traders to observe and imitate the trading strategies of more experienced traders. This way, users take in a high volume of profits in the general market even with low investments.
The platform offers up to 27 cryptocurrencies for trading, exchanges and transfers. eToro provides its services at subsidised rates with a minimum deposit amount of £37.78.
Users pay a small fee of £3.70 to make withdrawals on eToro, while deposits and maintenance fees are free on the platform; users only pay between 0.75% to 5% in fees of the total amount to trade.
eToro allows users to use a wide range of payment methods, including regular bank wire transfers, PayPal, debit/credit cards, Skrill, Neteller, and other payment methods.
● Sophisticated trading tools such as the CopyTrade feature
● Secure and regulated
● Large repository of cryptocurrencies
● Affordable transaction fees
● Withdrawal fees up to £3.7
The acceptance of cryptocurrencies have grown exponentially in the last ten years, but we have also witnessed astronomical growth in the previous year.
A collective of people on the internet, who are also known as reddit, has been talking about the best crypto exchanges in the UK. It appears that eToro has made quite an impact on people there, and is amongst the top picks for investors in the UK and Europe.
In 2020, the crypto market underwent severe losses due to the global pandemic. Still, 2021 is seen as the recovery year, as bitcoin, the king cryptocurrency, has reached multiple all-time highs.
Crypto topics have taken over the content space and constitute one of the most searched topics on the internet. There is an increased enthusiasm and interest in the crypto space as more scalable technology is being produced to solve everyday financial problems.
Like every new customer, people are looking to choose the most easy, friendly and intuitive platforms to start investing in cryptocurrencies. eToro is one of the best crypto exchanges in the UK because it has all of that, and even disposes of the copy trade feature, which allows its users to copy other successful traders.
The crypto industry is proposing newer and better means for users to profit daily and reduce the overdependence on banks as intermediaries for financial activities.
How to Choose Best UK Crypto Exchange
There are many crypto exchanges in the UK; however, before selecting any of them, there are some important points you need to examine. We have discussed below some factors you should consider before choosing an exchange.
You have to verify if the exchange charges a fee for withdrawal and deposits. Some exchanges charge additional fees, such as a monthly maintenance fee or a fee you have to pay when inactive for a certain period. eToro charges a withdrawal fee of £3.77, but eToro does not charge any fee for deposits.
It is important to find out if your chosen exchange has the required license to operate in your area of residence. Exchanges that are regulated offer a lot more in terms of security, ensuring that your funds remain safe. eToro is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) in Europe, in Australia by the Australian Securities and Investments Commission (ASIC), and the Financial Services Authority Seychelles (“FSAS”) in Seychelles.
Some exchanges have a user interface that is very easy to use, while others do not. Ensure that the exchange you settle for has a user-friendly interface that you can easily and smoothly trade on. eToro mobile app and website have a user-friendly interface.
It is always good to pick an exchange that has amazing trading tools. Some exchanges have great analytical tools and software to help you trade better. On eToro, you have the copy trade option that helps you mirror the successful trades of more experienced traders on the platform for free.
The best exchange is the one that allows you to make payments using a variety of payment methods. However, some exchanges only have limited payment options. On eToro, you can make payment using your credit/debit card, rapid transfer, bank wire transfer, e-wallets like PayPal, Neteller, and Skrill.
A very important consideration is security. A well-secured exchange puts extra measures to prevent hackers from gaining access to customers’ funds.
How To Buy Cryptocurrency UK
There are many exchanges where you can buy crypto; however, eToro is our recommended crypto exchange UK because the platform offers low fees and is fully regulated by tier-one bodies.
1. Open an account with eToro:
Quickly make your way to the eToro homepage and click on ‘Join Now’ to create a new trading account. Input your full name, email address, mobile phone number, then choose a username and password. You can, however, fast-track this process using your Google or Facebook account.
2. Verify account
eToro, a fully regulated broker, requires that you complete a know-your-customer (KYC) verification process by uploading your passport or any government-approved ID and any utility bill not later than three months. This will enable you to unlock the full potential of your eToro account.
To make deposits, click on the action tab and select the ‘Deposit Funds’ button. This will take you to the deposit page, where you can toggle between a bank wire transfer and other supported payment methods. Proceed to input the minimum amount of 37.78 GBP and click on ‘Done’ to confirm the deposit
4. Buy Cryptocurrency
After making a deposit on eToro, you can buy any cryptocurrency of your choice within minutes. Just search for the crypto you wish to buy and click on the ‘Trade’ button to open the order page. Input the amount you want to invest, and tap on ‘Open Trade’ to complete the transaction.
67% of retail investor accounts lose money when trading CFDs with this provider
Using eToro Crypto Wallet
Storing your crypto assets requires using specialised digital storage that keeps your funds secure. Based on the high-security measure it puts in place, we recommend using eToro Crypto Wallet to store your funds.
With eToro Crypto Wallet, you get to enjoy the same features available on an exchange and even a lot more. eToro Crypto Wallet supports up to 120 digital assets, with close to 500 crypto-to-crypto pairs. It also provides other technical benefits, such as a password recovery protocol.
The crypto market has grown in leaps and bounds in the last few years. The market is currently valued at a whopping $2.21 trillion, from a base value of just $1.2 billion in June 2013. With new projects springing up, such a thriving market cannot be ignored.
Bitcoin is the current market leader with impressive growth and widespread adoption. In the last 12 years, the foremost cryptocurrency has recorded an upward climb of about 9,000,000% from a base price of $0.08 in 2009. Many businesses now accept payments in Bitcoin and other cryptocurrencies.
Crypto exchanges have also experienced booms due to the ever-growing crypto demand. As of today, there are about 438 different crypto exchanges.
eToro is currently valued at over $32 million and enjoys a weekly visit of over 16 million users. On eToro, you can build a diversified portfolio that includes Bitcoin, Ethereum, and many other popular crypto assets.
You can also copy the trade of eToro’s top crypto traders. Users can get up to $250 when they trade crypto on eToro. All you have to do is simply buy $5,000 worth of crypto, and you will be credited with a bonus.
FAQs on the Best Crypto Exchange UK
● Is crypto legal in the UK?
Yes, Crypto is legal in the United Kingdom. UK investors can buy and sell cryptocurrencies. However, retail investors are banned from engagin in all forms of crypto derivatives.
● What is the best platform to buy crypto?
eToro remains the best place to buy crypto in the UK because the FCA regulates the platform, and the fees are very affordable.
● What payment methods can I use to buy crypto?
You can buy crypto using any of the following payment methods, including bank wire transfers, credit/debit cards, rapid transfer, fiat currency, e-wallet solutions like PayPal, Skrill, and Neteller.
● Is crypto safe?
Crypto is safe, provided you follow all the measures and guidelines that help secure your account, like using only regulated exchanges and setting up two-step verification on your account.