www.banklesstimes.com
HomeBitcoin HubBitcoin BrokersBest Bitcoin Brokers in the UK

Best Bitcoin Brokers in the UK

Last updated 12th May 2022
Disclosure

With so many brokers in the UK now offering Bitcoin as a tradable asset, you need to be sure you choose the right platform to trade on. We have formulated a complete guide that explores which are the best brokers the UK has to offer, what makes a good broker, how to use them, and some other important information for prospective Bitcoin traders. Find everything you could need below to help make your decision on where to trade Bitcoin in the UK in 2022.

Here Are Our Top Bitcoin Brokers in the UK in 2022

There are plenty of platforms to choose from when it comes to buying Bitcoin, so we’ve listed the top platforms available in the UK below to help you get started right away. Bitcoin is now widely accepted by brokers due to its increased popularity, so when choosing which platform is right for you you should look for ease of use, good rates, a platform with a good reputation, and above all, a platform that truly meets your personal needs.

Here is our list of the best Bitcoin brokers in 2022:

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Atani
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Popular among traders
Fast system for trading
Popular for beginners
3
Coinmama
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Easy to use tool
High profit potential
Offers Phone Support
4
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers
5
Paybis
Minimum Deposit
$50
Exclusive Promotion
User Score
5
First transaction fee free
24/7 customer service
Instant payouts

What To Look For in a UK Bitcoin Broker?

There are numerous factors and features to consider when choosing which broker to use to buy Bitcoin in the UK. Not only are there core features you want to find in any broker, but also there is a select range of features specific to the UK as a region. It's important to remember that different countries and regions will have slightly different regulatory environments and this should factor into your decision.

So here is a list of the key things to look out for when you are choosing a Bitcoin broker in the UK:

  • Fee Charges: There is a range of charges you can be subject to so you need to do your due diligence to get the best deal possible. For example, some of the fees you may face are commissions, holding fees, deposit/withdrawal fees, and bad spreads.

  • Variety of Trading Pairs: While a good broker may offer a wide range of cryptocurrencies to trade with, it is also important they offer a good range of pairs; more trading pairs with Bitcoin will give you the most flexibility possible when trading. As many brokers will now accept Bitcoin it can be a good idea to see which are offering the most options with that particular product to gauge which platform offers the most flexibility to you.

  • Speed: When trading Bitcoin you want transaction speeds to be as fast as possible, not only for convenience but also for successful trading. Day traders for example will need speed and efficiency when making transactions to ensure their liquidity is mobile and reactive to the latest market trends.

  • Ease of Use: When you are buying Bitcoin you also want transactions to be as simple to make as possible. A confusing interface can consume time and energy from a trader, so simplicity is key, especially for new traders. Popular broker eToro for example has a friendly interface and good transaction speeds.

  • Trust and Security: Arguably one of the most important elements of trading, your broker must be trustworthy and have good security measures in place. Look out for features like 2-factor authentication, loss insurance, and KYC regulations to improve your level of protection. Also, as brokers usually have a long history in the financial market you can use this to gauge how respected and trusted a platform is.

  • Cross-device Compatibility: Most platforms now offer services on mobile, web, and desktop devices. Not only is this convenient for you, but also it is a sign of a good broker. For example eToro supports all of these devices.

  • Trading Options: As Bitcoin grows in popularity we are seeing a wide range of new financial products becoming available to users. Most brokers now offer cryptocurrencies in CFD form, and some also may offer other derivative products like futures. Remember: CFDs and derivative products carry extreme risk and should only be used by experienced traders.

  • Trading Tools: Platforms now offer a great range of advanced trading and charting tools. Usually, the more advanced the platform the more tools will be available to its users.

  • Payment and Withdrawal Methods: The more payment methods accepted means the greater degree of flexibility for the user. Also, keep an eye on the fees these methods have; some platforms may offer a great range of methods but have high fees.

  • Geographical Restrictions: If you are using a broker in the UK then it may only be available to those users who have a residence in the UK and the supporting documentation to prove it.

  • Languages: Many brokers now have a good range of available languages to reflect the global popularity of Bitcoin; if a platform doesn’t support the language you need, you may be able to find another one that does.

What Brokers Are Available To Buy Bitcoin in the UK?

With so many brokers now available to buy Bitcoin in the UK it's important to do your research on what each platform can offer you and to then assess which is the best for your individual needs.

That’s why we’ve made a breakdown of the top seven brokers available to users looking to buy Bitcoin in the UK:

eToro

One of the market leaders in the brokerage space - eToro offers users a social trading network and access to one of the biggest ranges of cryptocurrency CFDs (currently offering over 40).

Key Features

  • Low fees

  • Easy sign-up

  • Beginner-friendly interface

  • Copy trader

Pros

Regulated by the FCA, CySEC, and ASIC
Cryptocurrency investments are spread-only
Great range of deposit and withdrawal methods

Cons

A lack of technical trading tools when compared to some industry competitors
High non-trading fees
Weaker customer support than some industry competitors

Summary

eToro remains one of the best available brokers for users looking to buy Bitcoin in the UK. eToro has an easy-to-use interface, great regulation, and lower fees than some of its competitors. It is the overall best option in terms of getting good performance in every area.

Coinbase

One of the biggest players in the crypto space, offering a huge range of coins and great educational material for beginners. Coinbase has been one of the most influential platforms to trade cryptocurrencies since it started and is, therefore, a platform specialized and formed to fit this need.

Top Features

  • Low fees

  • Paid educational material

  • Almost 100 coins on offer

Pros

One of the biggest players in the cryptocurrency space
Earn crypto rewards whilst learning about blockchain technologies
Great for beginners

Cons

Higher fees than some industry competitors
Expensive debit card deposits
A smaller range of Altcoins offered than other industry competitors

Summary

Coinbase is one of the top two crypto specialized brokers. It has a great reputation and an easy-to-use interface for beginners. Also, its educational content that allows users to learn and earn at the same time is very unique to Coinbase and makes it an attractive platform for those traders just starting with cryptocurrencies.

Binance

Binance is the most popular platform to trade cryptocurrencies on today’s market. It is globally available and offers one of the biggest ranges of coins and pairs any platform offers alongside some of the cheapest fees. Binance is widely used throughout the UK and is good for more experienced traders.

Top Features

  • Advanced charting and trading tools

  • Wide range of trading options and services

  • Some of the cheapest spreads on the market

Pros

Great for experienced traders with fantastic tools and charting
A very technical interface that rivals any other
Some of the most competitive spreads on the market

Cons

Confusing for beginners
A corporate structure is neither transparent nor clear
Some problems with account verification, including users being locked out of their accounts for a period of time

Summary

Binance is the other half of the top two crypto specialized brokers. Offers zero commission trades, some of the lowest fees on the market today, and a highly specialized trading platform with tools and charting, it is no doubt one of the top choices for experienced traders.

Kraken

One of the leading figures in crypto to fiat exchange, Kraken offers advanced tools for a crypto specialized platform that is geared more towards experienced traders.

Top Features

  • Simple interface

  • High liquidity

  • Market rates

Pros

Advanced trading features for the more experienced traders
A good product selection when compared to industry competitors
A robust level of security

Cons

High fees when using their instant buy feature
Withdrawal fees are higher than industry competitors
A poor range of educational materials

Summary

Kraken is one of the better options available for advanced traders that want good security and a platform with high liquidity. It is also a crypto specialized platform so it has a good reputation in the sector.

Coinjar

Coinjar is a crypto trading platform that has great levels of security and an in-built wallet. This platform is for smaller Bitcoin trades and has a really user-friendly interface perfect for beginners.

Top Features

  • Very robust security protocols

  • User-friendly interface

  • Fast registration

Pros

90% of cryptocurrency holdings are stored in cold offline storage
Great simple interface for beginners
Has a mobile app that is very highly rated

Cons

Experienced traders may find Coinjar too basic
Limited range of cryptocurrencies
Some features only available to residents of Australia

Summary

Coinjar is one of the best options for those looking to trade small amounts of Bitcoin in the UK. Its processes can be slightly more lengthy than other industry competitors, but it offers a simple to use platform that's accessible to beginners.

BlockFi

BlockFi offers a range of different crypto-based financial products and has good customer support for its users. It is a unique platform that offers its users the opportunity to access loans and great interest rates.

Top Features

  • Wide range of financial products

  • Good customer support

  • Earn interest rates

Pros

No commission fees
Instant trades
No monthly fees or minimum deposits

Cons

The interface can be confusing and difficult to navigate
Limited free withdrawals
Limited insurance protection

Summary

BlockFi is unique in its offering of loans and advanced financial products. It can be a very useful platform for advanced traders looking to leverage big trades and make good profits but carries high risk.

OKEx

OKEx is considered the largest spot and derivatives broker in the world. It is one of the cheapest options for those in the UK when trading these types of products due to its cheap fees. It is also one of the biggest platforms in the world by trading volume and the biggest in terms of spot and derivatives volume.

Top Features

  • Low commission fees

  • Wide range of spot and derivative products

  • A good mobile app

Pros

Over 400 available trading pairs
Over 20 million active users
Commissions starting at 0.1%

Cons

Debit and credit card payments are more expensive than market competitors
Derivative products are not suitable for beginners and carry risk
No demo account

Summary

OKEx is a great platform for advanced traders; it is one of the better to use when trading spot and leverage. Again, these products carry high risk and should be undertaken with care.

How To Get Started With a Bitcoin Broker in the UK?

More often than not, all brokers will require you to follow the same kind of steps to open an account with them. We have formed a quick and simple 3-step guide to help you get started with any broker you may wish to.

Here it is:

  • Step 1: Visit the official website or download the app of your chosen broker. Then, create an account by inputting all of your personal information.

  • Step 2: Provide ID and proof of address to begin authenticating your account. You will need to do this to adhere to the relevant KYC regulations.

  • Step 3: Once verified, you will need to deposit some funds into your account. Brokers offer a range of different ways in which you can do this from credit cards to bank transfers. Then, begin trading!

What Are the Options I Have To Buy and Sell Bitcoin in the UK?

Brokers offer you one of the simplest ways to trade Bitcoin. They are simple to use and do not require you to have an external wallet - which can be confusing to beginners. Here are some of the other options available to you which may be more complicated:

  • Cryptocurrency Exchange: Provide slightly lower fees than most brokerages but can be more complicated.

  • Decentralized Exchange (DEX): These operate in the same way as a traditional exchange, but are unregulated and are not owned/operated by a singular entity.

  • P2P: Person-to-person exchanges offer great rates as they have no middle man; it's best to think of this as swapping rather than trading.

Do I Have To Pay Tax When Selling Bitcoin for Profit in the UK?

It is very important that you are aware of the relevant tax information when selling your Bitcoin in the UK. It is commonly thought that cryptocurrency is a tax-free way of earning money but this is a dangerous misconception that can land you with an unexpected tax bill.

In the UK profits over £12,300 are subject to taxes and the broker you use will have this record of earnings. There is also a wide range of criteria for certain activities related to moving around cryptocurrency that can be subject to taxes.

Final Thoughts on Bitcoin Brokers in the UK

The increased popularity of Bitcoin has seen a huge range of brokers now offering Bitcoin to UK customers. With such a wide variety it is important that you define what you want from a broker and then use this criterion to determine which is the best choice to buy Bitcoin in the UK for you.

There is also a selection of general criteria for what to look for in a broker like a range of available pairs and products, trading tools, deposit methods, fee structure, cross-device compatibility, and language availability. With so many brokers now offering Bitcoin to buy in the UK you can try to find a broker with as many of these as possible.

Overall, eToro remains one of the top brokers that can hit a large majority of the criteria you should look for when choosing a broker to buy Bitcoin in the UK. It is great for beginners and has competitive rates when compared to other brokers. Moving on from this, Binance remains one of the best platforms for users more familiar with crypto trading and offers a specialized platform with zero commissions and some of the best fees in the game.

FAQs

What is the difference between a broker and an exchange?
What is CFD trading?
Is CFD trading available in the UK?

Joshua Sherrard-Bewhay

Joshua Sherrard-Bewhay

Josh is a finance and Blockchain technical writer with experience in project design, consultancy and reporting. He is well-versed in white paper design, blog construction and freelance journalism. His academic credentials are in International Relations, Environmental Regulation and International Law. In his spare time he works as a sustainability analyst for a FinTech start-up Oxari and a private English tutor.