Best Bitcoin Brokers in the UK
With so many brokers in the UK now offering Bitcoin as one of the tradable crypto assets, 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 Bitcoin brokers the UK has to offer, what makes a good crypto trading broker, how to use them and some other important information for prospective Bitcoin traders.
Also, it is important to consider what is the best payment method suit your needs when it comes to buying cryptocurrency, for example, if you want to buy Bitcoin with PayPal, you should make sure the Bitcoin broker you choose does accept this payment method
This article provides the best bitcoin brokers list for investors in the UK, reviewing their offerings and pros and cons. Find everything you could need below to help make your decision on where to trade Bitcoin in the UK in 2023.
Here Are Our Top Bitcoin Brokers in the UK in 2023
There are plenty of platforms to choose from when it comes to buying Bitcoin in the UK, 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 in the UK due to its increased popularity, so when choosing which trading platform is right for you you should look for ease of use, good rates, a platform with a good reputation, and above all, a trading platform that truly meets your personal needs.
Use our list below to find the best Bitcoin broker in the UK for your needs.
Crypto assets are highly volatile and largely unregulated. There is no guarantee that any crypto asset will have at any time in the future certain value (if any) or market liquidity. Crypto assets are at risk of losing substantial (or all) value within a short time period.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What to Look for in a Bitcoin Broker in the UK?
To avoid scams, using a trusted broker is crucial when you are trading bitcoin. 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 Bitcoin 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:
Bitcoin Broker 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 digital currencies to trade with, it is also important they provide 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.
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 crypto 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.
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 cryptocurrency broker. For example, eToro supports all of these devices.
As Bitcoin grows in popularity we are seeing a wide range of new financial products becoming available to users. Most Bitcoin 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.
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.
If you are using a crypto 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.
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 crypto 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 crypto brokers available to users looking to buy Bitcoin in the UK:
eToro - the overall best Bitcoin broker in the UK
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 crypto CFDs (currently offering over 40).
Mobile app to trade Bitcoin
eToro remains one of the best available Bitcoin brokers for users looking to buy Bitcoin in the UK. eToro has an easy-to-use interface, well regulated, and lower fees than some of its competitors. It is the overall best option in terms of getting good performance in every area.
One of the biggest players in the crypto space, Coinbase is probably the best Bitcoin broker to buy and store Bitcoin with it offering a huge range of coins and great educational material for beginners. Coinbase has been one of the most influential platforms for crypto trading since it started and is, therefore, a platform specialized and formed to fit this need.
Paid educational material
Almost 100 coins on offer
Mobile app to buy and sell Bitcoin
Coinbase is one of the top two crypto 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 is the most popular platform to trade crypto 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.
Advanced charting and trading tools
Wide range of trading options and services
Some of the cheapest spreads on the market
Mobile app to easily trade crypto
Binance is the other half of the top two cryptocurrency 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.
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.
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 is a crypto and Bitcoin trading platform that has great levels of security and an in-built Bitcoin wallet. This platform is for smaller Bitcoin trades and has a really user-friendly interface perfect for beginners.
Very robust security protocols
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 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.
Wide range of financial products
Good customer support
Earn interest rates
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 is considered the largest spot and derivatives crypto 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 cryptocurrency trading volume and the biggest in terms of spot and derivatives volume.
Low commission fees
Wide range of spot and derivative products
A good mobile app
OKEx is a great platform for advanced traders; it is one of the better to use when cryptocurrency 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 the best crypto 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 crypto broker you may wish to.
Here it is:
Step 1: Create an account
Step 2: Verify your identity
Step 3: Deposit funds
What Are the Options I Have to Buy and Sell Bitcoin in the UK?
Crypto brokers in the UK offer you one of the simplest ways to trade Bitcoin. They are simple to use and do not require you to have an external Bitcoin wallet - which can be confusing to beginners. Here are some of the other options available to you which may be more complicated:
Provide slightly lower fees than most brokerages but can be more complicated.
Decentralized Exchange (DEX):
These operate in the same way as a traditional Bitcoin exchange, but are unregulated and are not owned/operated by a singular entity.
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.
Can I buy other cryptocurrencies using these options?
Alternatively, if you think Bitcoin is not something you're ready to put your GBP in, check out these guides to buying other coins in the UK:
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 cryptocurrency or 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 crypto 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. Hence, if you sell Bitcoin for profit, and it's over £12,300, you should be declaring it as capital gains tax.
Final Thoughts on Finding the Best Bitcoin Broker in the UK
The increased popularity of Bitcoin has seen a huge range of brokers in the UK now offering Bitcoin to UK customers. With such a wide variety it is important that you define what you want from a cryptocurrency 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, cryptocurrency trading tools, deposit methods, fee structure, cross-device compatibility, and language availability. With so many crypto 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 crypto 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.