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5 Best Cryptocurrency Brokers in the UK 2024
Finding a good cryptocurrency broker is essential for a seamless trading experience. Unfortunately, not all brokers will be suitable for your strategy, experience and goals. To unpack which brokers are worth considering in 2024, our team has picked out the 5 best cryptocurrency brokers to use in the UK.
In this guide, we will explain what each broker has to offer and who they are most suitable for.
A List of the Best Cryptocurrency Brokers in 2024
There are several factors to consider when picking a cryptocurrency brokerage so to make things a bit easier on you, we’ve hand-picked some of the best exchanges where you can get started with cryptocurrency trading.
- Coinbase: The overall best crypto broker for beginners and experienced traders. Coinbase has a user-friendly interface, a low minimum deposit and a Pro trading platform for advanced strategies.
- Robinhood: The best mobile app to buy crypto from $1. Robinhood is simple to use and charges low fees.
- eToro: The best multi-market broker that offers cryptocurrencies as well as crypto stocks and ETFs.
- Kraken: The best platform to use for 24/7 customer service, deep liquidity, and an excellent range of educational resources.
- Gemini: The most secure crypto broker for UK traders. Gemini offers a good selection of coins and an excellent user-experience.
What Is a Cryptocurrency Broker?
A cryptocurrency broker otherwise referred to as a cryptocurrency brokerage, is a company that connects you with the cryptocurrency market. Brokerages are essentially middlemen standing between you and the cryptocurrency exchange. The broker buys up a large number of specific cryptocurrency tokens and offers them on its platform.
People often choose to use a broker rather than an exchange because these platforms offer a more user-friendly interface. Furthermore, brokers usually handle the technical aspects of trading for you, so you don’t need to understand complex order types, charts, or market data
How do cryptocurrency brokerages work?
When you use a cryptocurrency broker, you’re essentially buying or selling digital assets directly through a middleman who handles the transaction for you.
Instead of interacting with a live market like you would on an exchange, the broker offers you a set price for the cryptocurrency, which you can choose to accept or decline.
They simplify the process by setting the prices and executing trades on your behalf, so you don’t have to worry about navigating complex trading interfaces or understanding market fluctuations.
This makes it easier and faster for you to get the cryptocurrency you want without needing to dive into the technical details of trading.
What’s the Difference Between a Broker and an Exchange?
There are several key differences between cryptocurrency brokerages and cryptocurrency exchanges.
Here’s what you need to know about brokerages:
To purchase a cryptocurrency token from a brokerage, you will not require back-end knowledge of how the blockchain actually works, as the process is simple.
In a cryptocurrency brokerage, you can pay through convenient payment methods, including credit cards, debit cards, and PayPal.
Brokerages can also provide you with a higher level of customer support relative to exchanges.
Here’s what you need to know about exchanges:
The market determines the price of the cryptocurrency assets on exchanges.
- Exchanges match orders, meaning that at least two traders are needed to execute a trade.
The exchange makes money by charging fees for the traders once they are matched.
Why We Chose The Best Crypto Brokers
Now that you better understand what a cryptocurrency broker is, let’s take a closer look at why we chose the top 5 brokerages for UK traders in 2024.
1. Coinbase: The overall best cryptocurrency broker
Coinbase is by far one of the largest cryptocurrency brokerages out there. It provides users with a variety of different cryptocurrency tokens and offers a service known as Coinbase Pro, which tries to list new cryptocurrency altcoins. Also, it has a low minimum deposit and is simple to use.
We placed Coinbase at the top of our list due to the fact that the broker is suitable for both beginners and experienced traders. For starters, you can place trades from $1, which is ideal for new crypto investors who want to test the waters before putting large amounts of capital at risk. This also makes it easier to diversify your portfolio.
If you want to implement more complex trading strategies, Coinbase Pro offers a great selection of charting tools, technical indicators and advanced features.
Coinbase is available on both desktop and mobile app, which means that you can manage your portfolio on the go. It also offers one of the most popular hot wallets that you can use to store your crypto and interact with dApps.
2. Robinhood: The best mobile app to invest in crypto
Robinhood has an account minimum of $0 which makes it extremely easy to get into, and it also provides very low commissions (from $0) on cryptocurrency trades which makes it an affordable option. Its user interface is also streamlined, and anyone can get started easily.
Robinhood stands out as the best crypto brokerage app that is available on both Android and iOS. The platform is extremely user-friendy and catered towards long-term investing strategies rather than complex day trading.
You can trade 15 different cryptocurrencies as well as a variety of stocks and forex instruments – making it a great option for multi-market investors.
Although the selection of coins available is limited compared to other options (Coinbase offers over 200 coins), Robinhood excels when it comes to customer support and overall usability.
3. eToro: The best multi-asset broker for copy trading
eToro is a leading multi-asset brokerage that is well-known for being one of the most regulated platforms to buy crypto in 2024. In the UK, eToro is regulated by the Financial Conduct Authority.
As well as providing excellent security features, eToro offers market-leading social trading products which allow you to trade passively by copying the strategies of professional traders. eToro’s copy trading is suitable for long-term investors who want a more hands-off approach.
Through eToro, you can access both direct cryptocurrencies and crypto CFDs. The latter come with lower trading fees.
If you choose to buy crypto directly, eToro provides a native hot wallet which can be used to store your coins away from the exchange.
4. Kraken: Top crypto broker with deep liquidity and 24/7 support
Kraken offers a large number of crypto tokens as well as a great range of educational content which makes it an excellent choice for anyone who wants to build a diverse portfolio. You can access over 200 different coins through the platform as also take part in staking to earn passive rewards.
Kraken also provides deep liquidity, cold wallet storage and 24/7 customer support. This makes it a reliable platform to use for buying and selling crypto.
Another key feature that stood out during our review was Kraken’s low trading fees, which start at 0.40%. You can begin trading with as little as $10.
Like most of the brokerages that we reviewed, Kraken is available as a mobile app for managing your trades on the go.
5. Gemini: The most transparent crypto broker that offer over 70 currencies
Last on our list is Gemini, a reputable cryptocurrency brokerage that has received numerous awards for its products. The broker claims to be one of the most secure options for buying and selling crypto in the UK. The platform openly support’s the UK’s Take Five to Stop Fraud Charter and is ISO 27001 and SOC 2 Type 2 certified.
In fact, you can find a complete rundown of relevant information and data through the broker’s Trust Center – which has been designed to provide full transparency to users.
Regarding its trading products, Gemini offers a suite of great features including a crypto exchange, an advanced ActiveTrader platform, and crypto staking solutions. The broker is suitable for users of all experience levels.
Advantages and Disadvantages of Cryptocurrency Brokers
To better understand whether cryptocurrency brokers are the right platforms for you to be using, let’s take a look at some of the main pros and cons of these platforms.
- Cryptocurrency brokerages provide a simple service to purchase cryptocurrencies.
- These brokerages typically have a dedicated mobile application that you can download and install on any smartphone.
- You get access to a wide range of cryptocurrency tokens that can be traded extremely quickly.
- Brokerages typically require you to complete know-your-customer (KYC) verification and hand over personal documentation.
- They feature higher fees when compared to exchanges.
How Do I Get Started with a Cryptocurrency Broker?
Getting started with a cryptocurrency brokerage is a straightforward process.
Step 1: Open a Cryptocurrency brokerage account
The first thing you need to do is select the cryptocurrency brokerage that you will be using based on your own research. In order to create an account, you will usually have to find a button on the official homepage that prompts you to “Sign Up” or “Join Now.” This will forward you to the account creation screen. Here, you will be required to enter some general information, such as an email, password, and username. Additionally, many regulated cryptocurrency brokerages out there will also require you to complete a know-your-customer (KYC) verification process, which will require relevant documents on your end.
Step 2: Open the webApp or download the mobile application
Once you have completed the account creation process, the next thing you will need to do is check all of the ways through which you can access the cryptocurrency brokerage where you have created the account. Keep in mind that certain cryptocurrency brokerages will provide you with a multitude of ways to access them, be it through a web app or through a mobile client.
Step 3: Make your initial deposit
Once you have selected the cryptocurrency brokerage that you will be using and the method through which you will be accessing the brokerage, you will need to make your first deposit.
You can either use FIAT currencies as a deposit method or other cryptocurrencies. Keep an eye on the minimum deposit limit, as some brokerages will require you to deposit at least £200 so you can start using them.
Step 4: Buy or trade Cryptocurrencies
With the money loaded into your account, you can start buying or trading cryptocurrencies. This process is dependent on the user interface and overall design of the cryptocurrency brokerage in question. However, in most cases, find the search bar and look up your preferred cryptocurrency token either through its name or through its ticker symbol. Click on “Buy” or “Trade,” depending on what you want to do, and you should be good to go.
What To Look For in a Cryptocurrency Broker
The above list of brokers is not exhaustive. There are hundreds of brokerages available to UK traders. So, how do you know which ones are worth using?
Here are a few things to look out for during your research.
Design and Ease of Use
Ideally, you need to find a cryptocurrency brokerage that has a simple user interface. This will make it easy to navigate around the platform and place trades correctly.
The best brokers should have a clear design that makes it easy to know what you’re doing.
Fees & Commissions
Each cryptocurrency brokerage will have its own set of fees and commissions, and you will need to find one that suits your needs.
Long-term investors should look for platforms that offer low account management fees, low inactivity fees and low withdrawal fees.
If you plan on implementing short-term trading strategies, you should look for brokers that offer low spreads and trading commissions.
Reputation
Reputation can also play a major role. Ideally, seek a well-established brokerage with no concerns over security.
One of the best ways to understand a platform’s reputation is through user reviews on sites such as TrustPilot. You can also find brokerage walkthrough videos and reviews on YouTube which can be a great way to see how a platform works.
Cryptocurrencies
If you are looking to build a diverse portfolio, it is essential to choose a broker that offers a high number of cryptocurrencies. From our list, Coinbase and Kraken offer the largest number of coins.
The broker that you choose doesn’t need to offer hundreds of tokens. However, it is helpful to be able to diversify with 5-10 coins.
Liqudity
One of the most important factors to look at when choosing a broker is liquidity, which determines how easily you will be able to buy and sell assets.
Brokers with deep liquidity are ideal because it is possible to easily enter and exit trades on these platforms. If a broker has low liquidity, you may find yourself unable to execute a trade.
Final Thoughts on Cryptocurrency Brokers
The best cryptocurrency brokers to use in the UK are Coinbase, eToro, and Robinhood. Each of these platforms has a user-friendly interface, low minimum deposit and the option to manage your portfolio from your phone.
Coinbase stands out as the best option overall because it is suitable for both beginners and experts. This is ideal for new investors who want to eventually implement more advanced strategies in the long run.
Before deciding on a brokerage, we recommend conducting your own research into the different options that are available. Use the above guidelines to make sure that the broker you choose is a strong option.
FAQs
Which crypto broker is best in the UK?
Coinbase is the best crypto broker in the UK because you can start trading from $1 and store your crypto in the native Coinbase wallet.
Is kraken legal in the UK?
Yes, Kraken is legal to use in the UK. Kraken operates locally as a Financial Conduct Authority (FCA) Registered Cryptoasset Firm
Do I Need a Wallet to Use a Cryptocurrency Broker?
A cryptocurrency brokerage will typically provide you with an on-account cryptocurrency wallet, to begin with, but it is always recommended to have your personal wallet as well.
Are Cryptocurrency Brokers Anonymous?
No, because they require you to complete a KYC verification.
Are Cryptocurrencies Available 24/7?
Cryptocurrencies run on blockchain technology and, as such, are always available.
Can I Use Multiple Cryptocurrency Brokers?
You are not limited in any way; however, this incurs higher fees as you’d be transferring your funds from one wallet to another constantly.
Are Cryptocurrency Brokers Regulated?
Many cryptocurrency brokers are indeed regulated; however, this usually depends on the brokerage in question. In the UK, regulated brokers will fall under the Financial Conduct Authority.
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