5 Best Crypto Trading Platforms UK 2022
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider
The crypto market has boomed in recent years, with coins like Bitcoin and Ethereum rising thousands of percentiles. As a consequence, the amount of crypto platforms has also swelled. Crypto platforms are essential as they connect users to exchanges and allow them to safely store their cryptos.
If you are unsure which platform to go with, then read on for our top 5 best UK crypto trading platforms guide. We will cover some of our top crypto trading platforms UK and review each, delivering pros and cons.
The 5 Best Crypto Trading Platforms UK Ranked for 2022
We will now take a brief look at the top 5 best crypto trading platforms that we will later review in this article:
1. eToro – Overall best crypto trading platform UK
2. Crypto.com – Earn cashback on your crypto using the Crypto.com card
3. Huobi – Earn a $20 reward for signing up and depositing
5. Binance – Best Platform for Crypto Trading
The Top UK Crypto Trading Platforms Reviewed
Now we have looked at our top 5 list, we can take a closer look at each broker. We will cover the ease of use, fees, and pros and cons list for each broker.
Our number one pick is eToro. It’s a great choice for beginner investors, as the platform is easy to navigate around and simple to use. It offers investors access to over 50 crypto assets, meaning you can buy Bitcoin and other cryptos with low fees. The platform is regulated by the FCA in the UK, which means that your funds are protected by the FSCS Scheme.
Regarding fees, eToro is a great platform to use. It charges zero commission on all non-leveraged trades. eToro makes most of its money through its fixed spread on trades. However, there are some costs that investors need to be aware of. These are the $5 dollar withdrawal fee eToro charges and the $10 inactivity fee it charges if accounts are left untouched for over 12 months.
In addition to this, eToro offers some unique trading functions. Social trading allows investors to share trade insights, tips, and tricks via posts to eToro’s 30 million other users. Copy trading allows users to directly copy some of eToro’s best-performing portfolios directly to their accounts.
To set up an eToro account, simply visit either the smartphone app or website and follow the onscreen instructions. Before adding funds to your account, you need to verify it, which can be done by providing some valid ID.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Our second-best crypto exchange UK is Crypto.com. It supports over 150 coins and has a whopping 10 million users. Accounts can be easily set up via either the smartphone app or by visiting the website.
In terms of fees, Crypto.com does charge higher than eToro. For example, up to 0.4% is charged for market maker fees, on top of which another 0.4% convenience fee is charged per trade. If accounts are funded using a credit card, then users will have to pay a hefty 2.99% fee.
A cool feature to consider when using Crypto.com is that when users sign up, they have the option to receive a physical Crypto.com card. When using this card at selected retailers, users can earn up to 8% cashback in the form of crypto, which is transferred directly back to your account.
Your capital is at risk.
Our third broker pick is Huobi. After being founded all the way back in 2013, it has gained popularity as crypto markets have grown, currently operating with over 10 million users. It supports a whopping 320 cryptos and is available on both desktops and smartphones. Fees are also pretty cheap, coming in at 0.2% on each side of a trade.
When trading with Huobi, investors can choose the option of trading with up to 5x leverage. Whilst this is a great tool for amplifying returns, it can also lead to devastating losses if not properly managed.
If you set up a Huobi account, the platform will automatically add $20 to your crypto wallet. What’s more, if you deposit funds within the first 48 hours of having your account, Huobi will add another $20.
Your capital is at risk.
Our fourth best crypto platform for 2022 is Coinbase. If you are into crypto, the chances are you will have heard of Coinbase, as it is one of the biggest crypto exchanges in the world. It has a whopping 70 million users, who all have access to over 100 crypto assets.
To set up an account, simply visit the Coinbase site or the smartphone app. One point to note about Coinbase is that it does charge relatively high fees compared to other crypto brokers, coming in at just under 1.5% on either side of a trade.
Your capital is at risk.
As we mentioned, Binance is the world’s largest crypto exchange, supporting a hefty 500 coins. That’s part of the reason it has made it into our top 5 list. However, in addition to this, it also offers more advanced tools for traders to perform technical analysis of coins. This can help investors predict the future price movements of coins.
Setting up an account is easy to do by visiting either the website or smartphone app. Simply enter some personal details at this stage. If you encounter any problems at this stage, or at any other point whilst using eToro, you can get in touch with their dedicated customer's service hotline, which is open 24/7.
Your capital is at risk.
How to Pick the Best Crypto Trading Platform UK
With so many options out there, it can be tough to know how to pick the best platform for you. In short, there are a few major considerations that investors should consider before picking.
Firstly, regulation is a key issue. The crypto markets remain loosely regulated, so it’s important to ensure you are trading with a broker who offers good safety levels. eToro is a great example of this, as it is FCA Regulated in the UK.
In addition to this, the user experience should be considered. Most platforms are available on both mobile and website. eToro and Coinbase offer easy-to-use interfaces on each, whereas Binance has more technical tools.
Finally, investors should be aware of the additional tools and features offered by each platform. eToro offers social and copy trading for example, which can make investing more fun and more profitable.
How to Use a UK Crypto Trading Platform
We will now take you through a step-by-step guide on how to use a crypto trading platform – eToro.
Create an eToro account
The first step is to set up an eToro account. This can be done by visiting either the website or smartphone app and entering some basic personal details.
Step 2: Verify your account
The next step is to verify your eToro account, which must be done in order to add funds. This can be done by providing some valid forms of ID to eToro, which it aims to have verified within minutes.
Step 3: Deposit funds
The third step is to deposit funds in your verified eToro account. This can be done via a number of methods, including bank transfer, credit/debit card, PayPal, and Skrill.
Step 4: Search for crypto
Now you have a funded account you can buy and sell crypto as you wish. You can either search for specific crypto or visit the crypto explore page on eToro to see information on all coins.
There are many crypto platforms out there. However, the best way to choose which one is for you is by considering the features, safety, and fees that each offers.
Our best crypto trading platform UK is eToro. It is FCA regulated, has low fees, and tight spreads on crypto trades.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Disclaimer: Cryptocurrency and NFTs are unregulated digital assets and are subject to market risks. The views expressed above are of the author’s and does not reflect the opinion of Hindustan Times or Mint.