Top 5 UK crypto exchanges for 2022
Many individuals are hesitant to invest in or trade crypto. This is because the crypto market has long been regarded as a highly technical financial industry.
Indeed, the platforms, products, and the market’s very high volatility all add to its complexity. However, if you educate yourself and study the inner workings of the market as well as the many methods to use, this market can present a wealth of chances if you take the appropriate approach.
The first step is to decide which cryptocurrency exchange to utilize. The latter is the entry point to this market, which is why they are so crucial. Each exchange has its own specializations, such as simple and quick access, derivatives, Margin Trading access, and many others.
Top 5 crypto exchanges in UK
Right now we will show you in-depth reviews of the top 5 UK crypto exchanges for 2022 which is worth trading with.
- Binance – most popular trading platform,
- Coinbase – well-known cryptocurrency exchange,
- Huobi – one of the newest online crypto exchanges,
- eToro – highly comprehensive tool for online stock trading.
- Crypto.com – for beginners.
- Binance
With over 200 currencies accepted for deposit and withdrawal, Binance is one of the most popular trading platforms. Changpeng Zhao founded it in July 2017 as a Hong Kong-based cryptocurrency exchange. After a successful ICO that garnered $15 million dollars, Zhao’s business, Beijie Technology, launched the exchange.
Users from all around the globe are welcome on the site, which has garnered positive feedback from the cryptocurrency community. The exchange has recently collaborated with third-party organizations like Simplex to facilitate cryptocurrency purchases through credit card and wire transfers.
The exchange’s cheap costs, along with the team’s expertise in developing trading platforms, are enough to make it a big contender.
In addition to the trading pairings Bitcoin, Ether, BNB (the native token), XRP, and Tether, there are a large number of cryptocurrencies accessible for trade. On Binance’s fiat markets, crypto/fiat pairs are also accessible. Binance also provides Margin Trading and leveraged Futures contracts, in addition to the spot market. Decentralized finance (DeFi) offerings include paid books, stacking, farming, and even coin launches.
- Coinbase
Coinbase is one of the most well-known cryptocurrency exchanges in the UK, as well as one of the world’s biggest. Coinbase was the first big cryptocurrency business to go public in the UK, debuting on the Nasdaq in April at $381, giving the cryptocurrency exchange a fully diluted market valuation of 99.6 billion dollars.
Coinbase is a cryptocurrency exchange that lets you buy and trade bitcoin, Ethereum, litecoin, and more than 50 other cryptocurrencies. Coinbase can also be used to convert one cryptocurrency to another, as well as to transfer and receive crypto to and from other individuals. Coinbase, like trading applications, gives current cryptocurrency prices and trends, a portfolio summary, and industry news.
Coinbase is licensed in a number of countries so that it can provide the purchase of cryptocurrencies in conventional currencies, by transfer or credit card, in exchange for a fee. The Coinbase Pro edition gives you access to more sophisticated trading capabilities (margin, order book, etc.).
- Huobi
Huobi is a cryptocurrency exchange based in Hong Kong. It is one of the newest online crypto exchanges, having been founded in 2013. Traders from all around the world can acquire cryptocurrency tokens like Dogecoin (DOGE), Bitcoin (BTC), and Tether (USDT) via Huobi (USDT).
Huobi is one of the world’s major cryptocurrency exchanges, with trading volume in the top three. Initially, it solely served Chinese customers, but it now serves consumers in over 130 countries. Huobi presently lists over 380 crypto assets and 200 currencies, with a 24-hour trading volume of approximately $35,700,000,000.
Huobi has its own cryptocurrency, Huobi Token (HT), which was launched in January 2018. The Republic of Seychelles regulates Huobi. It is also governed by the Financial Conduct Authority (FCA) in the United Kingdom. Huobi offers more than 90 different deposit and withdrawal options, including bank transfers and credit/debit card transactions. Transaction costs are in line with industry standards.
Huobi Pro and Huobi OTC (both with applications) are focused on distinct markets. Huobi Pro allows users to buy and sell more than 200 different cryptocurrencies and tokens (with or without leverage).
Huobi OTC specializes in futures and options trading. These marketplaces provide consumers greater flexibility in terms of setting pricing and deadlines for transactions.
- eToro
The eToro mobile application is constantly being enhanced, and it has evolved into a highly comprehensive tool for online stock trading. Furthermore, eToro is unique in that it allows you to buy stocks without paying fees, making it a valuable platform for those who specialize in American stocks.
The three main stock exchanges offer the overwhelming majority of accessible equities. The NASDAQ and NYSE in the United States, as well as the London Stock Exchange in the United Kingdom, are these exchanges. The program not only enables you to purchase shares in cash but also allows you to trade CFDs with leverage.
eToro attempts to educate and assist newcomers to the stock market. Users of eToro are given a trial account with virtual cash when they register, allowing them to try out the platform’s numerous features. It also offers a variety of technical and fundamental analytical tools, such as an economic calendar that displays the events that are most likely to cause market volatility.
Market analyses are offered on a regular basis using the app. Each tradable item on the site has its own page, which includes full information, business news, and a price history chart.
eToro is a trading social network. As a result, for each action, there is a page where you can keep track of other members’ articles connected to the value. They can express their opinions on the title, discuss their perspectives, or ask the community questions. All of this can be done using the app.
- Crypto.com
Are you searching for a platform that supports mobile transactions and offers a broad range of cryptocurrencies? Crypto.com could be just what you’re looking for. It offers approximately 180 cryptocurrencies for consumers to trade and invests in. The site currently has no minimum deposit requirement, which makes it even more appealing to newcomers.
There aren’t any transaction fees on Crypto.com. However, you can only take advantage of this benefit if you use ACH to transfer money from your bank. Alternatively, you might employ an automated clearing house. Transactions made using a debit or credit card, on the other hand, might be highly costly. You can perform these transactions at your local bank to save money.
This platform also has the drawback of not allowing crypto-to-crypto trade. You can only make the transaction twice, for example, if you wish to swap Ethereum for Bitcoin. While selling Ethereum, the first transaction is made, and when purchasing Bitcoin, the second transaction is made. This characteristic distinguishes it from other big cryptocurrency exchanges.
Evaluation Criteria
Cryptocurrencies that are supported
The more cryptocurrencies you have, the more diverse your portfolio will be. This is true not just for digital currencies, but also for fiat currencies and other financial assets.
Fees that must be paid
Crypto platforms, like banks, profit on exchange rates. As a result, expect to pay fees to keep your investment or transaction active. Inactivity fees, withdrawals, deposits, and even CFD trading costs are all examples of these expenses. Furthermore, some platforms charge a fee for each transaction that takes place on the site.
Safety precautions
Without following critical security measures, a cryptocurrency platform can’t be the finest. Data privacy and money security are examples of security procedures. The security procedures used by major cryptocurrency platforms and exchanges are well-known.
Customer Service
The best platforms provide excellent customer service. Transactional, technical, or even a broad cryptography problems can be addressed by these support services. For customer assistance, the majority of the systems we looked at include an email address or even a chat.
Withdrawal and deposit options
Platforms should make the most widely accessible transaction methods available. Bank transfers and debit/credit cards are slowly becoming obsolete in today’s world. As a result, the majority of cryptocurrency platforms have implemented digital transaction techniques.
User experience
A platform’s user experience is another equally significant component. This is often neglected and dismissed as unimportant. A well-designed and simple-to-use platform, on the other hand, will undoubtedly establish the proper tone for your trading sessions. This is true not just for desktop programs, but also for mobile applications.
Conclusion
Cryptocurrency exchanges are critical to a trader’s or investor’s success. It is so critical to understand how to choose a crypto exchange. The platforms mentioned above are among the finest accessible to traders in the UK.
Before selecting an exchange, it is critical to consider all of the criteria. In addition, for new cryptocurrency traders, it is important to adopt a strategy for deciding whether to acquire the virtual currency directly or to use margin and forward trades, which provide a higher profit but also a higher risk. It will therefore be important to pick the most appropriate platform to accomplish the desired performance based on a variety of factors, including the latter.