Our Picks of the Best Cryptocurrency Trading Platforms Reviewed
Use our reviews and comparison table of the best places to buy Cryptocurrency in the UK. You can compare accounts costs, minimum deposit and the number of cryptocurrencies on offer. Plus the different ways to buy and sell cryptocurrencies. Please Note: Investing in cryptocurrencies is very high risk and there is a very high chance you may lose all your money.
Methodology: We have chosen what we think are the best cryptocurrency platforms based on:
- over 17,000 votes in our annual awards
- our own experiences testing the accounts with real money
- an in-depth comparison of the features that make them stand out compared to alternatives.
- interviews with the crypto platform CEOs and senior management
Summary:
eToro: Good For Buying Cryptocurrency as an Investment
🏆Winner🏆
- Bitcoin Fees: 1%
- Other Cryptos: 120
- Minimum Deposit: From $50
eToro Cryptocurrency Investing Review
Name: eToro Cryptocurrency Investing
Description: With eToro you can buy and sell cryptocurrency on their normal investment platform in USD or for advanced crypto investors you can deposit and withdraw crypto on the eToro crypto exchange.
Summary
A good all-around cryptocurrency investing platform, suitable for those wanting to invest in the most popular crypto coins.
Fees: The 1% fee for trading crypto is included in the buy-sell spread when you trade crypto.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Pros
- 120 cryptocurrencies
- $50 minimum deposit
- 1%* commission on crypto trading
Cons
- Accounts only in USD
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Pricing
(4)
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Market Access
(3.5)
-
Online Platform
(4.5)
-
Customer Service
(4)
-
Research & Analysis
(4)
Overall
4Revolut: Good For Buying Small Amounts of Cryptocurrency
- Bitcoin Fees: 1.99%
- Other Cryptos: 30
- Minimum Deposit:$50
Revolut Cryptocurrency Investing
Summary
A good choice if you are just dabbling in cryptocurrency and don’t need anything too complicated.
Fees: Crypto fees are reduced to 1.5% for Metal and Platinum account holders.
Pros
- 30 cryptocurrencies
- $50 minimum deposit
Cons
- 1.99% commission for base accounts are quite high
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Pricing
(4)
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Market Access
(3.5)
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Online Platform
(4)
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Customer Service
(3.5)
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Research & Analysis
(3.5)
Overall
3.7Coinbase: Good For Buying Different Types of Cryptocurrency
- Bitcoin Fees: 3.99%
- Other Cryptos: 150
- Minimum Deposit:$50
Coinbase offer the most cryptocurrency to buy which can help reduce the risk by not holding all your crypto eggs in one basket.
Coinbase Review
Name: Coinbase
Description: Coinbase is a cryptocurrency exchange that lets you buy and sell various cryptocurrencies like Bitcoin, Ethereum, Cardano and Solana. Coinbase was listed on the NASDAQ exchange in 2012 and claims to have over 273 billion assets on account in over 100 countries and process $185 billion in quarterly volume.
Summary
Coinbase is one of the largest cryptocurrency exchanges and is publically listed on the NASDAQ exchange (COIN). It offers access to large selection of cryptocurrencies that can be traded on it’s crypto exchange or withdrawn to a cryptocurrency wallet.
Pros
- Wide range of cryptocurrencies
- Publically listed company
- Exchange and withdrawals
Cons
- Very high-risk investment types
- You can lose all your money
- Cryptocurrency still unregulated
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Pricing
(3.5)
-
Market Access
(5)
-
Online Platform
(4.5)
-
Customer Service
(3)
-
Research & Analysis
(3)
Overall
3.8- Thinking about using Coinbase? Read our expert Coinbase review first.
Compare Accounts For Buying Cryptocurrency
| Cryptocurrency Platform | Number of Cryptocurrencies | Costs & Fees | Minimum Deposit | GMG Rating | More Info |
|---|---|---|---|---|---|
| 150 | 3.5% | $50 | See Offer Capital at risk |
|
 | 30 | 1.99% | $50 | See Offer Capital at risk |
|
| 120 | 1% | From $50 | See Offer Capital at risk |
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
How to buy Crypto in the UK
To buy cryptocurrency in the in the UK, you need a crypto broker or cryptocurrency exchange like as Coinbase, eToro or a neo bank like Revolut. These brokers and platforms offer access to a wide range of different cryptoassets.
To invest in cryptocurrency through a broker you will need to open an account first. This can sometimes take some time as you will need to complete some identification checks.
- Thinking about using Coinbase? Read our expert Coinbase review first.
An alternative way to invest in crypto is through a FinTech company such as Revolut where you can invest in crypto with as little as $1. Currently, Revolut offers access to over 50 different cryptocurrencies.
It’s worth pointing out that in the past, it was possible to use Contracts for Difference (CFDs) to trade cryptocurrencies without buying the underlying assets. However, in early 2021, the UK’s financial regulator, the Financial Conduct Authority (FCA), banned crypto derivative trading in the UK meaning it’s no longer possible to trade crypto CFDs.
The FCA’s ban on cryptocurrency derivatives includes exchange-traded products (crypto ETPs) meaning that UK investors cannot currently invest in crypto exchange-traded funds (Bitcoin ETFs) such as the ProShares Bitcoin Strategy ETF.
However, you can trade cryptocurrency CFDs and derivatives with a professional trading account.
What Is Cryptocurrency And How Does It Work?
Cryptoassets are underpinned by distributed ledger technology (DLT). A ‘distributed ledger’ is a digital database of transactions that is implemented across a network of computers and has no central administrator. Because the data in the database is stored across the network and not in one location, the network is said to be ‘decentralised.’
The key advantage of a decentralised network is that any transaction that takes place on the network is recorded in multiple locations at the same time. This means there’s a much higher level of security compared to a ‘centralised’ ledger, where data is stored in only one place.
‘Blockchain’ is the most well-known form of DLT. This is the technology that a lot of major cryptoassets are based on. With Blockchain, transactions are grouped into ‘blocks’ that are chained together and cryptography is used to secure and verify every transaction. The advantage of Blockchain is that all transaction data is public meaning that anyone can see it. This makes it pretty much impossible to forge a transaction on the network.
Advantages of buying crypto
Advantages of buying crypto include:
- The potential for big returns. In the past, cryptocurrency has generated strong returns for investors at times. For example, in 2017, Bitcoin generated a gain of around 1,320%.
- Enhanced portfolio diversification. Crypto tends to have a low correlation to other assets such as stocks and bonds. This means that it can potentially be used to help diversify an investment portfolio.
- The ability to make payments. Some cryptoassets can be used for payments. For example, with Bitcoin, you can send it to friends and family. You can also pay for some goods and services with it.
Disadvantages of buying crypto
Disadvantages of buying crypto include:
- The potential for big losses. While crypto can generate big gains at times, it can also generate big losses. In 2018, Bitcoin lost nearly 75% of its value.
- Growing regulatory scrutiny. At present, financial regulators around the world are taking a close look at cryptoassets. This means that there is a high level of regulatory uncertainty. In some countries, crypto has been banned by regulators.
- Most retailers do not accept crypto. In the UK, no major high street shop currently accepts cryptocurrency as payment. This means you must convert your crypto to cash before you can pay for goods or services.
What are the main uses for cryptocurrency?
This is a major problem for cryptos, in that other than the almost cultlike CryptoBro brigrade who swear crypto is the future. They have yet to come up with a use case that is actually useful to the mainstream. That being said, there are some crypto assets that have a number of uses. These include:
- Payments. Some cryptocurrencies such as Bitcoin, Bitcoin Cash, and Litecoin are designed to work as a medium of exchange. This means that they can potentially be used to pay for goods or services, or to transfer money to someone.
- Smart contracts. Some cryptoassets such as Ethereum and Cardano are designed to facilitate smart contracts. Smart contracts are digital agreements that can be used to settle complex transactions and allow movement of funds under predetermined conditions.
- Investments. Increasingly, investors are viewing cryptoassets as an asset class. One appeal of cryptoassets from an investment point of view is that they tend to have a low correlation to traditional asset classes such as equities and bonds. This means that they can potentially be used for portfolio diversification.
The difference between a fiat currency and a cryptocurrency
A fiat currency is a currency that is issued by and backed by a government. Examples of fiat currencies include the US dollar, the British pound, and the Euro.
A cryptocurrency, by contrast, is a digital currency that is not issued or backed by any government. Examples of cryptocurrencies include Bitcoin, Bitcoin Cash, and Litecoin.
While governments can potentially manipulate fiat currencies by increasing or decreasing supply, they cannot manipulate cryptocurrencies as they are not controlled by any central authority.
The most popular cryptocurrencies to buy
Some of the most heavily traded and discussed cryptocurrencies are:
- Bitcoin (BTC) – Bitcoin is a digital currency that is based on blockchain technology and can be sent from user to user on the global Bitcoin network without the need for intermediaries such as banks. It was launched in 2009 by Satoshi Nakamoto (a pseudonym) and designed to be an alternative to traditional fiat currencies.
- Ethereum (ETH) – Launched in 2015, Ethereum is a programmable blockchain technology with smart contract functionality. When people talk about trading Ethereum, they’re actually talking about trading ‘Ether’ – a tradable token designed to fuel the Ethereum ecosystem.
- Binance Coin (BNB) – Binance Coin is a cryptocurrency that’s used to pay fees on the Binance cryptocurrency exchange. Binance Coin was initially based on the Ethereum network, however, it’s now the native currency of Binance’s own blockchain, the Binance chain.
- Tether (USDT) – Tether is a cryptocurrency with tokens issued by Tether Limited, which is controlled by the owners of crypto exchange Bitfinex. Tether is a ‘stablecoin’ – a type of cryptocurrency that’s designed to be stable so that it can be used as a medium of exchange. Tether is designed to always be worth USD $1.00.
- Solana (SOL) – Solana (SOL) is a cryptocurrency coin that runs on the Solana network. Solana is a blockchain platform that aims to provide high transaction speeds at a low cost without sacrificing decentralisation. Like Ethereum, Solana can support smart contracts.
- Cardano (ADA) – ADA is the native cryptocurrency of Cardano – a public blockchain platform designed to run various applications such as smart contracts and decentralised applications (DApps). This platform was launched in 2017 as a competitor to the Ethereum blockchain. The key advantage of the Cardano platform is that it’s much faster than Bitcoin in facilitating peer-to-peer transactions.
- XRP (XRP) – XRP is the token of Ripple – a payments company that provides solutions for global money transfers. Ripple operates RippleNet, which is a network of banks, payment providers, and other financial institutions that uses a single application programming interface (API) to make the process of moving money around the world faster and cheaper.
- Polkadot (DOT) – DOT is the native cryptocurrency of Polkadot – a platform that enables cross-blockchain transfers of any type of data or asset. It’s designed to achieve high degrees of security and scalability by uniting multiple blockchains.
- USD Coin (USDC) – USD Coin is a stablecoin that is supposedly pegged to the US Dollar. Each USDC is backed by one US dollar or asset with equivalent fair value, which is held in accounts with regulated US financial institutions.
- Dogecoin (DOGE) – Dogecoin is a cryptocurrency that was originally created in 2013 by two software engineers as a joke. It is designed to be a light-hearted alternative to traditional cryptocurrencies such as Bitcoin.
Cryptocurrency Prices in USD, GBP & EUR
| Cryptocurrency | USD Price | EUR Price | GBP Price |
|---|---|---|---|
| Bitcoin (BTC) | 96,895.87 | 94,011.59 | 79,262.69 |
| Ethereum (ETH) | 3,207.26 | 3,112.58 | 2,624.27 |
| Tether (USDT) | 0.9996 | 1.0305 | 1.2223 |
| Binance Coin (BNB) | 693.86 | 672.66 | 567.13 |
| Ripple (XRP) | 2.8088 | 2.7258 | 2.3044 |
| US Dollar Coin (USDC) | 1.0000 | 1.0308 | 1.2228 |
| Solana (SOL) | 187.09 | 192.86 | 228.77 |
| Cardano (ADA) | 1.01157 | 0.98167 | 0.82748 |
| Dogecoin (DOGE) | 0.35453 | 0.36547 | 0.43351 |
| TRON (TRX) | 0.22348 | 0.21687 | 0.18341 |
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
