Investing in crypto-assets for the first time can be quite daunting. As with stock market investing, one needs to select a reputable investment platform and then learn how to navigate it. The good news is that there are several crypto exchange platforms available to UK investors that are easy to navigate and well suited to beginners. Here’s a look at three such platforms.
eToro
First up, we have eToro. It’s an FCA-regulated trading and investment platform that was founded in 2007 and currently has over 35 million registered users worldwide.
There are several benefits of buying crypto through eToro. One is that the platform has a really simple design and is therefore easy to navigate.
Another is that it offers access to a wide range of crypto-assets. Through eToro, you can invest in Bitcoin, Ethereum, Cardano, and many other digital assets.
Additionally, eToro offers access to a range of crypto-based ‘Smart Portfolios’ such as CryptoPortfolio and CryptoEqual. These are essentially ready-made portfolios (they contain a mix of different crypto-assets) and they can be well suited to beginners.
It’s worth pointing out that to invest in crypto via eToro, you have to complete a short questionnaire to prove that you understand the risks. But this is relatively straightforward.
As for fees, eToro charges 1% for buying and selling crypto. So, for example, if you were to buy $2,000 worth of Bitcoin, the fee would be $20.
Coinbase
Next, we have Coinbase. It’s one of the largest crypto exchanges in the world with over 100 million registered users.
Now, this platform is a little more sophisticated than eToro. Yet it’s still easy to use thanks to its clean interface.
And there is a wide range of crypto-assets available to investors. As with eToro, you can invest in Bitcoin, Ethereum, Cardano, and many other digital assets.
On the downside, Coinbase has a slightly more complex fee structure. When buying or selling crypto, the cost of the trade is calculated at the time you place your order and is determined by several factors including your location, the size of the order, the selected form of payment, and market conditions such as volatility and liquidity.
Overall though, the platform is quite well suited to beginners. It’s worth noting that earlier this month, Coinbase won approval from the UK’s FCA as a registered virtual asset service provider (VASP).
Revolut
Finally, check out Revolut. It’s a fast-growing digital bank that was founded in 2015 and now has around 45 million customers worldwide.
Revolut offers access to over 30 different crypto-assets. So, there are plenty of options for beginners.
Meanwhile, its app is very easy to use. On Apple’s App Store, it has a rating of 4.9 which indicates that customers are happy with it.
On the downside, there’s no desktop browser version of Revolut at present. So, one has to buy crypto via the app.
Another drawback is that on the Standard plan (which is free), fees start at 1.49% per trade, which is higher than the fees on some other platforms.
All things considered, however, it’s a solid choice for those starting out in the world of crypto. And if one already banks with Revolut, it could be a great option.
Based in London, Edward is a distinguished investment writer with an extensive client portfolio comprising a diverse array of prominent financial services firms across the globe. With over 15 years of hands-on experience in private wealth management and institutional asset management, both in the UK and Australia, he possesses a profound understanding of the finance industry.
Before establishing himself as a writer, Edward earned a Commerce degree from the prestigious University of Melbourne. Complementing his academic background, he holds the esteemed Investment Management Certificate (IMC) and is a proud holder of the Chartered Financial Analyst (CFA) qualification.
Widely recognized as a sought-after investment expert, Edward’s insightful perspectives and analyses have been featured on sites such as BlackRock, Credit Suisse, WisdomTree, Motley Fool, eToro, and CMC Markets, among others.
You can contact Ed at edward@goodmoneyguide.com
