The 10 Best Bitcoin Options for Exchanges in the U.K.

Cryptocurrency exchanges allow people to purchase, sell, and trade one altcoin currency for others in currencies, like dollars and euros. There are many exchanges in the U.K., making it easy for new and seasoned investors to buy, sell, and trade Bitcoin and other types of cryptocurrency.

Many exchanges require I.D. verification to open accounts, others don’t need accounts, and some allow for direct trading among individuals in different countries.

How to Choose a Cryptocurrency Exchange

Anyone interested in cryptocurrency should do some research on exchanges. When it is time to choose, people should consider many factors, including:

Reputation

This factor is a critical determining factor. The only way to select one is to review trusted sites and testimonials. Additionally, it is important to remember that any exchange that fails to insure or separate client funds could subject your money to theft. Any exchange should have dependable cold storage that can limit the chances of hacking. To restrict less than positive experiences, people should familiarize themselves with all fees that are charged. This is especially important because fees can vary extensively depending on the exchange. Buyers and sellers also should know whether exchanges accept PayPal or if they require wire transfers and whether they accept national currencies or just cryptocurrencies to fund accounts. Exchanges that limit payment options can be very inconvenient.

Verification of Identification

Any exchange that accepts credit cards require identity verification and charge higher fees. This is because this increases the risk of fraud and theft. Additionally, these exchanges are likely to charge higher processing and transaction fees, and these sites can take longer to process transfers. Most U.K. exchanges require I.D. verification, but some allow people to remain anonymous.

Exchange Rates

Different exchanges can offer different rates for cryptocurrencies quoted in national currencies. Rates can shift widely depending on the markets with the actual volatility observed depending on the money and the types of digital money involved.

The Best Exchange Options in the U.K.

Check out the most popular exchanges in the U.K.:

BC Bitcoin

BC Bitcoin which is considered one of the most trusted cryptocurrency exchanges in the U.K., is the country’s bespoke brokerage firm. B.C. Bitcoin offers a wide range of coins and tokens and buys and sells all major cryptocurrencies including:

Bitcoin
Ethereum
Litecoin
Ripple
Bitcoin Cash

The best part of this exchange is that those who use it can experience professional and customized execution services that target personalized prices with stop-losses and limit orders. Also, transfers to British bank accounts are immediate. B.C. Bitcoin also offers mining packages, which cost between $500 and $5,000.

Localbitcoins.com

Localbitcoins.com is a peer-to-peer marketplace that escrows digital currency. It is available across 245 countries, including the U.K.

Transactions can be completed using cash, wire transfer, PayPal, SEPA, or direct bank deposit.

When LocalBitcoins is used, a person must register using an email I.D., and some sellers require a KYC check. Since LocalBitcoins acts as an escrow manager, the sellers set all of the rules and standards. With that in mind, buyers should always check the reputations of sellers.

Clients can post advertisements about exchange rates and payment methods, and then, individuals respond to them and arrange to meet with others to trade or simply trade them directly using online bank accounts. Since the exchange is decentralized, it requires businesses to deal directly with others. But, this does make buying and selling efficient. Buyers receive digital money immediately no matter what type of accepted payment method is used. Most importantly, Localbitcoins.com offers a transaction escrow service to protect all users. The account process takes only a few minutes.

Quickbitcoin

is a speedy UK-based exchange that handles transactions using standard bank transfers, which allow transactions to be completed in less than 10 minutes. Its application process also is quick; verification often takes just a few business hours. Buying also is simple and easy. A buyer determines an amount to purchase, fills out a form and submits it, and make a transfer to Quickbitcoin. The buyer receives bank details from the exchange and then digital currency gets delivered to the person’s wallet.

CEX.io

Operating since 2013, CEX.io is a UK-based service that supports more than five types of cryptocurrency, including Bitcoin. Purchases can be made via fiat deposits or a credit or debit card. Fiat currencies that a person can buy bitcoin include EUR, USD, GBP, and RUB. Prior to making a purchase, a person needs to undergo a KYC check. The exchange’s mobile app is user-friendly, allowing for direct deposits and withdrawals.

Binance Jersey

Binance Jersey is a highly-trusted extension of popular exchange Binance. It accepts payment via EUR, GBP, and there is no charge to deposit fiat currency. Account registration is free, but it does require an address and identity verification document to complete a KYC. This process takes less than 10 minutes, and buying can start immediately. Users have 10 days to deposit funds. Selling and withdrawing to a bank account also is permitted.

Coinmama

Coinmama is a fast, secure service that allows people to buy digital currency, like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, and Qtum, using credit cards. It is accepted in more than 200 countries, and it has an intuitive interface. Nevertheless, it doesn’t have its own built-in wallet, like other exchanges. Also, it uses its own currency rate and charges an additional 5.5% fee plus another 5% fee if purchases are made with debit or credit cards. Coinmama also requires a KYC check, which has been known to take several days.

Changelly

Based in the Czech Republic, Changelly allows users to quickly and easily swap on type of digital currency for another. Users can buy many types of crypto with fiat money, including U.S. dollars and Euros. Another plus is that it’s accepted in every country. Most importantly, Changelly is very safe. It uses two-step authentication. Changelly does impose fairly strict limits on transactions. Users based in E.U. are limited to $100 for their first transactions. Their next purchases can be made four days later for $200. A week after a first purchase, a person can make a purchase for $500. Following this, there are no limits on transactions.

Coinbase

The U.S. based Coinbase is a popular, easy-to-use exchange that is especially good for novice crypto investors. It has a large customer base, including people in the U.K. Those in the U.K. can buy crypto using credit or debit cards. Fiat deposits are supported by EUR ad GBP. To buy digital currency using fiat deposits or with credit and debit cards, a person must complete a KYC, register at Coinbase, and complete a photo I.D. verification. Every purchase made with a credit or debit card is charged a 3.99% standard fee by Coinbase.

Coinfloor

Coinfloor is a London-based exchange that allows U.K. residents to buy cryptocurrency that is supported by fiat currencies, including euros and U.S. dollars. A KYC must be completed before a person can make any transactions. It fee structure ranges between 0.10%-0.30%, depending on volume.

Coindirect

Like LocalBitcoins, Coindirect is a peer-to-peer marketplace. It publishes all sellers and buyers of different digital funds and assets to users in the same locations. In addition to the buyers and sellers, the site also lists prices and payment methods. Coindirect also is unique in that allows people to buy cryptocurrencies without opening an account. Crypto, including Bitcoin, Bitcoin Cash, Dash, Litecoin, Ethereum, Zcash, Monero, and Dogecoin, can be bought at one of the more than 200 ATM sites in the U.K. Those who want to buy crypto with cash must enter a mobile phone number. This is so a validation code, which must be entered into the ATM, can be sent to the buyer. A new paper wallet is provided for those who don’t already have wallets. Users must scan Q.R. codes on their wallets before they pay with cash.

In Conclusion

People interested in buying or selling Bitcoin should do their homework to find the best options available to them in the U.K.