Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
So, in this article, we offer you to have a look at ten crypto applications that you can use as a UK resident.
Many cryptocurrency applications have emerged over the last few years, with the most promising almost the same thing – give you the best experience as a crypto investor or trader. For residents in the United Kingdom (UK), it’s a promise most platforms fail to deliver on. In most cases, it ends with struggles to trade seamlessly. In others, customer support’s dedication to resolving issues is at an all-time low.
Despite the ups and downs, some others have stayed truthful and met the demands of their users. Of course, you might point out how these reliable ones are not enough for crypto users in the region. However, the fact that they have remained reputable and have continued to serve is one positive thing to hold dearly.
So, in this article, we will look at ten crypto applications that you should use as a UK resident. Our team of experts has carefully evaluated these top ten, and we’ve concluded that they are the best to try out in no particular order. Read on!
If you have thought about a complete crypto app, then eToro might be the perfect fit. This is not just because of its easy-to-use interface or fast registration. eToro, unlike most crypto apps, offers assets beyond cryptocurrencies alone. As an eToro user in the UK, you can access several cryptocurrencies, stocks, commodity options, and Exchange Traded Funds (ETFs).
However, there are some downsides to using eToro in the UK. eToro charges a little higher than others with its 1% flat fee for buying and selling crypto. Non-trading costs can also be as high as $5, but this sometimes gets lower.
The platform offers Contract for Difference (CFD) trading. The challenge is that the UK’s Financial Conduct Authority (FCA) frowns on the venture and prohibits it. So, as a company operating in the region, eToro follows the laid-down regulations. As for every other part, users can seamlessly trade them. In addition, crypto newbies may need a helping hand using the eToro platform – not because it’s extraordinarily complex but because of the advanced features.
Recognized globally, Coinbase is one of the most used cryptocurrency applications. In the UK, many traders have come to trust Coinbase and the reasons are clear for anyone to see. Coinbase does not just focus on trading but also on crypto investing. Beyond these functions, you can also stake some assets like Ethereum directly on the app. Coinbase also has lots of cryptocurrencies on its platform.
You can trade over 150 cryptos on the Coinbase app at the time of this writing. So, it is not surprising that the platform serves millions of users worldwide. Coinbase is legally allowed to operate in the UK, and a large part of that worldwide number comes from the UK.
The only glaring disadvantage of using Coinbase would be the complexities of trading one coin directly against another. As for transaction fees, Coinbase charges based on trade volumes. It could be $0.25, or $0.10 and can be as high as $1.
Out of all the top ten apps, Bitcoin Profit seems like the most unique. You can’t call it a crypto exchange, nor can you say it’s a trading app. However, Bitcoin Profit does everything in its power to link crypto investors with reliable brokers. So, if you’re in the UK and want a trading platform where you can access helpful tools and automated trading tools.
That said, UK residents must confirm with the FCA if they are eligible for some Bitcoin Profit services. Apart from access to brokers, users can trade cryptocurrencies and try out CFDs. The latter, however, is not entirely legitimate in the region.
The main advantage of using Bitcoin Profit is that registration is free, and you don’t need excess capital to start trading. Bitcoin Profit does not charge transaction fees as it claims its partners compensate it for successful registrations and account funding. For the user, how much in a transaction or non-trading fees is determined mainly by the partners or trading platforms.
Binance is the world’s largest cryptocurrency exchange. Unlike eToro, you cannot access ETFs or stocks on the Binance trading app. However, it offers the largest number of cryptocurrency pairs. So, if you are in the UK and looking for the most unpopular cryptocurrency, you will most likely find it on Binance. Binance also has a dedicated channel called the “Binance Academy,” where beginners can learn about the crypto sector.
One thing that helps Binance rank is the “freedom” of using the platform. For example, users can buy the Binance Coin [BNB] on the app and decide to store it in another wallet. Another aspect is the ease it brings. In addition, Binance charges no fee on spot trading transactions. However, you could be charged $0.50% using the app’s instant buy and sell feature.
Users in the UK or anywhere can transfer to other Binance users with just their email addresses. You do not necessarily need to have their wallet. While it’s great for beginners, it can sometimes be difficult to get a response from their support team.
By using Robinhood in the UK, you can trade over 100 cryptocurrencies. Also, you can access stocks, just like eToro. Binary options, ETFs, and Index funds are available on the crypto app. In charging transaction fees, Robinhood focuses on what kind of trading you, as a trader, are into.
For equities, it is a different charge. If you trade options, the charges are different. However, you may need to be careful with the app’s security and ensure you activate two-factor authentication.
If you, as a UK resident, are looking for a crypto app where you can trade over 100 cryptocurrencies, then Uphold is your best bet. As of this writing, the platform lists about 115 cryptocurrencies from Proof-of-Work-based blockchains to layer-two protocols.
The great part is that Uphold does not charge transaction fees for trading cryptocurrencies. However, traders involved in spreading cryptocurrencies get charged 0.8% and 1.2%. Since it also offers brokerage services, users can trade stocks and commodities on the platform.
Gemini is a bit different from some of the apps mentioned earlier. What differentiates it is that it is a cryptocurrency exchange – not a brokerage or crypto marketing tool. Unlike some platforms, Gemini does not have a minimum deposit, and users enjoy access to many cryptocurrencies.
In addition, there are fewer speculative instruments on the app. On the other hand, its biggest con is its transaction fees. Gemini charges more transaction fees than usual. Still, it is part of the top crypto apps in the UK.
Revolut prides itself in offering zero commission for UK users and almost every other part it operates. However, Revolut is not a cryptocurrency exchange. What the platform does is that it acts as a broker for people interested in crypto trading and investments. You can trade several cryptocurrencies like Bitcoin, Litecoin, and Ethereum. However, you can’t access Revolut on a desktop. Also, there are minimal resources for beginners to catch up on learning.
Boasting over 50 million users globally, Crypto.com is one of the most user-friendly apps. So, there is no doubt that UK crypto enthusiasts would love the platform. Interestingly, the platform has a card to match. You can trade up to 250 cryptocurrencies on the crypto platforms.
Crypto.com also offers leverage trading, options, and CFDs. As for transaction fees, Crypto.com charges as low as 0.4%. You can track your assets and earn up to 10% yearly interest on stablecoins investing. One downside to using it is that some of the cryptocurrencies available on the app can be highly volatile, and users can lose their invested capital if care is not taken.
Bitstamp is one of the top crypto apps if you’re looking for a platform with extremely low transactions. Since it launched in 2011, Bitstamp has remained relevant to date and has held UK users spellbound with its offers.
Its downside is that only a limited number of cryptocurrencies are on the app. It could be difficult to trade more than 50 cryptocurrencies. However, UK users enjoy between 0.25% to 0.50% in transaction fees, compared to others that charge as high as 2%.
Finally, all these cryptocurrency apps have proven beyond measurable doubt to be the best among the rest. Of course, you might say we exempted a few, which is debatable. These platforms might be the ones to prevent you from unresolvable challenges.
Still, you must know that trading or investing in cryptocurrencies remains risky. While you can potentially make a fortune, you can also lose all your invested capital. The best decision you can make apart from using any of these platforms is to speak with a financial advisor before investing. Be assured that doing that would do you much better than making rash financial decisions.
Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.