Cryptocurrency is, without a doubt, one of the hottest financial trends in modern times. According to Finder’s February 2022 survey, 6.1% of Brits own cryptocurrency. Everyone wants to join the crypto bandwagon nowadays, but to get in on the action, you need a cryptocurrency exchange where you can buy and sell famous digital currencies like Dogecoin, Tether and Bitcoin. Your crypto exchange choice matters since several fake platforms are out there, so it is prudent to stick to the best only. Below are some leading crypto exchanges to consider in 2022.
Binance is the world’s most famous crypto exchange platform, outshining its competitors in terms of registered account users, trading volumes, and markets. It is estimated that over 100 million people use Binance globally. The current Bitcoin price on Binance stands at $39,513.88 (£31,046.85). However, it was created by Chinese national Chanpeng Zhao to allow crypto enthusiasts to buy, sell, and trade other digital currencies like Ethereum, ApeCoin, and DogeCoin. You can trade over 1,000 digital asset pairs at a 0.10% commission after funding your Binance account. Binance is highly regarded for its top-of-the-line security system, accessibility across all devices, and wide range of payment options.
Coinbase is a San-Francisco based crypto exchange that allows you to sell, buy, and earn famous digital currencies and track them in one place. There are more than 500 cryptocurrencies and other digital assets to select from on this exchange, including popular coins and tokens like Ethereum and Cardano. Many Coinbase users love that the exchange allows you to set up recurring trades and invest in crypto over time by scheduling daily weekly, or monthly buys. It also has an incredibly sleek and easy to navigate interface, even for first-time users. However, trading cryptocurrencies on Coinbase means parting with multiple fees. These fees are calculated when you place your order and determined by multiple factors like the size of your order and the preferred payment method. The platform is also notorious for its frequent outages when Bitcoin’s price fluctuates. Finally, Coinbase will give your details to the HMRC if you have a UK address and receive over £5,000 worth of cryptocurrency assets on the platform during a given tax year.
Uphold is a UK-based crypto exchange and multi-asset brokerage platform that allows you to trade over 115 digital currencies. This platform has it all, from popular cryptocurrencies like Ethereum and Bitcoin to stablecoins, meme coins, and DeFi coins. As such, it is the best place to trade fast-rising cryptocurrencies yet to hit other exchanges. You won’t pay crypto trade commissions on Uphold, but the platform charges a variable spread. This spread depends on the specific cryptocurrency you are trading and market conditions, but it is typically between 0.8% and 1.2% for famous cryptos. Perhaps the most incredible thing about Uphold is its impressive transparency. Unlike other cryptocurrency exchanges, it allows you to check how much cash it has in its reserves at any time to guard against market downturns and client withdrawals. Uphold is also known for its stringent security since the platform regularly undergoes security audits to verify that it is safe against hacks.
eToro is arguably the best crypto exchange in the UK currently. You can purchase and sell your digital currencies safely here, as the platform is authorised and regulated by the Financial Conduct Authority (FCA). It reportedly takes less than five minutes to open a verified crypto account with this exchange. After opening your account, you can rapidly deposit funds using a UK credit or debit card or e-wallet. Deposits can also be made through bank transfers if you are patient enough to wait a few days for the transfer to process. You can then purchase and sell more than 50 cryptocurrencies with the click of a button.
Furthermore, eToro allows you to invest in the hottest meme coins like Shiba Inu with an average spread of 2.9%. Also, you can buy any of this exchange’s supported coins for just £7.86. eToro does not charge deposit fees but charges a 1% trading fee on buy and sell orders. Also, all trading on this exchange occurs in USD, so you will pay a conversion fee if you deposit or withdraw in Pound Sterling and other currencies other than the dollar.
Gemini, cofounded by identical twins Cameron and Tyler Winklevoss in 2014, is an easy-to-use crypto exchange suitable for beginners and advanced traders alike. Gemini processes about £156.97 million daily in trades worldwide. It makes it incredibly easy to research the market, purchase over 50 digital currencies, and build a solid portfolio of tokens and cryptocurrencies. With this exchange, you can trade assets, manage holdings, and set up recurring trades and price alerts. Additionally, you can track your trades and monitor market movement using the web app and Android or iOS mobile apps. As a UK customer, you can access the Gemini exchange to enjoy several beginner-friendly and sophisticated trading tools. Gemini charges many fees for crypto trading, including transaction, withdrawal, and Maker-Take fees. However, your fees depend on whether you access this exchange through its Active Trader interface, mobile app, or web app.
Phemex is a leading crypto exchange with bespoke trading engines that can process about 300,000 transactions per second and fulfil order response times of less than a millisecond. This Singapore-based crypto trading platform is led by about 8 ex- Morgan Stanley executives with decades of Wall Street experience. With your credit or debit card, you can purchase popular cryptocurrencies like Litecoin, Chainlink, XRP, and Tether on Phemex. Although this platform is ideal for beginners and advanced traders alike, experienced traders will find it particularly appealing. This is because it allows you to trade Bitcoin, Ethereum, and more than 24 crypto pairs with no trading fees if you are a Premium user. The platform also has more than 400 articles on trending crypto projects which you can use to boost your digital currency knowledge. Like Gemini, you will pay many fees when trading cryptocurrency on Phemex, depending on how you access the exchange.