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Below is the Best10 Team’s choice of the best UK Cryptocurrency Brokers. We have narrowed the selection of the best cryptocurrency trading platforms and brokers for you based on ease of use, reliability, available choice and fees.
Best10 selectsMore Choice?
eToro has an established reputation. Set up an account in minutes & start trading with as little as $200 deposit.
Plus500 offers a powerful CFD trading platform that adheres to the highest standards.
Its low cost fee structure is a huge draw for customers who want to trade in a variety of asset classes.
This Irish based Forex broker offers no withdrawal fee with a relatively low minimum deposit. It is also possible to trade CFDs and Cryptocurrencies through their user friendly platform.
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Cryptocurrencies are a relatively new asset class, yet they have managed to disrupt the investment world and are now enjoying some notoriety as a legitimate financial product all of their own.
Here, we look at answering what exactly is cryptocurrency trading and how to choose the best crypto brokers UK that meets an investor’s needs and requirements. In doing so, an investor is far better placed to make the best decision possible with regards to what broker is most suitable for them.
A cryptocurrency is a form of electronic currency. There are many different types of cryptocurrency now available. For example, Bitcoin, Bitcoin Cash, Litecoin and Ethreum. They are not used as hard cash as currencies like the US dollar or the British pound are. However, they can be used to purchase some goods online with entities that allow this form of payment.
Trading in cryptocurrencies is a form of betting on the price movements of the cryptocurrency itself. In a way, it is a form of forex trading, however one side of the trade is a cryptocurrency, with the other side a traditional currency. Traders in cryptocurrency make money on the spreads that occur because of price movements and price fluctuations.
As with any form of trading, the broker you choose should have high standards when it comes to the trading platform or interface it provides as well as competent processes when it comes to opening an account in addition to depositing or withdrawing from it. Along with some other factors that need considering, here is why these practicalities need to be taken into account when choosing a cryptocurrency broker:
Fees are one of the main ways that brokers make their money. To do so, they structure their fees in various ways which vary from firm to firm. Choose a firm therefore that you believe offer value for money for those fees as well as simply being fees you can afford. Also, be aware of what those fees give you. Some broker fees will be low due to being a no frills entity, while others will be higher but also provide you with investment research pieces amongst other added extra features.
Despite being a company that provides the majority of its services online, some cryptocurrency brokers do not have an efficient, digital way of opening an account. This can be frustrating if you are dealing with a broker that is taking a long time to set you up with an account. It also means that you are losing out on all that time to invest your funds and make money.
A cryptocurrency broker’s trading platform is perhaps where a firm can really set itself apart from its competitors. Always choose a broker that has a well designed trading platform but ensure that your final choice also works with your processes. Some trading portals are well designed, but only suitable for the most advanced of traders. Others are much more intuitive and perfect for novice crypto traders.
Much like account opening, it is essential that your cryptocurrency broker makes depositing and withdrawing cash as easy as possible. Not only is it frustrating if you find the process of doing so is convoluted, it also doesn’t instill the highest amount of confidence as to the abilities of your chosen broker. Being able to deposit cash or withdraw cash is just as important a part of running a portfolio as making the trades themselves, so it is imperative that a cryptocurrency broker firm can get this right.
There is a growing amount of Cryptocurrency types available. If you want to invest in a wide range of them, ensure that your chosen broker has the capability to do. Some will only offer a small range of cryptocurrencies to trade in, which may not suit your purposes.
Given the relatively recent introduction of cryptocurrencies to the investment world, it can be difficult to know at first what broker to choose with any definitive satisfaction as to their worth or value. However, despite being a new asset class, brokers still need to provide a competent service delivering what they promise - like any other type of broker. Focus on those basics like a good trading platform as well as robust processes and you will find that you shouldn’t be let down.
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Before deciding to trade in financial instruments you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Best10Stockbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Best10Stockbrokers and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Best10Stockbrokers and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Best10Stockbrokers may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.