This means that if you sell cryptocurrency for a profit, you will need to pay tax on the gain. However, if you sell cryptocurrency for a loss, you may be able to offset that loss against other capital gains. EToro is the best crypto platform in the UK, providing investors with access to a vast range of assets, including cryptocurrencies, stocks, commodities, currencies, indices, and ETFs. The platform sets itself apart with state-of-the-art social trading features, such as Copy Trading, and a Virtual Account for users to refine their skills with £100K in demo funds. Once you click the “Send & sell” button, your cryptocurrency will be withdrawn from your wallet. We will convert it in GBP as soon as we receive it , then transfer funds to your bank account.
Please keep in mind that cryptoassets are highly volatile, and there is no government protection for your crypto holdings. Send and receive cryptocurrencies between friends from all over the globe. Binance’s finances came under scrutiny in 2022 after the collapse of FTX. The accounting firm used by Binance to verify its reserves paused its work for all crypto clients and the Securities and Exchange Commission said investors should be wary of crypto firm audits. None of the big four accounting firms are willing to work with Binance, according to the Wall Street Journal.
Still, every cryptocurrency has to pass a thorough verification to be listed. Our due diligence and concerns about the quality of the service pay off. Now, we are moving forward to achieve the status of the best cryptocurrency exchange. Cryptocurrency is legal in the UK, and there are no restrictions on individuals buying, selling, or holding cryptocurrencies like Bitcoin, Ethereum, Dogecoin and other altcoins.
What Options Do I Have When Selling Cryptocurrency in the UK?
In fact, 13 selected pairs can now be traded on a commission-free basis. Standard trading commissions on other pairs start at 0.1% per slide. A 25% discount can also be achieved by paying commissions in BNB tokens, which are native to Binance. EToro manages the smart portfolio on behalf of investors, so this promotes a passive experience. In a nutshell, copy trading allows investors to mirror the buy and sell orders of a chosen trader.
Trading commissions are charged when buying and selling crypto at a crypto exchange. Binance is one of the most competitive, with certain pairs available to trade at 0% commission. It’s typically a good idea for investors to only use crypto exchanges that are authorized and regulated by the FCA. This will ensure that the chosen exchange is legitimate and that it operates within the guidelines of the UK’s financial watchdog.
Invest from £10
So we’ve designed the Instant Buy service to allow customers to easily enter digital finance and use its benefits. Additionally, HMRC requires individuals and businesses to pay taxes on their cryptocurrency gains or profits, with different payment methods depending on the nature of the activity. However, some crypto exchanges, such as eToro, CoinJar, and Uphold, are registered with the Financial Conduct Authority . This tax year, the Capital Gains tax-free allowance is £12,300 (£6,150 for trusts). You can buy cryptocurrencies in the UK from crypto exchanges such as eToro, Coinbase and Uphold.
Besides, millions of active crypto and Bitcoin traders help us to maintain markets of a high-quality and appropriate liquidity level. Our customers know what it means to work with a regulated platform that has a substantial history, a deep understanding of the market and customers’ needs. We are constantly working on enhancing security and adapting our systems to the latest regulatory requirements. Compliance with the international standards allows us to implement numerous payment options and work with reliable banks and payment providers. The positive reputation of CEX.IO and market tenure make it worth the trust of customers all over the world.
Huobi – Buy and Sell More Than 500 Crypto Assets With Low Fees
Another example of a ready-made crypto portfolio in the UK is the CoinJar Universe Bundle, a portfolio of all the cryptocurrencies available on CoinJar. One investment into such a bundle gives you exposure to every cryptocurrency available on CoinJar. One example is eToro’s CryptoPortfolio, a basket of several cryptocurrencies weighted according to each cryptocurrency’s total market capitalisation. As of February 2023, Bitcoin, Ethereum, and BNB made up 41%, 17% and 11% of the holdings in this portfolio, respectively. The most common way to acquire crypto in the UK today is to buy it on a crypto exchange such as eToro or Coinbase. Staking is another way to validate transactions on the blockchain.
KuCoin is a feature-rich cryptocurrency exchange that is available in over 160 countries including the UK. Additionally, you can stake hundreds of tokens on the exchange, as well as invest in NFTs. KuCoin provides one of the largest selection of tokens through its platform and currently supports over 600 on spot markets. In addition, there are over 2000 pairs to trade on futures/derivatives markets. In this guide, we breakdown what the five best cryptocurrency exchanges are in the United Kingdom, based off supported features & assets, fees, security and support options.
- You do not need to pay tax on cryptoassets when you buy them.
- Much like the regular bank ATMs, crypto ATMs are physical kiosks where you can sell mainstream crypto like Bitcoin, Ethereum, and Litecoin.
- Crypto exchanges are like regular stock exchanges where you can buy and sell different investment products.
- Buying or selling crypto is called a trade and can be carried out via crypto exchanges.
- Coinmama’s fees are a bit higher than many exchanges but the speedy transactions and account set ups and ease-of-use may make up the difference.
- We also look for exchanges with small minimum deposit requirements and a strong regulatory framework.
With CoinJar, you can trade or invest in 50+ cryptocurrencies, including popular coins such as Bitcoin, Ethereum, XRP, USD Coin, Dogecoin and Shiba Inu Coin. The CoinJar app, which doubles as a crypto wallet, allows you to buy, sell, hold, spend and transfer cryptocurrencies securely on your desktop, iOS or Android device. The CoinJar best crypto exchange uk card lets you make purchases with your crypto, online and in-store, anywhere Mastercard is accepted. It is free to activate the CoinJar card, and there are no monthly fees for using it. When paying with the card, your crypto is automatically converted to fiat currency using CoinJar’s best rates at the time of the transaction.
