Best Crypto Apps and Crypto Exchanges in the UK 2022

In a world that is turning ever-more digital, it's no surprise that our money is too.

Knowing your Bitcoin from your Ethereum and centralised from your decentralised exchanges can be a little overwhelming when first delving into the world of cryptocurrencies.

Many ask, 'what is the best UK crypto exchange?' and 'what crypto app should I use?'

This is where this article steps in. By the end, you should better understand the best crypto exchanges and the questions you need to ask yourself when deciding which cryptocurrency app is the best for you.

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Before we get ahead of ourselves, what are cryptocurrencies, and why would somebody want to purchase them first?

Cryptocurrencies are digital currencies (or money) that can be bought and sold across the internet, such as Bitcoin, Ethereum and Tether. Rather than being tied to a particular nation or governing bank, they operate solely in the online realm.

Whilst you can buy and sell certain online products using crypto, as a highly volatile market, the main reason people use crypto is in the hope of making money. By trying to buy particular coins low and selling them high, they could be looking at a lot of money in a short amount of time.

 But this volatility isn't all good news, and the potential to get it wrong and lose a lot of money is also a real risk.

 In seconds, people could lose thousands – and the crash in May 2022 saw people's portfolios plummet considerably, erasing life savings for some.

 With this volatility in mind and the ungoverned nature of the coins, many people, including traditional banks, have voiced concerns. best cryptocurrency

 What is a Crypto Exchange?

In order to buy and sell cryptocurrencies, you need to use a particular platform to do so – known as a crypto exchange.

Users access these crypto exchanges to purchase crypto using regular currencies (or 'fiat money), such as Euros, Sterling or Dollars, to transfer cryptocurrencies back to fiat money, and even to trade a particular type of crypto for another.

The only way to purchase cryptocurrencies is via a crypto exchange. Consider them a marketplace you have to visit to buy and trade the currencies you wish to.

Crypto exchanges can be hosted on a website or app and vary in usability, accessibility and security – which we'll be exploring below.

Types of Crypto Exchange

Exchanges typically fall into one of two categories:

1. Centralised Cryptocurrency Exchanges (CEX)

2. Decentralised Cryptocurrency Exchanges (DEX)

Centralised Crypto Exchange (CEX)

Chances are, these are the exchanges you're most likely to have heard of if you've started exploring the world of cryptocurrencies.

CEX platforms are considered the more beginner-friendly of the two exchange types, with a company acting as a middleman (or broker) between your trades – similar to what you see on the regular stock exchange.

Your cryptocurrencies are held with the Exchange in your 'wallet', and you must verify your identity to sign up with them. More often than not, they also have a customer support team to assist, and they can help you access your wallet if you forget your password.

CEXs also tend to have an easier-to-use interface than their decentralised counterparts and often offer training for beginners. Because they are more accessible, they tend to have more users – and the coins themselves also have better liquidity.

However, CEXs aren't without their risks.

Hacking threats and security issues can still arise. With a company in charge, they could ultimately suspend you from their platform with little warning, as they hold control. Fees also need to be considered, and you are limited to the coins available on their platform.

Decentralised Cryptocurrency Exchanges (DEX

In stark contrast, decentralised cryptocurrency exchanges don't involve a broker or middleman to complete crypto trading, buying or selling. They aren't overseen by one particular company.

Instead, it's a platform facilitating peer-to-peer trades, and they don't require you to hold a wallet with them. You don't need an account, you don't need to verify your identity, and if you want to purchase crypto on their platform, you just need to connect your wallet.

Typically a better option for more experienced traders, DEXs provide access to a much wider variety of coins than CEX platforms. As there isn't the same broker element as with CEX options, fees tend to be lower – but still exist in transaction and trading fees.

DEXs also don't accept fiat payments, and if you forget your password, you're stuck when you hold your wallet. There is no customer support on DEX platforms to reset your password or offer guidance should you have any questions – but they are less vulnerable to hacking attacks.

Both exchange types come with the risk of a potential to lose a lot of money – so regardless of whichever you choose, you should only invest that which you can afford to lose.

In addition, whilst cryptocurrency exchanges need to be registered with the Financial Conduct Authority (FCA) in the UK regarding anti-money laundering measures, they are otherwise currently ungoverned regarding practices and user protection, should an exchange go bust.

New UK Crypto Trading CFD Regulations

Crypto CFDs, or Contracts for Differences, are different to typical cryptocurrency trades explored in this article, in that, instead of trading particular coins, you're predicting the future of a coin via a broker and hoping to make money through being in profit when the allocated trading period closes.

Whilst many countries around the world permit it, the FCA in the UK has banned cryptocurrency CFD trading, citing extreme market volatility, an unreliable basis for valuation and an inadequate consumer understanding as reasons to do so.

As the world's most popular cryptocurrency, Bitcoin is available on all leading exchanges (CEXs and DEXs).

When choosing where to purchase your Bitcoin, it's worth considering the following:

1. Reputation

a. Research security breaches, how long it's been operating, whether it's available to use in your country and whether the overriding reviews are positive. You do not want to be at risk of loosing crypto assets.

2. The user interfaces

a. Is it beginner-friendly or for more experienced traders?

3. Fees

a. Weigh up the transaction fees, commissions and monthly fees, as each Exchange will be different.

4. System compatibility

a. If you're looking to use apps to invest in Bitcoin, you need to make sure the app is compatible with your operating system (i.e. iOS or Android)

This list is by no means exhaustive either – you do want to spend the time researching your options and weighing up your priorities to make sure that you're purchasing Bitcoin from the best Exchange for your circumstances.

There are many crypto apps (or exchanges) in the UK, and there is no one-size-fits-all. You are probably asking yourself what is the best crypto exchange? 

However, there are a few considerations to bear in mind when deciding which to sign up with:

• Transaction fees
• The user experience
• Which currencies are available on their platform
• Their security history (have there been any breaches or hacks in the past?)
• Is their platform available in your country?
• The liquidity of the coins

Finally, remember crypto exchanges are highly volatile unregulated investments. There is no UK or EU investor protection, so never invest more than you can afford to lose.

Although popular crypto trading platforms and exchanges, there are many stories of people losing money, so be careful. Our list is purely for research purposes. 

It's a lot to consider when starting your crypto journey – but below, you can find our thoughts on nine of the best crypto apps in the UK.

Coinbase

One of the best and most well-known crypto trading apps on this list, Coinbase, was founded in 2012.

Committed to accessibility, with over 103 million worldwide users, Coinbase is a mission-first organisation striving to "create an open financial system for the world" and, ultimately, economic freedom for its users.  

From within Coinbase's app, you can analyse present price charts, set up notifications for price changes, contact their customer support team, and access over 100 different currencies allowing you to trade bitcoin and more. This useful video below explains a bit more about Coinbase:

The Lowdown

Type of Exchange: CEX

Beginner-friendly: Yes – their user interface is extremely beginner friendly, with learning guides and informative posts available.

Number of currencies currently available: 100+

App compatibility: iOS and Android

Low Trading Fees?: Coinbase cites that several factors will be considered when buying, selling or trading cryptocurrencies.

Security: Most funds are stored in an offline wallet, minimising hacking risks. Users must also sign in using Two-Factor Authentication (2FA).

Anything else worth knowing:

Coinbase users can schedule crypto purchases to be processed every month, week, or even day – enabling a relatively hands-off approach to building your crypto portfolio.  

Coinbase also runs a Learning Rewards programme, which encourages users to watch videos on different cryptocurrencies before taking a quiz. Once completed, a small amount of crypto is deposited into their wallet through a reward.

Revolut

Revolut is everywhere right now.

Whether seeing their ads dotted around the London underground or being bombarded with their videos on YouTube, you've probably encountered their branding many times before.

And they aren't just for cryptocurrencies either.

Their app is a destination for all-things-finance, where you can manage your savings, budgets, everyday spending and payments, and cryptocurrency, precious metals and investment trades. With four different plans available, depending on your preference, this will affect which services you can access – and for how much.

The Lowdown

Type of Exchange: CEX

Beginner-friendly: Yes – their app is a one-stop shop to manage your finances and crypto investments with an easy-to-use interface.

Number of currencies currently available: 83

App compatibility: iOS and Android

Low Trading Fees?: Before processing any trade, Revolut will always show you the cost. Fees for the different plans can be found here.  

Security: Revolut utilises 'cold storage', which keeps your crypto wallet away from the internet, reducing the risk of hackers accessing it.

Related article: Starling Vs Revolut

Anything else worth knowing:

With Revolut, you can start investing in crypto with only $1, making it an extremely accessible option for those wanting to take their first steps into the world of cryptocurrencies.

Like Coinbase's Learning Rewards programme, you can also partake in quizzes to earn a small amount of crypto. You can send crypto to your friends at the touch of a button – just like you might go with fiat money.

With their round-up feature, you can also invest spare change straight into your crypto wallet and schedule deposits for automated investments.

Blockchain.com

Over $1 Trillion has been traded on the Blockchain.com platform since its inception in 2011.

But why is it the go-to option for traders around the world?

Not only can you manage all your cryptocurrencies in one place, but the trades are super-fast, and users can earn up to 10% in rewards when signed up to a Rewards Account. There's also round-the-clock customer support, in-depth insights on your dashboard, and cheaper fees for those who trade higher volumes.

The Lowdown

Type of Exchange: DEX

Beginner-friendly: Yes – but perhaps not as user-friendly as the previous apps explored. The dashboard, for one, can be intimidating to those still testing the crypto waters. Still, they do have an academy to help you learn.

Number of currencies currently available: 90

App compatibility: iOS and Android

Low Trading Fees?: Blockchain.com operates on a Maker-Taker model. When you sell cryptocurrencies into the market, it's considered a 'maker' order. When you buy cryptocurrencies from the market, it's a 'taker' order. The fees for each trade differ depending on whether you are a 'maker' or a 'taker' in that particular instant.

Blockchain.com believes in rewarding those selling crypto into the market (and therefore encouraging liquidity), so 'maker' order fees will be lower than 'taker' fees – but the more you trade in the space of 30 days, the lower the prices become. Further information on these fees can be found here.

Security: Most funds are stored offline to minimise hacking risks. Users also need 2FA when logging in to their wallet and the Exchange and subscribe to cryptographic best practices.

Anything else worth knowing:

Don't forget DEXs don't store your password – meaning they can't help you reset it if you forget it. You can set a backup phrase to help you gain access if you forget your password – but if you ignore this, there's no way to access your funds.

Blockchain.com is also committed to research within the industry and is a true pioneer within the crypto space.

Bitstamp 

The 'original crypto exchange', Bitstamp, was founded in 2011 and now has over four million users across 100 countries. Their focus is on accessibility, and users can increase their understanding of the crypto world through their Learn Centre.

With customer support services available 24/7 online or by phone, it's also an excellent option for those who might need a little more help.  

The Lowdown

Type of Exchange: CEX

Beginner-friendly: Yes – but they also offer advanced trading tools for those with more experience.

Number of currencies currently available: 78

App compatibility: iOS and Android

Fees: Bitstamp operates on a Maker-Taker Model, but there are other costs to consider, including withdrawal fees. For a full breakdown, visit their website.

Security: They store wallets offline, reduce the hacking risk, and provide insurance via BitGo.

Anything else worth knowing:

Through Bitstamp Earn, you can earn crypto rewards (also known as 'staking rewards') by investing in and holding your investment in particular coins.

Similar to interest earned in a bank, you can earn crypto bonuses by holding your investment for a specified amount of time.

eToro

eToro hit sports sponsorship hard over the last few years, with their branding plastered across the Premier League so that you may recognise them.

Their services include not only cryptocurrencies but also stocks, ETFs, commodities and currencies.

The Lowdown

Type of Exchange: CEX

Beginner-friendly: Yes, and with its risk-free virtual portfolio, beginners can try the eToro platform with a demo account of $100,000 to practice before using their own money. The Crypto 101 Academy also provides in-depth information for beginners.

Number of currencies currently available: 120

App compatibility: iOS and Android

Fees: As opposed to the typical Maker-Taker model we've seen so far, eToro charge a 1% fee on buying or selling any crypto, based on the market price. They also charge a $5 withdrawal fee, and an inactivity fee if there is no log-in activity within twelve months.

Security: eToro use both online and offline wallets to minimise hacking risks. 2FA is available for customers to opt in to, and personal and financial information is encrypted.

Anything else worth knowing:

eToro is big on social trading – and using their CopyTrader feature, you can copy the portfolios and investments of top crypto traders from around the world. Whilst this shouldn't be considered financial advice, this social feature is an excellent option for beginners to see what more experienced crypto traders opt for.

eToro also offers stake rewards for those who buy and hold certain coins for a particular time.

Bitpanda

Bitpanda is another platform which offers much more than just cryptocurrencies.

But suppose it's crypto you're after. In that case, you'd be joining over 3.5 million other users. You can start with as little as €1 (after an initial deposit of €25).

Suppose you'd like to swap your cryptocurrencies with other assets (such as gold or stocks). In that case, you can do so with the click of a button on the platform – with customer support on hand should you need anything.

The Lowdown

Type of Exchange: CEX

Beginner-friendly: Yes – with an in-depth academy covering various financial topics and a user-friendly interface, this is an excellent option for beginners.

Several currencies are currently available: There are over 1000 assets available on their platform to invest in, including stocks and precious metals.

App compatibility: iOS and Android

Fees: Bitpanda subscribes to the Maker-Taker model, along with transaction and withdrawal fees which are relatively standard for an exchange. For a complete overview, head here.

Security: All users must verify their identity when first registering with Bitpanda. The wallets of the latter are then stored offline to minimise hacking threats. You can also opt-in to 2FA for added protection.

Anything else worth knowing:

Alongside Bitpanda is Bitpanda Pro – designed for experienced traders and businesses. As your experience in the crypto world increases, you can graduate on to their more in-depth Pro platform.

Bitpanda also offers automated investments.

Gemini

Gemini was founded in 2014 and has since established itself as a community-centric cryptocurrency exchange.

From their Gemini Green initiative focusing on sustainability and offsetting their carbon footprint to their Frontier Fund, which sees them investing in crypto projects and startups, they are committed to the broader world around them.

And with a 24/7 customer support team on hand, and webinars to learn more, they're also committed to their users and their journeys to financial independence.

The Lowdown

Type of Exchange: CEX

Beginner-friendly: Yes – but their ActiveTrader platform is excellent for professional traders.  

The number of currencies currently available: 120+, including their coin, the Gemini Stablecoin.

App compatibility: iOS and Android

Fees: Gemini charges different prices depending on how you conduct your trade, purchase, or sale (i.e., those who use the app will be charged differently from those using the website). Further information on these fees can be found here.

Security: They have a 'security-first' outlook, which includes providing insurance for certain losses and being regulated as a New York State Trust Company and audited. They also store wallets offline to minimise hacking risks.

Anything else worth knowing:

Gemini is another exchange that offers stake rewards to its users.

In addition, they also own Nifty Gateway, the NFT (or non-fungible token) marketplace where you can purchase digital art, music or videos.

Coinpanion

Coinpanion offers a more hands-off, data-driven approach when it comes to cryptocurrencies. Where the other exchanges listed here involve an element of choosing which crypto you wish to purchase, Coinpanion instead asks you to select which portfolio you want to be involved in, depending on your outlook to risk.

Each portfolio combines several different cryptocurrencies and could be argued to minimise risk due to the diversification of investments. Suppose the value of one coin decreases, thanks to having several coins within your portfolio investment. In that case, your investment should be less negatively impacted.

Using AI software, the portfolios are continuously rebalanced in line with how the market is performing at any one time – making it an extremely accessible way to get involved in the crypto space without necessarily needing to study the performance of individual coins.

The Lowdown

Type of Exchange: Companion is more of a crypto manager than an exchange. They invest in coins on both centralised and decentralised cryptocurrency exchanges.  

Beginner-friendly: Incredibly. Sign up, select your portfolio based on your preferred level of risk, and the platform does it for you. You can start from €50 and can withdraw at any time.

The number of currently available currencies is 22 – but as it's arranged via third-party cryptocurrency exchanges, it depends on which portfolio you invest in and which currencies are included in your investment.

App compatibility: iOS and Android

Trading Fees: A yearly service fee of 2% of your total holding is charged to invest in a portfolio.

Security: As a German-found organisation, they are regulated by the German Federal Financial Supervisory Authority. They also don't hold your money and are secured by banks, unlike the exchanges listed above.

Anything else worth knowing:

Coinpanion allows you to set up automated investments, enabling a hands-off approach to cryptocurrency investing.

Coinrule

Coinrule allows you to set a number of rules (from 150 pre-built options) which, once met, will automatically trigger an investment on your behalf – enabling you to purchase at the best time and ensure you don't miss out on market dips.

The Lowdown

Type of Exchange: Coinrule is a trading bot that allows you to trade on various exchanges automatically, based on your set rules.

Beginner-friendly: Yes – there's a demo exchange for trying out before you use your own money, a Training Academy and an in-depth Knowledgebase. Customer support teams are also on hand to assist, and the easy-to-use interface, and free plan for those who are purely dabbling, make it a very accessible option for newbies and low-volume investors.

The number of currently available currencies depends on which exchange(s) you choose to invest with via Coinrule.

App compatibility: Coinrule is accessed via a web browser rather than an app.

Fees: Coinrule operates on a plan basis, so that fees will depend on your choice. You will also incur fees on the exchanges your rules are set up for.

Security: Users must use 2FA when logging in, with all data encrypted. They also use Cloudflare CDN to counter hacking attacks and boast military-grade security.

Anything else worth knowing:

 This is an exciting concept for beginners, as once you've set up your rules, you can be relatively hands-off with your investments.  

Of course, investing via exchanges isn't for everybody, and you'll be pleased to know an alternative method is available. 

Chip enables their users to invest in crypto-themed funds - a portfolio made up of different cryptocurrency companies - at the touch of a button. 

By investing in a portfolio, as opposed to individual currencies, it could be argued risks are reduced - but not entirely. Chip rates their crypto fund to have a risk level of seven, so it's not for everyone. 

However, with the option to make automatic deposits into your fund, the ability to manage your investments from the iOS or Android app, and access to features that allow you to invest in wine and art from only £3 every 28 days, it's worth considering.

Want to know more? Check out: Chip app review

It may not be the answer you were hoping for here, but it does depend. Our favourite is Coinbase because of its super beginner friendly interface. 

What makes the best crypto app for one person may not be the best for another, depending on your circumstances.

Perhaps you want to invest in particular currencies, or maybe you'd prefer to set up auto-investments. Perhaps you're somewhat of an experienced crypto investor, and you'd like to access more coins – or maybe you're new and would like to work your way through guides on the apps. The best crypto app does vary from person to person.

However, if you're new to the world of crypto and are currently deciding which app to use, these are the main factors to consider: 

• Reputation of the app and the support available
• Fees (transaction fees, commission fees)
• Do they accept fiat money?
• What are their security measures?
• Do they offer training?