Looking for Alternative Crypto Trading Platforms in the UK?
If you’re a crypto enthusiast in the UK and searching for alternative trading platforms, especially those offering futures and investments alongside spot trading, there are several factors you should consider. These include licensing status, user experience, fees, supported assets, and GBP support.
Licensing Status & GBP Support
In the UK, there are two types of exchanges: those registered with the Financial Conduct Authority (FCA) and offshore entities. When it comes to offshore exchanges, users need to be cautious and ensure that the platform has proper operating licenses and a clean record. For example, Binance has acquired licenses in several jurisdictions but has faced scrutiny from authorities in various countries.
Additionally, it’s important to find an exchange that supports GBP deposits and withdrawals, as well as offers GBP trading pairs. One alternative exchange that meets these requirements is Bitget. It allows for crypto purchases in GBP and offers four GBP trading pairs: BGB/GBP, BTC/GBP, ETH/GBP, and USDT/GBP. Another option is KuCoin, which recently incorporated the Faster Payment System (FPS) for GBP deposits.
User Experience
User experience encompasses fees, supported assets, and services. Bitget supports 580 coins with around 800 spot trading pairs and 200 futures pairs. It’s important to determine if the platform offers your preferred coin/trading pair. Comparing fees is also crucial; Bitget charges a 0.1% spot fee (reduced by 20% with their token) and a standard futures fee. KuCoin offers similar fee structures.
When considering long-term potential and benefits beyond fees, holding exchange tokens can provide exclusive deals and services. For example, Bitget offers additional rewards for copy traders with certain token holdings.
Final Thoughts
Before engaging with any exchange, it’s essential to ask yourself these important questions and conduct thorough research. Subjective opinions and recommendations can vary, so selecting the platform that best suits your personal needs is crucial.
Hot Take: Choosing the Right Crypto Trading Platform in the UK
When searching for alternative crypto trading platforms in the UK, factors such as licensing status, user experience, fees, supported assets, and GBP support should be considered. It’s important to evaluate offshore exchanges carefully and ensure they have proper operating licenses. Platforms like Bitget and KuCoin offer GBP support and a range of trading pairs. User experience also plays a significant role, including the number of supported assets and competitive fees. Ultimately, conducting thorough research and selecting a platform that aligns with your needs is crucial for a successful crypto trading experience.