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Which Cryptocurrency Exchanges Have the Lowest Fees in the UK?

With a growing number of cryptocurrency exchanges to choose from in the UK, deciding which exchange to use isn’t an easy task– especially if you’re new to crypto. One of the most important factors to consider when choosing an exchange is fees. Read on to learn which cryptocurrency exchanges in the UK are the cheapest to use.

Which British Crypto Exchange Is Cheapest?

The cheapest cryptocurrency exchanges in the UK are full-featured platforms that cater to advanced traders.

Market makers on the derivatives crypto exchange Crypto Facilities can earn rebates when they place trades, and market takers only pay between 0.075% to 0.05%. Combine this with the fact that there are no withdraw or deposit fees, and you will find that Crypto Facilities is the cheapest crypto trading platform in the UK right now, full stop. However, the fact that Crypto Facilities doesn’t accept any type of government-issued currency may be a stumbling block for some.

CoinFalcon offers not only zero commission trading for some types of trades on its open market, but also cheap SEPA transfers. Its only supported fiat currency is the euro, though. If you have British pounds, you’ll need to convert your funds before you deposit them. That will incur an additional cost.

Here’s a detailed comparison of the fee schemes of all the major crypto exchanges that are headquartered in the UK.

Homegrown UK Crypto Exchanges

All the crypto exchanges listed below are headquartered in the UK. They cater to Brits with features like pound sterling support, free or cheap bank transfers and other attractive features. Many different types of crypto exchanges call the UK home.

Full-featured Crypto Exchanges

The exchanges in this category may look confusing to new traders, but they are cheaper to use than most other types of crypto exchanges.

Some full-featured exchanges don’t support fiat deposits, but many do support GBP and other government-issued currencies. Those that don’t support fiat are less convenient, but they are also less expensive to use in most cases. Another advantage of using these exchanges is that you can usually get much better deals when you place your order. Beginner-oriented exchanges generate revenue by absorbing the spread between the market price of a coin and the price that they offer their customers.

CoinFalcon

Commission fee: Free to 0.2%, depending on a variety of factors.

Commission discounts for high volume traders: Yes.

Deposit fees: SEPA deposits cost 1. Crypto deposits are free.

Withdrawal fees: SEPA withdrawals cost 1. Cryptos withdrawal fees vary.

Source: CoinIQ

CoinFalcon is one of the only UK-based crypto exchanges that offer fee discounts to frequent traders. Its interface has two views: a beginner-friendly view that lets you order crypto with the push of a button and an advanced view that features technical charts and customizable orders. Frequent traders can win prizes for moving money by participating in CoinFalcon Battles.

Commission fee

Market takers start out at 0.2%, but traders that trade more than the equivalent of 1200 BTC in a 30-day period can trade for as low as 0.05%. Market makers can trade for free, regardless of their 30-day trading activity.

Deposit and withdrawal fees

Fiat funds can be moved in and out of CoinFalcon for just 1. Crypto deposits are free, but withdrawal fees vary.

Other fees

There are no other fees.

Crypto Facilities

Commission fee: Market makers get rebates. Market takers pay between 0.075% to 0.05%.

Price spread: None.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: None.

Crypto Facilities specializes in crypto derivatives. Its one of the few UK-based exchanges that offer leveraged trading. The exchange also offers algorithmic trading functionality, customizable order types and other advanced features. One potential disadvantage, however, is that Crypto Facilities doesn’t support any type of fiat currency. Crypto Facilities is only compatible with bitcoin, ripple, ether, litecoin and bitcoin cash. If you want to turn your earnings into GBP or any other government-issued currency, you’ll have to transfer your funds to a different platform.

Commission fee

Market makers receive rebates when they place trades, but market takers pay a small free. The following equations are used to calculate fees and rebates:

Deposit and withdrawal fees

There are no deposit or withdrawal fees.

Other fees

This knowledge base article explicitly states that the exchange “does not charge any other fees WHATSOEVER.”

Cryptonit

Commission fee: 0% for market makers, 0.25% for market takers.

Commission discounts for high volume traders: No.

Deposit fees: 2% to 4%, depending on the method.

Withdrawal fees: 1% to 3%, depending on the method.

UK-based Cryptonit features zero-commission trading for market makers, API accessibility, candlestick charts and customizable orders. Another perk: a PayPal payment option. The main downside is that Cryptonit’s deposit and withdrawal fees are somewhat high compared to the competition.

Commission fee

All market takers are charged a flat 0.25% fee. Market makers don’t have to pay commission.

Deposit and withdrawal fees

The fee for international wire transfers and SEPA transfers is 1%. OKPAY withdrawals are charged 3%. The fee for PayPal withdrawals is 1.9%.

Other fees

None.

Digital Security Exchange (DSX)

Commission fee: 0% to 0.35%, depending on 30-day trading volume.

Price spread: None.

Commission discounts for high volume traders: Yes.

Deposit fees: None.

Withdrawal fees: Fiat withdrawal fees range from zero to €30, depending on the method. All cryptos incur small withdrawal fees.

DSX offers discounts for high volume traders, a sophisticated trading interface, API access and free withdrawals and deposits. These features make it one of the cheapest ways to trade crypto with a UK-based exchange. However, the fact that DSX doesn’t support GBP can potentially add to your expenses.

Commission fee

Taker fees start out at 0.35% and go all the way down to 0.08%. Maker fees begin at 0.2% and drop to zero.

Deposit and withdrawal fees

None of the supported fiat currencies have withdrawal fees. Cryptos incur small fees to cover mining costs.

Other fees

DSX doesn’t support GBP withdrawals. If you need GBP, you’ll have to ask your bank to convert your funds for you.

EXMO

Commission fee: Flat 0.2% rate.

Price spread: None.

Commission discounts for high volume traders: No.

Deposit fees: Varies depending on the method.

Withdrawal fees: Varies depending on the method.

EXMO supports some advanced features including API access, analytical charts and customizable order types. However, its flat 0.2% commission fee is on the high end of the spectrum. Most deposit and withdrawal options incur fees.

Commission fee

EXMO charges a flat 0.2% fee for all trades.

Deposit and withdrawal fees

The cheapest way to withdraw fiat money from EXMO is via SEPA or Payeer. Those options incur a 1% fee. The cheapest deposit option for EUR is CryptoCapital, which is free.

Other fees

EXMO doesn’t support British pounds. Users have to pay for conversions if needed.

GateHub

Commission fee: 0.2% flat rate.

Commission discounts for high volume traders: No.

Deposit fees: SEPA deposits are free. Other options are available.

Withdrawal fees: €1 SEPA. Other options are available.

Gatehub is a fast, slick-looking exchange that runs on Ripple. Its flat 0.2% commission fee isn’t very competitive. At the same time, SEPA deposits are free and SEPA withdrawals under €50,000 only cost one euro.

Commission fee

GateHub charges a flat 0.2% rate for all trades.

Deposit and withdrawal fees

The cheapest and easiest way to get fiat money in and out of GateHub is via SEPA. SEPA deposits are free and withdrawals only cost €1. International wire transfers incur a 0.1% fee.

Other fees

GateHub doesn’t support GBP, so you have to pay to convert your funds yourself if you need to do so.

London Block Exchange

Commission fee: 0.5%.

Price spread: None.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: Cryptos are free. 0.95% to 2.45% for GBP.

London Block Exchange offers their users the ability to place trades via a slick-looking app. Another nice feature is the ability to trade GBP for a number of popular altcoins. GBP altcoin markets include: ETH, LTC, XRP, ETC, BTH, OMG, BAT, GNT, ZRX and SNT. The main downside of this exchange is that it doesn’t offer fee discounts to frequent traders. In addition, there’s no way to access London Block Exchange via a web browser.

Related: London Block Exchange (LBX) Review: Easy Mobile Trading and Direct UK Bank Transfers

Commission fee

LBX places a flat 0.5% fee on all trades. No discounts are available.

Deposit and withdrawal fees

Basic level LBX users pay 2.45% to withdraw fiat currency. The £10-per-month premium plan reduces that fee to 0.95%.

Other fees

There are no other fees.

Luno

Commission fee: Market makers pay 0%, market takers pay 0.2% to 1%.

Price spread: None.

Commission discounts for high volume traders: No.

Deposit fees:  SEPA deposits are free. Other deposit types incur fees.

Withdrawal fees: SEPA withdrawals cost 0.30 EUR. Other withdrawal fees vary.

Luno seems to be aiming to bridge the gap between retail exchanges and a full-featured exchanges with extensive tutorials and educational content. The fact that market makers don’t have to pay commission makes Luno competitive, but the flat fees for market takers is somewhat of a disadvantage.

Commission fee

Market makers pay 0%, market takers pay 0.2% to 1%.

Deposit and withdrawal fees

The cheapest way to make transfers on Luno is via SEPA. SEPA deposits are free and withdrawals only cost 0.30 EUR. Other transfer options include EFT, Paystack and bank card.

Other fees

None.

Vaultoro

Commission fee: 0.2% to 0.5%, depending on your 30-day trading volume.

Price spread: None.

Commission discounts for high volume traders: Yes.

Deposit fees: None.

Withdrawal fees: Gold delivery costs 130 to 220 EUR depending on delivery location.

Vaultoro is one of the only cryptocurrency exchanges in the world that lets you buy physical gold with bitcoin. Like other full-featured crypto exchanges, Vaultoro supports customized trade orders. However, it only supports one crypto: bitcoin.

Commission fee

Commission starts at 0.5%. In order to get the lowest 0.2% commission rate, you have to trade 5000 grams worth of gold in a 30-day period.

Deposit and withdrawal fees

The only time Vaultoro applies a withdrawal fee is when you withdraw physical gold. If you live in the UK, Switzerland or Germany, delivery costs 130 EUR. Other regions have higher delivery costs.

Other fees

Vaultoro applies a 0.4% annual storage charge to your gold funds. This rate is calculated on a 15 minute basis.

Peer-to-peer crypto exchanges

Peer-to-peer crypto exchanges are virtual marketplaces where crypto buyers can select from a large number of different independent crypto sellers. One of the most well-known of these types of exchanges is LocalBitcoins. Because LocalBitcoins is an international peer-to-peer crypto exchange, only a minority of its sellers accept UK bank transfers, but sellers on these peer-to-peer crypto marketplaces cater specifically to Brits. Marketplace prices fluctuate depending on supply and demand.

BitBargain

Commission fee: None.

Price spread: Varies, depending on the seller.

Commission discounts for high volume traders: None.

Deposit fees: None.

Withdrawal fees: None.

Source: CoinIQ

BitBargain is a peer-to-peer exchange that’s similar to Paxful and LocalBitcoins but with a better-looking interface. Typical BitBargain sellers accept UK bank transfers, Pingit, Paym and other payment methods that are popular in the UK.

Commission fee

There is no commission fee.

Deposit and withdrawal fees

All deposits and withdrawals are free.

Other fees

Buyers have to pay bitcoin mining fees during times when traffic on the bitcoin network is heavy. If mining costs are low, BitBargain will cover those charges. Other fees include a 1% per week “storage tax” and a 5 BTC fee for bank account verification.

Bittylicious

Commission fee: None.

Price spread: Varies, depending on the seller.

Commission discounts for high volume traders: None.

Deposit fees: None.

Withdrawal fees: None.

Bittylicious is a crypto store / peer-to-peer hybrid. Unlike most peer-to-peer exchanges, you don’t have to find a seller yourself when you buy. The Bittylicious website does it all for you. Also, not just anyone can sell bitcoin through the site. Prospective sellers have to go through an approval process.

One downside of using Bittylicious is that the service doesn’t support GBP– only euros. This means that you have to convert your funds to euros first before you can purchase bitcoin through the site. That conversion adds an extra cost every time you buy. Also, Bittylicious doesn’t support as many payment methods. The only way to pay is via SEPA transfers and credit cards.

Commission fee

Bittylicious doesn’t charge a commission fee. Instead, it builds the cost of doing business into its prices. There’s currently an approximate 9% difference between Bittylicious’s bitcoin prices and the average market price.

Deposit and withdrawal fees

None. The bitcoin you buy through Bittylicious goes straight into your own bitcoin wallet. Bittylicious doesn’t hold onto it for you.

Other fees

As mentioned above, Bittylicious doesn’t support GBP. You have to convert your GBP to euros first t before you buy. The amount you’ll pay for that conversion depends on your bank.

Convenience-oriented cryptocurrency exchanges

The majority of UK-based crypto exchanges are convenience-oriented retail exchanges. These types of exchanges cater to crypto newbies with easy-to-use interfaces. Many advertise that they don’t charge commission fees. While this is technically true, they’re not cheap. Retail crypto stores charge much higher prices for coins. This built-in spread makes them much more expensive compared to exchanges that cater to more experienced traders. Here’s a quick look at what’s available.

Related: There Is No Such Thing as Zero Fee Exchanges – An In-Depth Look

BayBit

Commission fee: None.

Price spread: Approximately 8%.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: None.

Source: CoinIQ

BayBit is a brand new bitcoin exchange that was formed in July of 2018. One of the most interesting things about BayBit is that it’s one of the few crypto exchanges that accept PayPal payments. Most crypto sellers don’t accept PayPal because of PayPal’s chargeback feature. If a customer initiates a chargeback, they almost always get their money back– even if the merchant did nothing wrong.

Commission fee

BayBit doesn’t charge commission, but it builds the risk of PayPal chargebacks into its bitcoin prices. They charge roughly 8% more for bitcoin than the market rate.

Deposit and withdrawal fees

BayBit doesn’t charge deposit or withdrawal fees because it doesn’t hold onto its customers’ coins. Customers provide their bitcoin address before they buy.

Other fees

There are no other fees.

Bitlish

Commission fee: None.

Price spread: Approximately 6%.

Commission discounts for high volume traders: No.

Deposit fees: Each method has a different fee schedule. 10 EUR plus 0.25% for bank deposits, 50 EUR for withdrawals.

Withdrawal fees: Each method has a different fee schedule. 50 EUR for bank withdrawals.

Bitlish supports a variety of fiat payment methods including credit cards, bank transfers, Neteller and Skrill. Bank transfer fees are steep compared to the competition. Bitlish’s credit card fees are competitive, though. Most crypto sellers charge around 5% to 10% every time you use your credit or debit card. Bitlish only charges 3%, plus a small fee (0.24 EUR / 0.22 GBP).

Commission fee

Bitlish doesn’t charge commission fees. However, the exchange is currently asking roughly 6% more for bitcoin than the actual market price. The other cryptos it offers probably have similar spreads.

Deposit and withdrawal fees

Bitlish charges high deposit and withdrawal fees. You have to pay 10 EUR (or the equivalent amount in other currencies) plus a 0.25% charge to upload your fiat money to Bitlish through a bank. Each cryptocurrency that Bitlish supports has a different fee schedule. Visit the Bitlish website for more information.

Other fees

None.

BuyCoinNow

Commission fee: None.

Price spread: Approximately 5%.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: None.

BuyCoinNow is a simple bitcoin store that specializes in credit card payments. Available payment methods include Visa, Mastercard and Dotpay.

Commission fee

Like other bitcoin stores, BuyCoinNow builds the cost of doing business into its prices. There’s currently an approximate 5% difference between the average market price for bitcoin and BuyCoinNow’s prices.

Deposit and withdrawal fees

BuyCoinNow is a non-custodial bitcoin seller. In other words, its customers have to use their own bitcoin wallets when they buy.

Other fees

BuyCoinNow doesn’t charge any other fees.

Buy Virtual Currency (BVC)

Commission fee: None.

Price spread: Approximately 11%.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: None.

Rather than specializing in bitcoin like a typical crypto store, BVC offers many different cryptocurrencies including ether, ripple, litecoin, monero, dash, ethereum classic, steem, nem, digixdao, maidsafecoin, factom, lisk and dogecoin. But if BVC’s high bitcoin spread is any indication, this exchange is almost the most expensive options for buying crypto the UK.

Commission fee

There’s currently more than an 11% spread between BVC’s bitcoin price and the actual market price. The exchange likely applies similar spreads to the altcoins it sells.

Deposit and withdrawal fees

Like other crypto stores, BVC deposits any cryptos you buy directly into your wallet. There are no deposit or withdrawal fees.

Other fees

None.

CoinCorner

Commission fee: 1%.

Price spread: Approximately 3.5%.

Commission discounts for high volume traders: No.

Deposit fees: Cryptos are free. Fiat deposits cost 2.5%.

Withdrawal fees: Free to 30 EUR, depending on the method.

When CoinCorner launched in July 2014, it helped the Isle of Man earn the nickname “bitcoin island.” Since then, the company has added support for a number of popular altcoins including litecoin, ethereum and ripple.

Commission fee

In addition to offering a higher price for coins than the going market rate, CoinCorner also tacks on a 1% commission charge.

Deposit and withdrawal fees

Debit/credit card withdrawals are free. 30 EUR for SEPA withdrawals, 1.50 EUR for SWIFT withdrawals.

Other fees

CoinCorner currently doesn’t support GBP withdrawals. If you want to exchange EUR for GBP, you’ll have to pay for that conversion through your bank.

Indacoin

Commission fee: Varies, depending on a variety of factors.

Price spread: Approximately 30%.

Commission discounts for high volume traders: No.

Deposit fees: Cryptos are free. Fiat costs 2.9% + $0.3 USD to 4%, depending on the method.

Withdrawal fees: Withdrawal fees

Indacoin supports a huge number of altcoins, plus it has modern-looking apps for Google and iOS. However, it is extremely expensive to use. The price difference between Indacoin’s bitcoin price and the actual market price can exceed 30%.

Commission fee

Indacoin’s FAQ doesn’t specify how much it charges in commission fees, or whether or not it adds additional charges on top of the price spread:

“Our fee varies from purchase to purchase as it is based on numerous factors, that’s why we have created a calculator that will tell you the exact amount of cryptocurrency you will receive, all fees included.”

Deposit and withdrawal fees

Payza deposits cost 2.9% plus $0.3 USD. Credit/debit card purchases incur a 4% fee.

Other fees

None.

Cryptomate

Commission fee: None.

Price spread: Approximately 5%.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: None.

Cryptomate is one of the cheapest retail-oriented exchanges. However, it’s still expensive compared to any of the full-featured exchanges with its 5% spread. The company supports a wide variety of altcoins and even has an over-the-counter trading feature for high net worth individuals.

Commission fee

Unlike most retail crypto exchanges, Cryptomate is straightforward about its built-in pricing. The Cryptomate FAQ contains the following statement:

“We sell at a variable percentage above market rate to cover our operating costs and to allow our vendors to make a profit. The trade-off for this is ease of use and the speed of the service – we’re not the cheapest, but we try to be the best!”

Deposit and withdrawal fees

None.

Other fees

None.

Cryptopay

Commission fee: None.

Price spread: approximately 16%.

Commission discounts for high volume traders: No.

Deposit fees: None.

Withdrawal fees: None.

Cryptopay’s most attractive benefit is the Cryptopay pre-paid debit card, which the company will send anywhere in the world for free. The card lets Cryptopay users convert between fiat and crypto. It supports three fiat currencies including GBP, EUR and USD. The steep price spread, however, makes it an expensive option.

Commission fee

None.

Deposit and withdrawal fees

None.

Other fees

You’ll have to pay £15.00 to get the card, plus £1.75 every time you use a domestic ATM. There’s also a £1.00 monthly fee and a 1% loading fee, which is applied every time you add money to the card.

Cubits

Commission fee: 0.9%.

Price spread: Approximately 7%.

Commission discounts for high volume traders: No.

Deposit fees: Free SEPA payments. Other payment methods vary.

Withdrawal fees: 1.8% to 4.9%, depending on method used.

The best aspect of Cubits is the fact that it offers many deposit and withdrawal options. Users can transfer funds using SEPA, Swift, Neteller, Skrill, Sofortüberweisung and Dotpay. The high spreads and commission fees make Cubits an expensive way to exxchange crypto, though.

Commission fee

None.

Deposit and withdrawal fees

SEPA deposits are free, but SEPA withdrawals cost 25 euros. Other Cubits withdrawal and deposit options have different fees. The second cheapest transfer methods are Dotpay and Sofortüberweisung, which cost 1.8%. The most expensive payment method is credit cards, which results in a 5% fee plus an additional 5 euro fee.

Other fees

None.

More Ways to Trade Cryptocurrency In the UK

If none of the exchanges listed above meet your needs, you may want to sign up for one of the many international exchanges that are available in the UK. Several top foreign exchanges accept GBP deposits and withdrawals. Follow the link below to learn about more than 50 crypto exchanges that operate in the UK.

Related: 50+ Exchanges Cryptocurrency Exchanges That Work in the UK

 

Alex Munkachy

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