To buy cryptocurrency using GBP (British pounds) at the lowest cost, you should look for platforms with the following characteristics:
- Low Fees: This includes both trading fees and deposit/withdrawal fees.
- Competitive Exchange Rates: Some exchanges may offer more favorable conversion rates between GBP and cryptocurrency.
- Direct GBP Deposits: Using an exchange that allows direct GBP deposits (e.g., via bank transfer) can help you avoid unnecessary currency conversion fees.
Here are some of the best options:
1. Binance
- Deposit Methods: GBP bank transfers via Faster Payments Service (FPS), debit/credit cards.
- Fees:
- Bank Transfer: No fees for deposits via FPS.
- Trading Fee: 0.10% per trade, with discounts if you use Binance Coin (BNB).
- Credit/Debit Cards: May charge 1-2% fee.
- Why it's Cheap: Direct GBP deposits and low trading fees make it one of the cheapest options.
- For UK they are not yet started So please check with their website.
2. Coinbase Pro (or Coinbase)
- Deposit Methods: Bank transfer (Faster Payments) for GBP.
- Fees:
- Coinbase: 1.49% trading fee and 3.99% fee for debit/credit cards.
- Coinbase Pro: Much lower fees—starting at 0.50% and decreasing with higher volume.
- Why it's Cheap: Use Coinbase Pro instead of regular Coinbase to access lower fees. Bank transfers in GBP are usually free, and you can withdraw without fees.
3. Kraken
- Deposit Methods: GBP deposits via bank transfer.
- Fees:
- Bank Transfer: Free deposits using FPS.
- Trading Fee: 0.16% for makers and 0.26% for takers.
- Why it's Cheap: Kraken offers low fees for both trading and deposits, making it a good choice for GBP users.
4. Crypto.com
- Deposit Methods: GBP deposits via Faster Payments (bank transfer).
- Fees:
- Bank Transfer: No deposit fees for bank transfers.
- Trading Fee: 0.40% or lower, with discounts for higher volumes or staking CRO (Crypto.com’s token).
- Why it's Cheap: Direct GBP deposits with no fees and relatively low trading fees.
- This is perfectly working fine in UK.
5. Bitstamp
- Deposit Methods: Bank transfer (FPS).
- Fees:
- Bank Transfer: No fee for GBP deposits via FPS.
- Trading Fee: 0.50% for trades below $10,000, decreases with higher volume.
- Why it's Cheap: Free GBP deposits and competitive trading fees.
Tips for Reducing Fees:
- Use Bank Transfers: Always use bank transfers (Faster Payments in the UK) for deposits to avoid high credit/debit card fees.
- Consider Taker vs. Maker Fees: Some platforms, like Kraken or Binance, have lower fees if you act as a "maker" (placing orders that aren't immediately matched).
- Trade on Pro Versions: Platforms like Coinbase and Binance offer "Pro" versions with lower trading fees than their regular counterparts.
Conclusion:
For the cheapest method, using Binance or Kraken with GBP deposits via Faster Payments is generally the best option. They offer no deposit fees, low trading fees, and competitive exchange rates