Where to trade BTC to GBP: Top Cryptocurrency Exchanges

Bitcoin/British Pound (GBP) is a trading pair of growing importance, especially for those living in the UK or owning a British bank account. There are a few great Bitcoin exchanges that offer good prices and trading tools for the BTC to GBP option. This article lists the best exchange choices for trading your pounds to Bitcoin, what features and tools you’ll get with each exchange and some of their disadvantages.

CEX.IO: Reliability and Ease of Use

The platform offers GBP to Bitcoin trading as well as many other fiat and cryptocurrency options, like Ethereum, Ripple, Stellar Lumens, Dash, etc. The Bitcoin exchange is based and run in the United Kingdom, and it has a top reputation in the industry. It is very much an established exchange and offers customers a solid level of security for their funds kept on their servers.

CEX.IO has a high trading volume overall. This means great liquidity and prices, and importantly, you can withdraw your funds back to GBP. There are easy buy and sell buttons to get you started, but there are also tools available for traders that require a bit more sophistication.

Tools for traders

On CEX.IO you’ll have access to a standard order book to create market and limit orders. There’s also a mobile app with a simple interface, so you can keep trading on when you are out and about. On top of that, traders can make use of API solutions that have been developed by CEX.IO to facilitate automated trading. They are tailored to both individuals and institutions.

CEX.IO allows for margin trading, though supports only USD and EUR as fiat options to trade against. It means you can borrow funds to trade with a bit of leverage and increase your gains with your trades.

Like with most exchanges, you’ll need to take a few steps to verify your payment card and your ID documents before you can start trading. An ID card, such as a passport, is needed.

GDAX: Advanced Functionality

GDAX is a trading platform supported by Coinbase, one of the blockchain industry’s most successful companies. You can buy Bitcoin on the Coinbase website and sell it too, but the fees are relatively high if you’re trading frequently. GDAX is where Coinbase users can go for a more streamlined trading experience.

GDAX is based in the US and falls under US regulations. You can begin trading all sorts of currency pairs, including BTC/GBP. The fee structure is quite attractive, with a 0.1%-0.3% taker fee and a rock-bottom 0% maker fee.

To use GDAX to trade your pounds, you’ll need to sign up for either an individual or institutional account. Next, you’ll have to jump through some hoops to verify your identity. Once you are set up, trading between Bitcoin and British Pounds is easy. GDAX has great liquidity and has never been hacked.

Tools for traders

GDAX no longer provides margin trading on their exchange, so you’ll need to have all the funds to cover your trades in your account. There is, however, the open source GDAX Trading Toolkit. For extra security, two-factor authentication is available (and you should use it).

CoinCorner: Simplicity and Flexibility

CoinCorner is another UK based exchange that has been running since 2014 and allows crypto traders to swap their GB Pounds and Euros for Bitcoin. The focus is on reliability, security, trust, and making the process of buying Bitcoin as easy as possible.

You can make deposits with a bank transfer or a credit or debit card with a simple fee structure. As usual, you will have to sign up for an account and take the necessary steps at verifying your payment methods and IDs to use CoinCorner.

Tools for traders

Beyond buying and selling GBP for Bitcoins, CoinCorner doesn’t offer much in the way of developer tools. Two-factor authentication is available for security.

CoinFloor: Effective Performance

Claiming to be the longest-running Bitcoin exchange with the deepest market liquidity in the UK, CoinFloor has been operating since 2013. This exchange accepts fiat and crypto deposits and charges reasonable fees of 0.1%-0.3% depending on volume. GBP, USD, Euros, and PLN are all available. To sign up you’ll need an ID and proof of address. CoinFloor has 2FA.

Tools for traders

The CoinFloor order book is available to traders with market and limit orders.

Kraken: Credibility and Trust

Operating since 2011, Kraken is a veteran cryptocurrency exchange. The company is based in California, with offices scattered around globally. The company boasts more trading volume in Euros than anyone else, and it has GBP, US Dollars, Japanese Yen and Canadian Dollars too.

The fees on Kraken are quite low, 0%-0.26% for GBP depending on volume and if you are a maker or a taker.

Tools for traders

On Kraken order book, you can make the usual market orders and limit orders, as well as more advanced take-profit orders, stop-loss orders, and you can even combine order types. Kraken also offers margin trading for other currencies, but not for Bitcoin/GBP.

LocalBitcoins: Full Accessibility

LocalBitcoins is very different from the other exchanges on this list. It’s basically a website to connect with people in your local area for buying and selling Bitcoins. You can find sellers offering payment options ranging from bank transfers to anonymous in-person cash payments.

Fees and prices vary wildly from seller to seller and for different payment options. It’s possible to buy Bitcoin with British Pounds completely privately on LocalBitcoins. But, of course, always be careful with these sorts of trades.

Registering on LocalBitcoins and using the exchange is free of charge for most users. LocalBitcoins makes its money by charging a 1% fee to advertisers on their platform, and also for merchant invoicing services.

Get Trading Bitcoin/GBP!

British Pound to Bitcoin trading isn’t as widely available as that with USD or Euros, but there are still a few excellent places you can trade with good security, reasonable fees and a variety of tools you need to make your trades profitable.

As always, take the necessary steps to protect your funds and remember: Bitcoin is a risky asset to have. Only trade what you can afford to lose.