Best Crypto Tools to Use in the UK
The crypto market is open for everyone to trade and invest in cryptocurrencies around the clock, yet it is not easy for all to make money off of Bitcoin and other digital assets. Why is that so? The main reason is that the winners have access to more tools for informed decision-making than the losers.
You need access to a range of crypto tools to always outperform the cryptocurrency market, including in jurisdictions like the United Kingdom (UK), where trading and investing in cryptocurrencies is a special case. So, if you do not know which digital services to use, this article is your most reliable guide to finding them. It contains the best crypto tools for traders and investors in and outside the United Kingdom.
How Does the Crypto Market Work in the UK?
The UK is one of the countries where buying and selling cryptocurrencies is legal; however, there are rules to keep in mind. Like in all other parts of the world, a crypto exchange is required to make successful crypto transactions in the UK market. But you must ensure that you use an exchange or "cryptoasset firm" that is registered with the Financial Conduct Authority (FCA).
Following Brexit, the UK created new rules for crypto firms, which are being reviewed and updated over time. The purpose has been to provide greater regulatory clarity for the cryptocurrency sector. Thus, in an effort to control money laundering in the crypto industry, the FCA issued a directive that crypto service providers in Britain must obtain formal registration with effect from March 31, 2022, or get booted from the UK market.
In response to the new crypto rules in the UK, Revolut met the FCA’s AML standards and received full registration as a cryptoasset services firm on September 26, 2022. Two other firms that received early approval from the FCA are Gemini and eToro. You can browse the official list of registered cryptoasset firms in the UK on the Financial Services Register of the FCA.
Also, there are rules concerning crypto taxation in the UK. For example, selling digital coins is a taxable event that attracts the payment of capital gains tax rates for profits above £6,000. The rates are 10% for basic payers and 20% for higher payers.
For more information about the crypto market in the UK, see HM Treasury’s official publication: Future Financial Services Regulatory Regime for Cryptoassets.
There are so many crypto tools on the market today. This makes it both confusing and stressful for many people to find the best ones that they can use in the UK and beyond. Hence, we have selected the top-rated tools and put them in various categories to help you find a suitable one for your money-making goals and investment style.
We encourage you to visit their respective websites to explore their trading and investment products, services, fees, rewards, bonuses, and customer support options. By doing so, you will be able to make a personalized selection of crypto tools for outperforming the market.
Choosing a crypto exchange that you can trust is the first step to making big profits from trading and investing in cryptocurrencies, non-fungible tokens (NFTs), and other digital assets. A reliable crypto exchange is one that is secure, safe, and not expensive to use. It should also offer high liquidity with support for fiat money, enabling you to easily buy and sell digital assets. Below are our top picks of the best crypto exchanges to use in and outside the UK.
Binance is a world-leading crypto exchange where millions of people buy, trade, and hold more than 350 cryptocurrencies. It has over 120 million registered users who are building their crypto portfolios, earning daily rewards, and exploring the world of NFTs. Access to the platform is available through web browsers and its mobile apps for iOS and Android devices.
Crypto.com is a Binance alternative trusted by over 80 million crypto investors and traders who use it daily to buy and sell more than 250 cryptocurrencies. It is an industrial leader in innovation, security certifications, and regulatory compliance worldwide. With this digital service, individuals and businesses can do a lot in the crypto world, such as exploring DeFi, getting some of the most comprehensive crypto insurance coverage, and accepting payments in Bitcoin and other cryptocurrencies.
Kraken is another alternative to Binance that makes it easy for people to buy and sell over 200 cryptocurrencies. Its customers can earn up to 24% in yearly rewards by staking their assets with the platform. What’s more, Kraken has grown into a crypto exchange for all following its support for users in more than 190 countries.
Millions of crypto users take advantage of easy and safe platforms like Choise.com to meet all their cryptocurrency trading and investment needs. This crypto exchange offers trusted products for its personal and corporate clients to earn between 10.7% and 26% APY in two years of investment in a variety of cryptocurrencies.
You need a crypto wallet to succeed in the cryptocurrency market. The reason is that a crypto wallet is like your bank—it securely stores your private keys against hackers and gives you access to your funds and portfolio of investments. Most crypto exchanges have their own crypto wallets.
Nexo is a crypto exchange that offers a secure wallet for buying and selling cryptocurrencies and NFTs at a low cost, as well as exploring the ever-expanding Web3 ecosystem. It is suitable for smart contracts and saves on fees through its support for multiple batch transactions. Crypto investors and traders can use this wallet to get the best possible asset prices by aggregating liquidity from multiple decentralised exchanges (DEXs).
The Gemini Wallet is a digital tool for storing your crypto assets with industry-leading protections. It provides insurance against different types of asset losses so that traders and investors can carry out their transactions without fear. This online service is one of the most trusted platforms in the industry. It is ideal for investing beginners who place a high value on security, but may not be suitable for some seasoned investors who are more concerned about making anonymous crypto transactions.
The Paxful Wallet is a safe, secure, and easy way for people to buy, sell, store, send, and exchange Bitcoin. This service supports more than 300 payment methods with escrow trading. It provides one of the best-in-class security features for managing your funds, requiring strong passwords and strict verifications in compliance with KYC and AML standards so that only you can access your money.
Advcash is a feature-loaded digital wallet for sending, receiving, converting, and spending cryptocurrencies and fiat money effortlessly. It has tools for local and international payments, bank transfers, and digital currency exchange. You can also use this wallet for instant P2P transactions.
Crypto cards enable you to spend your Bitcoin, Ether, and other cryptocurrencies at stores. They include debit and credit cards issued by crypto exchanges, cryptoasset firms, and crypto-friendly banks. You can use them to pay for entertainment, dining, groceries, bookings, and other expenses. Some of them even offer cashback, miles, points, and other rewards.
Here are the best crypto cards to use:
Spending fiat money, cryptocurrencies, and stablecoins is a simple and rewarding experience with the Wirex Card. This crypto card enables seamless transactions and offers the opportunity to earn up to 8% instant cryptoback on every purchase made with it. In addition, you do not need to pay ATM and foreign exchange fees when you use this card for cash withdrawals and international payments. Besides, with prompt alerts, two-step verification, and instant card freezing, it is very safe to use the physical and virtual cards from Wirex.
The multi-asset, non-custodial OWNR Wallet provides prepaid Visa cards for smooth payments with fiat money and cryptocurrencies. These cards are issued by Walletto, which is a Lithuania-based EMI. The balance on your OWNR Wallet card can be topped up with BTC, ETH, and other digital coins. Also, you can use this card to withdraw fiat money from all ATMs that support Visa worldwide. However, there is a monthly service fee of €1.5 and a 2% foreign exchange markup on this card.
Revolut is a fintech company, a neobank, and the leading financial super app provider in Europe. In addition to international money transfer services, stock investment, insurance, and savings vaults, Revolut offers crypto trading and payment solutions to individuals and businesses. You can use its Visa crypto cards to make everyday payments in cryptocurrencies or fiat money and earn cash back.
Crypto trading tools
You will need to follow up with the trends and analyse market data to develop good trading and investment strategies. From charting tools to market data analysis tools, you need some of the crypto trading tools listed below to make informed decisions.
eToro is a popular multi-asset investment platform that also provides innovative tools for millions of traders and investors in over 140 countries. One of its various tools is the eToro Earnings Reports Calendar, which is useful for determining the operational and financial health status of companies. This digital service enables you to identify a list of upcoming earnings reports that publicly traded companies have scheduled to release. You will find them ordered by sector, market capitalization, financial instrument, expected release date, and other details.
altFINS is one of the best platforms for crypto analytics. It helps investors and traders find blockchain-based opportunities that they can use to achieve their aims and objectives for participating in the industry. Advanced crypto traders can use altFINS to create their own customer searches and trade alerts about coins, while beginners can use it to learn technical analysis through curated charts and patterns.
Shrimpy is a single platform for managing your diverse crypto portfolio and customizing your trading and investment strategies in data-driven ways. It has a set of tools that enable you to view your portfolio at any point in history (using “Rewind”), automate portfolio indexing and rebalancing, test different portfolio management strategies, as well as easily link all your exchanges and wallets.
Anyone looking for a tool to analyse crypto markets, trade on multiple exchanges, control risks, manage their investment portfolio, test strategies, and close profitable trades can use Altrady. This digital platform contains a wide range of powerful tools with features for everything crypto, including smart trading and advanced analytics.
TradingView is a popular charting platform, social network site, and mobile app that enables more than 50 million crypto traders and investors across the globe to spot opportunities and make the best use of them. The platform connects with more than 50 crypto exchanges. It is ideal for risk-takers who need to work with great ideas, charts that move markets, unmissable trading alerts, detailed reports on the performance of their strategies, comprehensive financial analysis, and a depth of coverage of international markets.
Libertify is one of the best crypto trading and investment analysis tools you can find on the market. What is unique about this service among other trading tools is that it seeks to help millions of people commit to investments that are not costly to their wealth creation and management efforts and do not hurt their healthy lifestyles. This service provides advice to investors and traders in ways that cater to their unique situations. It protects retail investors against the dangers of crypto market volatility. What’s more, it helps them identify their risk tolerance levels from among over 100 animal profiles, which include sharks, beavers, meerkats, and tigers.
CryptoPanic is the number one platform for traders and investors to get access to crypto news around the world so that they can make informed decisions. You can use this online tool to find the kind of cryptocurrency updates, trends, and information you are interested in. It has various news categories, such as “Hot!,” “Rising,” “Regulation,” “Recency,” “Price analysis,” “Important,” and ”Bullish.” You can use them to filter the type of crypto news you are looking for on a daily basis. The platform also includes portfolio tracking and several other useful features.
To analyse the crypto trade, you need to examine all available information about the cryptocurrencies and the exchanges. It is necessary to start by reviewing the white paper to know the objectives and technical details of the digital coin. Next, you should research the leadership of the crypto project for fraud, credibility, and sustainability, paying attention to every potential red flag or green flag. In addition, you can learn about the token economics, such as its circulating supply, total supply, and maximum supply, which affect the price of the cryptocurrencies.
Professional crypto trading involves analyzing data before making strategic decisions. For this, you need to work with technical indicators relating to crypto charts, news, trades, and investments. The best indicator for technical analysis is the Relative Strength Index (RSI), which is used to evaluate an asset to determine whether it is being overbought or oversold.
Aside from discipline and practice, you will also need to have the right set of skills to make gains from crypto trading. The most important skill for crypto trading is risk management. This is because cryptocurrencies are very volatile, thereby requiring a smart ability to predict price changes to make the right decisions over time and succeed in the industry.
The best skills to acquire for successful crypto trading and investment are those related to information gathering, data analysis, research, critical thinking, self-control (discipline), record keeping, and sound decision-making.
TradingView is the best chart for analyzing crypto. It is the most popular technical analysis and charting tool for crypto traders and investors in all markets. This service integrates with most of the popular crypto exchanges.
The Moving Average Convergence Divergence (MACD) is the best indicator for trading in cryptocurrencies. It uses trends to provide signals for buying and selling digital assets. However, just like the Relative Strength Index, the MACD’s signals are not always accurate following market changes.
The Bottom Line
Crypto enthusiasts, traders, and investors should always be conscious of how risky it is to trade and invest in cryptocurrencies. In this industry, you have a chance to make a huge profit or a huge loss, depending on your choices and changes in the market. Therefore, it is important to always make the right decisions. How can that be? You should ensure that you are using the right cryptocurrency exchanges, digital wallets, crypto cards, and a variety of analytical services for your trading and investment decisions. Having shown you the top 18 among the best ones on the market, we expect that you will take advantage of them.