Best Crypto Wallet UK
The best crypto wallet UK is a must-have for anyone venturing into crypto investments. Digital wallets are similar to standard bank accounts but only store digital assets. Without a crypto wallet, you can't sell, receive, send or buy any cryptocurrency.
But there are many wallets out there now, so it is usually confusing to pick the right one for your investment. To help you out, this article reveals the best crypto wallet apps. They include eToro, Binance, Coinbase, Coinjar, Bitbox, BitBox, Uphold, Luno, and Gemini. Let's take a closer look below at why these are the best crypto wallets for UK users.
Best Crypto Wallets UK List
Crypto wallets are pivotal for facilitating transactions in blockchains. Traders and users require them to hold crypto coins safely. Also, crypto wallets are helpful for validating and securing transaction information, whether it’s a soft or hard wallet. In addition, customized external wallets provide more specialized solutions than wallets dedicated to crypto exchanges.
Now, let’s look at the list of best crypto wallets UK below.
The Best Cryptocurrency Wallets UK Reviewed
Let's now take a closer look at the top cryptocurrency wallets for UK traders.
1. eToro - Overall Best Crypto Wallet UK
eToro is a very secure and controlled financial platform dedicated to providing the best financial solutions for investors. eToro is one of the most secure cryptocurrency wallets as it has DDoS protection, multiple signature features, and several other security protocols.
On eToro, there are verified service providers that don’t offer their services free of charge. However, there are mobile wallet service providers on the platform that display their given pricing terms. Also, blockchains connected to eToro have their service charges for transactions implemented through the wallet. However, these costs are not charged by eToro. So, if you’re searching for the best bitcoin wallet UK, consider eToro first.
- Easy to use. The eToro wallet is not only easy to work with; it has a very user-friendly UI that simplifies navigation. In addition, the crypto wallet app offers over 120 cryptos while enabling you to convert over 500 crypto token pairs to several other assets. Also, eToro comes with a versatile private key that allows you to recover your account if you have misplaced it. Furthermore, the wallet offers clients access to a customized blockchain address.
- In eToro, you can duplicate investment methods from investment experts.
- The platform also allows you to commit an investment with only $25.
- Also, in the United Kingdom, eToro is regulated by the FCA.
- The platform has a transaction charge of 1.49% for trading.
Launched in 2012, Coinbase offers an ideal platform for beginners to save their digital assets. The wallet is very secure and connected to the Coinbase exchange. Using the wallet, you can connect your wallet to most leading banks as it has a user-friendly interface for users to navigate. Also, this best bitcoin wallet UK can act as a store for your NFTs (Non-Fungible Tokens).
One important feature of the Coinbase wallet is that it is non-custodial. Thus, its private key is saved in your computer devices rather than the platform's servers. So, you don't have to be concerned about cyberattacks on the Coinbase website or issues related to not accessing your crypto assets.
- Coinbase has a user-friendly interface.
- A large number of registered users (precisely 73 million verified Coinbase users).
- The FCA regulates Coinbase in the UK.
- Coinbase charges a trading fee of 1.49%.
- The wallet also charges 3.99% on deposits via debit cards.
eToro is better than Coinbase in the aspect of charges. For example, Coinbase charges 3.99% for card deposits, while eToro charges zero fees on card transactions, especially when making USD deposits.
Launched in 2017, Binance offers its users an extensive array of opportunities to transact over 300 cryptos via its wallet Trust Wallet. The platform is famous for its transparent account creation process. Also, Binance provides very fail-proof security in the platform. In addition, Binance is popular for its hospitable customer care support to users.
The wallet charges you 0.5% for instant charge fees and 0.1% spot trading charges. In addition, you pay $0 for inactivity fees and $5 for withdrawal charges in the wallet.
- Binance charges only 0.1% trading costs.
- Provides users direct access to the Trust Wallet.
- Significant reputation.
- Binance is one of the leading cryptocurrency exchanges in the United Kingdom, as recorded by trading volume.
- The user interface for Binance is not very user-friendly for newcomers.
- The platform charges 1.8% on card deposits (credit or debit alike).
We rank eToro above Binance the best cryptocurrency wallet UK because it doesn't charge fees for deposits. Also, it is easily accessible in the UK, unlike Binance that has been banned in the country.
Coinjar is known globally for being one of the largest crypto exchanges in Australia. Also, its flexibility, among other features, crowns it as one of the Best crypto wallets UK. Furthermore, its mobile application is one of the most user-friendly and well-curated for users. The Coinjar platform also provides a full-optimized environment for any device’s operating system.
You can make transactions speedily by scanning the dedicated QR codes, user’s CoinJar username, or wallet address. If you are a newbie, this platform can simplify transactions.
- Coinjar offers very affordable transaction charges for any transaction on the platform.
- It provides pre-customized crypto portfolios on discounts.
- When making deposits via PayID or BPAY, CoinJar demands no transactional charges.
- One major limitation of Coinjar is insufficient technical information on the platform.
eToro is better than Coinjar because it supports users with technical information and tools that facilitate crypto transactions. For instance, investors, especially beginners, can access the Copy Trading tools to mirror seasoned traders. Moreover, the ProChart enables wallet users to compare diverse assets charts and timeframes.
Luno came into the market in 2013, and ever since then, the wallet has facilitated over 17 billion USD. The platform provides you access to multiple payment options like debit or credit card, or even through bank transfer. Also, Luno allows users to access their customized wallets via the web, Android, or iOS.
Asides from its easy-to-navigate interface, the wallet provides multiple languages for sundry users. Luno provides secure access for users to monitor and facilitate quick transactions in the platform. One other thing to note about the platform is that it provides variable charges for transactions. So when searching for the best crypto wallet UK, consider Luno for supported cryptocurrencies.
- Luno provides a user-friendly interface.
- You can access useful articles and track price changes of specific crypto assets within the platform.
- Support few crypto assets
- Doesn’t offer advanced tools and margin trading
eToro offers a plethora of crypto assets such as Ethereum, Bitcoin, Polkadot, Ripple, etc. You can even access diverse markets such as stocks, EFTs, Commodities, Stocks, etc. Moreover, there are many advanced tools for crypto trading, such as the Prochart. That’s why it made the top place above Luno in our best crypto wallet UK list.
What is a Crypto Wallet?
A crypto wallet is an online or offline application for your crypto investments. It enables investors to store their digital assets and retrieve them whenever they need them. The cryptos are stored on the blockchain, but you'll need the wallet's private key to access them.
If you’re using an online wallet such as Coinbase Wallet, your private keys/passwords remain with the broker. But if you're using an offline wallet or hardware wallet such as Ledger Nano X, you'll be in charge of your private keys.
The key is unique to every investor, and with it, you'll prove that the crypto is yours. That's why losing your private keys means losing your investments. So, to be safe, use the most secure cryptocurrency wallet, such as the eToro wallet, all the time.
Moreover, the best crypto wallet UK is the place where you can keep all the cryptos you buy in one place. For instance, you can buy and store coins like BTC, ETH, XRP, etc., in one wallet, depending on the crypto it supports.
How do Crypto Wallets Work?
Every crypto transaction is usually stored on the blockchain. These transactions appear in records known as blocks which show the transactions occurring on all the addresses on a particular cryptocurrency. It also shows the holders of the public address keys. The keys generated by creating a blockchain wallet are public and private keys.
You will use the public key to receive crypto since you can share it with everyone who needs to send it to you. But with the private key, you can access your crypto investment and transact with them. The private keys mustn't be lost or disclosed to anyone, or you'll lose all your investment.
With a private wallet key, users can access the coins on the blockchain and also transact with them.
Also, with the private wallet key, you can move your coins (transfer) to others. But others can see the balance on every address using the public key even though they won't know the owners per se.
The best crypto wallet UK, such as eToro wallet, enables users to store, receive or send crypto. You can even spend or buy crypto through many of these wallets. In recent times, users can now swap tokens and access decentralized apps through their crypto wallets without hassles.
So, without wallets, it’s impossible to transact with cryptocurrency. Since the coins only exist in the public ledger, you must use a wallet key address to access them. That’s why you will use always use a BTC address to send funds to another BTC address through your wallet. Once you initiate the command with your private keys, the process occurs in the blockchain.
To receive money into your wallet, you will give the public address to the sender. Once you generate the address through the feature in your crypto wallet, you will copy the QR code or alphanumeric address and send it to the sender. If you also need to send funds out, you will also do that using the recipients' public keys or address which they'll send to you.
Types of Bitcoin Wallets
Many types of wallets exist now, including software wallets, hardware wallets, and paper wallets. Let's check them below.
Another name for software wallets is "hot wallets." For example, an online bitcoin wallet is mobile apps or program that facilitate crypto transactions. You can store, receive or send crypto through them. These wallets are called hot because the brokers keep the crypto online, and such storage facilitates quicker access, especially for crypto traders.
The software wallets can come as an app to install on your laptop or phone or based on the web. When you choose the app version, your private keys will remain in the device although the app is still on the internet. In addition, software wallets come in other types, such as mobile wallets or desktop wallets.
Mobile vs. Desktop Wallets
Mobile wallets are those apps that you can install on your android or iOS phones to store and transact with your crypto. They enable faster payments in crypto using the QR codes on the go. All you need is to download the app from the Google play store or App store, making sure to choose the one compatible with your phone's OS. Then, through the app, you can access your crypto on the blockchain.
On the other hand, Desktop wallets are programs that keep and manage the private keys to the crypto you have on the blockchain. The desktop wallet is better in security when compared to web wallets, although it doesn't compare to hardware wallets in security. But with desktop wallets, you're in charge of your private keys and funds. Also, many of them have amazing features that facilitate crypto transactions, but the fees are higher when using them to trade.
Hardware wallets are devices that store cryptocurrency offline. They’re also called cold storage and are very secure since they're not usually connected to the internet. Moreover, your private key is never on the computer or mobile device. Everything you'll do with your hardware wallet is not stored online.
Most importantly, you can store many crypto assets in your hardware wallet and transact with them without issues. Also, through the wallet, you can access several dApps and log in to Facebook or Google. You can even trade from there through platforms that support such. But always keep the device safe because losing it means losing your investments.
A paper wallet works like other wallets, especially the hot wallet, since it uses private keys and public keys. For example, the Bitcoin paper wallet is printed online and contains QR codes and keys to complete crypto transactions. Before the hardware wallets, these wallets were more secure because users would often print out the information online. But the risks are high with this wallet because once you lose the paper, you've lost your investments. Also, if you don't clean off your browsing history after creating your private keys, hackers will exploit it. Also, you must use a computer free from malware to generate and print.
How to Choose the Right Crypto Wallet for You
Given the risks associated with crypto investment, users must always research deeply before settling with any wallet. But to shorten the search time, consider the following factors when choosing the best crypto wallet UK.
Before choosing a wallet, make sure there are security measures in place to mitigate hacks and exploits. Also, if they have a fund recovery measure, that'll be an added advantage. Some features include PIN unlocking, 2-Factor authentication, facial recognition, or fingerprint unlocking. eToro is one of the Best wallets for crypto to utilize all these features.
The fees on a wallet can destroy your investment plans. Some wallets charge high fees for deposits, withdrawals, trading commissions, etc. But some wallets enable users to select their fees based on the speed of transactions. So, if you want fast, you can pay higher, but if you want medium or slow, you can pay lower.
Sometimes, you might want to access your wallet through your mobile device. Since we're always on the go and might not want to wait until we sit behind a computer, choose a wallet that offers an optimal mobile experience. At least there should be a Crypto wallet app for mobile devices running on iOS and android. Moreover, it must have all the features of the main platform to facilitate your transactions.
Private Keys access
A best bitcoin wallet UK should give you access to your bitcoin private keys. With such a level of control, you will have substantial proof that the crypto belongs to you. However, you're not a custodian of your bitcoin without access, and if anything happens, you might lose your investment. Another issue is that lack of access means slower transactions since you will send requests and wait until the custodian completes the transaction on your behalf.
Support for Multisig transactions
A wallet that supports multisig transactions is also considerable. It means that more than one participant will approve every transaction before it is executed. This feature protects funds, especially for investors sharing the same wallet amongst themselves. Even though one person can initiate a transaction order, it will require at least 3 persons to approve it.
How to Find Your Bitcoin Wallet Address
If you want to find your bitcoin wallet address, especially when trying to receive a payment, simply login to your wallet. Then locate the "Receive' button at the wallet's toolbar below. Once you tap the button, the address will be displayed. Every BTC address will always start with 1 or 3
For instance, if you’re using eToro wallet, simply login to the wallet, select "Crypto," and tap BTC. Then tap "Receive" under it for the Bitcoin wallet address to be displayed.
How to Get a Crypto Wallet UK & Invest in Crypto - eToro Tutorial
Before using the eToro wallet, you must sign up to create the wallet. Follow the simple steps below for that.
1. Create an eToro account
To create the account, you must add a username, add your email and create a strong password consisting of numbers, special characters, alphabets, etc. After adding all that, accept the terms and conditions, then click on "create account."
2. Upload documents for verification
Since eToro is highly regulated, you must upload documents to complete the KYC requirements. The required documents include a government-issued ID, bank statement, or a new utility bill to verify your identity and address. After uploading, the broker verifies the documents and confirms your eligibility to use the wallet.
3. Download the eToro Wallet to Your Phone
Now it’s time to download the eToro wallet app. Can you do this via the Apple App Store or Google Play Store depending on whether you have an iPhone or Android.
Once the app has been downloaded, install it and log in with your eToro username and password.
4. Make a deposit
eToro supports many deposit means, including e-wallets, PayPal, bank transfers, etc. So you can complete the process in a few minutes and proceed to buy any crypto of your choice. But if you choose to do bank transfers, the funds will take some days to be cleared.
So, as you have logged on to the account, discover the “Deposit Fund” button and click on it. Then add the amount to deposit and choose the fiat to use. Afterward, select the method suitable for you.
5. Invest in a crypto
Once your funds are available for use, you can search for any crypto that eToro supports. Thankfully, the broker supports more than 120 assets, and you can buy any of them by "Trade" to start the process. Since the broker uses USD as the currency for transactions, your pounds will be converted to USD by choosing the pair such as USD/BTC. Once you do that, input your investment amount and click on "Open Trade."
Best Crypto Wallet UK - Conclusion
If you are looking for the best crypto wallet UK, eToro provides the best features you can ask for, especially in security and ease of use. In addition, the broker behind the wallet is highly regulated, and charges zero fees on transactions.
However, there are a handful of other competent and robust bitcoin wallets, asides from hardware and bitcoin paper wallets. Binance, CoinJar, Bitbox, BitBox, Exodus, and Luno, among a few, are part of the best crypto wallets.
FAQs on Crypto Wallets UK
What is a cryptocurrency wallet?
A crypto wallet is a medium for storing public or private (or both) keys for cryptocurrency transactions. This medium is either digital (mobile software, web browser, or desktop application) or hardware stored, also known as hot and cold storage. Aside from storing cryptographic information, a crypto wallet enables crypting or signing (or both) transactions.
How do bitcoin wallets work?
Bitcoin wallets store users' keys, allowing them to access their available balances and see transaction histories. Also, bitcoin wallets enable users to send and receive Bitcoin and sign transactions.
What is the best crypto wallet UK?
The best crypto wallet in the UK is the eToro wallet. It offers perfect security, is easy to use, has an extremely user-friendly interface, and is recoverable. Also, there are many cryptos to access via the wallet, and the fees are close to nothing.
What is the safest crypto wallet UK?
The most secure wallet for crypto in the UK is the eToro wallet. Not only is it secure and recoverable, but it provides a robust and fail-proof platform for users to store their crypto coins without worrying.
What crypto wallet has the lowest fees?
eToro has the lowest fees. It only charges 0.1% for conversion fees but takes no fees for receiving or sending transactions.