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Investing in cryptocurrencies in the UK requires an in-depth understanding of more than just the currencies, it also requires you to know about where you’re going to be storing what you buy. Some trading platforms only allow you to trade CFDs, so a wallet is not essential because you do not own the underlying asset at any point.

In this guide, we review the various cryptocurrency wallets and provide you with a bit of background information on how the best crypto wallet UK works.

How to Sign Up for a Crypto Wallet UK – Quick Guide

You can sign up for a crypto wallet in the UK in just 3 quick steps:

  1. Choose a Wallet: While the wallet that works best for you will depend on a variety of factors, the overall best wallet that you should choose for this purpose is the eToro cryptocurrency wallet. It supports over 150 currencies and allows you to interchange between them using eToro’s exchange service.
  2. Download the Wallet: Once you have selected the wallet that you wish to use, the next step is for you to download the wallet to your device by searching for ‘eToro Wallet’ in the Apple App Store or Google Play.
  3. Create a Wallet Account: After the app has been downloaded, then it is just a matter of creating a wallet, setting it up, and proceeding to store and spend the cryptocurrencies through your wallet.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Best Crypto Wallets UK 2022

The most important step to buying and storing cryptocurrencies is identifying the right wallet where they can be kept safely until you need them. Sometimes, cryptocurrency wallets also allow you to be able to trade the currencies through their brokerage platform, which is a good way to maximise the security of your assets.

1. eToro – The Overall Best Broker to Buy and Store Cryptocurrencies UK

best crypto wallet eToro is overall the best cryptocurrency trading platform and wallet out there to use for traders in the UK. This is despite the fact that it is a non-custodial wallet, in that it is not responsible for liable for the safety of your wallet. eToro makes up for this with the fact that it is regulated by some of the top-tier agencies across the world, including the FCA in the UK. For cryptocurrency traders, this is a welcome change, since the vast majority of cryptocurrency trading platforms do not have proper regulations or insurance, making it a risky proposition for you to trade through them. In addition to Bitcoin, you can also purchase a variety of altcoins through the platform, including ETH, BNB, ADA, XRP, etc.

There is a two-pronged approach that you can employ when it comes to storing your crypto assets with eToro. Firstly, if you wish to trade your crypto through eToro’s trading platform itself, then this can be done very easily. Whenever you make a crypto trade through eToro, the coins are automatically stored in your wallet for you.

However, if you only wish to use the wallet functionality and not the trading platform, then it gets a bit more complicated. In this case, you can use their proprietary wallet technology that stores over 120 cryptocurrencies. The wallet can be downloaded as an app on both Android and iOS devices. This means that it is a mobile wallet, and you do not need to be at your desktop to be able to trade through the eToro wallet. The eToro Crypto wallet is also useful for exchanging cryptocurrencies. In fact, the wallet supports over 500 crypto-pairs, so you don’t need to worry about using a third-party exchange if there is a particular digital coin you are interested in.

best crypto wallet uk eToro is also unique in the way that you can trade in two different ways: you can either exchange cryptocurrencies for fiat currency, or for other cryptocurrencies, The latter is called cross-crypto trading, and it is available on eToro with some of the larger crypto assets. eToro is also a completely commission-free site, and the only fees they charge are their spreads. This means that for every trade you open and close, the only charges you will incur are the charges that you pay as the difference between the bid and ask prices.

eToro also offers a variety of passive trading tools that you can use to trade cryptocurrencies. The platform has a wide variety of social trading tools, that you can use to copy or mirror the trades of other cryptocurrency traders. This way, you can capitalise on the expertise of other experienced traders. In addition to this, they also have a curated CryptoPortfolio, which is a basket of several prominent cryptocurrencies that are given varying weights on the basis of their market capitalisations. This portfolio is managed by the eToro investments team, so you do not have to worry about rebalancing the portfolio regularly. You can get started with an eToro trading account and crypto wallet in minutes – and deposit methods include debit/credit cards, bank transfers, and e-wallets like Paypal.

eToro fees

Fee Amount
Stock trading fee Free
Forex trading fee Spread, 2.1 pips for GBP/USD
Crypto trading fee Spread, 0.75% for Bitcoin
Inactivity fee $10 a month after one year
Withdrawal fee $5

Pros:

  • User-friendly platform with an easy-to-use interface
  • Allows for copy trading and other social trading options
  • Regulated by various agencies worldwide
  • Provides cryptocurrency derivatives in certain areas
  • No commissions on trades
  • Provides a variety of other assets to trade on such as stocks, currencies, indices, and ETFs
  • Provides access to a curated CryptoPortfolio managed by the eToro team

Cons:

  • Not suitable for advanced charting or technical analysis

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Binance - The Best Crypto Wallet for Android Devices

best crypto wallet app Binance, one of the largest and most popular cryptocurrency wallets, is a wallet that is highly used by professional day traders, especially those who have Android devices. This is because the Binance platform is heavily optimized to be of use on Android devices. The platform also, by virtue of being a very large crypto exchange, has the largest collection of cryptocurrencies among all the other platforms. If there is any altcoin you wish to invest in, whether it is small-cap or large-cap, there is a very high chance that Binance will have it. Just like eToro, Binance allows you to exchange your cryptocurrencies for both fiat and other cryptocurrencies. Since Binance has billions of dollars in trading volume flowing through it on any given day, it has a very high level of liquidity. Usually, you will be able to deposit funds into Binance via credit/debit card or a bank transfer, making for a convenient experience.

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The Binance wallet is very similar to the eToro wallet, in that it also follows a 2-pronged approach. If you choose to use the Binance trading platform, then all your crypto is safely stored on your Binance wallet, which can be accessed through the Binance trading app itself. There is a range of safeguards on the wallet which make Binance easily the most secure crypto wallet among all the crypto wallets available on this list. This includes the vast majority of client funds being held in cold storage, alongside two-factor authentication and email confirmation on key account features being accessed. On the other hand, you could also use the Binance Trust wallet, which is available as a separate app and allows you to store your currencies in a completely decentralized and separate app, trading higher control over your wallet for a lower range of security measures.

The platform charges high fees for deposits and withdrawals - between 2% and 3%. However, they have very low trading fees and are known for being one of the cheapest crypto trading platforms in terms of their fees. Usually, the fee is 0.1%, and it is even lower if you have an allocation of the Binance Coin (BNB). They also have a wide variety of tools and technologies available specifically for cryptocurrencies, which makes them a suitable option for highly experienced crypto traders.

Binance fees

Fee Amount
Crypto trading fee Commission, starting from 0.1%
Inactivity fee Free
Withdrawal fee 0.80 EUR (SEPA bank transfer)

Pros:

  • Advanced charting platform with numerous technical indicators
  • Hundreds of pairs supported
  • Very low commissions
  • Supports fiat currency deposits
  • Low fees, with additional discounts for using BNB
  • Security measures are very tight and proven to be among the best in the industry

Cons:

  • Charges up to 2% on credit/debit card deposits
  • Customer service responses can be delayed at times
  • You can’t buy Bitcoin with PayPal here.

Your money is at risk.

3. Coinbase - The Best Crypto Wallet for iPhones and iOS Devices

best crypto hardware wallet Coinbase is one of the largest cryptocurrency trading and investing platforms in the world, and like Binance, it has a very high level of variety when it comes to the different coins that you can access through it. Over 73 million users access Coinbase, which has more than $255 billion in assets under management. Same as with the other two platforms, you can either use the Coinbase trading platform or simply their wallet separately. This is available in two forms – through the Coinbase website or via a native mobile app.

If you wish to use a wallet that is accessible through the Coinbase platform, then you can simply send your crypto assets to the unique address provided by Coinbase, and this will then be used to store your coins. On the other hand, if you wish to have access to your coins on the move through your device, then you can download the Coinbase app onto your phone. While it is available for both the iPhone and Android, the platform is more suited for iOS devices. The wallet is backed by heaps of security features – including two-factor authentication. This requires you to enter a code that is sent to your mobile phone before you can access your crypto wallet.

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Coinbase fees

Fee Amount
Crypto trading fee Commission, starting from 0.50%
Inactivity fee Free
Withdrawal fee 1.49% to a U.S. bank account

Pros:

  • Advanced charting platform with numerous technical indicators
  • Hundreds of pairs supported
  • Easy to use for cryptocurrency beginners
  • Support for a large number of cryptocurrencies
  • Opportunities to earn cryptocurrency
  • Lower pricing available with Coinbase Pro

Cons:

  • Charges up to 2% on credit/debit card deposits
  • Customer service responses can be delayed at times

Your money is at risk.

4. CoinCorner - The Best Bitcoin Wallet UK for Beginners

what is the best crypto wallet If you are only just getting interested in the world of cryptocurrencies and wish to use a wallet/platform that is not very complicated, then CoinCorner is the perfect platform for you. The primary reason for this is that the user interface of the platform caters primarily to beginners, and is designed in a way that does not confuse someone who might not have a lot of trading experience. The platform also serves as both a broker and a wallet, with you being allowed to purchase cryptocurrencies through a UK debit/credit card or bank account transfer, and providing the functionality of being able to store it on the CoinCorner wallet app.

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The app is available for both Android and iOS users, and while it is definitely the wallet of choice if you are a beginner, it is not the most secure option for you to use. The high usability is a trade-off against the lower levels of security. Finally, we should also mention that CoinCorner is worth considering if you are looking to make small but regular cryptocurrency investments. This is because it supports recurring payments that are automated to your preference – for example, £20 per week or month.

Coincorner fees

Fee Amount
Crypto trading fee Commission, starting from 1 GBP/EUR
Inactivity fee £20 per month after 24 months
Withdrawal fee Variable. Free for bank transfers within UK

Pros:

  • Ability to buy cryptocurrencies in under 10 minutes
  • Supports a very wide variety of payment methods
  • Ability to set up a recurring investment in cryptocurrencies for low costs
  • Rewards program available

Cons:

  • Deposit fees are high on some platforms
  • Very little charting or technical trading tools, especially for advanced traders
  • Customer service responses can be delayed at times

Your money is at risk.

What is a Crypto Wallet?

If you are looking to invest in Bitcoin, then one of your biggest considerations should be about how you plan to keep your coins safe. In this regard, you need to understand that, unlike traditional money, cryptocurrencies cannot be stored in a bank account. Instead, they have to be stored in a ‘digital wallet’. There are several Crypto wallets that you can use for this purpose, and each of them differs from the others in its own way. Some people might choose to go for a mobile wallet since it allows them to monitor and manage their cryptocurrency investments on the move. On the other hand, some people might choose to have a wallet that is only available on desktop devices.

Regardless of the different types of wallets, which are discussed below in detail, the primary purpose of the wallet is to allow you to send, receive, and store digital currencies. Each of these wallets has a unique address that you can use in order to send and receive cryptocurrencies from other wallets. When you want to send funds to your personal cryptocurrencies wallet, you will need to enter your public address. In terms of safety, your crypto wallet is protected by a ‘private key’. This is like the password and pin codes that you use to access your online bank account. Most crypto wallets in the UK allow you to easily access your wallet without having to remember the private key, simply by setting up a password or a biometric login for your convenience.

Crypto Paper Wallet vs Crypto Hardware Wallet

As mentioned above, there are several types of crypto wallets that you can use in order to store your cryptocurrencies. Each of these has its own set of advantages and disadvantages, and therefore are chosen by different people based on their preferences. For example, two of the biggest categories of crypto wallets are paper wallets and hardware wallets. Both of these categories have been discussed below in detail.

A crypto paper wallet is an old-school way of storing cryptocurrencies because your crypto wallet address will be printed onto a piece of paper in the form of a QR code. In order to do this, you will need to use an online platform that has the capacity to generate a free crypto wallet address. Then, it’s just a case of transferring the cryptocurrencies to the respective address, and printing the credentials. In theory, it’s virtually impossible for somebody to hack your crypto paper wallet. After all, the funds are kept offline at all times. However, the main drawback here is that when it comes to transferring your cryptocurrencies out to another wallet (for example, if you wanted to cash out your coins), the process can be cumbersome.

On the other hand, on a hardware wallet, your coins are stored via a physical device. Hardware wallet providers offer top-notch security on your crypto funds. To get started with a hardware wallet, all you need to do is to buy a crypto hardware wallet from your chosen provider, set up a PIN number via the device that arrives with your wallet, and transfer the cryptocurrencies to your unique hardware wallet address. Opting for a hardware wallet to store your cryptocurrencies is a really safe option to consider. For example, funds can only be sent if you have access to the physical device – which requires your PIN for authorization. If you forgot your PIN or the device was stolen, you can remotely access your crypto wallet with the previously mentioned passphrase.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How to Choose the Right Crypto Wallet for You

As mentioned earlier, there are a variety of factors to consider when you are trying to choose to right kind of wallet for your needs. In this regard, each of these factors has been discussed below in detail.

Wallet Type

When trying to choose the right kind of wallet for yourself, it is important for you to understand what the different types that are available are. These can be discussed as follows:

  • Web-Wallet: This means that you will be keeping your crypto funds with the exchange or broker that you used to make the purchase. This is usually the least secure option among all the other options that are available for you. The one exception to this rule is eToro – which is authorized and regulated by the FCA.
  • Desktop-Wallet: There are lots of crypto wallets in the market that can be downloaded to your desktop device. Although these are a little more secure than a mobile wallet, you will need access to your desktop software wallet every time you wish to send funds, which makes it a tad inconvenient as compared to the other types of wallets.
  • Mobile-Wallet: This wallet type offers the perfect balance between convenience and security. Regarding the former, you can send, receive, and trade cryptocurrencies by simply opening the wallet app. In terms of security, the best mobile wallets offer two-factor authentication, biometric login, and email confirmation on withdrawals.
  • Hardware-Wallet: Hardware wallets offer the highest level of security on your crypto funds. Not only are the funds kept offline, but to transfer funds you need to physically enter your PIN onto the device. On the flip side, hardware wallets are the least convenient when it comes to transfers. Some providers will offer a few of these, like the exodus wallet as a mobile, desktop and hardware wallet.

Custodian or Non-Custodian

There are two types of crypto wallets that are available: custodian and non-custodian wallets. They differ solely in the sense that custodian wallets are responsible for keeping your cryptocurrencies safe in the wallets, whereas when you use a non-custodian wallet, the onus is on you to keep the crypto you store in the wallet safe and sound. In other words, when you use a custodian wallet, you don’t need to worry about storage as this role is reversed for the entity behind the wallet. Crucially, if you do go the custodian route, consider an FCA-regulated broker like eToro.

Features

Most crypto wallets only offer the bare minimum when it comes to services, in that they allow you to store your crypto safely with them, and transfer it whenever you wish to do so. On the contrary, some other crypto wallets, such as the eToro Crypto Wallet specifically, allow you to even buy and sell cryptocurrencies without paying any commissions. They also allow you to buy shares, ETFs, commodities, and all the other products that are available on the eToro platform. At the same time, another benefit is that these platforms usually allow cross-currency transactions, meaning you can easily change one cryptocurrency to another.

Supported Coins

This is an important consideration to make, as some online wallets only support Bitcoin. As such, if you then decided to buy Ethereum or Litecoin, you would need to obtain a secondary wallet. This is why the best crypto wallets in the UK offer support for heaps of other digital coins. In the case of our top-rated UK wallet provider eToro – you can store over 120 different cryptocurrencies. This allows you to build a diverse portfolio of digital assets and keep all of your coins in a single wallet.

How to Get a Crypto Wallet - eToro

Step 1: Open a Trading Account

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67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

The first thing that you need to do is to navigate to the eToro homepage and click on “Join Today”. Then, you will be asked to fill a short form that asks for your contact details and makes you set up your login credentials. Alternatively, you can also sign up via your Facebook or Google account for easier sign-ins and to avoid having to remember your username and password.

The next step is for you to verify your identity by uploading a copy of your ID. Since eToro is a regulated platform, they have to complete the KYC (Know Your Customer) process before they allow you to trade. This verification process has two parts to it. The first part involves verifying your identity. For this, you can upload a copy of any government-issued ID, such as a passport, driving license, or visa. The next part is an address proof, for which you can either upload a bank statement or utility bill. Once you have uploaded the documents, eToro has a quick response time, and will usually verify your account in a few hours.

The third step is to then deposit funds into your account. The minimum deposit on eToro is 200 GBP. This can be done in a variety of ways. For starters, you can add money to your eToro account via bank transfer or via credit/debit cards. They also accept a variety of e-wallets such as PayPal and Skrill. You can add funds in different currencies too, such as USD, GBP, and EUR. There are no fees or charges associated with depositing funds into your account, and they show up almost immediately.

Step 2: Download the eToro Wallet to Your Phone

Once you have registered with the eToro app, then the next step for you is to download the eToro wallet app. You can easily download it from either the Google Play Store or the Apple Store by clicking the link on the app. Once the app has been downloaded, you can then sign in to your wallet using your normal eToro credentials.

Step 3: Add Cryptos to your eToro Wallet

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67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Now that you have access to your eToro wallet, you need to transfer your cryptocurrencies. If at this stage you do not have any cryptocurrencies, you can buy some directly from within the eToro app. If, however, you already own cryptocurrencies, you will need to locate your unique wallet address from within the app. Copy it to your clipboard and then head over to the wallet in which the cryptocurrencies are currently stored. Then, you simply need to paste the wallet address and specify how much crypto you want to transfer. The funds should appear in your eToro Crypto Wallet in less than 20 minutes.

Step 4: Sell Your Cryptos

At some stage – whether that’s in weeks, months, or years to come – you will want to cash out your cryptocurrencies back to pounds and pence. eToro allows you to do this at the click of a button. As soon as you confirm the sale, the cash will be placed into your eToro account. Then, you can withdraw the funds back to your debit/credit card, e-wallet, or bank account.

Conclusion

There are a number of platforms out there that you could use for both your crypto trading and storage needs, but in our opinion, none of them come close to eToro. This is true for a variety of reasons. Firstly, eToro not only provides a very high variety of cryptocurrencies for you to trade, but it also provides you with access to different asset classes such as stocks, indices, ETFs, and commodities. The platform also provides you with leverage when you invest, which limits the amount of capital that you will have to risk of your own. This makes it easier for even beginners who might not have a lot of investable capital, to take on large plays. In addition to this, the regulatory requirements that they comply with mean that your money is safe when you invest in cryptocurrencies through eToro.

eToro - Best Crypto Wallet UK

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67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

What is the best crypto wallet for iOS?

The best crypto wallet for iOS will differ largely based on your requirements and trading preferences, but overall, Coinbase is definitely the platform most optimised for iOS use.

What is the best Android crypto wallet?

The best crypto wallet for Android will differ largely based on your requirements and trading preferences, but overall, Binance is definitely the platform most optimised for Android use.

How do I check my crypto wallet address?

This depends on the type of wallet you have opted for. If it's a mobile wallet, then you can usually view your address as soon as you load the app up. If opting for a web wallet, you can find your address from within your account dashboard.

What is the safest crypto wallet?

The safest crypto wallet is clearly eToro, as in addition to its other features, the platform is also FCA approved, making it the most secure place to store your funds.

What is the best anonymous crypto wallet?

The vast majority of crypto wallets allow you to store your funds anonymously. The exception to this rule is if you are using a wallet provider that also supports purchases with a debit/credit card or other fiat currency method. If it does, you will be required to verify your identity before you can start using the wallet.

How do I keep my wallet private keys safe?

The easiest way to keep your wallet safe and secure is to write down your private keys on a piece of paper and keep them securely somewhere.

Can you store Bitcoin and Ethereum in the same wallet?

Yes, if you are using a multi-currency wallet, then you can store Bitcoins, Etheruem, and a variety of other cryptocurrencies in the same wallet.

About Nishit Kumar
About Nishit Kumar

I'm a second year Accounting and Finance student at the University of Warwick, in addition to being an incoming Trading Analyst at Morgan Stanley. I'm passionate about the financial markets and all things finance.

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