Cryptocurrency is a growing investment. Much of the credit may be given to its decentralized finance model, blockchain technology, and ability to trade from anywhere across the globe.
A decentralized finance model eliminates the need for third-party organizations to monitor your transaction. There is no intervention by any third-party agencies monitoring your transactions. Another advantage of cryptocurrency investment is the blockchain platform adopted by most coins. This means each investment and transaction is broken down into multiple chains of blocks. These individual blocks are then stored in user computers making it highly impossible to trace any transactions. The third advantage of crypto investments is that it is not tied down to any particular currency. Cryptocurrencies take a global presence and convert to standard fiat currencies as per the country. This has become another added advantage of crypto making this an investment model preferred by many investors.
Cryptocurrency in the UK
Like all countries, the UK government also monitored crypto transactions. The UK government recognizes cryptocurrencies as an investment asset. Taxes on crypto gains are levied considering these assets are property. In 2018, the government came up with a special force to monitor crypto transactions in the country. This steering committee defined three different types of cryptocurrencies and all investments were subject to capital gains tax since 2019.
Regulations on crypto exchanges
Ay exchange interested in establishing their presence needs to follow a certain set of rules and regulations as set out by the government. The first and foremost includes exchanges completing their registration process with FCA. This guidance also crypto exchanges to also comply with rules related to anti-money laundering, bans funding activities for terrorism and other illegal financial investments, etc. These laws have also made it difficult for exchanges to easily obtain their registration.
Below listed are the popular exchange in the UK that has complied with and completed all regulations as set up by the UK government.
Coinsmart
With the growing interest in cryptocurrencies, Coinsmart is also finding innovative ways to reach out to maximum investors. Today, Coinsmart hosts almost all popular cryptos including Bitcoin, Ethereum, Polygon, and even Solana as well. Coinsmart became a popular choice amongst investors due to the simplicity of its platform and accessibility to users 24*7. Coinsmart also complies with regulation set up by the Canadian government and boost the status of being the first in the industry to have a global presence.
Crytpo.com
The next popular exchange allowing for easy buying, selling, and trading of cryptocurrency is crypto.com. This trading platform has also allowed investors to earn rewards on the go. CRO is the native coin by crypto.com and has allowed investors to earn more than 10% interest by staking these coins.
Quickbitcoin
This UK exchange takes pride in allowing investors to undertake their transactions at minimal speed. Investors can easily purchase, sell, and trade their cryptos using this platform. The transaction is completed in less than 15 minutes. This crypto exchange has also been able to complete the user verification process in less than an hour making this a credible and easy-to-use platform.
How to trade cryptocurrency in the UK?
Many crypto exchanges like https://bit-qt.app/ are registered and available to investors to undertake user transactions. The primary factor to be kept in mind while choosing a crypto exchange is to create a digital wallet with an exchange that has a global market presence. This will allow you to continue your transactions even if you move out of the UK at any point in time. Another factor that you may like to review is the transaction charges associated with each crypto exchange. In certain cases, the exchange may charge you higher, hence make sure to choose one that has low fees. Also, cater the time that you need to open an account. It is advisable to choose an exchange that allows you to undertake transactions in less than a day.
Rate of exchange
This is an important and most ignored aspect while choosing an exchange. Different exchanges charge you with different types of exchange rates. A thorough analysis of the exchange rate is important so that your profits are not impacted when you withdraw the funds. It is also true that exchange rates tend to fluctuate depending on the market conditions and price volatility.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
