From a thought-provoking concept to a global trend, the journey of Bitcoin has been long! After all, who ever thought about the existence of a completely unregulated line of finance?
Bitcoin, or the BTC, has been at the forefront of digital currencies, marking itself as the world’s first and most popular currency, moving strongly since 2009. The cryptocurrency has made drastic changes in its cost, demand, and returns throughout its journey.
What makes the concept of BTC more appealing is its limited supply which is fixed at 21 million. And thanks to the latest events of 2021, which marked BTC’s all-time high price at $68,000, it has successfully attracted the likes of young investors, traders, and celebrities around the UK and the rest of the world.
Ask anyone around, and you might get to know that almost every third person around the city has invested in some units of the BTC.
However, if you’ve just come across fortune-making crypto and want to get started, you might want to read this blog! Although investing in crypto is quite straightforward in the UK, you’ll still have to think about storing your digital tokens.
Because crypto and other digital assets are stored over wallets. These e-wallets are present in desktop software, mobile apps, and even physical hardware devices. However, the real struggle begins when you have to find the best crypto wallet in UK. The numerous organizations are confusing with their fee structure, security, and related jargon.
Beginner or not, you’d want to look at these best Bitcoin wallets in UK. So let’s get you started!
How Bitcoin Wallets Work?
Because Bitcoins, unlike other traditional currencies, have no physical presence, it becomes difficult for beginner investors and buyers to keep track of their purchases. Post their first BTC purchase; users get a public address and a private key for their purchased BTC.
To put it simply, Bitcoin wallets allow you to store your digital tokens safely and securely. And your wallet is protected via a private key, a secret number that integrates a specific BTC and its buyer’s wallet.
Interestingly, the private key is one such tool that you’ll need for all your future transactions. Therefore, once you have access to a key, you must be sure that you are storing that information in a safe environment that can withstand any possible cyber theft. Unfortunately, once lost, it is almost impossible to retrieve a BTC.
Nevertheless, the top providers of crypto wallet in UK cover their users with several safety measures. But before you move ahead with the best Bitcoin and crypto wallets in the country, let’s first understand the different types of wallets in the next section.
Types of Bitcoin Wallets
Bitcoin wallets come in a slew of categories. Being an intelligent investor, you need to understand its different types to select the best wallet that suits your needs. Therefore, to help you out better, we have listed the different types of BTC wallets. They are:
Bitcoin Software Wallets
As the name suggests, software wallets are more like a programmed wallet to hold your crypto. They’re designed using different lines of programs and do not exist in a tangible form. But, interestingly, they are also considered a reliable option, chosen by many traders in the country.
However, a software wallet attracts a lot of misconceptions, the top being that they aren’t secure enough. Well, that’s not exactly true! But, being an investor, you need to choose the right Bitcoin wallet UK provider with robust security in place (IP verification, 2FA verification, etc.).
Unless you’ve decided to hold many units of the crypto without accessing them for a long time, software wallets are probably your best bet in this situation. Additionally, you always need to keep your wallet updated to ensure better security.
We recommend staying with a mobile wallet unless you want to download the complete Bitcoin blockchain on your device. Regardless of where you are situated, this is the easiest way to buy, store, exchange, and sell Bitcoin.
These are generally available as specialized downloadable apps which you can download to your smartphone. These wallets allow you to trade BTC from anywhere; however, some apps might be limited to your mobile device, posing a threat to your savings if a cyber hacker acquires access to your phone.
However, once you start using the mobile wallets to store your BTC, we suggest you keep a strong password and back your wallets using Google’s authenticator or other similar applications.
As the name suggests, the desktop wallets are installed immediately on your computer system. These wallets are one of the most accessible methods to store your BTC as they come with a high-security factor.
And since they don’t rely on other parties to manage the data of your investments, they allow you custom access to control your crypto. This makes desktop wallets preferable for long-term investors.
You can move ahead with desktop wallets if you want to start with a small investment. They do, however, allow minimal flexibility over Bitcoin transactions since they are only available on desktop computers.
Hardware Bitcoin Wallets
You can also purchase Bitcoin wallets available in the form of hardware; this is by far the safest method of storing BTC in the UK.
Often regarded as the safest Bitcoin wallet, it secures the BTC using a private key over an external piece of hardware. These wallets work like a flash or modem device where you need to connect them to your desktop to carry out transactions. This makes them resistant to dangers and immune to computer viruses.
This will, of course, not be free, and the costs will vary. However, if you want to keep a substantial quantity of Bitcoin, a real hardware wallet is almost necessary for security reasons. Some tips for keeping your Bitcoin safe on hardware wallets is to ensure that your wallet is offline and in a secure place while generating private keys.
Bitcoin Paper Wallets
BTC paper wallets are a low-cost, high-security option for storing your digital cash. Simply said, it’s an online provider that will issue you with a wallet address and private key. So they’re more like a written document containing your public Bitcoin address and the private key that allows you to make transactions.
When you wish to purchase or trade Bitcoins, several paper BTC wallets employ software like QR codes to allow you to scan the information rapidly.
The wallet’s offline functionality makes it particularly resistant to cybercrime, albeit you’ll need to take extra steps to keep the document safe.
Interestingly, many paper wallets employ software like QR code form so you can rapidly scan the information and initiate transactions. You’ll have to be extra cautious with the actual paper. By laminating it or preserving it in a tamper-proof envelope, for example. This means, however, that this is a pain.
Yes, you have quite a few options for storing your BTC in the UK. However, every wallet is unique and carries different functionality, and users need to select their wallets based on their use cases.
And now that you have a complete idea of the functioning and different wallets, let’s take a look at the additional BTC and crypto wallets that we think stand out from the hundreds of crypto wallets in UK.
Best Bitcoin And Crypto Wallets In The UK
First on our list is eToro, a reliable one-stop-shop for all your BTC needs. This FCA-regulated broker allows users to trade and save their investments over its platform. Since its inception in 2007, eToro has strived to adapt and surpass the highest industry standards and practices in terms of deposit protection.
You can easily trade with over 120+ cryptocurrencies, including Bitcoin. Besides, the clean and simple UI of the platform allows the exchange of over 500+ cryptos seamlessly.
Users can download their wallets over both iOS and Android devices! The platform interesting for investors is that eToro has a commission-free service, attracting no transaction costs when adding Bitcoins to your portfolio. Moving ahead, users get access to two different storage alternatives with eToro.
Talking of security concerns, eToro is a reliable name in the industry! With over 13 million users using the platform, all eToro transactions are sent using Secure Socket Layer (SSL) technology, which assures the security of your data.
Next on our list of the best crypto wallet in UK is Coinbase, the country’s largest platform for trading in digital currency. Interestingly, Coinbase stands out in this list as the first major BTC exchange awarded an e-money license in the UK.
The platform is unique as it allows users to deposit GBP to Coinbase and get it credited to their account in the UK within minutes; the entire process is quick and efficient. Besides, beginning your journey with the wallet is simple; its basic UI makes it easy for newcomers to download and set up.
Talking of the security measures, the platform uses a slew of them to ensure credible transactions. Touted as one of the safest ways to acquire BTC in the UK via bank transfer, this wallet uses e-mail and 2FA (Two-factor authentication) authentication to ensure better security.
Furthermore, anyone may purchase BTC, Ethereum Classic, BTC Cash Ethereum, Litecoin, and every ERC-20 token with Coinbase at the best possible price, with no exorbitant fees. For each purchase and sell order you put, you will have to pay 1.49 percent. When purchasing Bitcoin using a debit card, the purchase charge increases to 3.99 percent. You may, however, use Coinbase mainly for its digital wallet. This may be done on the Coinbase website or a dedicated mobile app.
What’s more? Some users are also a fan of Coinbase’s versatility. For example, it allows users to invest in digital currencies and digital collectibles and tokens while participating in initial coin offers (ICOs).
Note: You might want to mind the transactions at peak times as it attracts high fees.
Binance is another global crypto exchange that you’d want to watch out for! The platform attracts billions of USD in its daily trading volume and has over 100+ million users. Moreover, Binance stands out as a convenient and straightforward BTC wallet in UK, where users can trade their currencies at a mere trading commission and 0.10% per slide.
Talking of the exchange’s offerings, the platform brings you over 1,000 trading markets, covering both small and large-cap tokens that allow you to diversify your portfolio. Interestingly, you can also buy BTC using your debit card for 2% with Binance.
The exchange provides a user-friendly online wallet that makes it simple to store your digital tokens. Talking of the wallet options, users have the opportunity to store their BTC safely on a completely decentralized Android or iOS smartphone. Speaking of security, Binance is backed by the Safe Asset Fund for Users (SAFU) facility if the exchange is hacked.
Users can also move ahead with selling, purchasing, and trading cryptos directly from the Binance Trust wallet. In addition, the wallet is compatible with over 40 open-source BTC protocols, allowing it to support hundreds of additional digital currencies.
Another great option that makes the Binance platform stand out on our list is its crypto staking functionality! Here, users get a chance to earn interest by simply holding their investments over the platform for a given time.
Moving ahead with our list of the top Bitcoin wallet in UK, we have CoinCorner; a wallet service launched way back in 2014. Based out of Isle of Man, the platform has earned its name around its stringent security measures for users.
The platform is easy to begin your operations, and you can get started in just 10 mins. In addition, the platform brings you a slew of tools and options to trade with BTC and make the most of your investments over its iOS & Android compatible wallets.
However, the platform is very limited in terms of its offerings. Currently, it allows users to only trade and invest in BTC. Therefore, you might want to think of other options if you want to diversify your portfolio or invest in other cryptos later.
Talking of the fee structure, it is greatly variable. Most of the fee structure depends on the type of broker you use to carry out your transactions. Besides, the paid amount will also result from the size of your investment.
Users can fund their accounts using bank transfers and debit or credit cards. The deposit fee starts at £1 for deposits up to £5 or less. On the contrary, the UK debit/credit card attracts a variable fee of 2.5%.
CoinJar is simple to use and comprehend for a novice user. Using CoinJar to send and receive Bitcoin is as simple as scanning a QR code, entering a wallet address, or entering a CoinJar login. If you are new to Bitcoin wallets and want to give them a try, the minimal costs incurred are a benefit. Furthermore, you attract a 0% payment charge when depositing using PayID or BPAY.
Talking of its offerings, the CoinJar Bundles are an intriguing feature that this wallet offers. Users may use this tool to buy collections of prominent cryptocurrencies to diversify their portfolios in a single transaction. In addition, the performance of individual bundles can be tracked automatically, allowing users to grow their bundles by adding funds or setting up recurring payments over time.
Moving to the security measures followed by CoinJar, the platform brings you all the basic regulations and safety features that are in practice. Besides, the clean and simple wallets are decentralized in nature, ensuring that you get the most of your investments without any threat.
The CoinJar platform stands out as the best crypto wallet in UK is its supportive and helpful customer care. In addition, the platform provides prompt follow-up, allowing users to resolve their issues in real-time.
Luno, formerly Bitx, is a well-known cryptocurrency exchange and wallet service. It began operations in Singapore in 2013 and has since extended to 44 nations worldwide. Bitx changed its name to Luno, which means Moon, in 2017.
The platform is fast, allowing users to set up their accounts in seconds. Furthermore, its clean and simple UI adds to the wallet, making it easy for first-time users to invest or trade in BTC. Talking of the brokerage over the platform, Luno utilizes Luno Brokerage Services to give the market price and trades using ETH (Ethereum). This way, users can easily opt for buying and selling cryptos at a certain speed and a specified price.
The mobile and desktop-friendly wallets provided by the platform support five cryptos and six fiat currencies, allowing the investors a chance to diversify their portfolios over time. Besides, the flexibility of funding your account via fiat currency also adds to its offerings.
Funding and withdrawal options for your Luno wallets are currently limited to bank wire transfers or debit credit cards. In addition, Luno also allows users to purchase ETH and BTC directly via credit card at a minimal cost.
While the exchange isn’t directly regulated, Luno doesn’t allow its users to face any shortcomings. The platform is registered with banks that act as a reporting authority for cryptos. However, Luno makes up for its shortcomings with its reliable security measures.
To allow proper security to its stored funds, Luno uses reliable measures like Deep freeze storage, multi-signature hot wallets, SSL security, and 2FA.
Listed above were some of the best crypto wallets in UK that we came across! However, your work as an investor is still not done here. Being an investor or trader who now understands the significance of wallets in your trading journey, we bet you’d want to come around with some reliable physical wallets to store your cryptos.
Further, numerous crypto aggregators’ rising threats and cyber-attacks have forced investors to think of a second option to store their investments. And what better than physical storage for the same?
Therefore, to help you with the options, we have listed some reliable crypto wallets in the following section.
Best Crypto Wallets In The UK
BitBox is a reliable hardware wallet designed and marketed by a Zurich-based startup named Shift Devices AG. Created in 2015, the brand has quickly gained the trust of its consumers, thanks to its top-level BitBox cryptosecurity credentials. Currently, their wallets are available in more than 100 countries across the world.
Talking of their product, the wallet allows you to store various coins, including Bitcoin, over its ‘cold storage.’ Using BitBox, you can easily store cryptos like ERC20 tokens, Ether (ETH), Bitcoin (BTC), Litecoin (LTC), and Ethereum Classic (ETC).
It comes in the shape of a compact USB drive, making it highly portable and plug-and-play. In addition, it uses encrypted USB connectivity to help you manage your digital assets more reliably while also preventing unauthorized access to your wallet.
The wallet comes with its native software app, so you don’t have to worry about utilizing potentially unsafe browser extensions. Each BitBox wallet has a one-piece design since it does not require batteries or connecting wires, as other hardware wallets do. In addition, its native software client protects you from the security dangers associated with browser-based add-ons.
Second on our list of crypto wallets is BitLox, a Hong Kong-based start-up that was first open to services in January 2015. While the brand enjoys the status of a minor brand, these wallets enjoy a responsive customer base, primarily due to their reliable pricing and safety measures
BitLox is a hardware wallet that seeks to give more sophisticated security features than traditional wallets. For example, it allows users to keep Bitcoins offline, eliminating the risk of hostile hackers stealing your assets, which is typical when funds are held online.
BitLox gives you complete control over the private keys that secure your Bitcoins, allowing you to receive and transmit Bitcoins without exposing your private keys to the internet. In addition, users can choose from options like BitLox Ultimate, BitLox Advanced, and BitLox Extreme Privacy.
This wallet is solely to store and transact Bitcoin. However, the corporation plans to support Ethereum and other cryptocurrencies shortly. At the moment, BitLox only accepts Bitcoin as a cryptocurrency.
Moving to safety and security measures, The titanium case of the hardware wallet ensures that it is exceptionally sturdy. It is even said to be ‘indestructible’ by the team. In addition, BitLox offers PIN, Cold Storage, and hidden wallets as stringent security measures to keep your BTC safe.
Should You Have Multiple Wallets?
Talking of the crypto markets in 2022, we are convinced that the name ‘Bitcoin’ encompasses a wide range of currencies, from Bitcoin to Bitcoin Cash and Bitcoin Gold.
Even though they began in the same fashion, they have diverged and evolved into distinct currencies. As a result, it could be a good idea to have many Bitcoin wallets. In addition, many investors choose to utilize separate wallets for each currency to make transactions more accessible and increase security.
Some users may choose to maintain their Bitcoin private keys in multiple wallets for additional security. For example, they may prefer the convenience of a mobile wallet but the security of a hardware wallet.
To provide this increased versatility, several wallets will integrate. However, it should be noted that each wallet has its upkeep, which may increase the amount of time you spend on your Bitcoin account.
Which Cryptocurrency Wallet In The UK Should You Choose
So that’s a wrap on some of the best available Bitcoin wallets in UK! Listed above are some of the most reliable BTC wallet service providers you can register yourself with. However, if you are still confused about selecting one, we suggest going with eToro. The simple to use UI of the platform and the reliable tools make investing and trading in BTC comparatively easy and reliable.
Further, with the industry-standard security measures in practice, you can easily make the most of your investments without worrying. However, while we have listed only a few of the best service providers in the UK, we shouldn’t forget that the market is as extensive.
Today, no one wallet provider meets the needs of users of any type. Therefore, before you settle for any one of the providers from our list, we suggest you research the fee structure, security, and accessibility features provided by the dedicated provider.
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.