Summary: You can buy cryptocurrency in the UK with a bank account by registering with a regulated crypto exchange, such as eToro.
As many UK high street banks are blocking payments to and from several crypto exchanges, using a licensed multi-asset investment platform is the best option. After analysing over ten trading platforms, we found eToro to be the best choice for investors in the UK, as it offers low trading fees, over 80+ coins, and no transfer limits. Moreover, eToro is regulated by the Financial Conduct Authority (FCA), making it not only cost-effective but also the safest option.
Best Crypto Exchange for Intermediate Traders and Investors
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Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.
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0% commission on stocks - buy in bulk or just a fraction from as little as $10.
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Copy top-performing traders in real time, automatically.
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Regulated by financial authorities including FCA and FINRA.
Can you buy crypto with a bank account?
Most traditional bank accounts won’t offer crypto trading services directly through their platforms. That said, you can still buy crypto using a bank account by connecting to an FCA-regulated crypto exchange, such as eToro.
Note
How to buy crypto with a bank account?
The best way to buy Bitcoin (BTC) or any other cryptocurrency with a bank account is through a regulated broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading” (enables users to imitate top-performing crypto traders), a staking service, custom watchlist, as well as advanced charts and technical analysis tools.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10.
-
Copy top-performing traders in real time, automatically.
-
Regulated by financial authorities including FCA and FINRA.
How to buy crypto with a bank account: Step-by-Step
You can get started in minutes with four simple steps:
- Step 1: Create an account on eToro and complete your verification (personal or company);
- Step 2: Click on “Deposit Funds” and enter the GBP amount;
- Step 3: Connect your bank account to deposit your selected fiat currency;
- Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
Are UK banks crypto-friendly?
According to research by Finder.com published in The Fintech Times on October 14, 47% of banks in the UK have unfriendly policies towards crypto, with the majority pointing to security concerns.
The study involved feedback from 17 of the UK’s prominent banks, including Halifax, HSBC, The Co-operative Bank, and TSB, of which seven don’t facilitate transfers or debit/credit card purchases linked to crypto exchanges.
The research findings highlighted that merely four banks could be termed as crypto-friendly. This group includes digital-only banks or banking apps, such as Starling, Monzo, and Revolut.
Should I invest in Bitcoin and crypto?
Whether you should invest in Bitcoin and other cryptocurrencies hinges on your personal risk tolerance, investment strategy, and financial aspirations. If you are aware of the fluctuating nature of crypto, you stand a better chance of making some money.
Despite the risks associated with Bitcoin and other crypto investments, they do come with a host of advantages, such as:
- High return potential: Cryptocurrencies, including Bitcoin, have demonstrated the potential for substantial growth and high returns over a relatively short period of time. For instance, Bitcoin, the first and largest cryptocurrency, has seen significant price appreciation since its inception in 2009;
- Diversification: Cryptocurrencies can provide an additional layer of diversification for your investment portfolio. They have shown a relatively low correlation with traditional asset classes like stocks or bonds, potentially mitigating risk by spreading investments across different types of assets;
- Accessibility: The cryptocurrency market operates 24/7, allowing investors to trade at any time. This is unlike traditional financial markets, which have set trading hours. Additionally, you can buy or sell cryptocurrencies from anywhere in the world, provided you have internet access;
- Blockchain technology: Investing in cryptocurrencies gives you exposure to blockchain technology, a revolutionary digital ledger system with potential applications across various sectors, including finance, cybersecurity, and healthcare;
- Decentralization: Cryptocurrencies operate independently from centralized entities like banks or governments. They are built on a decentralized network, providing more autonomy and less reliance on traditional financial systems;
- Hedge against inflation: Some investors view Bitcoin and other cryptocurrencies as a hedge against inflation. This is because most cryptocurrencies have a capped supply, which theoretically makes them less susceptible to devaluation due to inflation;
- Privacy: Cryptocurrency transactions offer a degree of privacy and anonymity as transactions are linked to cryptographic addresses rather than real-world identities;
- Innovation potential: Investing in crypto means participating in a rapidly evolving technological space, with new projects, ideas, and opportunities emerging regularly.
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Bitcoin price today
How to buy crypto safely
Despite the surging popularity of cryptocurrencies in recent years, these digital assets remain a highly volatile investment. Furthermore, the crypto landscape is riddled with scammers, putting both inexperienced and seasoned investors at risk.
Important
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. We have put together a few recommendations on what you should do when getting started with digital assets and how to best protect yourself and your money:
- Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are for each specific cryptocurrency;
- Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
- Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
- Secure your account: Use two-factor authentication and a strong password to protect your account;
- Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
- Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
- Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy crypto with a bank account
How to buy crypto with a bank account?
You need to sign up with a regulated cryptocurrency exchange to buy crypto with a bank account.
Can you buy crypto with a bank account?
Yes, you can buy crypto with a bank account. Simply sign up with a regulated multi-asset investment platform such as eToro, deposit funds with your bank, and buy the desired cryptocurrency.
Where to buy crypto with a bank account?
You can buy crypto with a bank account at various online brokers. Most will allow you to do so directly. We recommend using an FCA-regulated multi-asset investment platform like eToro.
Are UK banks crypto-friendly?
Some more prominent high-street banks, such as HSBC, are not crypto-friendly. Still, if you have a bank account with them, you should have no problem depositing and withdrawing funds from regulated multi-asset investing platforms that offer cryptocurrencies (e.g., eToro). Neo-banks like Starling, Monzo, and Revolut are more crypto-friendly.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10.
-
Copy top-performing traders in real time, automatically.
-
Regulated by financial authorities including FCA and FINRA.
