How to Buy Bitcoin and Crypto With Bank of Scotland [2024]

Summary: Bank of Scotland does not offer the option to trade cryptocurrencies directly on its platform. However, customers are free to use their bank accounts to transfer GBP to a cryptocurrency broker to purchase Bitcoin (BTC), Ethereum (ETH), and other digital assets. 

To buy crypto with a Bank of Scotland, we recommend using a reputable multi-asset investment platform eToro. Based on our testing and analysis of more than ten crypto exchanges, eToro is the best choice for Bank of Scotland customers, as it offers low trading fees, various crypto assets, and is safe to use.

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• Invest in 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. Other fees apply. For more information, visit etoro.com/trading/fees.

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• eToro USA is registered with FINRA for securities trading.

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Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Can you buy crypto with the Bank of Scotland? 

You can buy crypto with the Bank of Scotland, but you need to connect to an FCA-licensed cryptocurrency exchange. As mentioned above, this is because the Bank of Scotland does not offer cryptocurrency services directly through its online banking platform.

How to buy crypto with the Bank of Scotland?

The best way to buy Bitcoin or any other cryptocurrency with a Bank of Scotland online account in the UK is through an accessible broker like eToro, which is a widely trusted digital asset platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Bank of Scotland: 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: Enter the GBP amount you want to deposit on the eToro platform;
• Step 3: Connect your Bank of Scotland 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.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Best Crypto Exchange for Intermediate Traders and Investors

• Invest in 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. Other fees apply. For more information, visit etoro.com/trading/fees.

• Copy top-performing traders in real time, automatically.

• eToro USA is registered with FINRA for securities trading.

30+ million Users

Get Started

Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

About Bank of Scotland

Bank of Scotland is a commercial and clearing bank headquartered in Edinburgh, Scotland, and is a subsidiary of the Lloyds Banking Group. Established in 1695, it is one of the oldest British banks. Today, it offers a wide range of banking and financial services to both individuals and businesses.

Services offered by the Bank of Scotland include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, lines of credit, and car/home/life insurance;
• Business banking: Business checking and savings accounts, loans, overdrafts, lines of credit, and business tools, including invoice and accounting software;
• Wealth management: Financial planning and advisory services, including stocks and shares ISAs (individual savings accounts) as well as personal pension accounts. 

Bank of Scotland crypto policy

Bank of Scotland doesn’t have an official statement on where they stand regarding cryptocurrencies, nor do they offer crypto products directly from their platform. However, customers can use their Bank of Scotland online banking account to deposit or withdraw funds from regulated crypto brokers without worrying about the bank freezing their account. 

Should I invest in Bitcoin and crypto?

Whether investing in Bitcoin and crypto right now is a good idea depends largely on your personal risk tolerance, investment style, and financial goals. Investing in digital currencies does have the potential to generate profits; however, it also carries a high risk due to its volatile nature.

Despite its risks, the pros of investing in cryptocurrencies include:

1.  Diversification: Including Bitcoin in your investment portfolio can help spread risk through diversification. Bitcoin’s price movements have demonstrated a relatively low correlation with asset classes like stocks and bonds;
2.  The potential for future growth: Since its inception in 2009, Bitcoin has shown remarkable growth and appreciation in value. Its limited supply attracts investors looking for price appreciation;
3.  New technology: Cryptocurrencies are built on blockchain technology, offering multiple possible applications besides digital currencies;
4.  Privacy: Cryptocurrencies provide more privacy than traditional financial systems, as transactions are associated with cryptographic addresses rather than real-world identities;
5.  Alternative to traditional financial systems: Bitcoin operates independently of centralized regulatory bodies like governments or banks. It utilizes a decentralized blockchain network, providing more freedom and reducing reliance on traditional financial systems;
6.  Accessibility: Bitcoin and other digital currencies offer more accessibility and cost-effectiveness for international fund transfers. Traditional wire transfer costs associated with fiat currencies are absent;
7.  Markets are open 24/7: Unlike traditional financial markets like stock markets with fixed trading hours, crypto markets allow investors in different countries and time zones to participate in the market as they operate around the clock.

However, it is essential to remember that the value of cryptocurrencies can be highly volatile, much more than more traditional and established assets like stocks or bonds.

Bitcoin price today

Price volatility is nothing new to the crypto space. Two of the largest cryptocurrencies, Bitcoin, Ethereum, and other altcoins, have witnessed significant price drops. However, since the considerable decline in value in 2022, the price of Bitcoin has stabilized.

How to buy crypto safely

While cryptocurrencies have become widely popular, it’s worth remembering that they have only been around for just over a decade. As such, they are considered a much riskier investment than stocks or commodities, and you need to be brave to enter these uncharted waters as an investor.

In addition, although FCA-licensed crypto brokers are required to have anti-money laundering (AML) and terrorist financing procedures in place, crypto assets themselves are not regulated in the UK. In fact, with most cryptocurrencies, investors are unlikely to have access to protections from the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) if something were to go wrong. 

Tips for starting out with crypto

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. So, let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your hard-earned cash:

• Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are; 
• 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 crypto exchange has a license from an appropriate regulator in your country. 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;
• 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, take 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 the Bank of Scotland: 

Best Crypto Exchange for Intermediate Traders and Investors

• Invest in 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. Other fees apply. For more information, visit etoro.com/trading/fees.

• Copy top-performing traders in real time, automatically.

• eToro USA is registered with FINRA for securities trading.

30+ million Users

Get Started

Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD