How to Buy Crypto with Bank of Scotland [2023] | Step-by-Step

Summary: Bank of Scotland doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Bank of Scotland customers can connect their banking accounts to a Financial Conduct Authority (FCA) licensed cryptocurrency broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH). 

In short, to buy crypto with Bank of Scotland, investors in the UK will need to sign up with an FCA-regulated crypto exchange like eToro and deposit GBP from their Bank of Scotland account.

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Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Can you buy crypto with Bank of Scotland? 

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

How to buy crypto with 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 FCA-regulated broker like eToro, which is a licensed and 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 staking service, 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.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

Get Started

Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

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 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’s 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. 

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. 

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. 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 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. 

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