How to Buy Crypto with Barclays [2023] | Step-by-Step

Summary: Barclays doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Barclays 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 Barclays, investors in the UK will need to sign up with an FCA-regulated crypto exchange like eToro and deposit GBP from their Barclays 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 Barclays? 

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

How to buy crypto with Barclays?

The best way to buy Bitcoin or any other cryptocurrency with a Barclays online banking 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 Barclays: 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 Barclays 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 Barclays

Barclays is a multinational universal bank headquartered in London, United Kingdom. It is one of the world’s largest and most powerful banking institutions, with operations in over 40 countries and assets totaling around $1.3 trillion. Barclays UK incorporates British retail banking operations, consumer credit card business, wealth management business, and corporate banking for small-, medium-, and large-sized companies in the UK.

Services offered by Barclays include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, lines of credit, and life/home/tech/travel insurance;
• Business banking: Business checking and savings accounts, business insurance, loans, overdrafts, lines of credit, and business tools, including invoice and accounting software;
• Wealth management: Financial planning and advisory services, including cash ISAs (individual savings accounts) and fixed-rate savings bonds. 

Barclays crypto policy

Barclays does not currently offer any products or services related to cryptocurrencies. That said, Barclays crypto policy does allow customers to freely deposit and withdraw funds from FCA-regulated exchanges. Moreover, the bank is committed to keeping its customers’ needs and best interests at the forefront and will continue reviewing its policy as the crypto space evolves.

In addition, customers have been encouraged to stay mindful of fraudsters, with advice outlined on their website in the Fraud and Scams section. 

As mentioned above, Barclays has no current restrictions on FCA-licenced crypto brokers. However, in July 2021, Barclays banned crypto payments to the cryptocurrency exchange Binance. This decision came after the FCA announced that Binance was barred from executing financial services in the UK. However, even though transfers are limited to crypto exchanges solely trading digital assets, transferring funds using your Barclays bank account in the UK is still allowed on investing platforms like eToro, which offers a variety of assets. 

Furthermore, Barclays is active in the blockchain technology space and has held the annual Barclays Crypto and Blockchain Summit, offering the bank’s institutional clients updates about the blockchain sector developments.

How to buy crypto safely

Crypto is still a relatively new and untested market, making it a much riskier investment than stocks. Indeed, many people have been scared away from investing in any digital assets because of the high amount of scams and cybercrime that target inexperienced and seasoned investors alike. 

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. 

You can take steps to ensure you’re being careful when buying crypto. Let’s break down a few tips 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; 
• 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 Barclays: