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

Summary: Halifax Bank doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Halifax customers can connect their banking accounts to a Financial Conduct Authority (FCA) licensed crypto-friendly multi-asset investing platform to buy digital assets like Bitcoin (BTC) and Ethereum (ETH). 

In short, to buy crypto with Halifax, investors in the UK will need to sign up with an FCA-regulated crypto-friendly exchange like eToro and deposit GBP from their Halifax 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 Halifax? 

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

How to buy crypto with Halifax?

The best way to buy Bitcoin or any other cryptocurrency with a Halifax bank 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 Halifax: 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 Halifax 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 Halifax

Halifax, formerly known as Halifax Building Society, is a British commercial banking and financial service company headquartered in Halifax, West Yorkshire. It operates under Bank of Scotland, itself a subsidiary of Lloyds Banking Group, offering a wide range of personal banking and investment services.

Services offered by Halifax include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, home/life/car insurance, as well as lines of credit;
• Wealth management: Financial planning and investment services, including ISAs (individual savings accounts), share dealing accounts, or a self-invested personal pension (SIPP).

Halifax’s crypto policy

While Halifax’ crypto policy does not support or offer any digital assets directly from its platform, it allows its customers to deposit and withdraw GBP into regulated brokers to invest in crypto. Indeed, the unofficial policy of most banks is that as long as you use FCA-regulated exchanges, they will not interfere with bank or card transfers made by their customers. 

Though the Halifax crypto ban means the bank has blocked credit card payments to crypto exchanges such as Binance, you can still connect your bank account and make transfers to regulated multi-asset investment platforms, such as eToro, that offer cryptocurrency trading.

How to buy crypto safely

Crypto is still a relatively new and untested territory, making it a much riskier investment than stocks. Rampant in pyramid schemers and hackers and subject to tremendous price volatility, the sector has become more explosive than ever before.

Furthermore, 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. 

However, there are steps crypto-enthusiasts can take to stay safe. Let’s break down a few of these tips and outline the essential guidelines for 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 Halifax: