How to Buy Crypto With Lloyds Bank [2024]

Summary: Lloyds Bank does not offer crypto trading services on its platform. Instead, investors in the UK can use an online crypto exchange or a regulated investment platform to buy digital assets like Bitcoin (BTC) and Ethereum (ETH) by depositing GBP from their Lloyds bank account. The best way to buy crypto with Lloyds is to use a trusted multi-asset investment platform like eToro.

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Can you buy crypto with Lloyds Bank? 

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

How to buy crypto with Lloyds Bank?

The best way to buy Bitcoin or any other cryptocurrency with a Lloyds online banking 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 Lloyds Bank: 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 Lloyds 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.

About Lloyds Bank

Lloyds Bank is a leading British retail and commercial bank headquartered in London, England. Considered one of the Big Four banks in the UK and, Lloyds Bank provides a full range of banking and financial services to both individuals and businesses through a network of 1,300 branches across England and Wales.

Services offered by Lloyds Bank include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, lines of credit, and car/home/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 stocks and shares ISAs (individual savings accounts) as well as fixed-rate savings bonds. 

Lloyds Bank crypto policy

Lloyds Bank doesn’t have an official statement on where they stand regarding buying or selling crypto. That said, Lloyds Bank allows customers to use their Lloyds online banking account to deposit or withdraw fiat currency from a regulated digital asset trading platform, meaning you can safely transfer funds to and from trusted exchanges like eToro. 

Should I invest in Bitcoin and crypto?

There is no easy answer to whether buying crypto with Lloyds Bank right now is a good idea. It depends on your personal risk tolerance, investment style, and financial goals. Despite the risks, there are several pros to investing in cryptocurrencies, such as:

1. Growth: Since its inception in 2009, Bitcoin has shown remarkable growth and appreciation in value. Its limited supply attracts investors looking for price appreciation;
2.  Decentralization: Bitcoin utilizes a decentralized blockchain network, providing more freedom and reducing reliance on traditional financial systems;
3.  Diversification: Including crypto in your investment portfolio can help spread risk through diversification;
4.  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;
5.  Hedge against inflation: Bitcoin’s limited supply and decentralized nature position it as a store of value. Some investors view it as a hedge against traditional fiat currencies and inflation;

It is also essential to remember that the value of all cryptocurrencies, including the market leaders Bitcoin and Ethereum, can fluctuate immensely and is much more volatile than traditional assets like stocks or bonds. 

Bitcoin price today

How to buy crypto safely

Cryptocurrencies can still be considered a relatively young and untested market subject to vast price fluctuations, making them a much riskier investment than stocks. In addition, the sector is rife with schemers that target inexperienced and seasoned investors alike. 

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto with Lloyds Bank, which include:

• 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, preferably with a VPN;
• Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record;
• 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. 

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