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

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

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.

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 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 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.

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 Lloyds Bank

Lloyds Bank is a leading British retail and commercial bank headquartered in London, England. It is considered one of the Big Four banks in the UK and 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 cryptocurrencies. That said, Lloyds Bank does 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 without having to worry about the bank freezing your account. 

Furthermore, to keep its customers safe, the bank launched Lloyds crypto insurance a few years back, a first-of-its-kind crypto wallet insurance solution to help prevent online wallets against theft and other malicious scams and hacks in the new space to offer cutting-edge digital products and services.

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. 

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. 

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 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 Lloyds Bank: