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

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

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

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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 Nationwide? 

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

How to buy crypto with Nationwide?

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

Nationwide Building Society, commonly known as Nationwide, is a mutual financial institution headquartered in Swindon, England. It is the largest building society in the world, with over 16 million members and assets totaling over £270 billion, delivering a customer-focused approach and commitment to ethical business practices.

Services offered by Nationwide include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, and lines of credit;
• Business banking: Business savings accounts;
• Wealth management: Financial planning and investment services, including stocks and shares, as well as cash ISAs (individual savings accounts).

Nationwide’s crypto policy

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

Because of the increasing risk posed by fraudsters exploiting the ongoing cryptocurrency craze, the bank has decided to put additional checks on areas where clients could face a higher risk of being targeted by schemers, including blocking dubious payments and providing “tailored scam warnings.” 

Furthermore, Nationwide, along with HSBC, announced new restrictions on crypto purchases in the UK in February 2023, with Nationwide putting limits on card payments made to crypto exchanges from current accounts, with both Santander UK and Starling Bank recently implementing similar limitations. 

Nationwide reportedly said in its email:

“The Financial Conduct Authority (FCA), who regulate the financial services industry, has highlighted certain risks associated with purchasing crypto currency. <..> We will be introducing limits on card payments made to crypto exchanges from a current account,” the email continues, adding that the new daily card limit is 100 British pounds for Flexone accounts and 5,000 pounds for other current account types.”

Nationwide restricts crypto purchases. Source: Nationwide

In fact, as part of a decision by the bank to “monitor the situation regarding cryptocurrencies,” Nationwide no longer allows purchases to cryptocurrency firm Binance, which was ordered by the FCA to stop all regulated activity in the UK. However, there are no current restrictions on other crypto brokers. 

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

How to buy crypto safely

While crypto can be a lucrative investment with astronomically high returns, its volatile nature makes it considerably riskier 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. 

However, 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 Nationwide: