Summary: Royal Bank of Scotland (RBS) doesn’t offer cryptocurrency trading on its online banking platform. However, investors in the UK are free to use their RBS bank account by going through a third-party online broker that sells digital assets like Bitcoin (BTC) and Ethereum (ETH).
To buy Bitcoin and other cryptocurrencies with RBS, we suggest using a multi-asset investment platform eToro. After testing multiple trading platforms, we found it the best choice for RBS users, as it offers low crypto trading fees, a wide selection of assets, and over 30 million existing customers.
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Can you buy crypto with RBS?
You can buy crypto with your RBS bank account but not directly through RBS’ online banking services. Instead, you have to connect to an FCA-licensed cryptocurrency exchange. As mentioned above, this is because RBS does not offer cryptocurrency services directly through its online banking platform.
How to buy crypto with RBS?
The best way to buy Bitcoin or any other cryptocurrency with an RBS bank account in the UK is through a trusted broker like eToro, which is a 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 RBS: 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 RBS 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.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
About RBS
The Royal Bank of Scotland, commonly known as RBS, is a leading British retail and commercial bank based in Edinburgh, Scotland. RBS is a direct subsidiary of NatWest Group, together with NatWest and Ulster Bank. Established in 1724, the bank now boasts 700 branches and offers a full range of banking and financial services to personal, business, and commercial clients.
Services offered by RBS include:
- Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, and lines of credit;
- Business banking: Business checking and savings accounts, business insurance, loans, overdrafts, and lines of credit;
- Wealth management: Financial planning and investment services, including personal pension accounts as well as stocks and shares ISAs (individual savings accounts).
RBS crypto policy
RBS does not currently offer any products or services related to cryptocurrencies, and they do not accept digital currency as payment for goods or services.
However, RBS cryptocurrency policy does allow its clients to use their RBS online banking account to deposit or withdraw fiat currency from a regulated digital asset trading platform. As the crypto space evolves, RBS is committed to keeping its customers’ needs and best interests at the forefront and will continue reviewing its policy.
Because of the increasing risk posed by fraudsters exploiting the ongoing cryptocurrency craze, the Royal Bank of Scotland has decided to take proportionate action to keep their customers safe by monitoring fraud patterns and adjusting their restrictions, including blocking payments or limiting the amount you can send.
As of 16th of March 2023, Royal Bank of Scotland started to either block or limit online banking and Faster Payments app payments going to crypto exchanges, limiting transactions to £1,000 per day and £5,000 over any 30 days to protect their customers amid increased risk of scams and fraud. RBS has stated on their support page FAQs regarding cryptocurrencies:
“To keep your money safe from scams, we have decided to block or limit online banking and mobile app Faster Payments we identify as going to cryptocurrency exchanges. From 16th March 2023, we’ll block or limit online banking and mobile app Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. These limits apply separately to each account.”
In addition, customers have been encouraged to stay mindful of scams, with advice outlined in their Crypto Fraud Guide and FAQs section about cryptocurrency.
Should I invest in Bitcoin and crypto?
Cryptocurrencies carry the potential to bring significant wealth, but it also involves a high risk of losing all the money invested. Thus, deciding whether to invest in Bitcoin and other cryptocurrencies depends on your tolerance for risk, investment style, and personal financial goals. Moreover, understanding crypto’s volatile nature is crucial to increasing your chances of achieving profits.
Despite the risks involved, there are several benefits to buying Bitcoin and crypto, such as:
- Future potential: Bitcoin has proven to have considerable potential, growing substantially in value since its inception in 2009;
- Hedge against inflation: Bitcoin’s limited supply and decentralised nature make it store its value – some investors see it as a hedge against traditional fiat currencies and inflation;
- Diversification: Adding Bitcoin to a portfolio may help spread risk as a way of diversification. Bitcoin’s price movements have shown a relatively low correlation with asset classes like stocks and bonds;
- Technical innovation: Cryptocurrencies are built on blockchain technology, which offers many other potential use cases for various applications besides cryptocurrencies;
- Alternative to traditional financial institutions: Bitcoin operates separately from a centralised regulatory organization, like a government or a bank, as it is built on blockchain technology;
- International transfers and accessibility: Bitcoin and other cryptocurrencies are more accessible and cost-effective for transferring funds internationally;
- Privacy: Bitcoin and other cryptocurrencies are pseudonymous, which means they offer more privacy features than traditional financial systems like banks;
- Open markets 24/7: Unlike traditional financial markets like stock exchanges with fixed trading hours, cryptocurrency markets operate 24/7.
However, remember that Bitcoin’s or other cryptocurrencies’ value can fluctuate and be much more volatile compared to traditional assets like stocks or bonds. It’s essential to make informed decisions and never invest more than you can afford.
Bitcoin price today
How to buy crypto safely
Cryptocurrencies are still the new kid on the investment block, and the market for these digital assets is very volatile. Indeed, many people have been alienated from investing in digital assets because of the high amount of scams targeting amateur and expert 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.
Tips for starting out with crypto
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 starting out 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 has a license from an appropriate regulator in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where they’ll keep your money and what happens to it if the business goes bankrupt;
- 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 RBS:
How to buy crypto with RBS?
You can buy crypto with RBS by connecting your banking account to a third-party cryptocurrency exchange.
Can you buy crypto with RBS?
While RBS doesn’t offer crypto trading directly through its own online banking platform, customers can connect their bank accounts to an FCA-regulated digital asset broker to invest in crypto.
What is RBS’ crypto policy?
RBS crypto policy allows customers to use RBS online banking accounts or services to buy, sell and trade digital assets through regulated exchanges.
What crypto exchanges does RBS allow?
Customers can connect their RBS banking account to an FCA-licensed cryptocurrency broker to buy crypto.
Why won't Bank of Scotland let me buy crypto?
Bank of Scotland blocked the use of their Credit and Charge Cards to purchase cryptocurrency on crypto exchanges focused solely on trading digital assets since February 2018 to keep customers safe and secure and to limit risky debt.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
