How to Buy Crypto with Royal Bank of Scotland [2023]

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

You can buy crypto with RBS, but you need 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 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 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.

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 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 cryptocurrency 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. 

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. 

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 RBS: