Summary: Sainsbury’s Bank doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, to purchase digital assets like Bitcoin (BTC) and Ethereum (ETH), Sainsbury’s customers can connect their banking accounts to a Financial Conduct Authority (FCA) licensed multi-asset investing platform that supports the trading of cryptocurrencies.
In short, to buy crypto with Sainsbury’s, investors in the UK will need to sign up with an FCA-regulated crypto-friendly exchange like eToro and deposit GBP from their Sainsbury’s account.
Intermediate Traders and Investors
Can you buy crypto with Sainsbury’s Bank?
You can buy crypto with Sainsbury’s Bank, although first, you’ll need to link your bank account to an FCA-licensed broker that offers cryptocurrencies. As mentioned above, this is because Sainsbury’s does not offer cryptocurrency services directly through its online banking platform.
How to buy crypto with Sainsbury’s Bank?
The best way to buy Bitcoin or any other cryptocurrency with a Sainsbury’s Bank account in the UK is through an FCA-regulated broker like eToro, which is a licensed and widely trusted multi-asset investing 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 Sainsbury’s 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 Sainsbury’s Bank 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.
Intermediate Traders and Investors
About Sainsbury’s Bank
Sainsbury’s Bank is a British bank that operates as a subsidiary of Sainsbury’s, a nationwide supermarket chain in the United Kingdom. Established in 1997, the institution serves around 1.8 million customers, offering a range of banking services, including credit cards, savings accounts, loan options, as well as a selection of insurance products.
Sainsbury’s Bank crypto policy
While Sainsbury’s Bank doesn’t offer crypto services from its own platform, Sainsbury’s credit card holders should be able to freely deposit or withdraw funds from FCA-regulated exchanges that support cryptocurrencies.
How to buy crypto safely
Though the crypto market has skyrocketed in popularity in recent years, crypto assets have remained a highly speculative investment and are still subject to vast price fluctuations, making them a much more temperamental financial vehicle than stocks or bonds. In addition, the crypto sphere is teeming with schemers, putting both inexperienced and seasoned investors at risk.
Futhermore, 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. We have put together a few recommendations 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 Sainsbury’s:
Can you buy crypto with Sainsbury's Bank?
While Sainsbury’s Bank doesn’t offer crypto trading directly through its platform, clients can link their credit cards to a crypto-friendly FCA-regulated broker to buy digital assets.
How to buy crypto with Sainsbury's?
You can buy crypto with Sainsbury’s by connecting your banking account to a licensed third-party trading platform that offers cryptocurrencies.
What crypto exchanges does Sainsbury's allow?
Customers can connect their Sainsbury’s banking account to an FCA-licensed multi-asset broker to buy crypto.
What is Sainsbury's crypto policy?
Sainsbury’s Bank customers can use their bank accounts to make deposits and/or withdraw funds from FCA-regulated investing platforms that offer trading and investment opportunities in various markets, including crypto.