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

Summary: Santander UK doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Santander customers can connect their banking accounts to a Financial Conduct Authority (FCA) licensed crypto-friendly online broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH). 

In short, to buy crypto with Santander, investors in the UK will need to sign up with an FCA-regulated crypto exchange like eToro and deposit GBP from their Santander 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 Santander? 

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

How to buy crypto with Santander?

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

Santander UK is a British retail and commercial bank headquartered in London. The bank is a wholly-owned subsidiary of the Spanish Santander Group. With 14 million active customers, Santander UK is one of the leading personal financial services companies in the United Kingdom. 

Services offered by Santander UK include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, home/life/car/travel insurance
• Business banking: Business checking and savings accounts, credit cards, overdrafts, and insurance;
• Wealth management: Financial planning and investment services, 950 investment funds, fixed-term bonds, as well as cash ISAs (individual savings accounts).

Santander’s crypto policy

Santander UK 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.

Because of the increasing risk posed by fraudsters exploiting the ongoing cryptocurrency craze, the bank has decided to limit outgoing payments to cryptocurrency exchanges. As a result, customers are restricted to a £1,000 limit per transaction, as well as a total limit of £3,000 in any rolling 30-day period. That said, there are no restrictions on withdrawing funds from cryptocurrency exchanges into your account.

Like most UK banks, following the FCA’s warning to consumers, Santander has also barred payments from being sent to Binance. However, customers can still withdraw any money they hold with Binance into their Santander account.

Lastly, customers have been encouraged to learn more about keeping themselves and their money safe and what to do if they think they’ve been targeted by scammers, with advice outlined on their website in the fraud and scams hub.

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. In fact, 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. 

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 Santander: