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

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

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

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

How to buy crypto with Starling Bank?

The best way to buy Bitcoin or any other cryptocurrency with a Starling 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 Starling 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 Starling 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.

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 Starling Bank

Starling Bank is a British digital challenger bank that provides personal and business accounts. As a mobile-only bank, Starling doesn’t have physical branches. It was founded in 2014 and quickly gained a reputation for its robust customer-oriented approach and clever features, such as in-app expense insights and spending round-ups for saving. 

Notably, the bank received the Best British Bank award in the British Bank Awards for five consecutive years (2018-2022).

Services offered by Starling Bank include: 

• Personal banking: Checking accounts, savings accounts, joint accounts, virtual cards, and overdrafts; 
• Business banking: Business checking accounts, loans, overdrafts, as well as accounting and bookkeeping tools;
• Wealth management: Fixed-rate savings accounts, and budget planning tools.

Starling Bank’s crypto policy

After FTX’s collapse sent crypto markets tumbling, in November 2022, Starling Bank decided to block all card payments to crypto merchants and restrict various outgoing and incoming crypto-related bank transfers. 

So, while Starling customers have never been able to trade cryptocurrencies directly from the bank’s platform, they’ll now also be unable to use their Starling account to deposit or withdraw funds from crypto exchanges that are focused only on digital assets. 

However, because eToro is an FCA-regulated multi-asset investing platform, depositing or withdrawing funds to or from the broker that offers cryptocurrencies should be accessible to Starling account holders. 

How to buy crypto safely

As a relatively new technology, cryptocurrencies are highly speculative and subject to vast price fluctuations, making them a much more temperamental investment than stocks or bonds. In addition, the crypto sphere is teeming with schemers, putting both inexperienced and seasoned investors at risk. 

Furthermore, 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. Let’s look at 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 Starling Bank: