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

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

Does TSB allow crypto? 

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

How to buy crypto with TSB?

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

TSB, formally known as Trustee Savings Bank, is a leading retail and commercial bank based in Edinburgh, England. TSB Bank operates an extensive network of 220 branches across England, Scotland, and Wales, offering a wide range of banking and financial services to personal, business, and corporate customers. 

Services offered by TSB include: 

• Personal banking: Checking accounts, savings accounts, credit cards, mortgages, loans, overdrafts, home and life insurance, as well as lines of credit;
• Business banking: Business checking and savings accounts, loans, overdrafts, and lines of credit;
• Wealth management: Financial planning and investment services, including cash ISAs (individual savings accounts) and fixed bonds.

TSB’s crypto policy

TSB allows its customers to deposit and withdraw GBP into regulated brokers. Indeed, the unofficial policy of most banks is that as long as you use FCA-regulated exchanges, they will not interfere with bank or card transfers made by their customers. 

However, it is crucial to note that TSB did stop facilitating transactions to cryptocurrency exchanges by their customers in August 2021, shortly after the FCA warning on Binance. This ban does not apply to eToro, however, since it’s an FCA-regulated multi-asset investing platform. 

How to buy crypto safely

Digital assets are still the new kid on the investment block, and the market for these instruments is highly volatile. And while extreme volatility can lead to disproportionate gains, it can see inexperienced investors suffer immense losses. On top of this, as the crypto sphere plagues under scams, scandals, and collapses, your investments in crypto have become ever riskier. 

Moreover, 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 TSB: