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

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

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

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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 Wise? 

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

How to buy crypto with Wise?

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

Wise, formerly Transferwise, is a neobank based in London that offers various financial and banking services for both businesses and individuals. It was founded in 2011 by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann and quickly gained a reputation for its innovative approach to banking. It’s famous for its multi-currency borderless account that lets users hold and transfer money in multiple currencies as well as receive local bank details for Europe, the UK, the US, and Australia.

Services offered by Wise include: 

• Personal banking: Checking accounts and savings accounts (Jars); 
• Business banking: Business checking accounts and business tools, including invoice and accounting software;
• Wealth management: Financial planning and advisory services with options to choose how you’d like your balance or savings to be held (cash/stocks/interest-bearing fund). 
• Borderless account: Get local account details for the UK, Europe, the US, Australia, New Zealand, Roumania, Turkey, Canada, Singapore, and Hungary. Hold and convert money in 52 currencies and send money to 77 countries. 

Wise’s crypto policy

Wise does not currently offer any products or services related to digital assets. However, the bank does allow its clients to use their Wise online banking account to deposit or withdraw fiat currency from regulated third-party crypto brokers. 

Customers of Wise can receive and transfer money with their accounts, but the platforms have to be regulated and supervised in the EU or UK to protect their customers. The bank’s online help centre portal outlines Wise’s crypto policy as follows:

“We never accept cash, cheques, or any cryptocurrency (crypto).

You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.”

How to buy crypto safely

Cryptocurrencies can still be considered a relatively young and untested market subject to vast spikes and lows in price, making them a much riskier investment than stocks. As such a volatile asset and one rife with scams, collapses, and scandals, the crypto-verse has seen many investors flee from the sector. 

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. 

Fortunately, there are a few ways to ensure you’re buying crypto safely. Let’s break down a few tips on what you should do when pursuing the world of 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 of investing in the crypto space 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 Wise: