Summary: You can buy cryptocurrency in the UK with a bank account by registering with a reputable crypto exchange, such as eToro.
As many UK high street banks are blocking payments with several crypto exchanges, using a licensed multi-asset investment platform is the best option. Moreover, eToro is not only cost-effective but also one of the safest option.
Best Crypto Exchange for Intermediate Traders and Investors
Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
Copy top-performing traders in real time, automatically.
eToro USA is registered with FINRA for securities trading.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.
Can you buy crypto with a bank account in the UK?
Most traditional bank accounts won’t offer crypto trading services directly through their platforms. That said, you can still buy crypto using a bank account in the UK by connecting to a crypto exchange, such as eToro.
Check out our banking guides to see how to buy crypto with specific banks or third-party payment services.
How to buy crypto with a bank account in the UK?
The best way to buy Bitcoin (BTC) or any other cryptocurrency with a bank account is through a reputable broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading” (enables users to imitate top-performing crypto traders), a staking service, custom watchlist, as well as advanced charts and technical analysis tools.
How to buy crypto with a bank account in the UK: 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: Click on “Deposit Funds” and enter the GBP amount;
- Step 3: Connect your 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.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Are UK banks crypto-friendly?
According to a research, 47% of banks in the UK have unfriendly policies towards crypto, with the majority pointing to security concerns. The study involved feedback from 17 prominent UK banks, including Halifax, HSBC, and TSB. The results showed seven of them don’t facilitate transfers or debit/credit card purchases linked to crypto exchanges.
The research findings highlighted that merely four banks could be termed as crypto-friendly. This group includes digital-only banks or banking apps, such as Starling, Monzo, and Revolut.
Should I invest in crypto?
Whether you should invest in Bitcoin and other cryptocurrencies hinges on your personal risk tolerance, investment strategy, and financial aspirations. If you are aware of the fluctuating nature of crypto, you stand a better chance of making some money.
Despite the risks associated with Bitcoin and other crypto investments, they do come with a host of advantages, such as:
- High return potential: Cryptocurrencies, including Bitcoin, have demonstrated the potential for substantial growth and high returns over a relatively short period of time;
- Diversification: Cryptocurrencies can provide an additional layer of diversification for your investment portfolio, potentially mitigating risk from traditional assets like stocks and bonds;
- Accessibility: The cryptocurrency market operates 24/7, allowing investors to trade at any time, anywhere in the world;
- Blockchain technology: Investing in cryptocurrencies gives access to a revolutionary digital ledger system with applications across finance, cybersecurity, and healthcare;
- Decentralization: Cryptocurrencies operate independently of centralized entities like banks or governments. They are built on a decentralized network, providing more autonomy and less reliance on traditional financial systems;
- Privacy: Cryptocurrency transactions offer a degree of privacy and anonymity, as transactions are linked to cryptographic addresses rather than real-world identities;
- Innovation potential: Investing in crypto means participating in a rapidly evolving technological space, with new projects, ideas, and opportunities emerging regularly.
Note
It’s crucial to remember that the value of Bitcoin and other cryptocurrencies can be highly volatile. Therefore, it’s essential to make well-informed and thoroughly researched decisions when you decide to buy crypto with a bank account in the UK. Never invest more than you’re willing to lose.
Bitcoin price today
How to buy crypto with a bank account in the UK safely
Despite the surging popularity of cryptocurrencies in recent years, these digital assets remain a highly volatile investment. Furthermore, the crypto landscape is riddled with scammers, putting both inexperienced and seasoned investors at risk.
Important
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.
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. These include:
- Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are for each specific cryptocurrency;
- Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer, preferably with a VPN;
- Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record;
- 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, take 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 a bank account
How to buy crypto with a bank account in the UK?
You need to sign up with a reputable cryptocurrency exchange to buy crypto with a bank account.
Can you buy crypto with a bank account in the UK?
Yes, you can buy crypto with a bank account. Simply sign up with a multi-asset investment platform such as eToro, deposit funds with your bank, and buy the desired cryptocurrency.
Where to buy crypto with a bank account in the UK?
You can buy crypto with a bank account at various online brokers. Most will allow you to do so directly. We recommend using a reputable multi-asset investment platform like eToro.
Are UK banks crypto-friendly?
Some more prominent high-street banks, such as HSBC, are not crypto-friendly. Still, if you have a bank account with them, you should have no problem depositing and withdrawing funds from reputable multi-asset investing platforms that offer cryptocurrencies (e.g., eToro). Neo-banks like Starling, Monzo, and Revolut are more crypto-friendly.
