First Direct is a leading UK-based bank that offers banking services to individuals and businesses. First Direct Bank does not directly offer any services to buy Cryptocurrencies like Bitcoin on their online banking platform, or at a bank branch.
The only way to invest in digital assets from your First Direct account is by depositing GBP into a licensed cryptocurrency exchange in the UK.
Table of Contents
How to buy Crypto with First Direct
The easiest way to invest in cryptocurrencies through First Direct is by signing up to a platform like eToro UK. They offer fast and cheap GBP deposits from First Direct Bank for UK residents to buy, sell and trade Cryptocurrencies, Stocks, ETFS, Commodities, Bonds and more.
You can get started from First Direct online with this simple guide:
Step 1: Sign up to eToro UK and complete your identity verification.
Step 2: Click the 'Deposit Funds' button on the bottom of your eToro dashboard.
Step 3: Select 'Bank Transfer' as your payment method, and 'GBP' as your preferred fiat currency. You will then be given unique direct deposit details to transfer GBP from your First Direct account.
Step 4: Once your account has been funded, you will be able to buy any asset listed on the eToro platform.
First Direct Cryptocurrency Policy
First Direct Bank is a crypto-friendly financial institution in the United Kingdom. They do not have any policies that phohibit its customers from trading or engaging with the digital asset ecosystem.
First Direct customers just need to avoid depositing GBP or EUR into off-shore exchanges that aren't licensed by the Financial Conduct Authority (FCA) in the UK.
Transfer and Deposit Fees
The fees to deposit GBP from First Direct to an exchange like eToro is around 10 basis points (0.1%). This is much cheaper than other platforms like Coinbase, who charge up to 1.99% for a deposit, then another 2% to trade.