Summary: Hargreaves Lansdown doesn't facilitate Bitcoin or other cryptocurrency direct trades, instead offering access through crypto-related stocks and ETFs. This approach can be costly and often underperforms direct investments in assets like Bitcoin and Ethereum.

If you're looking for a reliable UK cryptocurrency broker, Kraken is a good option. Kraken, a London-based, FCA-licensed broker, provides access to over 200 cryptocurrencies, offers zero fees, and allows instant GBP deposits from any UK bank account, providing a convenient, cost-efficient way to invest in cryptocurrency.

Best Alternative to Hargreaves Lansdown
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Kraken is a Financial Conduct Authority (FCA) licensed and regulated digital asset exchange that operates locally (FRN 928768).
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Can I Buy Bitcoin with Hargreaves Lansdown?

As a Hargreaves Lansdown client, you can indirectly invest in Bitcoin and other digital currencies through crypto-related stocks and ETFs, but direct cryptocurrency purchases aren't currently supported. For direct investments, you'll need to use a UK-based cryptocurrency exchange licensed by the FCA, which allows for secure transfers of British Pounds (GBP) from your bank accounts or cards, providing a regulated and protected environment for digital asset transactions.

Best Crypto Alternative to Hargreaves Lansdown

If you're a Hargreaves Lansdown client interested in investing in digital currencies, we recommend using a well-established, licensed exchange like Kraken. Kraken, regulated by the Financial Conduct Authority (FCA) and with a presence in London, offers immediate and free GBP deposits. It supports trading, buying, and staking of over 200 cryptocurrencies at competitive rates. You can fund your account using various methods, including Faster Payments, bank transfers, and card payments.

Here's a simplified guide to get you started:

  1. Account Setup: Start by creating an account on Kraken and complete the necessary verification process.
  2. Currency Selection: Choose your preferred deposit currency on Kraken, such as GBP.
  3. Deposit Funds: Select your payment method (Faster Payments, bank transfer, or card payment) and make your deposit.
  4. Crypto Purchase: Finally, select the cryptocurrency you want to invest in and execute your trade.
Best Crypto Alternative to Hargreaves Lansdown
Buying Ethereum (ETH) with a GBP deposit.

Will Hargreaves Lansdown offer Cryptocurrencies?

As of now, Hargreaves Lansdown's executive team hasn't announced plans to support direct trading of digital assets on their platform. They maintain that exposure to digital assets through equities is adequate for their clients. However, it's worth noting that direct investments in cryptocurrencies have historically shown higher returns compared to crypto-related equities. Direct investments also mitigate certain risks associated with holding crypto-related stocks, such as the absence of self-custody and true asset ownership. To avoid centralization risks, as exemplified by the recent FTX incident, direct purchase of cryptocurrencies is recommended.

About Hargreaves Lansdown

Hargreaves Lansdown is a UK-based investment platform that offers stocks, ETFs, and other products to its clients. It was founded in 1981 by Peter Hargreaves and Stephen Lansdown. The company is headquartered in Bristol, England. As of 2020, it has over 1 million clients and £100 billion in assets under management.

Hargreaves Lansdown
The Hargreaves Lansdown Brokerage Platform.

Final Thoughts

In summary, Hargreaves Lansdown's indirect method of investing in cryptocurrencies may not always yield the best results, given the limitations and costs involved. For direct digital asset trading, the FCA-regulated, London-based Kraken offers a wide selection of cryptocurrencies, instant GBP deposits, and zero fees, making it a superior alternative for UK investors. While Hargreaves Lansdown has not announced plans to support direct cryptocurrency trading, utilizing platforms like Kraken could enhance your investment portfolio's performance.