Summary: Vanquis Bank does not directly provide services for purchasing cryptocurrencies through its online platform. However, it does allow transfers to exchanges that are authorised and registered with the Financial Conduct Authority (FCA) in the United Kingdom. We advise finding a platform that accepts deposits in British Pounds to avoid high fees.

Our meticulous research suggests that eToro is an excellent choice for Vanquis Bank account holders. eToro is registered with the FCA, offering a legal trading environment for its users. Customers can access a wealth of assets, including over 3,000 coins, stocks, and ETFs, all available at competitive rates. This platform also allows for GBP deposits through various payment methods, which include Faster Payments and bank transfers.

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Can I Buy Bitcoin with Vanquis?

Yes, Vanquis Bank permits its customers to send GBP to reputable cryptocurrency exchanges within the United Kingdom. Once funds have been deposited, Bitcoin and many other tokens can be purchased or traded. It’s important to remember that the bank doesn't enable direct trading but allows clients to interact with regulated external trading platforms. Using an FCA-regulated one is essential for ensuring the security of your assets.

How to Buy Crypto with Vanquis Bank

Cryptocurrency enthusiasts interested in purchasing tokens like Ethereum and Arbitrum can safely transfer money from Vanquis to a registered digital asset exchange. We recommend eToro due to its vast selection of financial instruments and strict adherence to FCA regulations. Moreover, it supports various GBP payment methods, including bank transfers, FPS, and debit cards, and low investment fees.

Here are some straightforward steps that customers can follow to start investing:

  1. Sign Up: Register a free account on eToro using your email address and verify your identity.
  2. Connect Account: Tap ‘Deposit Funds’ and pick ‘GBP’ as your preferred currency.
  3. Add Funds: Choose a suitable payment method and initiate a transfer from your Vanquis bank account.
  4. Purchase Crypto: After funding is complete, search for the coin of your choice and finish the transaction.
How to Buy Crypto with Vanquis.
Buy Crypto with Vanquis via eToro.

Vanquis Bank Cryptocurrency Policy

Regarding cryptocurrency, Vanquis Bank adopts an open-minded and interested approach that carefully balances innovation with strict legal compliance. Customers are permitted to purchase and explore digital currencies through secure platforms. Our recommendation, eToro (UK) Ltd., is registered with the Financial Conduct Authority (FCA), registered under Company No. 07973792. Its main office is situated at One Canada Square, Canary Wharf, London E14 5AB.

Digital Asset Investing Fees

Understanding fee structures while using exchanges is a crucial part of effective trading. Here are some potential charges users might encounter during the investment process:

  • Trading spreads: These are the costs associated with buying and selling assets. For cryptocurrency trades, eToro charges variable spreads, typically 1% or less.
  • Deposit Fees: Depending on the method used, users may be charged a fee to deposit GBP. According to our research, bank transfers and Faster Payments have the lowest fees.
  • Withdrawal Charges: Withdrawal fees vary depending on the token. For instance, most platforms charge a fixed fee of 0.0005 BTC when a user withdraws Bitcoin.

Due to its extensive coin selection, FCA registration, and competitive fee structure, eToro presents an excellent choice for Vanquis customers looking for an economical investing experience. 

What is Vanquis Bank?

Vanquis Bank, established in 2002, is a subsidiary of the Provident Financial Group and specialises in providing credit cards for UK residents who have limited or negative credit histories. The bank has consistently shown its commitment to helping people build their credit ratings over time through responsible borrowing.

To make its services more accessible, the bank utilises an easy online application process with simple terms. The bank's mobile app allows customers to manage their accounts effortlessly, offering features like live balance checks and payment scheduling. Over the years, Vanquis Bank has received several industry awards, underscoring its commitment to excellent customer service and financial inclusion.

Vanquis Online Banking
Vanquis: Home Page.

Final Thoughts

In conclusion, Vanquis Bank grants its customers access to the digital asset market by allowing GBP transactions on FCA-registered platforms such as eToro. This step guarantees investors' trading journeys across cryptocurrencies, stocks, and ETFs remain legal and secure. With its generous fee structure and ability to deposit in GBP, eToro is an optimal exchange for British clients who wish to discover more about digital currency markets.