Summary: Virgin Money allows customers to invest in cryptocurrency by approving transfers to regulated exchanges. It’s important to highlight that it doesn’t directly provide trading services through its interface but allows transactions to third party platforms. The bank only allows GBP transfers to exchanges that are approved by the Financial Conduct Authority (FCA) in the United Kingdom as they adhere to local financial laws.
Based on our thorough investigation, we believe eToro to be the most reliable exchange for this purpose. Being registered with the FCA guarantees a secure trading environment for English investors. It also provides access to a variety of assets, including over 3,000 cryptocurrencies, stocks, and ETFs, while only charging minimal fees. eToro further extends its advantage by facilitating fast GBP deposits and offering low investment fees.
- Financial Conduct Authority (FCA) registered broker with over 30 million users.
- Buy, sell and trade over 3,000 Cryptocurrencies, Stocks, ETFs and more.
- Instant GBP deposits from Virgin Money via FPS, bank transfer and debit card.
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.
Can I Buy Bitcoin with Virgin Money?
Yes, Virgin Money users can transfer British Pounds to recognised cryptocurrency exchanges in the United Kingdom for the purpose of buying and trading tokens like Bitcoin or Ethereum. As soon as the deposit is processed, your funds can be immediately converted for digital assets. We advise only using platforms that are overseen by the Financial Conduct Authority (FCA) to ensure adherence to financial regulations in the country.
How to Buy Crypto with Virgin Money
The best way for Virgin Money customers to buy, sell, and trade digital assets is through a trusted exchange. eToro’s registration with FCA and access to over 3,000 different cryptos, stocks, ETFs, and other offerings make it stand out as an ideal platform for investors in the UK. It offers fast GBP deposits through several channels, such as bank transfers, debit cards, and Faster Payments.
Use this helpful guide as a starting point to begin trading tokens such as Solana:
- Registration: Open an eToro account and complete the requirements for proving your identity.
- Choose Currency: Click "Deposit Funds," select "GBP" as your currency, and then pick a payment method.
- Add Money: Complete the transfer of money from your Virgin Money account.
- Purchase Crypto: Use the search bar, locate your token of choice, and confirm your order.
Virgin Money Cryptocurrency Policy
Virgin Money encourages financial advancement while adhering to all relevant laws, in alignment with its progressive outlook on cryptocurrencies. Our recommended platform, eToro (UK) Ltd, is authorised and registered by the Financial Conduct Authority (FCA) under Firm Reference Number 583263. Its head office is on the 24th floor of One Canada Square, Canary Wharf, London E14 5AB.
Digital Asset Investing Fees
Before beginning any digital currency trading on exchanges, it is essential to understand their fee structures. Here is a brief explanation of the likely costs you may face when using a platform like eToro:
- Trading spreads: These fees are incurred while buying and selling cryptocurrencies. The spreads are typically around 1% on eToro.
- Deposit Fees: Depending on the method, there may be a fee to deposit GBP. Bank transfers and Faster Payments are recommended as workable alternatives to card fees, which can sometimes exceed 2%.
- Withdrawal Fees: Depending on the digital currency, different withdrawal fees may be charged. For instance, most platforms require a static withdrawal fee of 0.0005 BTC.
Virgin Money customers can profit from eToro's competitive fee structure and a wide range of asset classes, all while remaining fully compliant with FCA regulations.
What is Virgin Money?
Virgin Money, initially founded in 1995, is a financial services brand within the larger Virgin Group, spanning various sectors from travel to telecommunications. What began as Virgin Direct, offering personal finance products, later expanded to provide a range of financial services, including credit cards, mortgages, savings, pensions, and insurance.
In 2018, the bank took a significant leap in its market presence when it merged with Clydesdale and Yorkshire Banking Group (CYBG). This union fortified its position in the UK's banking sector, allowing it to offer a broader range of services and reach a wider customer base. With its distinctive branding, innovative products, and reputation for putting customers at the heart of its operations, it has established itself as a key competitor in the financial landscape.
To conclude, Virgin Money provides its customers with a straightforward means by which they can enter the realm of digital currencies. By facilitating the transfer of funds to FCA-registered platforms like eToro, it offers clients a safe and legitimate trading environment. eToro is the best option due to its features, including its modest fees, GBP deposit support, and extensive social trading features like copy trading and a demo account.