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In this easy-to-follow guide we show outline the easiest way for UK investors to buy cryptocurrencies with a Wise bank account.
Simply link your Wise bank account to a regulated centralised cryptocurrency exchange like eToro. Once connected, you can buy cryptocurrencies, stocks, commodities, FIAT currencies, ETF's, indices and much more directly on their platform.
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Can I buy Crypto on the Wise (Transferwise) platform?
Unfortunately, similar to most major banks in the United Kingdom, you cannot buy cryptocurrency directly on the Wise (formerly TransferWise) banking platform. Although they are regulated by the FCA, they have not acquired the licenses to operate a cryptocurrency exchange, yet.
It is likely that most major financial institutions will eventually list cryptocurrencies on their platform. In the meantime, you can securely purchase cryptocurrencies on regulated and licensed cryptocurrency exchanges like eToro. eToro was founded in 2008 and has 30 million users globally, making it one of the largest exchanges in the world.
How to buy Crypto with a Wise bank account
In this guide we outline the best way to invest in cryptocurrencies with your Wise bank account. Connect your Wise bank account to a safe centralised cryptocurrency exchange like eToro to buy and stake cryptocurrencies.
Follow the below steps to get started:
Step One: Sign up to eToro UK, verify your identity and complete the questionnaire
Step Two: Select ‘Deposit Funds’ on the home page and choose Bank Transfer as your preferred payment method
Step Three: Enter the amount of GBP you wish to deposit and press ‘Continue’
Step Four: You will be redirected to the below page, copy their details into your Wise banking app and send the desired amount to their account
** Bank Transfers may take approximately 4-7 working days to be processed from the time of transfer.
Step Five: Once your funds have arrived into your eToro account, visit the home page and search for the cryptocurrency you wish to purchase and select ‘Trade’
Is eToro a secure platform?
Yes, eToro is the most secure centralised cryptocurrency exchange in the world. It is the oldest exchange and was founded in 2008. It has acquired the appropriate licensing and is allowed to operate in over 65 countries. It has never been subjected to a cyber attack or any hacking incidents and stores of its users' funds offline in cold storage.
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