Summary: Zopa Bank does not directly provide the ability to buy cryptocurrencies through its platform but allows clients to transfer funds to regulated digital asset exchanges. The bank supports the transfer of British pounds to various platforms approved by the Financial Conduct Authority in the United Kingdom. By choosing one that is FCA-registered, you guarantee the security of your funds.

Following an exhaustive investigation, we determined eToro is the top option for Zopa Bank clients. Recognised by the FCA, it offers a wide range of assets, including over 3000 cryptocurrencies, stocks, and ETFs, at reasonable fees. eToro accepts GBP deposits through bank transfers, debit cards, FPS, and Skrill. It is a social trading platform that has unique features like CopyTrader, which allows you to mimic the trades of successful users.

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Can I Buy Bitcoin with Zopa Bank?

Yes, Zopa allows its customers to transfer GBP to authorised cryptocurrency exchanges in the UK. After your transfer has been processed, you will have the freedom to buy, sell, and trade a wide variety of digital currencies, including Bitcoin. To ensure asset security and regulatory compliance, we recommend using exchanges that are registered by reliable bodies, like the Financial Conduct Authority (FCA) in the United Kingdom.

How to Buy Crypto with Zopa Bank

Using your Zopa Bank account to purchase digital assets like Solana, Tether, and other similar tokens is not only a quick and safe process, but it also complies with all applicable laws. eToro is recommended for this due to the fact that it is FCA-registered and provides access to more than 3000 different cryptocurrencies, stocks, ETFs, and more. Additionally, they facilitate GBP deposits through a variety of payment channels, such as bank transfers, debit cards and more.

Begin investing in digital currencies by following this short guide:

  1. Sign Up: Create an account on eToro and complete the identity verification process. 
  2. Connect Account: Click ‘Deposit Funds’ on your dashboard, select GBP as the currency, and transfer money from your Zopa account. 
  3. Finds Asset: Go to the search bar, find your desired crypto, and tap ‘Trade’.
  4. Complete Trade: Enter the amount you want to invest and click ‘Open Trade’.
How to Buy Crypto with Zopa Bank.
Buy Crypto with Zopa Bank via eToro.

Zopa Bank Cryptocurrency Policy

Zopa Bank maintains a progressive stance on cryptocurrencies, encouraging financial innovation by allowing customers to use regulated exchanges. Our top pick, eToro (UK) Ltd, is registered on the 24th floor, One Canada Square, Canary Wharf, London E14 5AB, and is licensed by the Financial Conduct Authority (FCA) under Company No. 07973792 and Firm Reference No. 583263. 

Digital Asset Investing Fees

For efficient trade execution and investment, it is essential to understand the fee structure when buying, selling, or making any transaction on exchanges. Zopa Bank customers planning to put money into digital currencies can use this short guide to understand potential fees:

  • Trading spreads: These are the costs you will incur when buying and selling an asset. eToro typically charges spreads of 1% or less for cryptocurrencies. 
  • Deposit Fees: GBP deposits may incur a fee, the amount of which depends on the method being used. Bank transfers and Faster Payments are expected to be the most cost-effective, while debit and credit cards can cost more than 2%.
  • Withdrawal Fees: The withdrawal fee varies depending on the token. For example, the typical Bitcoin withdrawal fee on most platforms is 0.0005 BTC. 

Customers of Zopa Bank have access to eToro's extensive asset portfolio, which makes it an excellent option for digital currency investing. In addition, its fee structure is among the most competitive in the industry.

What is Zopa Bank?

Zopa Bank was founded in Buckinghamshire, becoming recognised in the UK as a pioneer in the peer-to-peer lending industry. The institution survived financial difficulties in its early years, protecting investor capital, and with a vision to diversify its offerings, it transitioned into a more traditional banking role. By 2023, the bank reports an impressive 850,000 customers, with over £3 billion in deposits and £2 billion in loans.

At first, the primary goal of Zopa was to facilitate direct lending relationships between investors and borrowers. However, the company has evolved over time, moving away from the P2P lending model. As a digital bank, it now offers services such as deposit accounts, personal loans, and credit cards. It has also introduced a money management app, benefiting from the innovations of Open Banking.

Zopa Online Bank.
Zopa Online Bank.

Final Thoughts

To wrap up, Zopa Bank paves the way for customers to make an easy transition into the digital asset market. By facilitating GBP transfers to FCA-registered platforms such as eToro, the bank ensures a safe and legal trading experience. Our expert team recommends eToro as it is licensed in the UK, offers competitively low fees, a wide range of over 3000 assets spanning six categories, and unique features like copy trading.