Summary: There is no integrated system for direct cryptocurrency purchases at Paragon Bank. Our recommendation is to utilise regulated platforms for those interested in stepping into the world of digital assets. The bank permits the transfer of British pounds to a variety of exchanges approved by the Financial Conduct Authority. Finding an FCA-registered platform is essential for maintaining regulatory compliance in the country.
Upon thorough investigation, we conclude that eToro stands as the most reliable platform for Paragon Bank customers. Registered with the FCA, it offers users a secure trading environment with access to an extensive range of assets. This includes over 3,000 digital currencies, shares, and ETFs, all of which are tradable for competitive fees. The exchange also allows fast GBP deposits through several methods like Faster Payments and bank transfers.
- 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 Paragon Bank via FPS, bank transfer and credit 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 Paragon Bank?
Yes, customers of Paragon Bank can easily transfer GBP to cryptocurrency exchanges in the United Kingdom. As soon as the deposit has been processed, investors can begin building their portfolios by purchasing or trading digital assets, such as Bitcoin and Tether. While the bank doesn't facilitate crypto trading directly, it sanctions transactions on regulated platforms under the jurisdiction of the Financial Conduct Authority (FCA) in the UK.
How to Buy Crypto with Paragon Bank
Paragon Bank account holders can purchase, sell, and trade Ethereum and other digital assets is through a trusted exchange in the UK. Thanks to its FCA registration, eToro has become the best platform for its diverse offering of over 3,000 cryptos, stocks, ETFs, and more with low investment fees. GBP deposits are accepted from the bank through multiple channels, such as bank transfers, debit cards, and FPS.
Follow this short guide to buy cryptocurrency with Paragon Bank:
- Registration: Create an eToro account and complete the identity verification steps.
- Choose Currency: Click on 'Deposit Funds,' select 'GBP' as your currency, and choose your preferred payment method.
- Add Funds: Complete the transfer of funds from your Paragon account.
- Purchase Crypto: Use the search bar to find your desired token and finalise your transaction.
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Paragon Bank Cryptocurrency Policy
Paragon Bank encourages financial exploration while respecting financial legislation and maintaining an innovative approach towards cryptocurrencies. Our recommended platform, eToro (UK) Ltd., is registered under company number 07973792 and based at One Canada Square, Canary Wharf, London, E14 5AB. The exchange is registered with the Financial Conduct Authority (FCA) under Firm Reference Number 583263.
Digital Asset Investing Fees
Understanding the fee structure is critical before purchasing or selling digital assets on exchanges. Here's a rundown of the potential costs you might face:
- Trading spreads: These are the expenses you incur when buying and selling cryptocurrencies. eToro charges variable spreads, which are usually 1%.
- Deposit Fees: The fee for making a GBP deposit varies according to the method. Debit and credit card fees can exceed 2%, so bank transfers and Faster Payments are recommended as cost-effective alternatives.
- Withdrawal Fees: Withdrawal fees vary depending on the cryptocurrency. For example, the majority of platforms charge a fixed fee of 0.0005 BTC to withdraw Bitcoin.
Keeping these costs in mind, Paragon Bank customers can take advantage of eToro's competitive fee structure and broad range of financial instruments while remaining in full compliance with FCA regulations.
What is Paragon Bank?
Paragon Bank started its journey as a provider of personal credit loans in 1985. Over the decades, the institution has diversified its portfolio and emerged as a specialist lender and savings bank in the UK, mainly known for its expertise in buy-to-let mortgages, personal loans, and savings products.
The bank's approach, centred on understanding the unique needs of its customers, has allowed it to navigate the ever-changing financial landscape effectively. It takes pride in offering bespoke financial solutions to both individual customers and small and medium-sized enterprises. This commitment to tailored service, coupled with a robust operational foundation, has positioned it as a respected and reliable player in the UK's competitive banking industry.
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Final Thoughts
In conclusion, Paragon Bank provides its customers with easy access to resources for exploring the digital asset world. It offers a secure and legal trading environment by allowing GBP transfers to FCA-registered platforms like eToro. With its attractive features, including reasonable fees, swift GBP deposits, and extensive social trading features, it comes as a favourable option for investors in the UK.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
