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Can I buy Crypto on the Bank of Scotland?
The Bank of Scotland regrettably does not offer the option to purchase Cryptocurrencies directly through its online banking portal. This is because the licensing and regulations that must be acquired and followed to operate a digital asset exchange are much harder to acquire than traditional banking licenses.
Not to worry, as mentioned above you can securely buy Cryptocurrencies by going through a trusted and secure digital asset exchange like Uphold. It is the most reliable and trusted trading platform for Bank of Scotland customers and offers both trading and staking services. If you would like to learn more about this exchange, visit our detailed Uphold Review.
How to buy Bitcoin with Bank of Scotland
Buying Bitcoin and other Cryptocurrencies is easier than ever when going through the Uphold exchange. The Bank of Scotland customers can deposit GBP or EUR to Uphold via a variety of payment methods which include Bank Transfers, SEPA Transfers, Credit/Debit Card, Apple Pay or Google Pay.
Follow the below steps to get started.
- Sign up to the Uphold platform and verify your identity (personal or company).
- Connect your Bank of Scotland account or Credit/Debit Card to Uphold.
- Link your Bank of Scotland account or card to Uphold and deposit GBP or EUR.
- Find the Cryptocurrency you want to buy and execute your trade.
Is the Bank of Scotland Crypto Friendly?
Yes, the Bank of Scotland is a Crypto-friendly institution and has nothing stated in its policies that would prohibit its users from investing in Bitcoin and other Cryptocurrencies. There have been zero reports of users' funds being frozen when transferring to a digital asset exchange. Bank of Scotland users should not be concerned when sending GBP to Uphold as they are a regulated entity in the United Kingdom.
What are the Fees to Consider?
When purchasing Cryptocurrencies like Bitcoin and Ethereum through a centralised digital asset exchange it's important to consider the fees involved. Typically, there are three costs incurred, the deposit, trading, and withdrawal fee.
Uphold does not charge any deposit or trading fees, except for card deposits, which are 2.49%. However, there is a spread between 0.9% - 1.2% depending on the asset you trade. There are no fiat currency withdrawal fees, but Crypto withdrawals have a small fee to cover the cost of gas. Uphold offers the lowest fees in the United Kingdom and is significantly cheaper than other exchanges like eToro, which charge trading fees and spreads.
About Bank of Scotland
Bank of Scotland is a commercial bank in Scotland. Established in 1695, it is the second oldest bank in the United Kingdom after the Bank of England. It was one of the first banks in Europe to print its own banknotes and it continues to issue Scottish banknotes. The bank has around 700 branches, most of which are located in Scotland. It is owned by Lloyds Banking Group, which is itself part of the HBOS group.
In 2017, it was announced that Lloyds would be selling some of its Scottish branches to the newly-formed Clydesdale Bank plc. This will result in Clydesdale becoming the fifth-largest bank by the number of branches in Scotland. In addition to providing banking services, the bank also offers advice and support to businesses on a range of topics such as business growth, export and international trade, and responsible business.
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Final Thoughts
The Bank of Scotland does not offer the option to purchase Cryptocurrencies directly through its online banking platform or physical branches. However, its customers can buy Crypto by using a reliable and secure digital asset exchange such as Uphold. The platform is London-based and licensed by the Financial Conduct Authority, and is widely regarded to be the most trusted and transparent exchange in the UK.
