Can I buy Bitcoin on the Bank of Scotland platform?
The Bank of Scotland regrettably does not offer the option to purchase cryptocurrencies directly on its platform. This is because the licensing and regulations that must be acquired and followed to operate a cryptocurrency exchange are much harder to acquire than traditional banking licences.
Not to worry, as mentioned above you can securely buy cryptocurrencies by going through a trusted and secure cryptocurrency investing platform like eToro. eToro has been operating for over 15 years and is licensed by the Financial Conduct Authority (FCA) in the United Kingdom.
How to buy Bitcoin with Bank of Scotland
Buying Bitcoin and other cryptocurrencies is easier than ever when going through eToro. The entire process will take around 10 minutes to complete. Follow the below steps to get started.
Step One: Sign up to eToro, verify your identity and complete the questionnaire
Step Two: Select ‘Deposit Funds’ then choose ‘Bank Transfer’ as the method and enter the GBP you want to deposit
Step Three: You will be redirected to this page, copy their details into your Bank of Scotland banking app and transfer the GBP you want to invest
Step Four: Once your GBP has arrived in your eToro account, visit the home page and search for the cryptocurrency you wish to purchase and select ‘Trade’.
Is the Bank of Scotland Crypto Friendly?
Yes, the Bank of Scotland is crypto friendly and they do not have anything in their policies that would prohibit their users from investing in Bitcoin and other cryptocurrencies. There have been zero reports of users' funds being frozen when transferring to a cryptocurrency exchange.
Bank of Scotland users should not be concerned when sending GBP to eToro. Your funds will be safe and secure on eToro.
Buying Bitcoin Fees
When purchasing cryptocurrencies like Bitcoin and Ethereum through a centralised cryptocurrency exchange it's important to consider the fees involved.
Deposit Fee - This fee is charged when you deposit GBP on an exchange
Trading Fee - This fee is charged when you execute a trade on an exchange
eToro does not charge any fees to deposit funds into your account and the trading fee is a flat 1% fee of your trade. For example, if you buy £100 of Bitcoin you will pay a £1 trading fee.
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 of Scotland has around 700 branches, most of which are located in Scotland.
The bank 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 number of branches in Scotland.
The Bank of Scotland has a long history of supporting businesses 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. The bank is a major sponsor of the Edinburgh Festival Fringe, the world's largest arts festival, and has supported the festival since its inception in 1947.