Summary: The Bank of Scotland does not offer any products or services enabling its customers to buy cryptocurrencies through its online banking platform or physical branches. That said, its customers can withdraw GBP from their accounts or cards and transfer them to a regulated digital asset exchange to trade crypto. Finding an exchange licensed by the FCA is vital for asset security.
Upon investigating the top digital currency exchanges in the United Kingdom, our team of experts has identified Uphold as the best option for Bank of Scotland clients. The platform is London-based, licensed by the Financial Conduct Authority (FCA), and offers over 250 cryptocurrencies to trade. It is the only transparent platform in the UK with regularly audited proof-of-reserves, highlighting they hold users' funds 1:1.
- Multiple free and instant deposit methods from Bank of Scotland.
- Zero trading fees to buy and sell over 250 Cryptocurrencies.
- Regulated and Licensed by the Financial Conduct Authority (FCA).
Can I buy Bitcoin with Bank of Scotland?
Customers of Bank of Scotland can effortlessly engage in cryptocurrency investments by transferring British Pounds to a digital asset exchange in the United Kingdom. Bank of Scotland account holders can securely deposit GBP or EUR to a regulated platform and convert it directly to cryptocurrencies, such as Bitcoin. Selecting a cryptocurrency exchange authorised and licensed by the Financial Conduct Authority (FCA) is essential to ensure compliance with the relevant UK regulations.
How to buy Bitcoin or Crypto with Bank of Scotland
Buying Bitcoin and other cryptocurrencies is an easy and secure process when using Uphold. The Bank of Scotland customers can deposit GBP or EUR to Uphold via various payment methods, including Bank Transfers, SEPA Transfers, Credit/Debit Card, Apple Pay, or Google Pay.
Bank of Scotland customers can buy crypto with this easy guide:
- 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.
- Once it has linked, pick a fiat currency to deposit to the platform.
- Find the cryptocurrency you want to buy and execute your trade.
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Is the Bank of Scotland Crypto-Friendly?
Yes, the Bank of Scotland is a crypto-friendly institution. It has nothing stated in its policies prohibiting its users from investing in cryptocurrencies through FCA-licensed digital asset exchanges. Bank of Scotland users should not be concerned when sending GBP to Uphold as they are regulated in the United Kingdom. However, the bank may stop transactions to unregulated, offshore platforms they deem risky.
What is 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 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 various topics such as business growth, export and international trade, and responsible business.
Final Thoughts
To recap, Bank of Scotland does not offer the option to purchase cryptocurrencies directly through its online banking platform. However, its customers can buy crypto by using a reliable and FCA-licensed digital asset exchange, such as Uphold. It is widely regarded to be the most trusted and transparent exchange in the UK. If you want to learn more about this exchange, visit our detailed Uphold Review.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
