Banks in the United Kingdom used to be much less friendly to cryptocurrency investors and exchanges during the 2017 bull-run. Since then, the landscape for cryptocurrencies has evolved greatly and so have the underlying regulations.
This means that most major banks in the UK are friendly toward cryptocurrency investors and trading platforms.
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Best Crypto-Friendly Banks in the UK
Most banks in the UK are friendly toward crypto and trading platforms, which means you need to find the best exchange for your specific bank. We generally recommend that UK investors use eToro because they offer Cryptocurrencies, Stocks, Commodities, ETFs and more.
Their platform is licensed and regulated by the UK's Financial Authorities, which means all UK Banks and Online Banks like Starling or Monzo allow you to send money to their platform.
How to buy Crypto with your Bank from the UK
Buying Cryptocurrency with any bank account is very easy with eToro UK. Their platform accepts GBP deposits from any bank account for 0.5% in deposit fees. This is cheaper than other popular platforms like Coinbase who charge 1.49% for a GBP deposit.
To get started, follow this simple guide:
Step 1: Sign up to the eToro UK trading platform and verify your identity.
Step 2: Select the 'Deposit Funds' button found on the bottom left of your screen.
Step 3: Select 'GBP' and 'Bank Transfer' as your preferred currency and payment method.
Step 4: Sign into your bank account and send GBP to the Bank Transfer deposit details shown on the next screen.
Step 5: Once your GBP has landed, find the cryptocurrency you want to buy and execute your trade.
Is the Bank of England friendly toward Crypto?
The Bank of England has publically discussed the risks associated with crypto, however they have positive sentiments toward some of the innovations happening in the space. They tend to follow the position set by the US Federal Reserve, which at this current time is becoming increasingly more positive on the digital asset ecosystem.
Are Online Banks Crypto-Friendly?
Major online banks like Revolut, Monzo, Starling and others are all crypto friendly institutions. Their platforms do not have any terms and conditions that prohibits their customers from engaging in the cryptocurrency space.
The only risk is if you are depositing GBP or EUR into off-shore platforms that are not licensed by the UK's relevant financial authority. This is why we recommend sticking to platforms like eToro that have been operating in the UK since 2008.