How to Buy Crypto with Barclays Bank

Summary: Barclays Bank does not provide direct cryptocurrency trading services on its banking platforms. Nonetheless, it supports customers venturing into the crypto market by enabling GBP transactions to exchanges compliant with the UK's Financial Conduct Authority (FCA).

Barclays Bank customers looking to invest in digital currencies may find eToro, a regulated platform, to be an excellent option. eToro offers fast GBP deposits via bank and debit card transfers. Featuring a diverse portfolio of over 4,500 assets, including cryptocurrencies, stocks, and ETFs, eToro is a comprehensive platform for clients eager to expand their investment portfolios.

Can I Buy Crypto with Barclays Bank?

Definitely! Barclays Bank offers a smooth path for its customers interested in purchasing cryptocurrencies like Bitcoin, Ethereum, and Solana. They facilitate fund transfers to UK cryptocurrency exchanges compliant with Financial Conduct Authority (FCA) rules, ensuring a safe and reliable way for individuals to venture into the crypto market. Barclays provides multiple deposit options, including direct transfers, BACS, the Faster Payments Service, and debit card payments, making it easier for anyone to start their crypto journey.

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How to Buy Crypto with Barclays Bank

Barclays Bank customers looking to dive into the cryptocurrency scene can opt for eToro, a platform compliant with financial markets authorities in the UK and Europe. eToro facilitates GBP transactions directly from Barclays accounts, allowing for bank transfers and debit card payments. On eToro, investors gain access to over 4,500 assets, including various cryptocurrencies, stocks, and ETFs, accommodating different investment strategies.

Here’s how to get started on eToro using Barclays Bank:

1. Account Setup: First, create an account on eToro and complete the necessary verification steps.
2. Fund Your Account: Go to eToro’s ‘Deposit’ section, typically found in the bottom left corner, to add funds.
3. Choose Currency and Payment: Select ‘GBP’ as your currency and choose a payment method linked to your Barclays account.
4. Start Investing: After funding, use eToro’s straightforward search feature to locate and invest in your chosen cryptocurrency.

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What are the Fees?

When Barclays Bank customers venture into buying Bitcoin and other cryptocurrencies, it's essential to understand the associated fees. These fees can include account funding and withdrawal charges, transaction fees, and the spread, the difference between buying and selling prices.

Choosing eToro as your platform through Barclays Bank is a wise decision. eToro stands out for its cost-efficient options for depositing funds, including Faster Payments and BACS, which are seamlessly compatible with Barclays accounts. Moreover, eToro is recognised for its competitive trading costs. The platform's spread fee hovers around 1%, which is significantly lower compared to other platforms like Coinbase, where fees can exceed 2%.

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Is Barclays Bank Crypto-Friendly?

Barclays Bank takes a proactive stance on cryptocurrency, enabling its customers to interact with digital currencies securely and within regulatory guidelines. The bank allows for the transfer of funds through debit cards and bank transfers to certified cryptocurrency exchanges that comply with Financial Conduct Authority (FCA) regulations. However, Barclays Bank exercises caution by preventing cryptocurrency purchases using credit cards to protect its clients from the potential financial uncertainties and volatility inherent in the crypto market.

This approach allows Barclays Bank customers to engage with cryptocurrency investments in a protected and regulated environment. By following the FCA’s stringent standards, Barclays Bank provides a reliable route for those looking to broaden their investment horizons with cryptocurrencies, ensuring adherence to essential financial regulations.

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Bottom Line

To wrap up, while Barclays Bank doesn't directly offer crypto trading, it paves the way for seamless engagement with the cryptocurrency landscape, facilitating GBP transfers to exchanges adhering to FCA guidelines. Our research identifies eToro as a favoured option among UK investors for its easy GBP deposits and a broad range of over 4,500 assets.