Summary: Barclays does not directly provide cryptocurrency trading through its online or mobile banking platforms. However, Barclays customers can invest in digital asset projects and protocols by transferring British Pounds (GBP) from their Barclays accounts to a third-party exchange recognised by the FCA.
After examining various FCA-regulated platforms, our research indicates that eToro is the best choice for Barclays customers. This exchange complies with the stringent standards established by the FCA, ensuring a secure environment for quick and affordable GBP transfers from any UK bank. On eToro, users can benefit from trading in a wide range of over 3,000 crypto assets, stocks, and ETFs, among other products.
Can I Buy Crypto with Barclays Bank?
Yes, you can purchase Bitcoin, Ethereum, stablecoins, and various other cryptocurrencies through your Barclays Bank account, debit card, or credit card. To do this, you'll need to register with a trustworthy UK cryptocurrency exchange that accepts deposits in GBP via methods such as bank transfers, Faster Payments, BACS, or other designated systems. Since Barclays Bank does not process cryptocurrency transactions themselves, selecting an exchange regulated by the Financial Conduct Authority (FCA) is essential for ensuring compliance and security.
How to Buy Bitcoin and Crypto with Barclays
The most secure way to buy Bitcoin and other digital currencies using a Barclays Bank account is through a regulated exchange. This approach allows customers to safely deposit GBP from their Barclays account or card. We recommend eToro because of its smooth compatibility with Barclays, facilitating quick GBP deposits. In line with the strict guidelines set by the Financial Conduct Authority (FCA), eToro offers a comprehensive range of over 3,000 assets and competitive trading fees.
Here's an easy step-by-step guide to buy crypto using a Barclays account on eToro:
- Create an account on eToro and verify your identity.
- Click on the 'Deposit Funds' option, located at the bottom left of the interface.
- Select 'GBP' and your desired payment method, then transfer funds from Barclays.
- After depositing, use the search bar to choose and purchase your preferred cryptocurrency.
What are the Fees?
he expenses for buying cryptocurrency through Barclays Bank may vary depending on the exchange chosen. These can include transaction fees, deposit fees, and withdrawal fees, each varying by the specific platform and cryptocurrency.
We recommend eToro for its transparent fee structure. The platform offers free deposits using Barclays bank transfers (excluding USD conversion fees), a 1% commission on trades, and competitive spreads for digital currency trades under the UK's regulations. This pricing often proves more economical than alternatives like Coinbase, which usually charges both a transaction fee and a spread of around 1.50%.
Is Barclays Bank Crypto-Friendly?
Barclays allows its customers to explore digital assets such as Bitcoin, Ethereum, Solana, Arbitrum, stablecoins, and other cryptocurrencies, through exchanges approved by regulatory bodies like the Financial Conduct Authority (FCA). You can confirm the licensure of an exchange independently by checking the FCA's digital asset exchange database.
This provision ensures that customers can interact with exchanges that comply with both British and international standards aimed at preventing financial wrongdoing, including money laundering and fraudulent activities. By choosing a regulated exchange, Barclays clients can have assurance that their ventures into cryptocurrencies are not only secure but also fully in line with legal requirements.
Barclays Bank customers can securely invest in a wide range of cryptocurrencies, including Bitcoin and Ethereum, by transferring GBP to a regulated third-party exchange. Our research recommends eToro as the optimal choice due to its FCA compliance, extensive asset offerings, and competitive fee structure. Although Barclays does not directly process crypto transactions, it supports its customers' digital asset ventures by allowing transfers to FCA-approved exchanges, ensuring both security and legal compliance.