Can I buy Bitcoin with the Co-Op Bank?
Similar to most major English banks, the Co-Op Bank regrettably does not support the option to purchase cryptocurrencies directly on their online platform. However, if you want to purchase Bitcoin and other cryptocurrencies using your bank account or credit/debit card, you are in luck.
Co-Operative Bank users can now invest in crypto by going through a trustworthy and reliable cryptocurrency investing platform like eToro. eToro is a multi-asset exchange that allows users to invest in crypto, NFTs, indices, shares, commodities, fiat currencies and exchange-traded funds (ETFs).
How to buy Bitcoin with Co-Operative Bank
The most secure and affordable way to buy tokens like Bitcoin or Ethereum with a Co-Operative Bank account is through eToro. Co-Op users can deposit GBP via credit/debit card, bank transfer, rapid transfer, Trustly, Skrill and Neteller. Follow the steps below to buy Bitcoin using eToro with your Co-Operative Bank account.
- Sign up to eToro and complete the verification process.
- Tap 'Deposit Funds', pick a method and send GBP from your Co-Op Bank account.
- Open the search bar, choose the asset you want to buy, and click 'Trade'.
- Input the amount you want to invest, then select 'Open Trade'.
- Once you execute your trade, the asset will be automatically stored in your eToro wallet.
Keep your cryptocurrency protected
Cryptocurrencies are stored in two types of crypto wallets, hot wallets or cold wallets. The hot wallets are assets stored on-chain, and cold wallets are stored off-chain (offline). It's a unique and complex procedure. This wallet is not a physical wallet but a software tool created specifically to hold digital assets.
It maintains the private and public keys that let the user connect to the blockchain, where tokens are stored. They do not store the cryptocurrencies themselves, but they provide public and private keys, allowing you to access them on the blockchain.
The eToro wallet is one of the safest crypto wallets available, and the wallet has several high-level security features and standardisation protocols. To learn more about what security measures eToro has implemented, you can visit the eToro Protecting Your Account page.
Is Co-Operative Bank Crypto-Friendly?
Yes, the Co-Operative Bank is a crypto-friendly bank that allows its customers to deposit and withdraw GBP on FCA-regulated platforms like eToro. The Co-Operative Bank has nothing highlighted in its terms and conditions that would prohibit its customers from trading digital assets.
As long as you don't use a questionable exchange, the Co-Op bank allows debit/credit card and account purchases. There have been zero reports of customers funds being halted when transferring to and from a secure and trustworthy digital asset exchange.
About Co-operative Bank
The Co-Operative Bank, formerly known as the Co-operative Banking Group, is a retail and commercial bank in the UK. It was formed in 1872, making it one of the oldest banks in the country. It prides itself on being a values-led organisation, with a focus on ethics and social responsibility. This includes offering ethical banking options such as fossil fuel divestment and supporting fair trade initiatives.
In addition to personal banking services such as checking accounts and credit cards, the Co-Op Bank also offers business banking services including loans and financial advice. The bank has over 4 million customers and over 400 branches throughout England, Wales, and Scotland.
Co-Op Bank is a well-respected institution, receiving an 'Excellent' rating on Trustpilot with over 12K customer reviews. Customers praise the bank for its commitment to ethics and friendly customer service. However, the Co-Op Bank has faced some challenges in recent years, including a 2017 financial scandal and cuts to branch locations. Despite these issues, the Co-Op Bank remains a trusted choice.