How to Buy Crypto Co-Operative Bank (2023)

Summary: Co-Operative Bank does not offer direct Bitcoin or cryptocurrency trading services through its online banking platform. That said, customers can engage in crypto investments through a UK-based FCA-licensed exchange, transferring GBP from their Co-Operative Bank account to the crypto platform to buy and sell digital assets.

After evaluating over 25 FCA-regulated exchanges, we recommend eToro as the top option for Co-Operative Bank clients. As a secure and authorized platform under the Financial Conduct Authority, eToro enables efficient and affordable GBP deposits from Co-Operative Bank accounts, permitting trading in over 3,000 cryptocurrencies, stocks, ETFs, and additional assets.

‍

Website

Top Platform for Co-Operative Bank

5.0 out of 5.0 by Datawallet

eToro is the top crypto platform for Co-Operative Bank customers because of its secure, regulated nature, free GBP deposits, commission-free trading, and wide selection of assets.

Licensing & Regulation

Financial Conduct Authority (FCA), ESMA, CySEC and FINRA.

Available Assets

70+ Cryptos an 3,000 other assets.

GBP Deposit Methods

Bank Transfer, Faster Payments, Debit Card, Credit Card, PayPal and more

Can you Buy Crypto with Co-Operative Bank?

Co-Operative Bank does not directly provide cryptocurrency trading or investing services. However, customers can purchase digital assets by linking their Co-Operative Bank account to an FCA-licensed crypto exchange in the UK. To ensure the security of your investments, choose platforms with proper licensing and regulation instead of off-shore alternatives like Binance.

‍

How to Buy Bitcoin and Crypto with Co-Operative Bank

To invest in cryptocurrencies securely and conveniently using your Co-Operative Bank account, consider a regulated broker like eToro. This enables fast GBP deposits from Co-Operative Bank through various options, such as bank transfer, Faster Payments, Co-Operative Bank Card, debit card, credit card, and more.

Follow this easy 4-step guide to begin with our recommended broker:

Sign up for a free account on eToro and complete the onboarding process.
Click the 'Deposit Funds' button on the bottom left of your screen.
Choose 'GBP' and your payment method, then transfer funds from Co-Operative Bank.
Finalize the deposit and use the search bar to purchase your desired token.

‍

What are the Fees to Buy Crypto?

Fees for investing in Bitcoin and other digital assets using your Co-Operative Bank account will depend on the chosen platform. The main fees to be aware of when trading crypto include deposit fees, withdrawal fees, spreads, and trading fees.

For Co-Operative Bank customers, we advise using eToro to minimize fees. The platform offers free GBP deposits and commission-free trading. The sole cost when buying digital assets on eToro is the spread, a reasonable 1%, more competitive than alternatives like Coinbase, which charge over 2%.

‍

Is Co-Operative Bank Crypto-Friendly?

Co-Operative Bank adopts a crypto-friendly approach, albeit with specific restrictions to safeguard customers. The bank permits depositing funds solely into FCA-licensed exchanges, adhering to the Financial Conduct Authority regulations in the UK. However, Co-Operative Bank strictly forbids depositing funds into off-shore exchanges like Binance and Bybit to ensure the protection and security of their customers' investments.

‍

Bottom Line

In conclusion, Co-Operative Bank doesn't offer direct cryptocurrency trading but supports investments via FCA-licensed UK-based crypto exchanges. We recommend eToro as the top choice for Co-Operative Bank customers due to its regulatory compliance, affordable GBP deposits, and diverse asset offerings across multiple asset classes.

Author

Tony Kreng

Lead Content Editor

Tony Kreng has an MBA in Business & Finance and has been writing as a financial analyst in traditional finance for over a decade. He is the lead content editor and fact-checker for the team at Data Wallet.