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.
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.