How to Buy Bitcoin and Crypto with FPS
The most secure and affordable way to buy Cryptocurrencies like Bitcoin with FPS transfer is through an FCA-licensed digital asset exchange. As previously mentioned, the best and most secure option is Uphold, a UK-based Crypto trading platform that offers free and instant FPS deposits.
Get started with this short and simple guide:
- Create a free account on Uphold and complete the verification requirements.
- Select 'GBP' as your fiat currency to deposit GBP via Faster Payments.
- Input the amount of GBP you want to transfer to Uphold with FPS.
- Find the Cryptocurrency you want to buy and execute your trade.
Are FPS Transfers Safe?
Yes, the Faster Payments Service (FPS) allows for a secure transfer of funds in the United Kingdom. FPS is run by a not-for-profit organisation, making sure that payments are handled securely and quickly. It offers many advantages over traditional payment methods including being available 24/7 with no transaction limits or fees. Funds are also transferred near instantly, meaning customers can have money in their account almost immediately after sending money via FPS.
To ensure security when transferring funds through FPS, the payments system has been developed to include several layers of protection. It uses strong encryption technology to protect sensitive data at all times and employs multiple authentication steps to verify users before allowing them access to the payment system. Additionally, FPS also uses a range of fraud prevention measures, such as monitoring unusual activity, to ensure data and funds are kept safe.
What are the fees to deposit with FPS?
Uphold does not charge any fees to deposit funds via Faster Payments, and the only condition they have is the minimum deposit amount cannot be lower than £10 or higher than £25,000/day. Additionally, the exchange does not charge any trading fees on Cryptocurrencies, only a spread fee which varies between 0.9% - 1.2% depending on the asset you are buying or selling.
What is Faster Payments (FPS)?
The Faster Payments Service (FPS) is a secure, real-time payment system that enables customers in the UK to send and receive payments in minutes. FPS uses the UK’s Payment Systems Regulator’s (PSR) standards to ensure the safety of each payment. FPS is used for bank-to-bank transfers and allows customers to make faster payments between accounts within the same financial institution.
FPS eliminates long waiting times associated with traditional banking processes, making it possible for individuals and businesses to send and receive money almost instantly. Additionally, FPS supports multiple currencies and is available 24 hours a day, seven days a week. This means customers can access their funds quickly at any time of day or night.
To summarise, buying Cryptocurrencies with Faster Payments (FPS) in the UK is a quick and straightforward process that can be done through an FCA-licensed digital asset exchange such as Uphold. Our team recommends using Uphold as it offers free and instant FPS deposits to purchase over 250 tokens. If you would like to learn more about this exchange, visit our Uphold Review.