Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Bottom Line: Residents of the United Kingdom can easily buy hundreds of cryptocurrencies with Faster Payments (FPS) by going through an FCA-licensed digital asset exchange. FPS payments are instantly credited to crypto trading platforms allowing UK investors to purchase digital currencies within a minute of depositing funds.
After a thorough evaluation of over 20 digital asset exchanges in the UK, our team has determined that eToro is the best platform for FPS payments. eToro is regulated and licensed by the FCA and offers cheap and instant Faster Payments deposits to buy and sell over 3,000 cryptocurrencies, stocks, ETFs and other assets.
Can I Buy Crypto with Faster Payments?
Yes, individuals can purchase Bitcoin and other cryptocurrencies using Faster Payments Service (FPS) by linking their bank accounts to a cryptocurrency exchange in the UK that is regulated by the Financial Conduct Authority (FCA). This approach grants UK residents the ability to promptly transfer GBP without incurring any fees, facilitating the buying, selling, and trading of digital assets within the nation. For safe and compliant transactions, we recommend users opt for platforms that strictly adhere to UK guidelines, steering clear of non-regulated foreign options such as Binance.
How to Buy Bitcoin and Crypto with Faster Payments
To safely and cost-effectively acquire cryptocurrencies such as Bitcoin via a Faster Payments Service (FPS) transfer, utilising an FCA-approved digital asset exchange is your best bet. As highlighted earlier, eToro emerges as the premier and most secure choice. This UK-based crypto trading platform facilitates swift and low-cost FPS deposits, enabling trading across more than 3000 assets. Here's a brief and easy-to-follow guide to get you started within minutes:
You can get started in minutes with this short and simple guide:
- Create a free account on eToro and complete the onboarding process.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Tap 'GBP' and your payment method, then send funds from your UK Bank account with Faster Payments
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
When venturing into the crypto sphere with the utilisation of Faster Payments service, being well-acquainted with the potential costs involved is paramount. This might involve transaction fees, the variance in purchase and sale prices, widely referred to as the spread, and potential fees for both deposits and withdrawals.
For those wanting an affordable way to explore the crypto marketplace, eToro stands out. Making the most of the swiftness and reliability of Faster Payments, you'll also enjoy eToro's friendly fee approach. They work with a spread fee that usually sits around 1%. This makes eToro a smart pick, especially when you compare it to other exchanges where the spread fees can be much steeper.
Is Faster Payments Crypto-Friendly?
The Faster Payments service effectively caters to individuals venturing into cryptocurrency investments by enabling rapid transactions to crypto exchanges supervised by the Financial Conduct Authority (FCA). This mechanism allows for the speedy transfer of GBP from personal bank accounts to platforms that adhere to the UK's strict regulatory framework, offering a safeguard against potential financial malpractices such as fraud and money laundering.
Consequently, when using this expedient service for transactions with FCA-regulated exchanges, individuals can confidently delve into cryptocurrency investments, reassured by robust security measures and compliance with legal stipulations. This dual layer of protection serves as a powerful confidence booster for those navigating the crypto sector.
In the evolving landscape of cryptocurrency investments in the UK, Faster Payments Service (FPS) emerges as a swift and reliable mechanism for transactions, particularly when paired with FCA-regulated digital asset exchanges. eToro, distinguished for its compliance, affordability, and extensive asset range, stands as a top recommendation for UK residents seeking to harness the benefits of FPS. Leveraging such platforms ensures not only rapid transactions but also fortifies investors' confidence with robust security measures and adherence to the nation's stringent regulatory protocols.