How to Buy Crypto with First Direct

How to Buy Crypto with First Direct

Your guide to buying cryptocurrencies with First Direct. Learn about transaction fees, secure platforms, and compliance measures.

Don’t invest unless you’re prepared to lose all the money you invest.

Summary: First Direct Bank does not provide direct cryptocurrency trading through its online banking services. Nonetheless, First Direct customers can engage in cryptocurrency investments by utilising a reputable FCA-regulated UK exchange, transferring GBP from their account, and purchasing tokens on the selected platform.

After evaluating more than 25 FCA-sanctioned exchanges, it was determined that eToro is the premier choice for First Direct customers. As a secure, FCA-regulated platform, eToro facilitates fast and cheap GBP transfers from First Direct accounts while granting access to an extensive variety of over 3,000 cryptos, stocks, ETFs, and additional assets.

Top Platform for First Direct Bank
5.0 out of 5.0 by Datawallet
eToro is the top crypto platform for First Direct Bank customers due to its FCA-regulation, swift and low fee GBP transfers, diverse offering of over 3,000 assets, and competitive trading fees.
Licensing & Regulation
Financial Conduct Authority (FCA) and other Tier-1 Regulators.
Available Assets
70+ Cryptos and 3,000 other assets.
GBP Deposit Methods
Bank Transfer, Faster Payments, Debit Card, PayPal and more.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Content Guide

Can I Buy Crypto with First Direct?

Yes, owning cryptocurrencies through a First Direct account is entirely possible. You can do this by moving GBP to an approved cryptocurrency exchange in the UK. You have several payment options with First Direct like bank transfers, debit cards, and Faster Payments. However, First Direct doesn't offer direct crypto exchange services. Therefore, always use an exchange regulated by the Financial Conduct Authority (FCA) to ensure compliance with UK laws.

How to Buy Crypto with First Direct Bank

The most secure and convenient way to buy Bitcoin and other cryptocurrencies using a First Direct account involves a regulated external exchange. This method lets users securely deposit GBP from their First Direct account using the Faster Payments Service (FPS) or their debit cards. We suggest eToro for its compatibility with First Direct, strict adherence to regulations, and competitive transaction fees.

Here's an easy-to-follow guide to acquiring crypto with a First Direct account on eToro's platform:

  1. Create a free account on eToro and complete the onboarding process.
  2. Select the 'Deposit Funds' button on the bottom left of your screen.
  3. Tap 'GBP' and your payment method, then send funds from First Direct.
  4. Complete the deposit and open the search bar to buy your desired token.

What are the Fees?

If you're considering stepping into the world of cryptocurrencies via First Direct, understanding the associated costs is key. Fees could involve transaction costs, price spreads, and fees for both deposits and withdrawals.

For First Direct customers interested in crypto investments, platforms like eToro offer a cost-effective solution. With First Direct's efficient GBP deposit options, including Faster Payments, bank transfers and debit card payments, you can also enjoy competitive transaction fees. eToro operates with a variable spread fee model, generally around 1%, making it an economical choice in comparison to other platforms like Coinbase where the spread fees might be considerably higher.

Is First Direct Crypto-Friendly?

First Direct accommodates its customers' enthusiasm for cryptocurrencies by enabling transactions with externally regulated exchanges that conform to the Financial Conduct Authority's (FCA) UK regulations. This method allows First Direct customers to move GBP from their accounts to platforms in line with national laws designed to thwart financial crimes like fraud and money laundering.

As a result, when interacting with these FCA-compliant platforms, customers of First Direct can invest in cryptocurrencies with both security and full legal compliance. This dual assurance adds an extra layer of confidence for those delving into the crypto market.

Bottom Line

In conclusion, while First Direct Bank doesn't offer direct cryptocurrency trading, it does facilitate a seamless and secure pathway for its customers to invest in cryptocurrencies through FCA-regulated platforms like eToro. Utilizing First Direct's GBP transfer options, customers can easily deposit funds into eToro, which offers a wide range of assets and competitive fees. The arrangement aligns with the UK's Financial Conduct Authority regulations, ensuring both legal compliance and peace of mind for First Direct customers eager to explore the dynamic world of crypto investments.

Frequently Asked Questions

Got More Questions? We've Got Answers.
A Guide to Commonly Asked FAQs.

Can I Buy Cryptocurrencies Using First Direct?
Are Transactions with First Direct for Cryptocurrency Investments Secure?