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How to Buy Crypto with First Direct

How to Buy Crypto with First Direct

Explore how First Direct facilitates buying crypto, offering secure access to a vast range of digital assets, compliant with UK's FCA guidelines.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Summary: First Direct currently does not provide direct investment services for cryptocurrencies through its banking offerings. However, it supports First Direct customers in engaging with the cryptocurrency market by enabling GBP transactions to exchanges regulated by the UK's Financial Conduct Authority (FCA).

For First Direct customers interested in cryptocurrency investments, eToro stands out as a viable option. Registered with the FCA, this platform allows for easy GBP deposits through bank or debit card transfers. eToro offers a broad selection of over 3,000 cryptocurrencies, stocks, and ETFs, providing clients an expansive avenue for diversifying their investment portfolios.

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-registration, 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 and more.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

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Can I Buy Crypto with First Direct?

Yes, First Direct accommodates the increasing fascination with digital currencies, offering methods to invest in major cryptocurrencies such as Bitcoin and Solana. First Direct permits funds transfers to certified cryptocurrency exchanges within the UK, adhering to the Financial Conduct Authority's (FCA) regulations. For those keen on exploring the world of digital currencies, First Direct provides straightforward deposit options in British Pounds, including bank transfers, BACS, Faster Payments, and debit card transactions.

How to Buy Crypto with First Direct

For those aiming to acquire digital currencies through a First Direct account, you have access to efficient and reliable methods. We recommend considering eToro, a platform regulated by the FCA, recognized for its ease of use. eToro enables deposits in British Pounds (GBP) and offers smooth compatibility with First Direct, facilitating transactions through bank transfers and debit cards. The platform presents a broad spectrum of assets, including over 3,000 cryptocurrencies, stocks, ETFs, and more.

Here's a step-by-step guide to begin your cryptocurrency investment:

  1. Account Creation: Open an account on eToro, ensuring you complete all necessary verification steps.
  2. Funding Your Account: Go to the 'Deposit' section on eToro, usually found on the lower left of the screen. Transfer funds from your First Direct account.
  3. Selecting Currency and Payment: Choose 'GBP' as your currency and select a payment method linked to your First Direct account.
  4. Investing in Cryptocurrency: After your deposit is confirmed, use eToro’s intuitive search feature to locate and invest in your chosen cryptocurrency.
Buy Crypto with First Direct

What are the Fees?

First Direct customers looking into Bitcoin and other cryptocurrency investments should consider various fees involved. Typical costs include fees for deposits and withdrawals, trading charges, and spreads, which is the difference between buying and selling prices.

For First Direct account holders, eToro presents a budget-friendly option. The platform offers easy deposit methods in Pound Sterling, including Faster Payments and BACS, compatible with First Direct accounts. eToro is recognised for its competitive trading fees. It operates on a variable spread fee system, generally around 1%, positioning it as a more affordable choice compared to other exchanges like Coinbase, where fees can exceed 2%.

Is First Direct Crypto-Friendly?

First Direct approaches cryptocurrency investments cautiously, permitting its account holders to transfer funds, including through bank transfers, to engage with crypto platforms. This is particularly relevant for platforms under the oversight of UK financial regulations, such as those enforced by the Financial Conduct Authority (FCA).

This approach allows First Direct's customers to delve into digital asset investments in a secure and regulated framework. Adhering to the stringent regulations of the FCA, First Direct offers a dependable avenue for investors looking to expand their portfolios into cryptocurrencies, ensuring adherence to crucial financial regulatory standards.

Bottom Line

In summary, First Direct accommodates the interests of cryptocurrency enthusiasts by facilitating secure and regulated access to the crypto market, in line with FCA standards. Although it doesn't provide direct cryptocurrency investment options, its compatibility with platforms such as eToro offers a smooth and economical route for clients to investigate a diverse array of over 3,000 digital assets. This strategy affords First Direct users a dependable and straightforward means to broaden their investment portfolios in the realm of digital currencies.

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