How to Buy Crypto with First Direct
As outlined above, the best way to buy cryptocurrencies with First Direct bank is through a Financial Conduct Authority (FCA) licensed exchange. With this method, investors can safely Great British Pounds (GBP from their First Direct account via bank transfer, debit card or credit card.
Our recommended platform for UK investors is Uphold. They are the most popular UK-based exchange that offers over 250 assets to buy, sell and stake with low fees. Their platform currently boasts over 10 million users in the country, highlighting that they are safe & trusted. You can get started in minutes with this simple guide:
- Sign up with Uphold and complete your identity and KYC verification.
- Connect your First Direct Bank account or Debit/Credit Card to deposit GBP.
- Search for the crypto asset you want to buy on the Uphold platform (250+ available).
- Input the amount of GBP you want to invest and select 'Buy'.
What are the Fees to Buy Crypto with First Direct?
Fortunately for users, Uphold offers instant and free GBP deposits from First Direct accounts when depositing funds via bank transfer. Debit Card & Credit Card deposits are more expensive and attract a 2.99% fee.
When it comes to trading fees, Uphold charges zero commissions on all trade. The only fee users need to consider is the spread between crypto assets which ranges between 0%-0.5% depending on which asset you buy.
Is First Direct Bank Crypto-Friendly?
Yes, First Direct bank is a crypto-friendly financial institution in the United Kingdom. They do not have a history of blocking deposits of customers transferring funds into regulated trading platforms like Uphold.
That said, users may have trouble depositing funds into off-shore and unregulated exchanges like Binance or Bybit. This is why we recommend that best exchanges in the UK to use are FCA-licensed platforms which are more likely to be accepted by First Direct bank.
In conclusion, First Direct does not offer any crypto investing services. As a result, UK-based investors need to sign up to a Financial Conduct Authority (FCA) licensed exchange such as Uphold to buy and sell cryptocurrencies. They accept instant deposits from First Direct bank accounts with no fees and their trading fees are very low. With this method, UK investors can safely and securely buy digital assets like Bitcoin (BTC), Ethereum (ETH) and more.