Can You Buy Crypto with First Direct?
Currently, First Direct Bank does not offer digital asset trading or investment services via its online banking platform. That said, First Direct customers can purchase cryptocurrencies by connecting their First Direct account to a Financial Conduct Authority (FCA) approved crypto exchange in the UK.
How to Buy Bitcoin and Crypto with First Direct
The most secure and convenient way to acquire crypto assets using your First Direct Bank account is through a regulated exchange like eToro. As a Financial Conduct Authority-licensed platform, eToro enables investors to quickly deposit GBP from First Direct via bank transfer, Faster Payments, First Direct Bank Cards, debit cards, credit cards, and other alternatives.
Here is a simple 4-step guide to getting started:
- 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 First Direct.
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
The expenses involved in purchasing Bitcoin and other digital assets using a First Direct Bank account vary depending on the chosen platform. Essential fees to consider include deposit fees, withdrawal fees, spread percentages, and transaction fees.
We recommend eToro as an economical choice for First Direct Bank customers, as it offers free GBP deposits and commission-free trading. The primary cost when acquiring cryptocurrencies on eToro is a 1% spread, which is more competitive compared to other platforms like Coinbase or Kraken which charge fees above 2%.
Is First Direct Bank Crypto-Friendly?
First Direct Bank maintains a generally crypto-friendly stance, albeit with certain limitations to protect customer interests. The bank allows deposits to FCA-licensed exchanges in adherence to the UK's Financial Conduct Authority regulations. However, First Direct Bank imposes stringent restrictions on transactions with offshore exchanges such as Binance and Bybit to ensure the security of customer investments.
In summary, while First Direct Bank does not offer direct cryptocurrency trading through its online banking services, it adopts a crypto-supportive attitude with some constraints for customer safety. First Direct Bank customers can invest in cryptocurrencies by connecting their accounts to a reputable FCA-regulated UK exchange like eToro.