Summary: MBNA Card does not provide direct cryptocurrency trading through its online banking app. However, credit card holders can invest in cryptocurrencies by using a UK-based FCA-licensed exchange, transferring GBP from their MBNA account, and purchasing tokens on the selected platform.
Upon examining over 20 FCA-regulated exchanges, we have pinpointed eToro as the most suitable choice for MBNA Card users. As a licensed and secure platform overseen by the Financial Conduct Authority, eToro facilitates fast and cheap GBP transfers from MBNA accounts to trade over 3,000 cryptocurrencies, stocks, ETFs and other assets.
Can You Buy Crypto with MBNA Card?
MBNA Card holders have the opportunity to invest in Bitcoin and various other digital currencies via reliable, UK-based exchanges licensed by the Financial Conduct Authority (FCA). These platforms, which allow GBP transfers from MBNA accounts or via MBNA credit cards, function under the regulations of the UK, offering a secure and well-regulated framework for trading and investing in cryptocurrencies.
How to Buy Bitcoin and Crypto with MBNA Card
The safest and best way to invest in cryptocurrencies using your MBNA Card is via a licensed exchange such as eToro. This approach lets investors quickly deposit GBP from their MBNA card to buy and sell over 3,000 crypto assets, stocks, ETFs and more in a trusted and regulated environment.
You can follow this straightforward 4-step guide to begin:
- 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 Credit Card as your payment method, then input your MBNA card details.
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
As an MBNA Card holder, when venturing into Bitcoin and other cryptocurrencies investment, it's essential to note that fees can vary significantly based on the platform of your choice. Critical fees to consider encompass deposit charges, withdrawal costs, spreads, and trading fees.
For those using MBNA Cards, eToro is a recommended platform as it offers an advantage with cost-efficiency. It provides low cost GBP deposits and a competitively low spread of 1% on assets, making it an attractive choice for investors. This is noticeably economical when compared to popular alternatives like Coinbase, which could levy more than 1% in deposit fees, and an additional spread cost of up to 1.5%.
Is MBNA Crypto-Friendly?
MBNA embraces a crypto-friendly stance, albeit with certain restrictions to ensure customer safety. The popular credit card issuer allows for depositing funds exclusively into FCA-licensed exchanges, complying with the Financial Conduct Authority regulations in the UK. Nevertheless, MBNA Card strictly prohibits deposits into off-shore exchanges like Binance and Bybit to protect its cardholders' investments.
In conclusion, MBNA Card holders in the UK have the ability to invest in cryptocurrencies such as Bitcoin through FCA-licensed exchanges. The process is simple, secure, and can be executed via reliable platforms like eToro. While fees vary from platform to platform, eToro stands out for its cost-effectiveness. Although MBNA holds a crypto-friendly approach, it limits transactions to licensed exchanges for customer safety. Hence, for those looking to venture into cryptocurrency investment with their MBNA Card, eToro emerges as an attractive, trusted, and economical choice.