How to Buy Crypto with Royal Bank of Scotland (2023)

Summary: While the Royal Bank of Scotland (RBS) does not offer direct cryptocurrency trading via its online banking services, RBS customers can invest in cryptocurrencies by utilizing a trustworthy FCA-regulated UK exchange. To do so, deposit GBP from your RBS account and purchase tokens on the chosen platform.

After evaluating over 25 FCA-approved exchanges, we recommend eToro for RBS clients. As a secure, FCA-regulated platform, eToro enables fast and deposits GBP transfers from RBS accounts and offers access to over 3,000 cryptocurrencies, stocks, ETFs, and other assets with zero commissions and tight spreads.

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Website

Top Platform for Royal Bank of Scotland (RBS)

5.0 out of 5.0 by Datawallet

eToro is the top crypto platform for Royal Bank of Scotland customers due to its FCA-regulation, quick and free GBP transfers, competitive fees, and extensive range of tradable assets.

Licensing & Regulation

Financial Conduct Authority (FCA), ESMA, CySEC and FINRA.

Available Assets

70+ Cryptos an 3,000 other assets.

GBP Deposit Methods

Bank Transfer, Faster Payments, Debit Card, Credit Card, PayPal and more

Can You Buy Crypto with RBS?

Royal Bank of Scotland (RBS) customers can buy Bitcoin and other cryptocurrencies using trusted third-party exchanges that accept GBP transfers from RBS accounts or RBS credit cards. These UK-based exchanges hold FCA licenses, ensuring a secure and regulated environment for fast, no-fee GBP deposits and digital asset trading.

It is important to note that RBS does not directly provide cryptocurrency buying or selling services, which makes selecting a compliant exchange crucial. By choosing a regulated UK exchange, you can ensure secure transactions and protect your consumer interests.

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How to Buy Bitcoin and Crypto with Royal Bank of Scotland

The most secure and convenient method for investing in cryptocurrencies using your RBS account is via a regulated exchange such as eToro. This approach enables investors to instantly deposit GBP from RBS through bank transfer, Faster Payments, RBS Cards, debit card, credit card, and other accessible options.

You can follow this simple 4-step guide to get 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 Royal Bank of Scotland.
Complete the deposit and open the search bar to buy your desired token.

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What are the Fees for Buying Crypto?

The fees for investing in Bitcoin and other digital currencies using your RBS account will vary depending on your chosen platform. Essential fees to consider include deposit fees, withdrawal fees, spreads, and trading fees.

We recommend eToro to minimize fees for RBS customers, as the platform offers free GBP deposits and commission-free trading. The only cost when purchasing digital currencies on eToro is the 1% spread, which is more competitive than alternatives like Coinbase or Kraken, which charge over 2%.

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Is Royal Bank of Scotland Crypto-Friendly?

Royal Bank of Scotland maintains a crypto-friendly stance, albeit with certain restrictions for customer protection. The bank allows deposits into FCA-licensed exchanges only, complying with the Financial Conduct Authority regulations in the UK. However, RBS strictly prohibits guarantees into offshore exchanges such as Binance and Bybit to ensure the security of its customers' investments.

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Bottom Line

In conclusion, while Royal Bank of Scotland (RBS) does not offer direct cryptocurrency trading through its online banking platform, it does support a crypto-friendly approach with certain limitations for customer protection. RBS customers can invest in cryptocurrencies by connecting their account to a reputable FCA-regulated UK exchange, such as eToro.

Their platform provides quick, free GBP transfers from RBS accounts, access to a wide range of assets, and competitive fees, making it an ideal choice for RBS clients looking to venture into the world of digital currencies.

Author

Antony Bianco

Head of DeFi Research

Antony is a strong advocate of decentralized finance (DeFi) and is deeply entrenched in the Ethereum and Zero Knowledge Proof communities. He is a co-founder of Data Wallet and runs our day to day operations.