Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Summary: Starling Bank customers have the option to purchase cryptocurrencies via UK-regulated exchanges, using either the Faster Payments Service (FPS) or their debit card. The Financial Conduct Authority (FCA) ensures transaction security and consumer protection. Even though Starling Bank doesn't directly manage crypto transactions, customers can invest with confidence, knowing their investments are secure and legally compliant.
For competitive fees and strict compliance with FCA regulations, we suggest using the eToro exchange platform. It facilitates fast and low-fee Great British Pound (GBP) deposits from Starling Bank accounts and cards, enabling trading across over 3,000 assets with market-leading fees.
Can I Buy Crypto with Starling Bank?
Yes, you can acquire cryptocurrencies with your Starling Bank account. This can be achieved by transferring British Pounds to an FCA-regulated crypto exchange in the United Kingdom. Starling Bank supports various payment options like bank transfers, debit card transactions, and the Faster Payments scheme for instant deposits. It's important to note, however, that Starling Bank does not provide a direct avenue for trading cryptocurrencies. Therefore, selecting an FCA-compliant exchange is crucial for ensuring that your crypto transactions are safe and in line with UK regulations.
How to Buy Bitcoin and Crypto with Starling Bank
The safest method to buy Bitcoin and other digital currencies via a Starling Bank account involves using a regulated external exchange. This allows users to securely deposit GBP from their Starling Bank account using the Faster Payments Service (FPS) or their Starling Bank Card. Based on our review, eToro is recommended, given its compatibility with Starling Bank, firm regulatory compliance, and fair fees.
Here is a simple guide to buying crypto with a Starling Bank account on eToro:
- 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 Starling Bank.
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
If you're considering delving into the world of cryptocurrencies through Starling Bank, it's vital to be informed about the various fees you might encounter. These could encompass transaction expenses, the difference between the buying and selling prices, commonly known as the spread, as well as charges for deposits and withdrawals.
For Starling Bank account holders interested in a cost-effective crypto experience, eToro comes highly recommended. Leveraging Starling Bank's efficient GBP transfer methods, like Faster Payments and debit card transactions, you can also take advantage of eToro's competitive fee structure. The platform operates on a variable spread fee model, typically hovering around 1%, which makes it an economically sensible choice when stacked against other exchanges, such as Coinbase, where spread fees tend to be considerably higher.
Is Starling Bank Crypto-Friendly?
Starling Bank readily supports its customers' interest in cryptocurrency investments by allowing transfers to cryptocurrency exchanges that are regulated by the Financial Conduct Authority (FCA) in the United Kingdom. This enables customers to send GBP from their accounts to platforms that adhere to UK legal requirements, aimed at preventing financial malpractices such as fraud and money laundering.
Therefore, when transacting with these FCA-approved exchanges, Starling Bank clients can confidently invest in cryptocurrencies while enjoying the peace of mind that comes with robust security measures and full legal compliance. This dual layer of assurance serves as a significant confidence booster for those venturing into the crypto ecosystem.
In summary, Starling Bank offers a secure and compliant way for its customers to invest in cryptocurrencies via UK-regulated, FCA-approved exchanges. Although the bank itself doesn't facilitate crypto transactions, its compatibility with trustworthy exchanges like eToro makes it a viable option for those interested in the crypto market. With low fees, an array of payment options including FPS and debit cards, and robust security features, Starling Bank account holders can confidently venture into cryptocurrency trading while ensuring their investments are protected and legally compliant.