Buy Crypto with Vanquis Bank

Summary: Vanquis does not facilitate direct cryptocurrency transactions through its online banking platform. However, Vanquis customers can delve into the world of cryptocurrency by registering with FCA-regulated exchanges, utilizing British Pounds (GBP) transferred from their Vanquis Bank accounts to acquire digital assets on the exchange of their choice.

After a review of over 20 authorised platforms, eToro stands out as the premier choice for Vanquis Bank customers. This trusted and FCA-licensed exchange enables instant and low-fee GBP transfers from online banking accounts or credit cards and provides access to an extensive portfolio of over 3,000 digital assets, stocks, ETFs, and other investment avenues.

Can I Buy Crypto with Vanquis Bank? 

You can invest in digital assets via your Vanquis account or card. To purchase Bitcoin or other cryptocurrencies, you must establish an account with a cryptocurrency exchange in the UK that accepts deposits from Vanquis Bank. It's important to clarify that Vanquis Bank does not directly enable crypto transactions. Therefore, it's essential to select an exchange that complies with the rules set by the Financial Conduct Authority (FCA), bolstering security and customer protection.

‍

How to Buy Bitcoin and Crypto with Vanquis 

The most secure way to purchase cryptocurrencies using your Vanquis Bank account is through a regulated exchange such as eToro. As a trustworthy platform, eToro allows investors to swiftly deposit British Pounds (GBP) from Vanquis Bank using several methods, like bank transfers, Vanquis Bank Cards, debit cards, and credit cards, among others, to trade an extensive selection of over 3,000 assets.

Follow this easy 4-step guide to get started:

1. Create an account on eToro and complete the verification process. 
2. Click on the 'Deposit Funds' button, which is located at the bottom left of your screen. 
3. Select 'GBP' as your currency and your preferred payment method, then initiate the transfer from Vanquis Bank. 
4. Once the deposit is successfully completed, use the search bar to find and purchase your chosen cryptocurrency.

‍

What are the Fees? 

The costs associated with buying Bitcoin and other digital currencies through a Vanquis Bank account depend on the chosen crypto exchange. The main costs can include deposit fees, withdrawal fees, spread percentages, and trading fees.

We suggest eToro as a budget-friendly option for Vanquis Bank customers due to its low-fee GBP deposits and reasonable trading commissions. The primary cost when buying cryptocurrencies on eToro is a variable spread (roughly 1%), which is more attractive than other platforms like Coinbase UK, which charge fees over 2% per transaction.

‍

Is Vanquis Bank Crypto-Friendly? 

Vanquis Bank permits its customers to invest in Bitcoin, Ethereum, stablecoins, and other digital assets via exchanges that are authorised by the UK's Financial Conduct Authority (FCA). This approach allows clients to use exchanges that abide by both UK and Cypriot regulations designed to prevent financial misconduct, such as money laundering and fraud. By selecting a regulated exchange, Vanquis customers can ensure their cryptocurrency investments are secure and conform to legal standards.

‍

Bottom Line

In conclusion, while Vanquis doesn't directly support cryptocurrency transactions, it offers its customers a path to delve into the digital currency realm. Through the use of FCA-regulated exchanges such as eToro, customers can seamlessly transfer GBP from their Vanquis accounts to invest in a wide range of cryptocurrencies. 

The eToro platform stands out due to its user-friendly interface, compliance with UK regulatory frameworks, low fees, and broad asset selection. Remember, it is crucial to always choose a regulated exchange to ensure the safety and legality of your investments. With Vanquis and a trusted exchange like eToro, customers can confidently navigate the crypto landscape.