Can you Buy Crypto with HSBC?
HSBC Bank does not directly support cryptocurrency transactions; however, customers can still obtain digital currencies by linking their HSBC account to a regulated crypto exchange in the UK or Europe. To ensure the security of your investments, we highly recommend choosing exchanges that adhere to strict licensing and regulatory standards, rather than resorting to unregulated offshore options like Binance or Bybit.
How to Buy Bitcoin or Crypto with HSBC Bank
Investing in cryptocurrencies like Bitcoin and Ethereum with HSBC Bank is an easy process when you use an FCA and ESMA-regulated exchange like eToro. With eToro, investors can deposit funds with a bank transfer, SEPA transfer, debit card, credit card and other methods to safely buy digital assets.
Here is an easy 4-step guide to get started from your HSBC account:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select your fiat currency (e.g GBP or EUR) and your payment method (e.g Bank Transfer) and complete your transfer from HSBC.
- Complete the deposit and use the funds credited to your account to invest in crypto.
What are the Fees?
The expenses related to purchasing Bitcoin and other digital currencies through your HSBC Bank account can fluctuate based on the platform selected. Generally, investors should be mindful of deposit fees, withdrawal fees, spreads, and trading fees.
For HSBC account holders, we suggest considering eToro to minimize fees, as it provides fast and cheap multi-currency deposits and commission-free trading. The only expense when buying digital assets on their platform is the spread, which is a modest 1% and more attractive than widely-used alternatives like Coinbase, which impose over 2%.
Is HSBC Bank Crypto-Friendly?
HSBC Bank displays a favourable attitude towards cryptocurrency, albeit with certain limitations to safeguard its clientele. The bank permits investors to transfer funds exclusively to authorized exchanges in the UK and Europe, ensuring adherence to the relevant financial regulatory bodies.
However, HSBC Bank enforces a stringent ban on transferring funds to unregulated offshore exchanges, such as Binance and Bybit, to preserve the integrity and security of its customers' investments. The bank also does not allow customers to deposit funds with a HSBC credit card to crypto exchanges.
In conclusion, HSBC Bank does not provide direct cryptocurrency trading options but allows customers to invest in digital assets by linking their accounts to licensed and regulated exchanges in the UK and Europe. eToro is an ideal choice for HSBC account holders due to its competitive fees, multi-currency support, and adherence to regulatory standards.
While HSBC Bank exhibits a crypto-friendly approach, it enforces specific restrictions to protect its customers, such as prohibiting transfers to unregulated offshore exchanges and disallowing credit card deposits to crypto platforms. By choosing a secure, regulated exchange like eToro, HSBC customers can safely and efficiently invest in cryptocurrencies.