Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Summary: Virgin Money does not offer direct cryptocurrency trading via its online banking platform. However, customers can invest in cryptocurrencies through a trustworthy FCA-regulated UK exchange by transferring GBP from their Virgin Money account and buying tokens on the chosen platform.
After reviewing over 25 FCA-approved exchanges, we found that eToro was the top platform for Virgin Money clients. As a secure, FCA-regulated platform, eToro enables fast and low fee GBP transfers from Virgin Money accounts and offers access to a diverse range of over 3,000 cryptocurrencies, stocks, ETFs, and other assets.
Can I Buy Crypto with Virgin Money?
Absolutely, you have the ability to buy Bitcoin, Ethereum, and various other cryptocurrencies with your Virgin Money bank account or debit card. To facilitate this, individuals need to sign up with a reputable cryptocurrency exchange in the UK that supports GBP deposits through options such as bank transfers, Faster Payments, or BACS. Given that Virgin Money doesn't handle cryptocurrency transactions directly, it's vital to choose an exchange that is governed by the Financial Conduct Authority (FCA).
How to Buy Bitcoin and Crypto with Virgin Money
The safest route to purchase Bitcoin and additional cryptocurrencies using a Virgin Money account is with a licensed and trusted exchange. The method lets users securely deposit GBP from their Virgin Money account or card. Based on our analysis, we suggest eToro, notable for its seamless compatibility with Virgin Money, allowing for immediate GBP deposits. Adhering firmly to the guidelines established by the FCA, eToro provides access to an extensive range of over 3,000 assets and has advantageous transaction fees.
Below is a step-by-step guide to acquiring crypto using a Virgin Money 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 Virgin Money.
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
When you venture into the vibrant world of cryptocurrencies through Virgin Money, it's essential to be well-informed about the prospective fees that you might encounter. These can encompass transaction fees, the spread (which is the discrepancy between the purchase and selling prices), and potential fees associated with deposits and withdrawals.
For Virgin Money customers contemplating a cost-effective initiation into the crypto marketplace, considering eToro could be a wise decision. Utilising Virgin Money's effective GBP transfer facilities, such as Faster Payments and debit cards, you can benefit from eToro's advantageous fee structure. With a flexible spread fee framework, often around 1%, eToro stands as a financially prudent option compared to other platforms like Coinbase, where the spread fees tend to be slightly elevated.
Is Virgin Money Crypto-Friendly?
Virgin Money is known for its relatively crypto-friendly approach, albeit one that is carefully balanced with measures aimed at protecting its customers. Consistent with the guidelines set forth by the UK's Financial Conduct Authority, the bank allows for deposits to be made to FCA-licensed exchanges.
However, it's crucial to note that this embrace of the cryptocurrency market is not without boundaries. Virgin Money has imposed stringent regulations on transactions involving offshore exchanges, such as Binance and Bybit. This policy reflects an effort to ensure the security of customer investments, underlining Virgin Money's commitment to both financial innovation and consumer protection.
In conclusion, Virgin Money offers a secure and compliant route for its users to engage in cryptocurrency investments through platforms that are sanctioned and overseen by the UK's FCA. Although the bank does not facilitate crypto transactions directly, its association with dependable exchanges like eToro makes it a viable option for those eager to navigate the crypto ecosystem.
Featuring moderate fees, an array of payment options including Faster Payments Service (FPS) and debit cards, coupled with robust security protocols, Virgin Money patrons can confidently step into the world of cryptocurrency trading, ensuring their investments are protected and adhere to legal regulations.