How to Buy Bitcoin and Crypto with Lloyds Bank (2024)

Summary: Lloyds Bank has no built-in feature for directly purchasing cryptocurrencies through its interface. For those interested in venturing into the digital asset market, we recommended utilising trustworthy crypto trading platforms to conduct trades and investments. The bank accommodates GBP transfers to various exchanges registered with the Financial Conduct Authority (FCA).

Following a detailed analysis of the leading exchanges in the UK, our expert team has concluded that eToro is the top recommendation for Lloyds Bank clients. As a platform registered with the FCA, it offers a secure and compliant environment for trading. It provides access to an extensive selection of assets, including over 3,000 cryptocurrencies, stocks, and ETFs. eToro also provides instant GBP deposits and competitively low fees.

Can I Buy Bitcoin with Lloyds Bank?

Yes, Lloyds Bank allows its customers to transfer British Pounds to regulated cryptocurrency exchanges in the United Kingdom. After your transfer has been completed, you can buy or trade Bitcoin and other digital currencies. Remember that Lloyds doesn't have an in-built feature for directly purchasing tokens but approves transactions to secure platforms. To ensure your transactions are secure, we advise using exchanges under the oversight of reputable authorities like the Financial Conduct Authority (FCA) in the UK.

How to Buy Crypto with Lloyds Bank

Purchasing Bitcoin, Ethereum, and other digital assets using your Lloyds Bank account is a smooth and secure process. eToro is our recommended platform for this, given its FCA registration and extensive offerings of over 3,000 cryptocurrencies, stocks, ETFs, and more. British investors can deposit GBP to the exchange through various payment methods, including bank transfers, FPS, debit cards and more.

Start trading a wide selection of digital currencies by following these steps:

  1. Sign Up: Create an account on eToro and go through the identity verification process.
  2. Deposit Funds: Go to the ‘Deposit Funds’ section and select ‘GBP’ as your preferred deposit currency.
  3. Add Funds: Pick a payment method and transfer money from your Lloyds Bank account.
  4. Purchase Crypto: Head to the search bar, locate your desired cryptocurrency, input the amount you want to purchase, and execute your trade.

How to Buy Bitcoin and Crypto with Lloyds Bank (1)

Lloyds Bank Cryptocurrency Policy

Lloyds Bank has a forward-thinking stance on cryptocurrencies, fostering financial innovation while remaining compliant with all existing regulations. The bank allows its customers to venture into digital currency investments through trustworthy platforms registered with the Financial Conduct Authority (FCA). Our recommended platform, eToro (UK) Ltd, is FCA-registered under Firm Reference Number 583263. It's registered in England under Company No. 07973792 and has its registered office on the 24th floor, One Canada Square, Canary Wharf, London E14 5AB.

Digital Asset Investing Fees

Understanding the fee structure when buying digital assets through exchanges is crucial for efficiently executing trades and investments. If you're a Lloyds Bank customer interested in investing in the asset class, here's what you need to know about the costs involved:

  • Trading Spreads: This is the fee to buy and sell crypto assets on a platform. For example, eToro charges variable spreads, which average around 1% for digital assets. This rate is competitive compared to other platforms like Coinbase, which can charge over 2% for similar transactions.
  • Deposit Fees: Users will face a fee to deposit GBP when depositing to a platform that will vary depending on the deposit method. Our analysis found that bank transfers and Faster Payments are the lowest cost, while debit and credit cards can be over 2%.
  • Withdrawal Fees: The cost of pulling funds out varies depending on the cryptocurrency you're transferring. For example, if you're withdrawing Bitcoin, you'll face a set fee of 0.0005 BTC on most platforms.

If you're a Lloyds Bank customer, eToro offers a solid combination of FCA registration, a wide asset range, and a competitive fee structure. This makes it a strong choice for investing in digital currencies.

What is Lloyds Bank?

Lloyds Bank, founded in 1765 in Birmingham, England, has grown to become one of the UK's leading financial institutions. It's part of the Lloyds Banking Group, one of the country's largest banking groups. Known for its substantial retail banking presence, it offers a broad spectrum of services, including current and savings accounts, credit cards, mortgages, and loans. It also provides wealth management and insurance products.

Notably, Lloyds has been a pioneer in adopting digital banking solutions, offering robust online and mobile banking platforms. The bank operates a substantial network of branches and ATMs across the UK, emphasising both traditional banking and innovative financial solutions. It is also recognised for its initiatives in corporate social responsibility, focusing on community development and sustainable business practices. They've earned a 64% overall service quality rating in a recent independent survey.

How to Buy Bitcoin and Crypto with Lloyds Bank (2)

Final Thoughts

In conclusion, Lloyds Bank offers seamless onboarding for its customers to enter the digital asset market. By facilitating transfers to FCA-registered platforms like eToro, it provides a secure and compliant pathway for trading a vast range of cryptocurrencies, stocks, and ETFs. Considering eToro's competitive fee structure and support for GBP deposits, it is an ideal choice for Lloyds customers looking to invest in the crypto market.

How to Buy Bitcoin and Crypto with Lloyds Bank (2024)

FAQs

How to buy Bitcoin with Lloyds Bank? ›

Lloyds Bank is relatively crypto-friendly. It allows its customers to make payments to crypto exchanges using their debit card or current account, but credit card payments are restricted. Due to the price volatility in the cryptocurrency market, buying crypto with your credit card is extremely risky.

How can I buy Bitcoins instantly with my bank account? ›

To use your bank account for buying crypto with ACH, go to the Deposit page on the CEX.IO website, choose USD, and select ACH. Once you click Proceed, you'll get the payment details needed for a successful wire transfer. Remember that the reference and order numbers are different for each new deposit request.

Why won't my bank card let me buy crypto? ›

Verify Card Details: Double-check that all card information is accurate and up-to-date. Contact Your Bank: Sometimes, banks may block certain types of transactions, including those related to cryptocurrency, as a precautionary measure.

Does Lloyds work on Coinbase? ›

Lloyds. Lloyds allows its clients to buy crypto via U.K.-regulated platforms and make withdrawals from exchanges such as Coinbase—but only using debit cards.

Why won't Lloyds let me buy crypto? ›

Lloyds Banking Group has banned customers from buying Bitcoin and other cryptocurrencies on its credit cards because of fears they could be left in debt as the value falls.

Does Lloyds Bank allow crypto purchases? ›

Lloyds Bank has a balanced policy towards cryptocurrency transactions. It restricts the use of credit cards for buying or funding cryptocurrency exchanges, but it allows the use of debit cards and bank transfers for such transactions, especially with platforms regulated by the UK's Financial Conduct Authority (FCA).

How much will I get if I put $1 dollar in Bitcoin? ›

1 USD equals 0.000016 BTC. The current value of 1 United States Dollar is -0.51% against the exchange rate to BTC in the last 24 hours. ​ The current Bitcoin market cap is $1.27T. ​Create a free Kraken account to instantly convert USD to BTC today.

Can I use my account and routing number to buy Bitcoin? ›

Bitcoin can be purchased with a bank account – leading to a fee of only 1.49% per transaction. Furthermore, this cryptocurrency platform also accepts ACH transfers and credit/debit card payments. However, the credit/debit card fee is a hefty 3.99% per transaction.

Where can I buy Bitcoin with account number and routing number? ›

If you prefer to make your bitcoin purchase using your bank account, eToro has you covered. With the convenience of ACH bank transfers through our platform, it's easy for first-time buyers to get started with eToro and fund your account.

Which banks don t allow crypto purchases? ›

In fact, at the moment, many major US banks, such as Bank of America and Capital One, explicitly ban their clients from using their credit cards, ACH, or wire transfers to purchase cryptocurrencies.

Can banks stop you from buying crypto? ›

Some banks do not support card purchases, digital wallet and instant buys of crypto. You can check the first six digits of your card number against the list below to determine if it's supported. Cards starting with any of the six digits, shown on the list below, may not be supported.

Why do banks block crypto purchases? ›

As a result, banks may prefer to decline crypto purchases to safeguard their customers from potential fraudulent activities, unauthorized transactions, or the risk of compromised accounts.

How much can I transfer online with Lloyds? ›

Payment Limits
Transaction limitAccount daily limit
Transaction limit Internal funds transfer (same name account)Account daily limit £250,000No limit
Transaction limit Internal funds transfer (third party)Account daily limit £250,000£250,000
Transaction limit Bill paymentsAccount daily limit £99,000£250,000
5 more rows

Which bank is best for cryptocurrency? ›

Quick Look: The 9 Best Crypto-Friendly Banks
  • Ally Bank.
  • Juno.
  • Monzo.
  • Revolut.
  • Wirex.
  • Coinbase.
  • Mercury.
  • BankProv.

What bank is best for Coinbase? ›

What are the best crypto friendly banks in 2024?
CompanyAvailable inAccess
JunoGlobalOnline & app
MonzoUKOnline & app
Ally BankUSOnline & app
BankProvUSOnline & app
6 more rows

Which UK banks allow payments to Coinbase? ›

Which UK banks allow payments to Coinbase? To our knowledge, Revolut, Monzo, Xace, Cashaa, Orounda, Royal Bank of Scotland, NatWest, Nationwide, Barclays, Santander, Metro Bank and Halifax all allow payments to Coinbase.

How to buy Bitcoin in the UK? ›

Fortunately in the UK, you can buy Bitcoin on Coinbase's centralized exchange. Coinbase is the most trusted platform in the UK for buying, selling and trading Bitcoin. It's quick and easy.

Which bank sells Bitcoin? ›

Bank of America's Merrill Lynch and Wells Fargo's brokerage division are offering wealth management clients access to exchange-traded funds tied to the spot price of bitcoin, highlighting the growing focus on cryptocurrency across the banking industry.

Can I pay Bitcoin into my bank account? ›

Yes, you must find an exchange platform that supports fiat currencies, like USD, EUR, or other currencies of your choice. Buy BTC from the exchange or transfer if you own it in your crypto wallet, then sell BTC for fiat and withdraw the amount to your bank account.

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