Cryptocurrency has been making waves in the finance industry for some time now, and banks in the UK have taken notice.
As a result, many leading financial institutions have started to offer crypto-friendly services for customers who want to invest in digital currencies.
But which banks are the best for those looking to get involved with cryptocurrencies?
In this article, I’ll provide an overview of the best crypto-friendly banks in the UK and what they offer.
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Best Crypto-Friendly Bank UK Reviews
Take a look at the list I’ve prepared below of the top crypto-friendly banks available in the United Kingdom.
I listed Revolut on my list of the best crypto exchanges in the UK and it’s for a good reason.
Revolut is a UK-based financial services company that offers a range of banking and money transfer solutions.
Founded in 2015, it has grown to become one of the most popular crypto-friendly banks in the country. It offers users the ability to buy, sell and store cryptocurrencies, as well as make transfers between fiat currency and cryptocurrency wallets.
In addition, Revolut allows its customers to make payments using their linked bank accounts or credit cards.
One of the main advantages of using Revolut is that it’s incredibly easy to use. All you need to do is download the app and link your bank account or credit card.
Once this is done, you can start buying and selling cryptocurrencies within minutes. Additionally, Revolut also makes it easy for users to manage their finances by providing budgeting tools and access to payment history.
The fees associated with using Revolut are very competitive compared to other crypto-friendly banks in the UK, making it an attractive option for those looking for a convenient way to make transactions in both fiat currency and cryptocurrency.
Furthermore, customers are protected against fraud thanks to its security system which features two-factor authentication and encrypted communications.
Read my complete Revolut review.
Monzo is another popular UK-based financial services company that offers a range of banking solutions for those interested in cryptocurrency.
It has become one of the most recognised crypto-friendly banks in the country, and it’s easy to see why.
As a crypto-friendly bank, Monzo allows transactions to and from most crypto exchanges. However, it’s important to note that like any regulated bank, certain transactions may be blocked based on risk.
Their help centre provides information resources to assist you in getting started with cryptocurrencies.
While many investors have reported using Monzo without any significant issues, it’s always advisable to conduct your own research and proceed with caution.
Trustworthy banking partners are crucial when investing in cryptocurrencies, so choose wisely.
Additionally, the platform takes security seriously and offers two-factor authentication and encrypted communication protocols, so customers can feel protected against fraud while using the service.
3. Royal Bank of Scotland
At the Royal Bank of Scotland (RBS), account holders can enjoy a progressive approach toward cryptocurrencies. You can easily purchase crypto tokens using your credit or debit card, and wire transfers.
However, RBS takes a cautious stance by limiting transactions to the safest crypto exchanges and keeping a close eye on the market to identify high-risk exchanges.
This allows RBS to stay ahead of potential risks and prevent any fraudulent activity that may affect their clients.
To assist customers with their crypto investments, RBS provides a comprehensive support center that answers common questions about their policies, as well as regular updates to keep clients informed about any changes or updates in the market.
RBS is committed to ensuring the safety and security of its clients’ investments, which is why they continuously monitor the market and update its restrictions to prevent scams and fraud.
With RBS, you can feel confident knowing that you are banking with a trusted partner who puts your financial well-being first.
Nationwide is a crypto-friendly bank that offers its customers the ability to make debit card purchases and free withdrawals and deposits to and from crypto exchanges.
The bank has a proactive approach to security and takes necessary measures to prevent and suspend any suspicious payments to protect its customers from any potential fraud.
While Nationwide is a crypto-friendly bank, it has banned transactions with Binance until further notice. This shows the bank’s commitment to protecting its customers from any potential risks or scams associated with this particular exchange.
Nationwide also offers a wealth of resources to help customers understand the risks and rewards of investing in cryptocurrencies. This includes access to educational materials, expert insights, and advice from experienced financial advisors.
Overall, Nationwide is a reliable partner for anyone looking to invest in cryptocurrencies.
With their commitment to security and their dedication to customer education, Nationwide is a bank that you can trust with your financial investments.
TSB is a reliable partner for anyone looking to buy or sell cryptocurrencies.
While some customers have reported issues when trying to make large payments, these problems are not specific to crypto transactions and are typically resolved by splitting payments into smaller amounts or contacting TSB customer service.
The bank has a proactive approach to security and takes necessary measures to prevent any fraudulent activities. TSB is committed to keeping its customers safe and secure, and this is reflected in its strict policies and procedures.
In addition to offering seamless crypto transactions, TSB also provides a wealth of resources to help its customers understand the risks and rewards of investing in cryptocurrencies.
This includes access to educational materials, expert insights, and advice from experienced financial advisors.
Overall, TSB is a great choice for anyone looking to invest in cryptocurrencies.
Barclays is another leading crypto-friendly bank in the UK.
Barclays has had an evolving approach to cryptos, with an initial partnership with Coinbase in 2018 that ended in 2019 after a pilot program.
Nevertheless, the bank still facilitates payments to and from crypto exchanges and allows credit and debit card purchases for crypto transactions.
Barclays is cautious in regulating crypto transactions, assessing the safety level of exchanges before approving transactions.
The bank’s priority is to maintain a safe and secure environment for its customers while supporting their interest in cryptocurrencies.
How to Choose the Best Crypto-Friendly Bank For You?
Choosing the best crypto-friendly bank requires careful consideration of several factors. Here are some key points to consider when selecting a crypto-friendly bank:
- Crypto Support: Look for banks that openly support cryptocurrencies. Ensure they allow transactions involving cryptocurrencies, such as buying, selling, and transferring funds to and from crypto exchanges. Check if they support a wide range of popular cryptocurrencies or have partnerships with crypto-related services.
- Regulatory Compliance: It is crucial to choose a bank that operates within the legal framework of your jurisdiction. Look for banks that are regulated and compliant with relevant financial regulations and anti-money laundering (AML) measures. This provides a level of security and accountability.
- Security Measures: Prioritise banks with robust security measures to protect your digital assets. Look for features like multi-factor authentication, encryption, and cold storage for crypto wallets. A bank with a solid track record of security practices and a strong commitment to safeguarding customer funds is ideal.
- Transaction Fees: Consider the fees associated with crypto-related transactions. Banks may charge fees for buying or selling cryptocurrencies, transferring funds, or maintaining a crypto wallet. Compare the fee structures of different banks to find the most cost-effective option that aligns with your needs.
- User Experience: Evaluate the bank’s user interface, mobile app functionality, and overall user experience. A user-friendly platform with intuitive navigation and convenient access to crypto-related services can enhance your banking experience.
- Customer Support: Reliable customer support is essential, especially when dealing with financial matters. Look for banks that offer responsive customer service, with multiple channels of communication, such as phone, email, or live chat. Prompt assistance can help resolve any issues or concerns efficiently.
- Reputation and Track Record: Research the bank’s reputation and track record in the crypto industry. Look for customer reviews, ratings, and feedback to gauge their reliability and customer satisfaction. Consider banks with a proven history of providing excellent services and maintaining customer trust.
- Additional Banking Services: Consider whether the bank offers additional services that complement your crypto-related needs, such as fiat currency accounts, debit cards, or lending services. Having access to a full suite of banking services can provide added convenience and flexibility.
Remember to conduct thorough research and consider your specific requirements when choosing a crypto-friendly bank.
Assessing these factors will help you find a bank that aligns with your crypto-related goals and provides a secure and seamless banking experience.
Is Crypto Legal In The Uk?
Cryptocurrencies are a legal form of currency in the UK, although there are certain regulations and restrictions that must be followed.
The Financial Conduct Authority (FCA) has put in place regulations for firms offering cryptocurrency products and services, such as trading platforms, digital wallet providers and more.
These regulations are designed to protect customers from financial loss and ensure that the sector remains compliant with all relevant laws.
It is important to note that while cryptocurrencies are legal in the UK, they can still be subject to income tax when used to purchase goods or services.
This means that even if you’re using a crypto-friendly bank such as Barclays to store or trade cryptocurrency, you may still need to declare any profits or losses on your taxes.
Overall, it’s important to understand the regulatory environment surrounding cryptocurrencies before investing or trading them.
Doing so can help protect you from potential risks and ensure that you stay compliant with all relevant laws when dealing with cryptocurrency in the UK.
How Will Cryptocurrency Affect Banks?
Cryptocurrency is becoming increasingly popular and has the potential to revolutionise the way people pay for goods and services.
This could have a major impact on traditional banks, as it could challenge the way they operate and even reduce their customer base.
The first way cryptocurrency could affect banks is by changing how customers make payments.
With cryptocurrencies, users can transfer money quickly and with very low transaction fees, which could reduce the demand for traditional banking services such as international transfers or payment processing.
Additionally, many cryptocurrencies are decentralised, meaning they don’t rely on a central bank or government to control them, which could further disrupt traditional banking models.
Finally, cryptocurrency adoption may lead to an increase in competition in the banking sector. This is because new players can enter the market more easily than before, offering innovative solutions to customers that may not be available from traditional banks.
As a result of this increased competition, banks will need to provide better services and lower fees in order to remain competitive.
Overall, cryptocurrency technology is likely to have an impact on traditional banks in some way or another – whether it’s through changes in customer behaviour or increased competition from new entrants into the market.
Banks must adapt accordingly in order to remain relevant and competitive in this ever-evolving landscape.
Which UK Banks Are Not Crypto-Friendly?
Apparently, nearly 47% of UK banks do not support cryptocurrency in any form. Here are some banks to avoid:
- First Direct
- Metro Bank
- Starling Bank
- The Co-operative Bank
- TSB Bank
- Virgin Money
- Fire (Ireland)
When it comes to finding the best crypto-friendly banks in the UK, several factors should be considered.
Look for banks that openly support cryptocurrencies, comply with regulatory standards, prioritise security measures, offer competitive transaction fees, provide a user-friendly experience, offer reliable customer support, and have a strong reputation in the industry.
Some notable options to explore in the UK include Revolut and Monzo.
By carefully assessing these criteria and choosing a bank that meets your specific needs, you can enjoy a seamless and secure banking experience for your crypto-related activities.
Can I link my crypto-friendly bank account to a crypto exchange?
Linking a crypto-friendly bank account to a crypto exchange depends on the specific policies and partnerships of the bank and the exchange. Some banks offer direct integration with certain exchanges, simplifying transactions. However, availability and compatibility vary, so it’s best to research and choose a bank and exchange combination that supports this feature.
Can I buy and sell cryptocurrencies directly through these banks?
Yes, some crypto-friendly banks in the UK allow you to buy and sell cryptocurrencies directly through their platforms.
Are these banks regulated and compliant with UK financial regulations and AML measures?
Yes, the crypto-friendly banks in the UK mentioned in the article are regulated and compliant with UK financial regulations and anti-money laundering (AML) measures.