Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

First Direct offers a secure pathway for transactions to cryptocurrency exchanges that are registered within the United Kingdom. This commitment shows the bank’s aim to provide reliable banking services to its clients.

For those eager to diversify their investment landscape, eToro stands out as a commendable option. It offers a diverse range of over 4,500 cryptocurrencies, commodities, ETFs, and stocks. eToro supports GBP deposits using First Direct bank accounts and debit cards.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
eToro United Kingdom
eToro United Kingdom

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.8

Supported Assets

4,500 Cryptocurrencies, Stocks, ETFs and more.

Trading Fees

0% Fees and Variable Spread (1%).

Can I Invest In Crypto with First Direct?

First Direct supports customers interested in the crypto world by enabling the seamless transfer of funds to registered digital currency investing platforms. This ensures a secure and regulated environment for trading activities. 

However, it's important to note that First Direct does not incorporate cryptocurrency wallets into its digital banking services. For the acquisition and management of digital assets, using a British exchange that adheres to strict regulatory standards is essential.

How to Buy Crypto with First Direct

First Direct simplifies the cryptocurrency purchasing process by allowing transfers to regulated exchanges, thus ensuring transaction security. Platforms like eToro, recognised for their adherence to UK regulatory standards, provide a dependable method for making GBP deposits through bank transfers, the Faster Payments Service, and debit card payments.

  1. To begin, create and verify your eToro account using your email address. 
  2. Navigate to the 'Deposit Funds' section, choose your preferred payment method, and initiate a transfer from your First Direct account. 
  3. Use the search function to find your desired cryptocurrency and select 'Trade'. 
  4. Enter the investment amount and complete the transaction by clicking 'Open Trade'.
How to Buy Crypto with First Direct

Does First Direct Block Crypto Transactions?

No, First Direct does not freeze transactions to regulated exchanges. It supports the transfer of funds to cryptocurrency trading platforms registered with the FCA, aligning with the dynamic landscape of financial technology. 

The bank advocates for engagement with platforms that adhere to the UK's strict KYC and AML regulations as stipulated by the Financial Conduct Authority (FCA). This highlights First Direct's commitment to maintaining the security and integrity of exchanges in the crypto realm.

Digital Asset Investing Fees

Entering cryptocurrency investments comes with its set of financial considerations, especially when using platforms such as eToro. Understanding the fee structure of an exchange is vital for navigating its ecosystem efficiently. Here's a breakdown of eToro's fees:

  • Deposit Charges: Adding funds to your eToro account may come with a cost. For example, if you're depositing GBP, expect a fee ranging from 1.5% to 3%. However, USD deposits are free of charge.
  • Withdrawal Costs: Sending fiat currency out of eToro to your bank account will incur a flat fee of $5. However, withdrawing cryptocurrencies might see variable fees depending on network traffic.
  • Trading Expenses: Engaging in trades on eToro brings a standard 1% fee along with a spread for each transaction. This spread, representing the gap between buy and sell prices, differs from one cryptocurrency to another.

For those deeply invested in trading or with significant portfolios, eToro's tiered membership offers enticing perks, including reduced fees and specialised account management.

Closing Thoughts

In essence, First Direct's adherence to UK financial norms and its collaboration with platforms like eToro offer a secure entry point for clients interested in cryptocurrencies. Although the bank does not directly facilitate trading, it enables secure fund transfers to FCA-registered exchanges, allowing investors to safely explore the digital asset market within a regulated framework.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

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