Can you Buy Crypto with RBS?
While it is not possible to purchase cryptocurrency directly through the Royal Bank of Scotland, Scottish investors can transfer funds from their RBS accounts to secure cryptocurrency trading platforms. Selecting a digital asset exchange in the UK that is regulated by the FCA is essential to guarantee asset safety and the overall security of the platform.
How to Buy Crypto with Royal Bank of Scotland
The most secure and affordable way for RBS customers to buy and sell cryptocurrencies is by utilising an FCA-regulated digital asset exchange. As previously mentioned, eToro is the top option as it offers instant GBP deposits to Royal Bank of Scotland customers via several payment methods, which include Bank Transfer, Credit Card, Debit Card, and PayPal.
Start trading thousands of assets on eToro with this short and simple guide:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer GBP from RBS.
- Go to the search bar, locate the desired token, and click 'Trade'.
- Enter the amount you wish to purchase and click 'Open Trade'.
Royal Bank of Scotland Cryptocurrency Policy
The Royal Bank of Scotland recognises the potential of cryptocurrencies and allows its clients to send and receive funds to regulated and FCA-licensed digital asset exchanges. This forward-thinking approach highlights RBS's dedication to innovative and customer-focused solutions, providing a smooth and secure experience for clients interested in engaging with the crypto market.
Deposit and Trading Fees
If you're contemplating embarking on a cryptocurrency journey with the Royal Bank of Scotland, it's crucial to be conscious of potential accompanying expenses:
- Deposit Fees: Unlike many crypto trading platforms that abstain from imposing deposit fees, the Royal Bank of Scotland might enact transfer expenses. Therefore, it's advisable to validate these particulars with your banking provider. Deposits conducted via Royal Bank of Scotland Credit Card might impose a fee, potentially exceeding 2%.
- Trading Fees: Most crypto trading platforms enforce a spread, which represents a fraction of each transaction. This spread usually fluctuates based on the specific cryptocurrency and the platform, with an average of around 1%.
Bear in mind, fee structures can vary across platforms. It's always prudent to thoroughly examine the most up-to-date fee data with your chosen trading platform and the Royal Bank of Scotland. By adopting this methodology, you can ensure optimal benefit and efficiency when participating in cryptocurrency trading.
The Bottom Line
To summarise, Royal Bank of Scotland customers cannot directly buy cryptocurrencies through the bank's platform. However, the bank permits its clients to invest in digital assets through FCA-licensed digital asset exchanges. eToro is the top cryptocurrency trading platform for RBS clients due to its diverse asset offerings, low fees, 24/7 support, instant GBP deposits, and user-friendly interface, simplifying the trading process for both beginners and experienced traders.