Directly buying cryptocurrencies through RBS is not yet a common practice, as most major banks have not fully embraced offering crypto services. However, RBS customers can still invest in digital assets like Bitcoin by transferring British Pounds from their RBS accounts to regulated cryptocurrency exchanges and platforms.
Based on extensive market research, eToro emerges as the top recommendation for RBS users looking to buy crypto. As an FCA-regulated platform, eToro complies with UK financial regulations and has earned a reputation as a secure, user-friendly avenue for RBS clients to seamlessly deposit British Pounds and access a diverse array of over 70 cryptocurrencies.
Open an eToro account here to get started.
Cryptocurrency Growth in the UK
According to a 2022 survey by the U.K.’s Financial Conduct Authority, roughly 2.3 million adults in the U.K. now own cryptocurrencies, representing a near doubling from 1.9% of the adult population in 2021 to 3.9% in 2022. This demonstrates the growing adoption of digital assets like Bitcoin amongst mainstream British consumers.
e-Toro’s Key Metrics
- Global ranking decreased from #1,441 in September 2022 to #1,403 in November 2022
- Total visits increased by 2.53% between October 2022 and November 2022, reaching 35.6 million visits in November
- Bounce rate is 52.29%
- Pages per visit is 5.02
- Average visit duration is 4 minutes 16 seconds
- 68.36% male, 31.64% female audience split
- Top traffic source is direct at 82.92%, followed by display at 9.77%
- Top country is United Kingdom with 14.09% of traffic
- 323 total outgoing links, with 38.18% to search engines
- Uses 75 different technologies across 17 industries, including 18 in advertising
Step-by-Step Guide to Buy Crypto with Royal Bank of Scotland
Below are the key steps to Buy Crypto with Royal Bank of Scotland account and the eToro platform:
Step 1: Register an eToro Account
Visit eToro’s website and sign up for an account, providing your personal details.
Step 2: Verify Your Identity
Complete eToro’s Know Your Customer (KYC) procedures to confirm your identity. This may require submitting documents such as a passport or driver’s license.
Step 3: Link Your RBS Account
Follow the prompts to securely link your RBS bank account to your eToro account. This enables seamless deposits and withdrawals.
Step 4: Deposit GBP Funds
Make a deposit from your RBS account into your eToro fiat wallet in British Pounds. Minimum deposit amounts may apply.
Step 5: Buy Cryptocurrencies
Use the deposited funds to purchase your desired crypto assets like Bitcoin or Ethereum on eToro’s trading platform.
Though verification steps may differ across platforms, the purchase process for cryptocurrencies is generally quite uniform once your account setup is complete.
What is RBS’s Stance on Cryptocurrencies?
The Royal Bank of Scotland takes a practical approach that enables clients to participate in the crypto markets through compliant channels. RBS works with regulated platforms like eToro to facilitate transactions in line with UK regulations rather than prohibiting cryptocurrency activities altogether.
This pragmatic strategy creates an accessible starting point for RBS customers to explore digital asset investments, while upholding financial security and compliance standards.
What If RBS Is Not Crypto-Friendly?
If RBS had not adopted such a progressive stance on cryptocurrencies, users would need to take additional steps before buying crypto. For instance, one could open a new account at a digital asset-friendly bank or utilize intermediate money transfer services that are compatible with RBS.
However, thankfully, RBS’s forward-thinking approach minimizes such hassles for clients interested in crypto.
Conclusion
In summary, the Royal Bank of Scotland provides a secure banking framework to invest in cryptocurrencies through regulated platforms, despite not directly managing crypto transactions yet. RBS’s collaboration with exchanges like eToro enables clients to seamlessly transfer British Pounds and access digital assets in a compliant manner.
By choosing cost-effective platforms, being aware of verification requirements, and following the step-by-step purchasing process outlined here, RBS users can confidently embark on their crypto investment journey. As with any new asset class, consistent education and judicious research are advised.
FAQs
Does RBS allow me to buy cryptocurrencies directly?
No, RBS does not yet facilitate direct crypto purchases. You need to use a third-party platform that accepts GBP transfers from RBS.
What is the easiest way to buy crypto with RBS?
The simplest option is to open an account on a regulated, user-friendly exchange like eToro. You can then seamlessly link your RBS account to deposit British Pounds and trade digital assets.
Is buying crypto from RBS safe?
Yes, it is safe to buy crypto by transferring funds from your RBS account to a trusted platform that follows UK financial regulations, like eToro. This keeps your investment protected under prevailing compliance standards.
What fees are charged when buying crypto through RBS?
The main fees are charged by the external crypto platform for transactions, deposits, withdrawals, etc., not RBS itself. eToro offers low trading fees starting from just 1% per transaction.
Which cryptocurrencies can I buy with RBS?
Regulated platforms like eToro enable you to buy top cryptos like Bitcoin, Ethereum, Litecoin, Cardano, and stablecoins using your RBS account. The asset range differs across platforms.
