This guide provides a step-by-step process on how to buy crypto with Starling Bank account. We explore the options available, explain the limitations, and outline what you need to safely purchase digital assets.
Buying cryptocurrencies directly through Starling Bank is currently not possible, as they do not offer this service. Instead, individuals typically use external crypto exchanges or brokerage platforms that allow British Pound (GBP) deposits from Starling to fund their accounts. This guide focuses on managing your crypto investments alongside your Starling Bank account by leveraging regulated third-party providers like eToro for acquiring cryptocurrencies.
eToro is an optimal platform for Starling Bank users. It is regulated by the UK’s Financial Conduct Authority (FCA), offers over 70 cryptocurrencies, and supports GBP deposits through faster payments, bank transfers, debit cards, and more.
Step-by-Step Guide on How to Buy Crypto with Starling Bank
To buy cryptocurrencies as a Starling Bank customer, you need to use a third-party platform. We recommend eToro for its regulatory compliance, asset selection, competitive fees, and seamless integration with Starling Bank.
Here is a step-by-step process:
Step 1: Register an account on eToro
Go to www.etoro.com and click ‘Join Now’. Provide your details to open an account.
Step 2: Complete identity verification
Upload your ID documents as prompted to complete eToro’s know-your-customer (KYC) verification process.
Step 3: Link your Starling Bank account
In the ‘Deposit Funds’ section, choose ‘Link Bank Account’. Search and select Starling Bank to connect it to eToro.
Step 4: Deposit GBP funds
After linking Starling Bank, deposit GBP into your eToro account using a bank transfer or debit card.
Step 5: Buy cryptocurrencies
Use the deposited funds to buy your desired crypto assets like Bitcoin, Ethereum, etc on eToro’s platform.
What is Starling Bank’s Status on Cryptocurrencies?
Starling Bank currently does not directly offer cryptocurrency purchasing or transactions through its services. However, Starling works with regulated third-party crypto platforms, supporting GBP transfers to them in a compliant manner. This allows its customers to invest in digital assets through secure external providers.
Does Starling Bank Work with Crypto Platforms?
Yes, Starling Bank enables transactions with external cryptocurrency platforms that are approved by UK regulators. By facilitating GBP transfers to these services, Starling provides the banking infrastructure needed to invest in crypto assets in a regulated environment, though it does not directly deal with cryptocurrencies.
What if Starling Bank is Not Crypto Friendly?
For banks that prohibit transactions with crypto exchanges, customers have a couple options:
Open an Account at a Crypto Friendly Bank
Consider opening an account with a digital asset friendly bank that allows transfers to crypto platforms. This gives you the flexibility to fund such investments.
Use a Compatible Money Transfer Service
Alternatively, use an intermediary service that supports transfers to crypto exchanges while integrating with restrictive banks. This provides an avenue to fund crypto investments despite bank-level bans. Once set up, you can resume this guide from step one.
While Starling Bank does not directly enable crypto transactions, it sustains the banking foundation to invest in digital assets through regulated platforms like eToro. By following our guide, you can securely use your Starling account to purchase cryptocurrencies. Just ensure you only use reputable providers to stay compliant with UK regulations for crypto investing.