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How to Buy Crypto with Al Rayan Bank in United Kingdom

Last updated on November 12, 2023

Quick Summary: While Al Rayan Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of United Kingdom cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.


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Al Rayan Bank Homepage

As mentioned in my quick summary, like most United Kingdom banks, Al Rayan Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto exchange and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Al Rayan Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Al Rayan Bank.

Buy Crypto With eToro

About Al Rayan Bank

Al Rayan Bank PLC formerly called Islamic Bank of Britain) is a commercial bank located in the United Kingdom, established in August 2004 in order to provide Sharia compatible financial services to all customers, regardless of faith. It has one Premier branch located in Knightsbridge located in London.

The bank welcomes customers from all religions and is now a favorite among many non-Muslims who are looking for an alternative that is ethical to traditional banks.

The bank has an Sharia department as well as an independently-run Sharia Supervisory Committee for ensure that the products it offers conform to the standards that govern Islamic finance.

In the year 2020 Al Rayan Bank has served the needs of 80,000 customers.

Islamic Bank of Britain was established by a group made up made up of foreign investors in and around Middle East to take advantage of the expanding market for Sharia certified banking services within the UK.

The bank was established in July of 2002. advisors and consultants were brought in to verify whether a bank of this type was required and whether it could be recognized from FSA. Financial Services Authority, FSA.

Investors were invited to participate, mostly those from those in the Persian Gulf, who put together a private placement agreement that enabled it to collect PS14 million of start-up capital in early 2003. The same time the company’s first director Michael Hanlon was recruited. The following the same year, an initial of a business plan was developed and a an official application of the FSA was made.

In August 2004 in 2004, the FSA granted the authorization of the bank. This resulted in that the Islamic Bank of Britain becoming accessible to the general public.