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How to Buy Crypto with Bank of Scotland in United Kingdom

Last updated on November 28, 2023

Quick Summary: While Bank of Scotland 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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Bank of Scotland Homepage

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

There are a large number of crypto trading platforms that you can use 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 Bank Of Scotland

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

1. Pick a crypto 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 crypto

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 Bank of Scotland.

Buy Crypto With eToro

About Bank of Scotland

The Bank of Scotland plc (Scottish Gaelic: Banca na h-Alba) is a clearing and commercial bank located within Scotland which is part of Lloyds Banking Group, following the collapse of the Bank of Scotland in the year 2008. The bank was founded by the Scottish Parliament in 1695. Scotland in 1695 in order to improve Scotland’s trade relations with other nations, and was designed to establish a secure banking system for Scotland. Kingdom of Scotland.

Its history dates back to the close of the 17th century, it’s the fifth oldest bank that is still in existence of the United Kingdom (the Bank of England being established one year prior) It is also the only commercial institution established in the Parliament of Scotland to remain active. It was among the very first institutions in Europe to create its own banknotes and continues to create the bank notes in sterling in accordance with legal arrangements that permit Scottish institutions to print currency.

In June 2006 In June 2006, in June 2006, the HBOS Group Reorganisation Act 2006 was approved through the British Parliament. United Kingdom, allowing the bank’s structure to be reduced. In the end, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007. Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009 in the year that HBOS was purchased from Lloyds TSB.