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How to Buy Crypto with Lloyds Bank in United Kingdom

Last updated on January 18, 2024

Quick Summary: While Lloyds 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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Lloyds Bank Homepage

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

There are a large number of cryptocurrency trading platforms that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Lloyds

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 Lloyds Bank.

Buy Crypto With eToro

About Lloyds Bank

State Bank of India (SBI) is an Indian multinational public sector bank as well as a Financial Services statutory authority that is headquartered located in Mumbai, Maharashtra. SBI is the largest of the banks in the world according to total assets. It is also placed 221st on the Fortune Global 500 list of the biggest companies in the world as of 2020. SBI is solely an Indian bank to be listed on the list.

It is a public-sector bank and is the biggest institution in India with 23% market share in assets and 25% of the total deposit and loan market. In addition, it is fifth biggest company in India with over 250,000 employees. On September 14, 2022 State Bank of India was the third bank (after HDFC Bank and ICICI Bank) and the seventh Indian company to reach the market capitalisation of Rs 5 trillion of the Indian stock exchanges for the very first time.

The bank is a descendant of it’s predecessor, the Bank of Calcutta, founded in 1806 by the Imperial Bank of India, making it the first commercial institution in the Indian subcontinent. It was founded in 1806 when the Bank of Madras merged into two other presidency banks of British India, the Bank of Calcutta and the Bank of Bombay, to create the Imperial Bank of India, which later became The State Bank of India in 1955.

In the end, the bank created from the acquisition and merger of more than twenty banks in the period of its 200-year time. In 1955, the Government of India took control of the Imperial Bank of India in 1955, with the Reserve Bank of India (India’s central bank) purchasing 60 percent of the stake and renaming it State Bank of India.