• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with M&S Bank in United Kingdom

How to Buy Crypto with M&S Bank in United Kingdom

Last updated on November 12, 2023

Quick Summary: While M&S 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.

5/5

11,029 5-star reviews on Trustpilot

M&S Bank Homepage

As mentioned in my quick summary, like most United Kingdom banks, M&S 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 trading platforms 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 M&S 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 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 M&S Bank.

Buy Crypto With eToro

About M&S Bank

Marks & Spencer Financial Services plc that trades as M&S Bank, is a retail bank that operates within the United Kingdom. It was initially established as the Financial Services division of the British retail chain Marks & Spencer in 1985 and changed its name in the year 2012.

The initial focus was on providing credit cards for stores in the house The bank is now able to offer an array of services to individuals, including loans, credit cards, savings, insurance, and the exchange of foreign currencies.

M&S Bank is operated as an joint venture with HSBC and is a wholly-owned company of the latter company since the sale of M&S Bank to HSBC in the month of November. M&S Bank has its own bank licence and board and is still headquartered in its own purpose-built headquarters in Chester.

The bank is licensed to operate by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It adheres to the Lending Code.

M&S Bank provides a range of financial services for private customers. Many of them are targeted specifically at Marks and Spencer customers.

The products are sold and serviced mostly online and via telephone and with additional marketing activities conducted through Marks and Spencer’s stores as well as their website. The bank also ran only a few branch locations in stores between 2012 and 2021.

M&S Bank entered the credit card market in 2003. The bank offers a range of Mastercard-branded credit cards. The cards come with a ‘M&S Points loyalty scheme that rewards purchases using Marks and Spencer vouchers and provides. Another “Club Rewards option offers points and vouchers for loyalty for a monthly membership and additional advantages when shopping at Marks & Spencer such as free delivery on online orders as well as hot drinks available in-store.