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How to Buy Crypto with Reliance Bank in United Kingdom

Last updated on November 12, 2023

Quick Summary: While Reliance 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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Reliance Bank Homepage

As mentioned in my quick summary, like most United Kingdom banks, Reliance 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 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 Reliance Bank

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

1. Pick a cryptocurrency exchange

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 Reliance Bank.

Buy Crypto With eToro

About Reliance Bank

Reliance Bank Limited, formerly called The Salvation Army Bank, was established in the year 1890 through William Booth. When Booth required to find investors to fund mortgages on properties crucial to the operation of the organization and his solution was to establish an institution called a bank.

Presently, The Salvation Army Trustee Company and The Salvation Army International Trustee Company continue to be the sole owners of the bank. They each year, they receive an equal portion of the bank’s allowed earnings (a amount of PS12 million over the past decade). It’s not just The Salvation Army which relies on the bank, it also serves many private customers and other charities, churches as well as companies.

Reliance Bank Reliance Bank is not a clearing bank, and relies on it’s National Westminster Bank to act as its agent in this regard. The bank is registered to the UK regulator for financial services called the FCA.

At the beginning of April 1st, 2021, Reliance Bank ceased offering Personal Current Accounts to customers who were new.