How to Buy Crypto with Faster Payments (FPS)

Can I Buy Bitcoin with Faster Payments?

‍Yes, you can buy Bitcoin and other digital assets using the Faster Payments system by transferring funds to British cryptocurrency exchanges. By utilising FCA-regulated trading platforms, you can send GBP through bank transfers, ensuring a secure deposit process. This offers a straightforward way to start your crypto investment journey, with a straightforward sign-up and funding process.

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How to Buy Crypto with Faster Payments

‍Using a regulated digital asset exchange is recommended if you're looking to invest in digital currencies with the Faster Payments system. Platforms like eToro, which comply with FCA regulations, offer a quick registration process and access to a wide range of assets, including 4,500 cryptocurrencies, stocks, commodities, and ETFs. 

Here’s a simple guide to buying crypto on eToro using FPS:

1. Account Setup: Begin by creating an account on eToro. Complete the required verification steps to ensure security and compliance.
2. Funding Your Account: Once your account is set up, navigate to the 'Deposit' section. Here, you can fund your account with GBP using Faster Payments.
3. Selecting Currency: Choose 'GBP' as your transaction currency and select Faster Payments as your preferred deposit method.‍
4. Crypto Investment: After your deposit is successful, use the search tool to find and invest in your desired cryptocurrency.

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What are the Fees?

When investing in cryptocurrencies through an exchange, it is important to understand the various fees that may apply. These can include charges for depositing funds, executing trades, and withdrawing money. Generally, trading fees on most platforms range from 1% to 2%.

For those using Faster Payments, eToro is an excellent choice as it facilitates free FPS transfers using GBP. Its trading fees start at a competitive rate of 1%, which is lower than many other platforms, such as Coinbase, which charges around 2%. 

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Is Faster Payments Crypto-Friendly?

Yes, the Faster Payments system supports cryptocurrency transactions while ensuring users' security. This system allows for quick and secure transfers of funds to exchanges regulated by the Financial Conduct Authority (FCA), enabling users to invest in digital assets while adhering to strict regulations.

Using Faster Payments to fund accounts on regulated exchanges means you can invest in cryptocurrencies more securely and with peace of mind. It's a straightforward, fast, and safe way to navigate the crypto market, backed by the assurance of meeting legal and regulatory requirements.

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About Faster Payments (FPS)

Faster Payments is a UK banking system that enables quick and secure transfers between bank accounts, usually within seconds. It operates 24/7, allowing users to send and receive money anytime, including weekends and holidays. This system is ideal for paying bills, transferring funds, and funding investments like cryptocurrency purchases, providing a reliable and efficient financial service.

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Bottom Line

In conclusion, using Faster Payments is a secure way to invest in cryptocurrencies through UK-based exchanges. By transferring funds directly from your bank account to FCA-regulated platforms like eToro, you can easily buy assets such as Bitcoin. eToro stands out for its low fees and extensive range of assets, offering a straightforward and compliant method to enter the crypto market.