How to Buy Crypto with First Direct

Can I Buy Bitcoin with First Direct?

Yes, First Direct customers can purchase digital assets such as Bitcoin and Ethereum through various British cryptocurrency exchanges. While the bank does not provide direct trading services, it supports transfers to FCA-regulated crypto investment platforms. Clients can deposit GBP through bank transfers, BACS, Faster Payments, or debit cards, making the registration process straightforward.

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How to Buy Crypto with First Direct

‍Investing in cryptocurrency with First Direct is secure when using regulated exchanges. Our recommended platform, eToro, adheres to Financial Conduct Authority (FCA) regulations and offers trading for over 4,500 digital currencies, stocks, commodities, and ETFs. eToro supports multiple payment methods for GBP deposits, including bank transfers, and credit or debit cards.

Follow this guide to buy crypto with First Direct through eToro:

1. Register: Visit the eToro website and sign up for a new account using your email address. Complete the identity verification process to comply with KYC regulations.
2. Connect Your Account: Initiate a transfer from your First Direct account. This can be done via bank transfer or debit card.
3. Choose Token: Once your funds are available, explore the extensive range of over 4,500 assets.‍
4. Execute Transaction: Select your desired cryptocurrency, enter the amount of GBP you wish to invest, review the transaction details carefully, and confirm your purchase.

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What are the Fees?

Understanding the fees associated with converting GBP to cryptocurrencies through an exchange is recommended for avoiding unforeseen charges. These costs can include fees for depositing funds, executing trades, and withdrawing money. On various platforms, trading fees typically range from 1% to 2%.

For First Direct customers seeking an affordable option, eToro's trading fees start at a competitive rate of just 1%, which is much lower compared to competitors like Coinbase, where fees can exceed 2%. Additionally, eToro offers free GBP deposit options through Faster Payments and bank transfers, making it a great choice for First Direct users.

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Is First Direct Crypto-Friendly?

Yes, First Direct is considered crypto-friendly and supports fund transfers to exchanges regulated by the Financial Conduct Authority (FCA). The bank facilitates these transactions while adhering to stringent FCA regulations. 

By enabling GBP transfers to approved investment platforms, First Direct offers its customers a compliant way to enter the crypto market. The bank is committed to integrating modern investment options within its broader financial services, allowing clients to explore digital currency investments with confidence.

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About First Direct

First Direct, a division of HSBC UK, is renowned for its exceptional customer service and innovative banking solutions. Launched in 1989, it offers a range of products, including the First Direct 1st Account, First Directory, and competitive savings options like the Regular Saver account. First Direct provides seamless digital banking experiences through its highly-rated mobile app and online platform, ensuring customers can manage their finances on the go.

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Bottom Line

In conclusion, First Direct provides its customers with a secure way to invest in digital assets through FCA-regulated exchanges. While the bank does not offer direct cryptocurrency trading, clients can easily transfer funds to platforms like eToro, which supports a wide range of investment options with competitive fees.