How to Buy Crypto with Tesco Bank

Can I Buy Bitcoin with Tesco Bank?

Yes, Tesco Bank account holders can purchase digital assets like Bitcoin through UK-based cryptocurrency exchanges. Although the bank does not provide direct trading services, it allows users to transfer funds to investment platforms regulated by the Financial Conduct Authority's (FCA). Clients can deposit GBP using bank transfers, BACS, Faster Payments, or debit cards, simplifying the sign up process.

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How to Buy Crypto with Tesco Bank

Tesco Bank account holders looking to invest in digital assets should consider using eToro as it adheres to FCA regulations and provides a straightforward registration process. eToro provides access to over 4,500 digital currencies, stocks, commodities, and ETFs. It also supports various GBP deposit methods, including bank transfers, Faster Payments, and debit cards.

To start investing in crypto with Tesco Bank, follow these steps:

1. Account Setup: Go to the eToro website and create a new account using your email address. Complete the identity verification process to meet KYC requirements.
2. Deposit Funds: Transfer funds from your Tesco Bank account through bank transfer or debit card.
3. Pick Crypto: Once your funds are available, browse the wide selection of assets.‍
4. Finalise Trade: Choose your preferred cryptocurrency, enter the amount of GBP you want to invest, review the transaction details, and confirm your purchase.

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What are the Fees?

British investors looking to invest in cryptocurrencies by using digital asset exchanges should be aware of the various fees involved. This can include charges for depositing funds, executing trades, and withdrawing money. On most platforms, trading fees generally range from 1% to 2%.

eToro is an affordable option for Tesco Bank customers, with trading fees starting at a competitive rate of just 1%, which is significantly lower compared to platforms like Coinbase that charge 2%. Additionally, eToro offers free GBP deposit options through Faster Payments and bank transfers, making it a great choice for Tesco users.

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Is Tesco Bank Crypto-Friendly?

Yes, Tesco Bank supports cryptocurrency transactions with specific measures to ensure customer safety. The bank allows fund transfers to exchanges regulated by the Financial Conduct Authority (FCA), enabling users to invest in digital assets while adhering to strict regulations.

The bank does not impose specific limits on the amount you can spend on cryptocurrency purchases through debit cards, bank transfers or Faster Payments. However, the bank does not allow crypto purchases using credit cards since April 2021.

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About Tesco Bank

Tesco Bank, a subsidiary of the popular UK supermarket chain Tesco, offers a range of financial products such as the Tesco Clubcard Pay+ and Tesco Current Account tailored to meet the everyday needs of its customers. It provides savings accounts, personal loans, and insurance products, all integrated with the Tesco Clubcard for added rewards. The bank focuses on customer safety with strong security measures across its services.

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Bottom Line

In conclusion, Tesco Bank supports cryptocurrency investments through GBP transfers to FCA-regulated exchanges. While it doesn't offer direct crypto trading, customers can use platforms like eToro to invest in Bitcoin and 4,500 other financial instruments. With competitive fees and easy registration, eToro is a great option for British users entering the crypto market.