As the adoption of cryptocurrencies continues to grow, more and more people are looking for ways to easily and securely manage their digital assets. While there are a variety of options available, one option that is becoming increasingly popular is using a crypto-friendly bank. In this article, we’ll take a look at 6 of the top crypto-friendly banks in the UK that allow you to use crypto exchanges easily.
What are Cryptocurrencies?
Cryptocurrencies are digital or virtual currencies that use cryptography for secure financial transactions.
They operate on a decentralized network, meaning that they are not controlled by a central authority like a bank or government.
Instead, they rely on a distributed ledger technology called a blockchain to record and verify transactions.
There are many different cryptocurrencies available, each with its own unique features and characteristics.
The most well-known cryptocurrency is Bitcoin, which was created in 2009 and has since become the largest and most widely-used cryptocurrency.
Other popular cryptocurrencies include Ethereum, Litecoin, and Ripple.
Cryptocurrencies offer a number of benefits over traditional fiat currencies, including increased security and privacy, faster and cheaper international transactions, and the ability to operate independently of traditional financial institutions.
They are increasingly being used for a wide range of financial transactions, including peer-to-peer payments, online shopping, and investment.
Is Cryptocurrency Legal in the UK?
Cryptocurrency is legal in the UK and can be bought, sold, and used for a variety of purposes.
The UK government has taken a proactive approach to regulating the cryptocurrency industry, with the aim of fostering innovation while also protecting consumers.
In 2014, the UK’s Financial Conduct Authority (FCA) issued guidance on the use of cryptocurrencies, stating that they are not regulated by the FCA and that consumers should be aware of the risks involved in using them.
However, the FCA has also taken steps to regulate certain aspects of the cryptocurrency industry, such as initial coin offerings (ICOs) and cryptocurrency derivatives.
In addition to the FCA, the UK government has also established a cryptocurrency task force, which is responsible for coordinating efforts to regulate the industry and prevent money laundering and other financial crimes.
Can you Use Cryptocurrency in the UK?
Yes, you can use cryptocurrency in the UK for a variety of purposes, including peer-to-peer payments, online shopping, and investment.
Many businesses and merchants in the UK accept cryptocurrency as a form of payment, and there are a growing number of cryptocurrency ATMs and exchange platforms available in the country.
However, it is important to note that the use of cryptocurrency is still relatively limited in the UK compared to traditional fiat currencies.
While more and more businesses are starting to accept cryptocurrency as a form of payment, it is not yet as widely accepted as traditional payment methods like debit and credit cards.
In addition, the value of cryptocurrencies can be highly volatile, which can make them less practical for everyday use.
So where can we buy and sell crypto in the UK with ease. Here are some of the most crypto friendly banks at the time of writing this article.
Crypto-Friendly Banks in the UK in 2023
Revolut is a digital banking platform that offers a range of services, including the ability to buy, sell, and hold a variety of cryptocurrencies.
The platform is particularly popular among those who are new to the world of crypto, as it is easy to use and offers a range of educational resources to help users get up to speed.
Revolut also allows users to connect to a variety of popular crypto exchanges making it easy to buy and sell digital assets.
*Since writing this article, some of our readers have cited Revolut has had issues which transfers to and from Coinbase which is something to be mindful on when choosing a UK bank*
Monzo is a popular UK-based digital bank that offers a range of services, including the ability to buy and sell a variety of cryptocurrencies.
The platform is known for its user-friendly interface and its excellent customer support team, which is available 24/7 to help users with any questions or issues they may have.
In addition to its own platform, Monzo also allows users to connect to a variety of crypto exchanges, making it easy to manage, buy and sell your digital assets.
Barclays has an up-and-down history with crypto, having formed a partnership with Coinbase but then canceled it in 2019.
Despite this backtracking, the bank does allow payments to and from crypto exchanges.
Overall, Barclays has proven to have an excellent attitude to its customers who want to use crypto exchanges.
4. Atom Bank
Atom Bank is a UK-based digital bank that offers a range of services, including the ability to buy and sell cryptocurrencies.
The platform is known for its competitive fees and its focus on innovation, making it a popular choice among those who want to stay at the forefront of the digital banking revolution.
In addition to its own platform, Atom Bank also allows users to connect to a variety of crypto exchanges, making it easy to buy and sell crypto
5. Royal Bank of Scotland
Generally, RBS is supportive of cryptocurrencies and trading.
Customers usually don’t have an issue buying and selling crypto with either a debit or credit card.
Again, this is another great option for UK crypto buyers and sellers.
TSB customers generally report good experiences when buying and selling cryptocurrencies.
As far as crypto-friendly banks in the UK go, TSB is a solid choice.
Use a Safe and Reputable Exchange Alongside a Crypto Friendly UK Bank
When using cryptocurrency, it is important to use a safe and reputable exchange.
A cryptocurrency exchange is a platform that allows you to buy, sell, and trade cryptocurrencies.
There are many different exchanges available, each with its own unique features and characteristics.
One example of a safe and reputable exchange is CoinMetro.
Coinmetro is a digital asset exchange platform that allows users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
The platform is known for its user-friendly interface, competitive fees, and excellent customer support team, which is available 24/7 to help users with any questions or issues they may have.
In addition to its core exchange services, Coinmetro also offers a range of other features and tools to help users manage their digital assets.
These include educational materials, market analysis tools, and a first-class mobile app that allows users to access their accounts and make trades on the go.
Using a safe and reputable exchange like Coinmetro, alongside crypto-friendly banks in the UK, can help you manage your digital assets with confidence and peace of mind.
It is important to do your research and choose an exchange that meets your needs and aligns with your goals.
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Crypto-friendly banks in the UK offer a range of services and features that make it easy for users to buy, sell, and hold a variety of cryptocurrencies. If you’re looking for a crypto-friendly bank, any of the six options listed above are worth considering. Happy trading! If you liked this article, feel free to share on your favourite social media channel using the buttons below.