How to Buy Bitcoin with Barclays Bank

Key Takeaway: Barclays does not provide direct crypto investment services, but customers can use it to fund FCA-regulated exchanges in the UK, such as Uphold, which offers access to over 300 cryptocurrencies and features like staking.

With fast GBP transfers and Uphold’s transparent fees, this method offers a compliant and cost-effective way to buy Bitcoin. Be sure to stay updated on Barclays’ crypto policies to remain aligned with FCA regulations.

How to Buy Bitcoin with Barclays Bank

Barclays Bank customers can invest in digital assets by transferring GBP from their accounts to regulated cryptocurrency exchanges in the United Kingdom.

One reliable option is Uphold, an exchange headquartered in London that supports a wide range of digital currencies, traditional currencies, and precious metals. Registered with the Financial Conduct Authority (FCA), Uphold offers secure access to over 300 crypto assets.

Here’s a guide to purchasing Bitcoin using Barclays and Uphold:

1. Register: Head to the Uphold website, register for an account and complete the KYC (Know Your Customer) verification.
2. Deposit GBP: In the “Funding” section, choose your preferred bank transfer method, then select Barclays Bank to deposit GBP into your Uphold account.
3. Pick BTC: Go to the Bitcoin trading section and ensure your deposit currency is set to GBP.
4. Execute Trade: Enter the amount of Bitcoin you wish to buy, review the transaction details, and confirm your purchase.

Barclays Bank's Policy on Crypto Transactions

Barclays Bank allows clients to transfer funds to digital asset exchanges that comply with the Financial Conduct Authority (FCA) regulations. However, some exchanges like Binance are banned. Below is a quick overview of Barclay’s crypto policy:

• Crypto Custody Not Supported: Barclays does not facilitate direct transfers to or from cryptocurrency wallets. Deposits from external crypto wallets are not allowed.
• Use of Regulated Exchanges: Customers are advised to transfer funds only to FCA-regulated crypto platforms based in the UK.
• Account Verification: To engage in transactions with crypto exchanges, users must have an active Barclays Bank account. After setting up the account, GBP can be transferred to approved platforms.
• No Binance Transfers: Barclays does not permit transactions with Binance following a warning from the FCA about the exchange's regulatory status. However, transfers to compliant platforms like Uphold are allowed.

Given the evolving nature of cryptocurrency regulations, it's advisable to stay informed about Barclays Bank's policies and ensure that any exchanges used comply with current FCA standards.

What Are the Fees to Trade Crypto?

Customers of popular crypto exchanges like Coinbase encounter trading fees above 2%, with additional deposit fees reaching up to 0.49%. These costs can significantly reduce gains for those who trade frequently.

Uphold does not charge any fees for deposits made through Faster Payments (FPS) from Barclays. On the trading side, it applies variable spreads, with Bitcoin and Ethereum at around 1%, while stablecoins like USDT and USDC tend to have tighter spreads of 0.25%.

By using Barclays Bank’s zero-cost transfer options and choosing exchanges with competitive spreads, you can effectively manage trading expenses and retain a greater portion of your investment returns.

Best Deposit Methods for Barclays

If you’re funding your Uphold account from Barclays Bank, one of the most affordable options is Faster Payments (FPS). This method provides near-instant transfers, carries no fees, and doesn’t impose deposit limits. Here’s a quick breakdown of the deposit options available on Uphold:

• FPS (Faster Payments): Free and fast, with no deposit limits.
• SEPA (Single Euro Payments Area): No fees, but processing can take 1–3 business days; also has no deposit limits.
• Debit/Credit Card, Apple Pay, Google Pay: These methods offer instant deposits but come with daily, weekly, and monthly limits: £15,000 daily, £15,000 weekly, and £50,000 monthly.

For withdrawals, Uphold supports free transfers back to Barclays accounts through FPS, enabling Barclays customers to have quick access to funds.

What is Barclays Bank?

Barclays Bank, established in 1690, is a British multinational financial institution headquartered in London. It operates through two primary divisions: Barclays UK, which offers personal banking and wealth management services, and Barclays International, providing corporate and investment banking. 

The bank serves over 48 million customers worldwide, offering products such as the Barclays app for digital banking, Barclaycard for credit services, and Smart Investor for online investing. 

Conclusion

While Barclays doesn’t provide direct crypto investment services, the bank allows clients to fund accounts on regulated exchanges like Uphold. Barclays' fast transfers, combined with Uphold’s competitive spreads, offer an affordable way to maximise the value of your Bitcoin transactions.

For a safe and compliant trading experience, keep updated with Barclays Bank’s policies on crypto and always confirm your transactions meet the Financial Conduct Authority’s compliance standards.