Key Takeaway: Faster Payments is a UK banking network allowing instant GBP transfers directly into FCA-regulated cryptocurrency exchanges, enabling fast and secure crypto purchases.
eToro is a popular FCA-registered platform accepting Faster Payments deposits, providing access to thousands of financial assets including cryptocurrencies, stocks, and ETFs.
Can I Buy Bitcoin with Faster Payments?
Yes, you can buy Bitcoin using Faster Payments, a UK banking network that enables instant GBP transfers between bank accounts.
While Faster Payments itself doesn't directly handle Bitcoin, it allows rapid deposits into FCA-regulated cryptocurrency exchanges, making your funds available to purchase Bitcoin within seconds.
How to Buy Crypto with Faster Payments
UK investors can easily purchase cryptocurrencies by using Faster Payments to transfer GBP instantly to an FCA-registered platform such as eToro.
eToro provides access to thousands of assets, including cryptocurrencies, stocks, and ETFs, and supports quick deposits via Faster Payments for immediate trading.
Follow these steps to buy crypto with Faster Payments on eToro:
- Sign Up: Create your eToro account and complete the required identity verification (KYC).
- Deposit GBP: Log in, select “Deposit Funds,” choose GBP and select Faster Payments. Transfer your funds instantly from your UK bank account.
- Find Crypto: Use eToro’s search bar to locate your chosen cryptocurrency (e.g., Bitcoin, Ethereum), then click “Trade.”
- Complete Purchase: Enter your investment amount in GBP, verify the details, and confirm the transaction to finalise your crypto purchase.
Faster Payments Policy on Crypto Transactions
Faster Payments itself imposes no restrictions on crypto transactions, serving purely as a UK system enabling instant transfers between bank accounts.
All UK banks generally permit GBP transfers to FCA-registered cryptocurrency exchanges, though most prohibit crypto purchases via credit cards to limit financial risk.
Individual banks apply their own security checks and fraud-prevention measures. Payments sent to exchanges without FCA approval may be flagged or blocked entirely.
Crypto Trading Fees with Faster Payments
UK investors funding crypto accounts via Faster Payments should clearly understand the associated fees. Here’s a concise breakdown:
- Trading Fees: UK crypto exchanges typically charge a percentage-based fee on each trade, included directly in the transaction price shown at checkout.
- Market Spreads: Exchanges apply bid-ask spreads, reflecting natural price differences based on asset liquidity and market conditions. These are not separate fees but affect overall trading costs.
- Deposit & Withdrawal Fees: GBP deposits and withdrawals via Faster Payments typically involve minimal or zero fees, depending on the specific exchange.
Understanding these fees helps UK traders effectively manage crypto investment costs using Faster Payments.
What is Faster Payments?
Faster Payments is the UK's instant bank transfer network, enabling rapid transfers between accounts at any time, including weekends and holidays. Operated by Pay.UK since 2008, the system supports single immediate payments, standing orders, and scheduled transfers.
In 2024, FPS processed approximately 5.09 billion transactions totaling £4.2 trillion, serving millions of UK consumers, businesses, and charities.
Widely adopted for everyday uses like bill payments, salaries, and online purchases, Faster Payments enables swift, secure transfers up to £1 million, subject to individual bank limits.
Conclusion
Using Faster Payments is one of the quickest and safest methods for UK investors to buy Bitcoin and other cryptocurrencies. It allows instant GBP transfers directly to FCA-regulated exchanges, simplifying the deposit process and enabling immediate trading.
Before investing, confirm your bank’s crypto-related policies, understand trading fees and spreads clearly, and always choose reputable platforms to protect your funds.
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