How to Buy Bitcoin with Wise

Key Takeaway: Wise does not provide crypto investment services, but customers can buy digital assets by transferring funds to cryptocurrency exchanges that adhere to the Financial Conduct Authority (FCA) regulations.

eToro is an FCA-registered multi-asset trading platform that supports 70+ cryptocurrencies and offers thousands of other traditional assets like shares and ETFs.

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How to Buy Bitcoin with Wise

Wise users looking to buy Bitcoin and other cryptocurrencies can transfer GBP from their Wise account to a crypto exchange registered with the Financial Conduct Authority (FCA).

Our recommended platform is eToro, which is registered with the FCA in the UK. eToro offers access to over 70 cryptocurrencies and accepts GBP deposits from Wise via bank transfer, Faster Payments, or debit card payments.

Follow these straightforward steps to buy Bitcoin using Wise and eToro:

1. Create an Account: Head to the eToro website, set up your account, and complete the required Know Your Customer (KYC) checks.
2. Fund Your Account: Log into eToro, select "Deposit Funds" and transfer GBP directly from your Wise account.
3. Find Bitcoin: Type "Bitcoin" or "BTC" into the search bar, then click the ‘Trade’ option.
4. Place Your Order: Input the GBP amount you’d like to invest in Bitcoin, double-check the details, and confirm your transaction.

Wise Bank’s Policy on Crypto Transactions

Wise maintains a clear stance regarding cryptocurrency transactions, adhering strictly to its Acceptable Use Policy. Transactions involving sending money directly to unregulated crypto exchanges (such as Coinbase or Binance), crypto wallets, or individuals for the purpose of acquiring digital currencies are explicitly prohibited.

However, there are certain exceptions permitted by Wise, including transfers to and from trading platforms registered with the Financial Conduct Authority (FCA), receiving salary payments from companies involved in cryptocurrency activities, or compensation for professional services provided to cryptocurrency businesses.

Wise cards have a slightly different policy, allowing lawful transactions to cryptocurrency platforms as long as these are supported in the user's card region. Users should be aware that Wise may reject payments or close accounts that breach its crypto transaction policies.

Crypto Trading Fees

Wise clients considering crypto purchases through exchanges should clearly understand the associated fees before initiating any transactions. Below is a concise overview of eToro’s fee structure:

• Trading Fees: eToro charges a flat 1% fee on every crypto trade. This charge is integrated into the quoted purchase or sale price, eliminating unexpected surprises.
• Market Spread: While eToro doesn’t impose extra spread fees, users should remain mindful of market spreads, reflecting the price gap between buying and selling rates.
• Withdrawal Fees: Users withdrawing funds from eToro back to Wise accounts in GBP or EUR incur no withdrawal charges.

eToro’s transparent pricing allows Wise account holders to confidently engage in crypto transactions without hidden fees or confusing charges.

Best GBP Deposit Methods for Wise

While Wise prohibits direct cryptocurrency purchases using funds held in its accounts, customers can instead use their Wise debit cards to deposit GBP onto the eToro platform. Below are GBP funding options for Wise customers investing through eToro:

• Debit Card (Visa or MasterCard): Wise cardholders can instantly fund their eToro accounts using their debit card. Transactions made this way are credited immediately, supporting payments up to £30,000 per deposit.
• Transfers via Alternative Accounts: Though Wise restricts direct transfers to exchanges, users can send GBP from Wise to an alternative personal bank account first, then deposit these funds into eToro via transfers or the Faster Payments.
• eToro Money Wallet: Investors aiming for substantial crypto transactions may opt for eToro Money, which can accept larger deposits of up to £400,000 per transfer.

When cashing out, Wise users can conveniently withdraw GBP from eToro to their alternative bank account via Faster Payments, without any withdrawal fees, and transfer funds back to Wise.

What is Wise Bank?

Wise, formerly known as TransferWise, is a London-based financial technology company founded in 2011 by Taavet Hinrikus and Kristo Käärmann. The company specialises in facilitating international money transfers and offers multi-currency accounts, enabling users to hold and manage funds in over 40 currencies. 

Wise provides transparent, low-cost services by using real exchange rates and charging clear fees. The platform serves over 12 million customers globally, including individuals, freelancers, and businesses, and processes approximately £145 billion in cross-border transactions annually.

Conclusion

Although Wise itself doesn't offer cryptocurrency trading services, its flexibility in transferring GBP to FCA-registered platforms like eToro provides a practical pathway for investing in digital assets. 

Understanding Wise's crypto transaction policies, carefully selecting deposit methods, and clearly grasping trading fees will help ensure a smooth investment experience.