How to Buy Bitcoin with Wise

Key Takeaway: Wise doesn’t offer direct crypto trading, but you can still use it to transfer funds to regulated exchanges like Uphold and buy Bitcoin. Wise’s instant, fee-free transfers, combined with Uphold’s low fees, offer a cost-efficient way to purchase crypto.

Just be sure to stay updated on Wise’s crypto policies to keep your transactions compliant with local regulations.

How to Buy Bitcoin with Wise

Wise doesn’t offer direct cryptocurrency trading through their online banking platform and app. However, customers can easily transfer GBP, EUR, and other currencies from their Wise accounts to regulated UK crypto exchanges.

One of the top choices is Uphold, a London-based platform trusted by over 10 million investors. Uphold is FCA-registered and supports over 250 crypto assets, including Bitcoin, Ethereum, and Solana.

Here’s how to buy Bitcoin using Wise and Uphold:

1. Sign Up: Head to Uphold’s website, create an account, and complete the quick KYC verification process.
2. Deposit GBP: In Uphold’s ‘Funding’ section, select Wise as your transfer method to deposit GBP.
3. Select Bitcoin: Go to the Bitcoin trading section, ensuring your deposit currency is GBP.
4. Confirm Purchase: Enter the amount of Bitcoin you want to buy, review the transaction, and confirm your order.

Wise Bank’s Policy on Crypto Transactions

Wise has set clear guidelines for cryptocurrency-related transactions, ensuring compliance with new regulations in the UK and EU. Here’s a breakdown of Wise's current stance on crypto:

• No Direct Crypto Payments: Wise does not support direct transfers in or out of cryptocurrency wallets. Cryptocurrency deposits are not accepted.
• Deposits to Regulated Exchanges Only: You can send and receive fiat payments from crypto exchanges regulated by the Financial Conduct Authority or ESMA.
• No Binance Support: Wise does not facilitate deposits or withdrawals involving Binance. Other regulated platforms like Uphold are supported.
• Wise Account Requirement: To engage with crypto exchanges, you must set up a Wise account. Once verified, you can transfer fiat to certified exchanges like Uphold.

Keep in mind, Wise’s policy can change, so it’s important to stay updated and use exchanges that comply with these rules.

What are the Fees to Trade Crypto?

On popular retail exchanges like Coinbase, users can face over 2% in trading fees, with fiat deposits adding up to 0.49%. These costs can quickly reduce your returns, especially for frequent traders.

When funding your crypto exchange account with Wise, deposits made via FPS bank transfers are free and instant for GBP. For trading, exchanges like Uphold apply variable spreads. Major assets such as Bitcoin, Ethereum, and other altcoins typically have spreads over 1%, while stablecoins like USDT and USDC offer tighter spreads around 0.25%.

By leveraging Wise’s fee-free transfers and choosing exchanges with competitive spreads, you can cut down on fees and get more value from your crypto trades.

Best Deposit Methods for Wise

When funding your Uphold account via Wise, the top deposit method is using Faster Payments (FPS). It’s instant, free, and has no deposit limits. Here’s a quick breakdown of Uphold’s deposit options:

• FPS (Faster Payments): Free and instant, with no deposit limits.
• SEPA (Single Euro Payments Area): Free, but takes 1-3 business days, with no deposit limits.
• Debit/Credit Card, Apple Pay, Google Pay: Free and instant, with limits of £15,000 daily, £15,000 weekly, and £50,000 monthly.

For withdrawals, Uphold offers free bank transfers via FPS, making it a fast and cost-effective way to access your funds.

What is Wise Bank?

Wise (formerly TransferWise) is a global money platform offering low-cost international transfers and multi-currency accounts. Supporting over 40 currencies, it provides real exchange rates with no hidden fees. 

Trusted by millions and regulated by the FCA, Wise is known for its transparency, speed, and security, making it ideal for sending, spending, and receiving money worldwide.

Conclusion

Wise doesn’t directly offer crypto trading, but you can still use it to fund a trusted exchange like Uphold to buy Bitcoin. By using Wise’s free and fast bank transfers, and Uphold’s low spreads, you can cut costs and get more value on your Bitcoin purchases. 

Just stay on top of Wise’s policies to ensure your transfers stay compliant and in line with regional regulators like the Financial Conduct Authority.