Bitcoin Friendly Banks in the UK (Updated List)
It has been the trend across the world that with bitcoin and other cryptocurrencies, many banks tend to sway away from the digital system of trading. In most cases, bitcoin has been barred from transacting, creating an image of fiat dominance.
In the UK, just like many places in the world, bitcoin has been linked to sheer fraud and massive money laundering. This is the major reason for the absence of digital trading across all the banks.
Even though it is the case, many banks have adopted bitcoin transactions, creating a chain of Bitcoin-friendly banks in the UK. Demand has reached maximum levels and the tag continues to rise because merchants create bitcoin accounts.
The major laying reasoning behind this sharp rise is to create a connected system between clients and businesses on the foundations of payments plans and processing.
Yes, we have mentioned that many merchants appreciate the digital movement but most are not really aware of the basic definition of crypto-friendly banks. What are they and what do they offer on the table? Let us shade more light on that.
What does a crypto-friendly bank mean?
These are financially based banking systems that grant clients and customers a chance to make payments and through a series of legit deposit and withdrawal actions of bitcoin a digital currency dominating the scene.
A crypto-friendly bank offers a lot of features and characteristics. One of the important characteristics is that it is perfectly linked with debit and credit cards meaning that customers can easily execute bitcoin transactions using these plastic money access tools.
Wire transfer of money is achieved through exchanges of cryptocurrency to various intertwined banking firms. You are also able to withdraw your cryptocurrency without a hustle.
Why should I look for a Bitcoin-friendly bank?
Lower fees are the best expectation. What does it entail in digital currency? When a client has initiated a transaction, they are awarded a lower fee for transferring cryptocurrency into fiat, if you transact a couple of times, you also gain a lot of these low fees.
The operation of lower fees is conducive, flexible, and beneficial to the client. There is that digital financial animal called Blockchain. It stands at the core of transacting. Its purpose is to lay a trading platform that has no middleman.
This is cheap to the clients who have to transact here and there. Bitcoin-friendly banks have fast transaction action and your lower fee benefit is granted once you fulfill a transaction.
Bitcoin-friendly banks have attached their digital operations with advanced and high-tech software packages that enable transacting globally. The cryptocurrency of bitcoin accounting has never been hacked and this has acted as a guarantee. The way of business has been revolutionized by instant transactions. Transactions can be made anywhere and prospective clients are guaranteed a hacking-free environment. Accountability of transactions is on the top of the list when it comes to transactional fulfillments.
Banks that allow the purchase of Bitcoin in the UK
In terms of reputable and long-lasting investment, Barclay’s holds are number one. It is a multi-national investment firm that has widened its reach to other continents like Africa and Australia.
Barclay’s has splendidly combined blockchain and traditional banking systems. Maximum crypto support and efficient helplines are open 24 hrs. Coinbase is the utmost partner of Barclay’s and customers can enjoy quick and fast access to digital transactions. Clients can play around with crypto assets and get used to the ever-fluctuating jingle of coinbase.
Hailing from London, Wirex has since widened its reach throughout the better part of Europe. It is a banking setup that has one of the most reputable and friendly banking systems.
Just like Barclay’s, Wirex recognizes the quality combination of both crypto financing and fiat. You can clearly come up with the best crypto-friendly account to pursue lucrative transactions.
Characteristics and features are broad enough to grant customers the privilege of choice. Different cryptos are on offer. Among this plethora of fantastic features, expect efficient debit and credit card operation.
A cashback amounting to 0.5% is awarded to an individual who fulfills a transaction. The 0.5% cut-off is granted in form of Bitcoin. Unlike many banks across the world, Wirex grants the user the ability to take charge of their bitcoin portfolio.
On top of this exciting feature, customers can also engage live exchange rates, how are they fluctuating, and how they are affecting trading proportions. Wirex is diverse in terms of crypto features, unlike many banks that are a bit narrow.
ClearBank, like what the name insinuates is clear when it comes to how crypto assets are traded off. ClearBank took up the initiative of engaging Coinbase which has been released by Barclays.
Let us look at its crypto features list.
As usual, uses debit and credit cards. Has fused traditional banking and cryptocurrency to come up with exceptional means of trading. Moves in line with FCA and PRA regulatory measures.
Is among the top four giants when it comes to baking across the plain of the UK. It has barred credit card operations at Halifax, MBNA, and Bank of Scotland.
Lloyds has gone through a crypto wave that has seen most clients having their accounts locked and subdued. Cryptocurrency operation is not very reputable as it has barred most of the available transacting options.
There is not much to talk about the traditional banking system but all there is to know is that it’s a fairly new kid on the block.
Just like Lloyds, it does not allow credit card performance. It disengaged with Coinbase due to its move of denying some of the basic transacting methods. It has not yet barred totally coinbase operations but it still continues to operate on low capacity.
Which banks are not friendly to Bitcoin?
There are some banks however that have cast a blind eye on cryptocurrency trading. They have poor trading capacities and they have actually barred totally from practicing crypto trading. Some of the banks include JPMorgan Chase, Nordea Bank, Danske Bank, Capital One, TD Bank, and Discover.
Do banks accept Bitcoin?
Yes, they are bitcoin-friendly banks that allow bitcoin. As has been mentioned in the article, cryptocurrency transactions engage market capitalization that allows clients to engage many bitcoin-friendly banks.
Why are banks afraid of Bitcoin and cryptocurrencies?
Yes, this question is common among the cryptocurrency community. Reports of fraud and money laundering are on top of the list. Fiat systems suffer from the competition of digital currencies. This results in clear sabotage of cryptocurrency. Some banks have acceded to the fact that crypto is biased.
Can I trust crypto-friendly banks?
Definitely! The banks are reliable and trustworthy, and most of them have been in the game for years. Because of that, they have a reputation to keep, which means that they work extra hard to ensure that users’ funds are safe and secure.
The basic trick when engaging cryptocurrency is to come up with the proper selection of a bank. Some banks have narrow crypto features and broad. The article has touched on some of the best features for some of the best banks across the UK. It is not all banks that allow bitcoin operation.
See also: Bitcoin friendly banks in the US