How to buy crypto with Barclays Bank (2023) – 3 simple steps
Want to buy crypto like Bitcoin & Ethereum with your Barclays online banking account or Barclaycard? Then you’ve come to the right place! With these three steps, you can buy your first crypto right away!
How can you buy Bitcoin & Ethereum at Barclays Bank?
Step 1: open an account with a reliable crypto exchange
Not every crypto exchange is equally reliable: it is therefore important to open an account with a reliable party. In this table, you can immediately see which parties I would personally recommend:
| Brokers | Information | Register |
|---|---|---|
 | Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Barclays Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. |
Step 2: activate account & deposit money
The biggest crypto exchanges require you to activate your account first. Crypto regulations are increasing; as a result, crypto exchanges must first confirm the identity of users. You do this by simply sending a copy of your passport.
After your account is approved, you can make your first deposit. At the best-known crypto exchanges, you can directly deposit money using your Barclays bank account or your Barclaycard.
Step 3: buy crypto at Barclays Bank
Next, select the crypto you want to invest in: this could be Bitcoin or Ethereum, for example. Within the crypto platform, you can then fill in the necessary details within the order screen. Think of the amount of crypto you want to buy and the maximum amount you are willing to pay. Then press buy to send the order to the crypto exchange.
It then takes a few seconds to minutes for the crypto to be purchased. You can then sell your crypto again at any time and have your money transferred back to your account at Barclays Bank.
Is Barclays Bank blocking crypto?
Barclays Bank does not block all transactions to crypto exchanges. However, it is important to open an account with an official crypto exchange within the UK. After the FCA announced that Binance was not regulated, the bank started blocking this crypto exchange.
The bank is not super positive about crypto, in this analysis they discuss all the drawbacks of investing in crypto. According to Barclays, crypto is not (yet) useful as a means of payment and crypto is also a risky investment. This is because crypto has much higher volatility than other assets and crypto also does not help enough with adding diversification within your portfolio. Nevertheless, Barclays cannot ignore it either and indicate that crypto will be a permanent thing.
Barclays Bank again warned about the risks of crypto currencies in 2023 after sharp declines due to several missteps. As a result, the bank does not believe Bitcoin and other crypto belong in a private investor’s investment portfolio. It will therefore be a long time before Barclays makes it possible for consumers to invest in crypto themselves at the bank.
Still, Barclays Bank itself is interested if crypto as a vehicle to make money. For example, they invested $2 billion in crypto company Copper. The bank clearly understands how crypto works: when many people are interested, there is money to be made despite the value of crypto as a product.
What is Barclays Bank?
Barclays Bank is a large, British multinational that operates in more than 40 countries. Within Europe, Barclays is the fifth largest bank and is best known as a fossil fuel investor.
As a consumer, one of the ways you can use Barclays Bank is to make payments through online banking. In the UK, many people also use the company’s credit card: the Barclaycard.
Is it safe to invest in Bitcoin at Barclays Bank?
I always get jitters when I read the word safe and Bitcoin in the same sentence. After all, investing in crypto is never really safe: due to its high volatility, you can quickly lose a large part of your investment. Moreover, there are hackers lurking around who regularly stealmlarge amounts of crypto. When investing in crypto, it is therefore important to pay attention.
Choosing a reliable exchange does increase your chances of being able to buy crypto via Barclays Bank without any problems. At the top of this article, you can see a list of crypto exchanges you can go to directly.
Can you invest in crypto at Barclays Bank?
You can invest in crypto with Barclays Bank in a roundabout way. You do this by opening an account with a reliable crypto exchange; you can then link this account to your Barclasy Bank account or Barclayscard.
