How to buy Bitcoin & Ethereum at Halifax Bank?
Want to invest in crypto with your bank account at Halifax Bank? You can! By following the steps in this guide, you can instantly buy Bitcoin, Ethereum and other crypto with your bank account at Halifax Bank.
How to buy crypto at Halifax Bank?
Step 1: open an account with a crypto exchange
Halifax Bank itself is not very excited when it comes to crypto. However, by opening an account with a reliable exchange, you can still invest in crypto like Bitcoin or Ethereum with your Halifax Bank account without any problems. The table below shows you directly which providers you can go to with your Halifax Bank account:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Halifax Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Step 2: deposit money into your account
After you open an account, you can deposit funds from your Halifax Bank to your crypto exchange account. Before this is possible, you often have to upload a copy of your passport. This way, the crypto exchange can verify that you are not using the account to launder money.
Depositing money from your Halifax Bank account to your eToro account can be done either by bank transfer or credit card. Note that crypto exchanges sometimes charge extra fees for depositing money in foreign currencies. If you use a credit card, you often pay extra transaction fees as well.
Step 3: Buying Bitcoin with Halifax bank
Now that you have an account with a crypto exchange with money, you can start trading. Select the crypto you want to buy and enter the amount you want to invest. Then press buy to send the order to the exchange.
The transaction fees you pay can differ depending on the crypto exchange you use. The cost of buying and selling crypto is often higher than the cost of buying and selling shares. Still, it is often more advantageous to buy crypto through an exchange than through an ETF, as you do not pay service fees for holding crypto.
Additional tip to safely invest in crypto with Halifax Bank
When you buy crypto through Halifax Bank on an exchange, you still run the risk of the crypto exchange going bankrupt. The crypto market is not yet highly regulated, which means that if a crypto exchange goes bankrupt, you could lose your entire deposit.
You can solve this by using an external wallet. After you buy crypto, you can send the crypto to the wallet. An external wallet is 100% decentralised, so other parties cannot get hold of your crypto. When you invest large amounts in crypto, it may therefore be wise to use one or more wallets.
About Halifax Bank
Halifax is a brand that is part of the Bank of Scotland (which in turn is part of the Lloyd Banking Group). The bank was named after Halifax where the bank was founded in 1853.
You can turn to Halifax Bank for a variety of services: think savings accounts, credit cards, insurance and mortgages.
Although Halifax Bank does not yet allow you to directly invest in crypto yourself, you can use the credit card or checking account to make deposits to reliable crypto exchanges. Halifax Bank does not block transfers to reliable exchanges.
Can you buy crypto at Halifax Bank?
Halifax does not currently offer crypto on its investment platform. Fortunately, you can use your bank account or credit card to buy crypto such as Bitcoin or Ethereum on an exchange. Earlier in this article, I listed which exchanges you can buy an account from to open a position immediately. However, never forget; crypto is volatile and you can lose your entire deposit.