How to buy crypto (Bitcoin) at Lloyds Bank?
Unfortunately, it is still not possible to buy Bitcoin and other crypto directly from Lloyds Bank. However, the bank is sympathetic to crypto, allowing you to buy Bitcoin & Ethereum from a crypto exchange without any problems. In this article, you will learn how to buy crypto directly from Lloyds Bank.
How to buy crypto at Lloyds Bank?
Step 1: open an account with a crypto exchange
You need an account with a crypto exchange to buy Bitcoin with your Lloyds Bank bank account. See below which parties you can invest in crypto with your Lloyds Bank account:
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Step 2: go through the registration steps
Registering an account with a crypto exchange is often easy; you only need to fill in an e-mail address and password. To activate your account next, you often need to confirm your identity. You do this by uploading a copy of your passport.
Step 3: deposit money into your account
After your account is activated, you can deposit money into your account using your Lloyds Bank account. It is important that the crypto account is in the same name as your Lloyds Bank account.
Step 4: buy crypto with Lloyds Bank
Now it’s time to buy your first crypto with your Lloyds Bank account! To do this, navigate to a crypto such as Bitcoin or Ethereum within the crypto exchange. You then enter the amount you want to buy the crypto in question for. Investing in crypto is possible from small amounts: Bitcoin can in fact be divided into smaller pieces.
After you send the order to the exchange, it can take up to several minutes before it is actually executed. Patience is therefore a virtue!
Step 5: secure your account
Crypto has gotten a bad name recently due to the many hacks and bankruptcies of crypto exchanges. The saying not your key, not your crypto therefore applies. If you leave your crypto on an exchange, you run the risk of losing all your crypto. It may therefore be wise to send your Bitcoin to an external wallet over which you have full control: I personally use Trust Wallet for this purpose.
Step 6: sell crypto
When you want to sell your crypto, you can do so quickly via the crypto exchange. Select the crypto you own and press the sell button. You can then have the money transferred back to your bank account at Lloyds Bank.
What is Lloyds Bank’s stance on crypto?
Like this website, Lloyd Bank also says that buying crypto through an exchange is a good way to invest in crypto. The bank warns at the end of the article that you should research the method carefully to avoid losing a lot of money. If you send crypto to an external wallet, but enter the address incorrectly, you could lose all the crypto. In another article, they also warn about crypto crashes: not unwise, since Bitcoin is hugely volatile.
Yet the bank is also very interested in crypto: in 2021, for example, they hired a digital curreny and innovation senior manager to explore investment opportunities. The bank has also launched an insurance policy to protect users against theft of cryptocurrencies from a remote wallet.
In any case, it is good news that Lloyd Bank is more positive about crypto then before. Indeed, a few years ago they blocked deposits and withdrawals to crypto exchanges. When you use a reliable crypto exchange, this is no longer the case.
Tip: spread your investments
It is unwise to invest all your money in crypto. Invest a small portion of your money in crypto and also look for other assets. Cryptos are very risky & volatile and you can easily lose a large portion of your assets. Moreover, by getting in at different times, you reduce the chances of investing all your money at the top.
About Lloyd Bank
Lloyd Bank is a UK retail & commercial bank with branches in both England and Wales. The bank is traditionally part of the big four making it one of the largest UK banks. Today, Lloyd Bank is part of the Bank of Scotland and owns Halifax.
Lloyd Bank was founded in 1765, making it one of the oldest banks in the world. Over several centuries, the bank took over smaller and smaller banks, making it the institution we know today.
Can you buy Bitcoin from Lloyd Bank?
You cannot buy Bitcoin & Ethereum directly at Lloyd Bank. However, by following the steps in this article, you can still buy the most popular crypto without any problems. This is because crypto exchanges are not banned by Lloyd Bank, so you can easily link it to a bank account.