How to buy crypto at First Direct Bank?
You might be wondering if you can buy crypto like Bitcoin or Ethereum at First Direct Bank. At the time of writing, it is not possible to invest in crypto at First Direct Bank. However, you can use your account at this bank to buy crypto directly & without hassle at an exchange. In this article, I explain how this works!
How to buy crypto at First Direct Bank?
Opening an account with a crypto exchange
If you want to buy Bitcoin or other crypto using your account with First Direct Bank, you must first open an account with a crypto exchange. It is important to choose a reliable party when investing in crypto:
| Brokers | Information | Register |
|---|---|---|
 | Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Firs Direct after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. |
After you open an account, you still need to go through verification steps. Most exchanges require you to upload a copy of your passport.
After going through verification, you can directly deposit funds from your First Direct Bank to the crypto exchange.
Buying Bitcoin & Ethereum at First Direct Bank
Now that you have opened a crypto account linked to First Direct Bank, you can start investing in Bitcoin & Ethereum right away! First, research which crypto you want to buy; there are thousands of altcoins these days, which can sometimes make it difficult to choose. Bitcoin is still the most popular choice among retail investors, although other cryptos are gaining ground.
Next, navigate to the crypto asset you want to buy and press the buy button. Within the order screen, you can then specify the amount you want to buy crypto for. It is also possible to use a limit order. You then set a price at which you would like to buy the crypto. You then buy the Bitcoin, for example, only when the price drops to $10,000.
After you send the order to the exchange, it can take up to a few minutes for the crypto to appear in your account. When you want to sell the crypto again, simply press the sell button: you can then transfer the money back to your account at First Direct Bank.
What is First Direct Bank’s stance on crypto?
First Direct Bank is not anti-crypt; therefore, you can feel free to deposit money at a reliable crypto exchange with your First Direct Bank account.
Even if you choose a reliable exchange, it is important to take precautions. Choose a strong password and activate 2FA to keep out hackers. It may also be wise to send your crypto to an external wallet, such as Trust Wallet.
What is First Direct Bank?
First Direct Bank is the retail banking arm of HSBC plc in the UK. The bank is relatively small with around 1.5 million customers in the UK. The bank received Moneywise’s most trusted provider award in 2019 and in 2020, the bank also scored well on customer service.
First Direct was founded in 1989 and was then one of the big four in the UK. In 1992, First Direct became part of HSBC, but the bank still operates under its own name.
Can you buy Bitcoin at First Direct Bank?
You cannot buy Bitcoin directly from First Direct Bank. As First Direct Bank is part of HSBC, this is not likely to happen either: in fact, HSBC bank is one of the banks with the most negative views on crypto.
However, if you link your bank account with First Direct Bank to a reliable crypto exchange, you will be able to buy crypto without any problems. At the beginning of this article, you can immediately see which crypto exchanges you can go to for buying & selling Bitcoins, Ethereum and other crypto!
