Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency trading platform. However, that doesn’t mean you can’t use your HSBC Bank account to buy crypto.
All you need is a reliable and trusted cryptocurrency exchange. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with HSBC Bank
As stated above, just like with the vast majority of UK banks, you can’t buy crypto with HSBC Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a cryptocurrency trading platform.
However, there are many crypto exchanges that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a crypto exchange
While there are a lot of cryptocurrency trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your HSBC Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About HSBC Bank
HSBC Holdings plc (British multinational universal bank) is a financial services holding company. It is second in Europe after BNP Paribas and has total equity of US$206.777billion and assets at US$2.958billion as of December 2021. HSBC had $10.8 billion in assets under custody (AUC), $4.9 trillion assets under administration (AUA) respectively in 2021. HSBC can trace its roots to a hong in British Hong Kong. Its current form was established by the Hongkong & Shanghai Banking Corporation in London in 1991 to act in a new group holding corporation. Its name is derived from the initials of that company. In Shanghai, branches of the Hongkong Banking Corporation and Shanghai Banking Corporation were opened in 1865. The first formal incorporation was in 1866.
HSBC has 64 offices and territories in Africa, Asia and Oceania. These serve around 40,000,000 customers. As of 2020, it was the sixth-largest global bank by market capitalization and total assets. Forbes magazine compiled a measure that HSBC ranked as the 40th-largest publicly traded company in the world.
HSBC is divided into three business groups: Global Banking and Markets (Commercial Banking), Wealth and Personal Banking (Wall Street Banking and Markets), and Global Banking and Markets (Global Banking and Markets). In 2020, the bank declared that it would merge its Retail Banking & Wealth Management unit with Global Private Banking to form Wealth & Personal Banking.
HSBC has a dual listing on the Hong Kong Stock Exchange, London Stock Exchange, and is a component of the Hang Seng Index as well as the FTSE 100 Index. It has secondary listings at the New York Stock Exchange as well as the Bermuda Stock Exchange.
HSBC organises customer-facing activities into three business groups: Global Banking and Markets; Commercial Banking (CMB); Wealth and Personal Banking, (WPB).