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 crypto exchange. However, that doesn’t mean you can’t use your Lloyds 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 Lloyds Bank
As stated above, just like with the vast majority of UK banks, you can’t buy crypto with Lloyds 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 crypto exchange.
However, luckily for us, there are plenty of cryptocurrency exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a crypto exchange
While there are a lot of crypto 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 Lloyds Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy crypto
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 Lloyds Bank
Lloyds Bank plc (British retail and commercial bank) has branches throughout England and Wales. It has been one of the "Big Four” clearing banks. Lloyds Bank is Britain's largest retail banking institution. It has branches and ATMs across the UK and Wales. Customers can also be served by Bank of Scotland branches in Scotland and Halifax branches in Northern Ireland. The bank offers 24/7 online and telephone banking services. It has 16 million customers, small businesses and other accounts.
It was established in Birmingham in 1765. During the nineteenth and twenty-century, it expanded and bought over several smaller banks. It merged in 1995 with Trustee Savings Bank. Between 1999 and 2013, it traded as Lloyds TSB Bank plc. It was made the principal subsidiary by Lloyds Banking Group when it acquired HBOS from the former Lloyds TSB Group. It has its London headquarters and offices in Wales, Scotland. It also owns a number office buildings, brand headquarters, and data centers in Birmingham, Yorkshire, including Leeds, Sheffield and Halifax.
Lloyds Bank was founded in 1765 by John Taylor, a buttonmaker, and Sampson Lloyd (a Quaker iron dealer and producer), who set up a private bank business in Dale End. In 1864, Oldbury, six miles (10km) west from Birmingham, opened the first branch office.
Taylors and Lloyds used the beehive symbol to represent industry and hardwork. Humphrey Stokes, a 1677 merchant, adopted the black horse as his shop sign. Stokes was a goldsmith, "keeper of the continuing cashes" (an early term that refers to a banker), and the business was taken over by Barnett, Hoares & Co. The bank continued trading even after Lloyds took it over in 1884.
Cunliffe and Brooks in 1900 were just a few of the many mergers that took place. Lloyds was one of the four "Big Four" clearing banks in Britain. Lloyds Bank had over 50 takeovers. One of them was Fox, Fowler and Company from Wellington, Somerset. Today, the Bank of England is the only banknote issuer in England and Wales. SGH Martineau LLP was established by the company in 2011.