How To Buy Crypto with Metro Bank

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

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 exchange. However, that doesn’t mean you can’t use your Metro Bank account to buy crypto.

All you need is a reliable and trusted cryptocurrency trading platform. 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.

Buy Crypto with eToro

How to buy crypto or bitcoin with Metro Bank

As stated above, just like with the vast majority of UK banks, you can’t buy crypto with Metro 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, there are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.

1. Choose a crypto trading platform

While there are a lot of cryptocurrency exchanges, 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!

etoro crypto

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.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your Metro 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!

Buy Crypto with eToro

 

 

About Metro Bank

Metro Bank plc is an American retail and commercial bank that operates in the United Kingdom. It was founded by Vernon Hill and Anthony Thomson in 2010. It was the first bank of its kind to be launched in the UK in more than 150 years. It is listed at the London Stock Exchange.

Metro Bank experienced rapid growth and then faced financial difficulties in early 2019. This was after it discovered an error in its classification of commercial loans. The bank had to raise additional capital of PS350m. Due to concerns over the announcement and bank's ability of raising capital, the share price fell by 75% within four months. Large depositors with large deposits also pulled cash due to "adverse opinion".

On 5 March 2010, Metro Bank received its licence from the Financial Services Authority. This is the first license granted to a high street bank for more than 150 years. It was planning to open between 200-250 branches across Greater London in the first ten years after its establishment. It opened its first branch in Holborn (central London) on 29th July 2010. Fidelity, Steven A. Cohen from hedge fund SAC Capital Advisors and New York realty investors the LeFraks and David Reubens contributed $200 million to the bank's 2012 funding.

Metro Bank provides banking services for both business and personal customers. It is licensed by the Prudential Regulation Authority. It is also regulated by both Financial Conduct Authority (FCA) and Prudential Regulation Authority.

Metro Bank acquired SME Finance by Metro Bank in August 2013 and rebranded it as Metro Bank SME Finance (May 2014).

Metro Bank announced in August 2020 that it would acquire Retail Money Market Ltd., a London-based provider peer-to-peer loans trading under RateSetter. Based on the company's performance over three years, the price range would be between PS2.5m and PS12m. The purchase was subjected to regulatory approval and the consent of Retail Money Market Ltd shareholders. It was expected to close in the fourth-quarter of 2020. Metro Bank would keep RateSetter's brand and operations. However, new unsecured personal borrowing would be funded from the bank’s deposits and not via peer-to–peer. Metro Bank purchased RateSetter’s entire portfolio of loans in February 2021. It was valued at PS384m.

Metro Bank closed the PS3.04 Billion sale to NatWest of its residential mortgage portfolio in February 2021. The deal was reached in December 2020.

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