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 Starling Bank account to buy crypto.
All you need is a reliable and trusted crypto 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.
How to buy crypto or bitcoin with Starling Bank
As stated above, just like with the vast majority of UK banks, you can’t buy crypto with Starling 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 cryptocurrency trading platforms that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a crypto trading platform
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 Starling 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 Starling Bank
Starling Bank is a digital bank that challenges the status quo. The bank is located in the United Kingdom and focuses on current as well as business account products. Starling Bank is a licensed, regulated bank headquartered in London. It was established by Anne Boden (ex-COO of Allied Irish Banks) in January 2014. The bank has received over PS500m in financing since its founding. In July 2016, the Prudential Regulation Authority (or the Financial Conduct Authority) granted the company its banking licence.
Anne Boden was the founder of Starling, which she founded in 2014. In 2016, they raised PS48 millions. Starling secured PS75m funding from Merian Global Investors. The company also announced the funding of PS100m by the Capability and Innovation Fund the following week. In March 2017, Starling launched its beta. Starling opened business accounts in March 2018. Starling also launched personal Euro accounts for UK residents in February 2019. Starling customers initially had the option to make free conversions between their Starling Euro and GBP accounts. However, in September 2019, the bank implemented a 0.4% conversion charge.
Anne Boden, founder of the bank, stated in December 2017 the intention to apply for RBS Remedies Fund.
Some of the services offered by the bank have been made available to other companies through partnerships. Starling began using TransferWise for international payments in March 2017. Starling joined forces with the Post Office in November 2018 for Starling account holders to deposit funds and withdraw them at any Post Office branch.