How to buy crypto? My bank does not allow it

Messiah9

Hello,

I bank with HSBC and they have recently announced that money from HSBC accounts cannot be used to purchase crypto currencies.

I cannot open a new bank account because there's an issue with a default added by Vodafone on my credit report (more details on this in another thread). Unfortunately, due to an error of Vodafone, now my credit report has a default and applications to open an account in new banks get rejected.

So with HSBC bank, is there any way at all I can purchase crypto currencies?

It is the only bank account I hold in UK. I do not want to take a risk of investing money in crypto currencies using it because they might limit or freeze it.

I already own crypto currencies and have many years of experience in it. The initial crypto currency investment was due to mining since I used to mine them.

prowla

Are you saying that you can't transfer money from your bank to a crypto exchange (eg. binance)?

ThisnotThat

Where did you hear that HSBC were banning the purchase of crypto?

The only thing I can find is from May 24th where they say they won't be offering a crypto trading desk to their customers, not that customers couldn't buy it at all from anyone.

Adyinvestment

eToro might be an answer for you, they are an FCA regulated stockbroker that also have Crypto.

HSBC shouldn't have a problem with them. 

wegptrem

Hello there

Have you considered pre-paid card ?

Or Person to Person trading, perhaps?  Paxful, for example, has been around for 6 or 7 years now and has a good reputation.  

Because you are buying from individuals, Paxful allows you shop around for the best rate and to buy bitcoin using bank transfer, but also with CashU, Paypal, Western Union and various gift cards.

Fee is 1% for sellers, buyer have no fees.

There are others you could use for p2p trading - Paxful is just an example.

Suggest you try googling 'how to buy bitcoin without a bank account' for other ideas.

Good luck

Messiah9

prowla said:

Are you saying that you can't transfer money from your bank to a crypto exchange (eg. binance)?

I haven't tried that but I heard some recent concerns about Binance's operations in UK.

I just purchased some crypto with my HSBC debit card on Binance using their "Buy with card" option. It charged me a 2 GBP fee on a 100 GBP purchase.

Are there any disadvantages of purchasing crypto on Binance with debit card?

[Deleted User]

If you have Revolut, you can top up and buy some crypto on the platform. It may be limited to which ones you can buy, and currently you cannot access a wallet but this will change in the future. 

Messiah9

[Deleted User] said:

If you have Revolut, you can top up and buy some crypto on the platform. It may be limited to which ones you can buy, and currently you cannot access a wallet but this will change in the future. 

thank you, good suggestion. I might give Etoro and Revolut a try in future.

Hexane

wow... the way this is going... can I buy cryptocurrencies using a goHenry account?

Type_45

You can buy crypto on Coinbase using a PayPal account.

[Deleted User]

If Vodafone made an error, why didn't you complain to them and then onto the regulator to ask the default to be removed as you were advised on the last post you made? One default particularly old from a couple of years ago shouldn't stop you getting another bank account