If you are new to Cryptocurrencies or simply want to cut your investment costs then this article is for you - I only wish I had known about this six months ago when I got into Cryptos!

Two of the fustrations I have as a UK citizen with only a GBP (£) bank account are:

1. How high the commision rates are (from 4% to 20%!) if I want to pay using GBP

The main sites like Bittylicious, Cryptomate and Coinbase all accept GBP but the lowest commision is 4%!

1. Exchanges offering lower rates require you to have a EURO or USD bank account

With Bitstamp you can buy bitcoin for 0.25% commission only if you have a EURO or USD bank acccount.

Both of the above really restrict your ability to take advantage of buying Cryptos cheaply. Of course you could open a Euro or USD bank account with any mainstream UK bank but you would be forced to pay a monthly charge ranging anywhere from £7-£12 per month.

Another option might be that you have a friend living in the US or EU that has a USD/EURO account so you can transfer funds to their account and get them to buy the cryptos for you. Apart from being a messy option, you still have to pay an exchange fee to convert GBP to EUROS/USD.

Use Revolut to create a USD/EURO account for free

I am about to go on a 12 month trip to South America so bought a Revolut GBP debit card for £5 which enables me to spend in 120 alternative currencies direct from the card...what I didnt realise until I started playing with the Revolut app on my phone is that I can also setup USD and EURO accounts inside Revolut for free!!

Once you have your Revolut card and have setup the app, hit the ACCOUNTS button and create a USD or EURO bank account with no charge!

Buy Cryptos at Bitstamp using your Revolut USD/EURO bank account

Now you have your own USD or EURO bank account, you can transfer the money you wish to invest in Cryptos from your regular UK bank account to your Revolut GBP account, then exchange it into your EURO/USD Revolut account and finally use this account to send money to your USD or EURO account at Bitstamp!

The exchange rate is exactly the same if you were to search for it online or go to your bank to exchange the currencies!

The only restriction Revolut have is that you are limited to a maximum of £5000 per month in fee-free currency exchanges (1 BTC per month at the time of writing). Anything over this amount is charged at 0.5%

How long does it take?

The Revolut to Bitstamp part is instant but you should allow approximately 1-3 days for money to land in your Bitstamp account (although it only took one day for my funds to transfer.

What Cryptocurrencies can you buy at Bitstamp?

Currently you can only buy Bitcoin, Litecoin, Etherium and Ripple.

A cheap way to buy Cryptocurrencies using Revolut

I feel a the moment using Revolut in conjunction with Bitstamp is the cheapest way of buying cryptos if you only have a GBP bank account. Do let me know if you have any questions about this process and happy investing!

Need more help with Cryptocurrencies?

My name is Carl the “Crypto Hound”, a Cryptocurrency and Blockchain consultant.
I love helping you manage your cryptocurrency portfolio easily and training you how to use crypto wallets securely. If you need assistance do get in touch.

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[email protected] | +447919 562 418 | www.cryptohound.me