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Faster Payments is a popular method of payment for citizens of the United Kingdom and surrounding islands for sending and receiving money in their bank account.

In this guide, we are covering the best ways you can buy bitcoin directly using Faster Payments.

Best Trading Platform

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Etoro

The World’s Leading Social Trading And Investment Platform For Cryptocurrency

75% of retail investor accounts lose money

Best Bitcoin Exchange

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CEX.IO

The Easiest And Most Secure Platform To Buy & Trade Cryptocurrency

 

Best Bitcoin App

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Coinbase

The World’s Leading Cryptocurrency Exchange Trusted By Over 30 Million Users

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Last Update May 26th, 2020. The Faster Payments Service is exclusive to citizens of the United Kingdom in part of an initiative to reduce payment times for banking institutions and customer accounts.

Faster Payments are a popular method of payment for buying and selling bitcoin and cryptocurrencies.

If you are buying or trading bitcoin in high volumes with Faster Payments our recommendation is to use Etoro or CEX.IO for your trading needs.

Where To Buy Bitcoin With Faster Payments Service

 
Company
Fees
Countries Supported
Etoro Icon Resized
Etoro

Free, $5 withdrawal feeWorldwide
CEX IO Icon Resized
CEX.IO

FreeWorldwide
Coinbase Icon Resized
Coinbase


Free102 countries (see full list)
Kraken Bitcoin Exchange Icon Resized
Kraken


FreeWorldwide
Wirex Icon Resized
Wirex


FreeWorldwide

How Can I Buy Bitcoin With Faster Payments?

If you want to buy bitcoin using Faster Payments Service then you have to find a reputable exchange or marketplace that will let you do it.

How To Buy Bitcoin With Faster Payments On Etoro Summary

  1. Create an account with Etoro.
  2. Verify your account.
  3. Connect your bank account and fund your trading portfolio.
  4. Go to ‘Bitcoin’ and select the amount you want to buy.
  5. Bitcoins are added to your Etoro portfolio.

That’s it! You have successfully purchased bitcoin with Faster Payments as the payment method.

6 Ways To Buy Bitcoin With Faster Payments Service

Etoro

Etoro Crypto Trading Homepage

Rating:

Website:etoro.com
CEO:Yoni Assia
Headquarters:London, United Kingdom
Founders:David Ring, Ronen Assia, Yoni Assia
Founded:2007
Customer service:Knowledge Base

Etoro is a multi-asset platform that offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Since 2007, Etoro has been democratizing traditional money management in order to open the financial markets to everyone, everywhere.

Deposits may be made via online bank transfer, wire transfer, bank card or e-wallet (Skrill, Neteller, or PayPal) and the minimum deposit amount is $50. Customers may withdraw funds from their Etoro account at any time, and without fees from the platform (though charges from your bank may apply).

Etoro accepts deposits in USD, EUR, GBP, JPY, AUD, RUB, CNH, and CAD.

Pros

  • Diverse selection of markets
  • Excellent reputation
  • User-friendly interface
  • Great customer support
  • Low fees

Cons

  • Bitcoins can only be withdrawn in the form of fiat currency

Disclaimer: 75% of retail investor accounts lose money when trading CFDs


ReputationFeesPrivacyLimits
ExcellentLowHighHigh

Coinbase

Coinbase Homepage

Rating:

Website:coinbase.com
CEO:Brian Armstrong
Headquarters:San Francisco, California
Founders:Brian Armstrong, Fred Ehrsam
Founded:2012
Customer service:Knowledge Base
More information:Read Review

Coinbase is the dominant U.S. cryptocurrency exchange that is known, used and trusted by millions of customers worldwide. The world-class user interface is both colorful and accessible and there is even a mobile app available for Android and iOS.

Coinbase accepts deposits in USD, EUR, GBP, CAN, AUS, and SGD.

Pros

  • Established reputation
  • User-friendly interface
  • High liquidity
  • Large purchasing limits
  • Strong security

Cons

  • Support takes time to respond
  • Slow bank transfers

ReputationFeesPrivacyLimits
ExcellentLowHighHigh

Kraken

Kraken Homepage

Rating:

Website:kraken.com
CEO:Jesse Powell
Headquarters:San Francisco, California
Founders:Jesse Powell
Founded:2011
Customer service:Knowledge Base

Kraken is the world's largest Bitcoin exchange in terms of both total volume and liquidity and accepts almost every type of bank or wire transfer as a funding method.

Kraken Pro provides individual investors with real-time trading and charting tools.

Kraken accepts deposits in USD, EUR, CAD, GBP, JPY, and CHF.

Pros

  • Respectable reputation
  • Global support
  • Reliable customer support
  • Tiered verification
  • Affordable fees

Cons

  • Few payment methods
  • Sophisticated UI

ReputationFeesPrivacyLimits
ExcellentLowHighHigh

Wirex

Wirex App Homepage

Rating:

Website:wirexapp.com
CEO:Pavel Matveev
Headquarters:London, United Kingdom
Founders:Dmitry Lazarichev, Pavel Matveev
Founded:2014
Customer service:Knowledge Base

Wirex is a debit card that automatically converts multiple crypto and fiat currencies at the point of sale, letting you seamlessly spend money from your Wirex account in real life, anytime, anywhere.

Once you add money to your Wirex account you can exchange between any of the currencies in-app or online, instantly.

Wirex accepts deposits in AUD, CAD, EUR, CHF, CZK, GBP, HKD, JPY, MXN, SGD, and USD.

Pros

  • Multiple funding methods
  • Ability to purchase bitcoin at market rate
  • Wallet and exchange

Cons

  • The initial lag time
  • Not supported in all countries

ReputationFeesPrivacyLimits
GreatLowHighHigh

Coinmama

Coinmama Homepage

Rating

Website:coinmama.com
CEO:Asaph Schulman
Headquarters:Israel
Founders:Asaph Schulman, Nimrod Gruber, Martin Koelbaek, Guy Ben-Yossef, Yaki Oliel
Founded:2013
Customer service:Knowledge Base
More information:Read Review

Coinmama specializes in selling Bitcoin and cryptocurrencies instantly with a credit card, or with bank transfer and is one of the most popular exchanges in the world.

Coinmama accepts all currencies, in particular, USD, EUR, GBP, CAD, AUD, and JPY.

Pros

  • Available worldwide
  • High purchasing limits
  • Dependable and trustworthy
  • Excellent leadership and customer support
  • Fast and secure transactions

Cons

  • High fees when purchasing with a credit card or debit card
  • Delay in processing time

ReputationFeesPrivacyLimits
ExcellentLowHighHigh

What Are Faster Payments?

The Faster Payments Service is a banking initiative in the United Kingdom to reduce payment times for banking institutions for speed, convenience, and security.

How Faster Payments Work

How Faster Payments Work Infographic

How Long Does A Faster Payment Take?

Faster Payments usually arrive within the recipients account instantly, and can sometimes take up to 2 hours to fully process.