Which crypto wallet is best for the UK....and which bank to support it?

Posted by No-Original5019@reddit | AskUK | View on Reddit | 23 comments

Hi. Over the last year, I had to change my crypto wallet 3 times due mainly to being unable to deposit money into it from my bank. Currently I am using Trust wallet and when trying to deposit money in it yesterday, I now have to answer multiple choice questions before the payment platform (Ramp, MoonPay, etc) will even allow me to make the transaction. I've been using HSBC for about 5 years now and they are good for my day to day banking and sending money overseas. However, when it comes to depositing into crypto wallets, it's hit and miss. So I'd appreciate some recommendations on which crypto wallet(s) and bank(s) work best together...and the simpler the better.... Thanks

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caractacusbritannica@reddit

There is a reason UK banks avoid crypto.

It’s riddled with scams, crime and crypto is basically directly linked to a new market in people trafficking. You’re basically support the destruction of the environment and sex trafficking. Take the hint. Get out of it. If the morale element doesn’t convince you, then do so you don’t your real money.

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hotfordonuts@reddit

its 'moral'

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caractacusbritannica@reddit

It is “it’s”.

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hotfordonuts@reddit

Got me there dummy

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afungalmirror@reddit

The reason banks avoid "crypto" is because Bitcoin is going to make them obsolete. You're doing much more harm by keeping your money in banks (who get up to all kinds of doggy shit) than a crypto wallet. With the caveat that the only cryptocurrency you should use is Bitcoin, obviously.

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ShiveryBite@reddit

The reason banks avoid "crypto" is because Bitcoin is going to make them obsolete.

Any day now!

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CaptainPedge@reddit

And 2024 will be the year of linux gaming!

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Throwaway91847817@reddit

Be honest, which scam did you buy into? Dogecoin?

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afungalmirror@reddit

Nope.

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Jonography@reddit

Are you going to take a leaf out of your own book and close down your bank account in that case? I mean, it's the moral thing to do.

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caractacusbritannica@reddit

Errors and mistakes are paid at banks. Fines and imprisonment are almost routine. Many things are missed. Banking is often abused to support the causing of harm. The regulation is already high, and getting higher. It’s been stamped out, too slowly, but it is getting there.

For crypto though, it is a feature. Rather than stamping it out they find new ways of doing it.

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Classic-Plastic1657@reddit

im just going through this. I have an exodus wallet. Revolut wont let me transfer to it. Kraken was letting me but ive just been kicked off and banned for security?, never to be allowed back. I assume it was because i transfer my crypto to my exodus wallet, but they refuse to explain. Cant use moonpay ramp etc, RBS wont let me.

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Fukthisite@reddit

You want to use an exchange like coinbase, use a sterling or monzo account and not your main bank.

Then send your coins from coinbase to your trust wallet.

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TheRoadToGloryyy@reddit

Why sterling/monzo? What about Revolut?

I have Lloyds account and Binance but Binance dont let you transfer to GBP fiat anymore to then send to your UK bank account, so I am now sitting on some USDT I'd like to transfer into GBP to put into my UK savings account... Any advice?

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Repulsive_Dance_6673@reddit

Kraken seems to be the most user friendly central exchange for UK deposits. But they all have the multiple choice questions now, that’s new regulations. I’d then suggest moving coins to self custody with an appropriate hardware wallet.

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scenecunt@reddit

Wallets: Ledger or Trezor are both fairly decent offline wallets.

Bank: Monzo and Starling are both crypto "friendly", although they do block any dodgy exchanges.

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No-Original5019@reddit (OP)

Thanks. Would you recommend any online wallets? Any opinion on Revolut? Would they be crypto friendly? Much appreciated

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scenecunt@reddit

I can't really recommend any online wallets as I don't really use them. I did use metamask a while ago, but I only kept a small amount on there, maybe less than £10, for micro-transactions. Metamask seemed to be okay and integrated nicely into the browser.

I think you can use Revolut for crypto, but pretty sure it's a "walled garden", in that you can buy and sell on their exchange but cannot withdraw to your own personal wallet for spending.

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No-Original5019@reddit (OP)

Thanks for your response. Your time is appreciated. I'm doing more research, buy Monzo does look like the better option, thank you for the advice. Online wallets are difficult. The UK doesn't make easy.

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