Buy Bitcoin
$300
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$500
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$1,000
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How to Buy Bitcoin & Crypto with Faster Payments
This guide explains how Faster Payments works in the UK, how to buy Bitcoin on CEX.IO through Instant Buy, and how Faster Payments withdrawal on CEX.IO clears GBP to a UK bank account. CEX.IO has run since 2013 and serves over 15 million registered users globally across 300+ crypto markets.
What is Faster Payments?
Faster Payments Service (FPS) is a UK payment scheme launched in 2008. It moves GBP between participating bank accounts within seconds, 24 hours a day, every day of the year. The system supports payments up to £1,000,000, though individual banks set their own daily caps.
Faster Payments works only in pounds sterling and only between UK bank accounts. The sender's bank pays no fee to the recipient's bank. Funds settle directly through the FPS network, which Pay.UK operates under FCA oversight.
How Does Faster Payments Work?
Faster Payments Service (FPS) is a UK payment scheme launched in 2008. The system moves GBP between participating UK bank accounts within seconds. FPS runs 24 hours a day, every day of the year. Pay.UK operates the network under FCA oversight.
Who can use Faster Payments
Faster Payments works in pounds sterling between UK bank accounts. Most major UK banks participate, including Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, Revolut, and Wise. The scheme supports payments up to £1,000,000 per transaction at the network level, and individual banks set their own outgoing caps. Monzo currently caps daily FPS sends at £25,000, Starling at £100,000, and Revolut at £50,000. Traditional high-street banks vary by tier.
How an FPS payment moves
The sender opens a banking app, enters the recipient sort code and account number, types the GBP amount, and confirms. The bank routes the instruction through the FPS network. The recipient bank credits the destination account within seconds. The sender bank charges no transfer fee. Funds settle directly through the FPS network — no card scheme, no intermediary bank, no FX conversion.
Faster Payments security
The FPS network applies bank-grade encryption on every transfer. Each sending bank runs fraud screening on every payment. Many UK banks add a Confirmation of Payee check that matches the recipient name to the sort code and account number. A mismatch triggers a warning at the sender bank. Confirmation of Payee reduces the risk of misdirected payments.
How to Buy Bitcoin on CEX.IO
CEX.IO sells Bitcoin and 300+ other digital assets. The most direct route is Instant Buy. Instant Buy converts your fiat currency to Bitcoin at a live market rate from the CEX.IO Spot Trading platform. The flow takes minutes after you fund your account.
Step 1 – Register a CEX.IO Account
Visit the CEX.IO website or download the CEX.IO App for iOS or Android. Click Register, enter a valid email address, and set a strong password. Enable Two-Factor Authentication (2FA) through Google Authenticator or Authy. Account creation generates a CEX.IO Wallet that holds your fiat and crypto under PCI DSS Level 1 compliance.
Step 2 – Verify Your Identity
Complete identity verification through the KYC process. CEX.IO meets KYC and AML requirements through this step. You will:
- Upload a government-issued ID (passport or driver's licence).
- Take a selfie verification.
- Provide proof of residence (utility bill or bank statement).
UK customers complete the additional FCA appropriateness test and the 24-hour cooling-off period before the first crypto purchase.
Step 3 – Access Instant Buy
After verification, open the Instant Buy page. Instant Buy lets eligible users buy Bitcoin and other assets at a live market rate from the CEX.IO Spot Trading order book. The flow:
- Log in to your CEX.IO account.
- Open Instant Buy from the dashboard, labelled Buy Cryptocurrency.
- Pick your fiat currency (USD, EUR, or GBP).
- Type the amount you want to spend.
- Choose Bitcoin (BTC) from the asset list.
- Click Buy Crypto Instantly to advance to the Add Funds page.
Step 4 – Select a Payment Method
The Add Funds page lists payment methods you can use to fund the purchase. Click Select Payment Method and pick a funding gateway. Available methods depend on country of residence, verification level, and applicable regulations. Card payments (Visa, Mastercard), Apple Pay, Google Pay, and PayPal (US-eligible users only) provide instant funding for the Instant Buy flow.
Step 5 – Review and Confirm
Check the transaction summary:
- Amount of Bitcoin (BTC) you are purchasing
- Exchange rate and any network fee
- Payment method details
Confirm the order. CEX.IO processes the transaction immediately. The Bitcoin lands in your CEX.IO Wallet under your Spot funds. From there, you can hold the BTC on CEX.IO, withdraw it to an external wallet, or trade it on the CEX.IO Spot or Margin Trading markets.
Faster Payments Withdrawal on CEX.IO — Limits and Fees
CEX.IO supports Faster Payments for GBP withdrawals to UK bank accounts. Per the CEX.IO Limits and Commissions page, the Faster Payments daily withdrawal range runs from £20 to £250,000, with a £2.99 withdrawal fee per transaction. New customers under three months from identity verification operate under a maximum daily cap of $1,000 and a monthly cap of $3,000 on deposits and withdrawals across supported methods.
The CEX.IO Spot trading fee runs 0.25% for users with under $10,000 in 30-day trading volume and steps down to 0.10% for users moving $20,000,000+ over a rolling 30-day window. Full per-method fees and current limits live on the CEX.IO Limits and Commissions page.
| Item | Detail |
|---|---|
| Currency | GBP |
| Daily withdrawal min | £20 |
| Daily withdrawal max | £250,000 |
| CEX.IO withdrawal fee | £2.99 |
| Typical clearing time | Seconds to minutes |
| Spot trading fee | 0.25% → 0.10% (30-day volume tier) |
Alternative Payment Methods
UK users can fund a Bitcoin purchase on CEX.IO through several other channels. Each method runs through the same verified account.
| Method | Currency | Speed | Best For |
|---|---|---|---|
| Visa / Mastercard | Multi-currency (card-linked) | Instant | Card holders |
| Apple Pay | Device-linked card currency | Instant | Mobile buyers |
| Google Pay | Device-linked card currency | Instant | Android users |
| SEPA | EUR | Same day–1 business day | EU users |
| SWIFT | Eligible countries | 1–5 business days | International transfers |
Full per-method fees, minimums, caps, and country eligibility live on the CEX.IO Limits and Commissions page.
Why Use CEX.IO to Buy Bitcoin
CEX.IO has run since 2013 and serves over 15 million registered users globally across 300+ crypto markets. UK customers gain direct benefits:
- Instant Buy with live market rates from the CEX.IO Spot Trading order book.
- 300+ supported crypto markets including Bitcoin, Ethereum, Solana, XRP, USDT, and USDC.
- Faster Payments withdrawal in GBP to UK bank accounts at £20–£250,000 per day.
- CEX.IO Prime for institutional and high-volume clients.
- Mobile and desktop apps that handle funding, trades, and withdrawals from one account.
- 24/7 customer support.
About CEX.IO & Trust Signals
CEX.IO is registered with FinCEN in jurisdictions where it is licensed to operate as a Money Service Business. CEX.IO follows the local regulations in the U.S., Europe, and countries where it operates. State-level Money Transmitter Licenses cover 36 US states plus the District of Columbia under NMLS ID 1804170. CEX.IO Corp holds PCI DSS Level 1 certification for card data handling. The platform applies KYC, AML, and OFAC screening on every fiat transaction.
The full list of US licenses, license numbers, and state contact details lives at /legal-security/us. Crypto carries market risk. Virtual currency receives no government backing or insurance, and accounts and account funds are not subject to FDIC, NCUA, or SIPC protections.
FAQ
Can I buy Bitcoin with Faster Payments on CEX.IO?
Faster Payments availability depends on your country of residence, verification level, and applicable regulations. The current method list and country eligibility live on the CEX.IO Limits and Commissions page. UK users can withdraw GBP from CEX.IO to a UK bank account through Faster Payments within the £20–£250,000 daily range and a £2.99 withdrawal fee per transaction.
How does Faster Payments work?
Faster Payments Service (FPS) moves GBP between UK bank accounts within seconds. The sender opens a banking app, enters the recipient sort code and account number, types the GBP amount, and confirms. The recipient bank credits the destination account within seconds. The scheme runs 24 hours a day, every day of the year, under FCA oversight.
Is Faster Payments instant?
Most Faster Payments transfers settle within seconds. Some banks apply a fraud-review hold on first-time payees or large amounts, which can extend timing to a few minutes or, on rare occasions, up to 24 hours.
What is the daily limit for Faster Payments?
The FPS network supports payments up to £1,000,000 per transaction. Individual UK banks set their own outgoing caps — Monzo currently caps daily FPS sends at £25,000, Starling at £100,000, Revolut at £50,000. Traditional banks vary. CEX.IO applies a £20–£250,000 daily range on Faster Payments withdrawals per the Limits and Commissions page.
Do all UK banks support Faster Payments?
Most UK banks participate in the FPS scheme. Some banks block transfers to crypto platforms or apply a 24-hour hold on first-time payments to a crypto recipient. Confirm your bank's policy on crypto transfers before sending.
Are Faster Payments safe for buying crypto?
The Faster Payments network operates under UK financial regulation with bank-grade encryption. Many UK banks layer on Confirmation of Payee. CEX.IO adds segregated custody, two-factor authentication, address whitelisting, and 24/7 fraud monitoring on every account. Crypto carries market risk, and accounts and account funds are not subject to FDIC, NCUA, or SIPC protections.
Why is my Faster Payment delayed?
Three causes account for almost every delayed FPS payment. First, a missing or wrong reference code. Second, a bank fraud review on a new payee. Third, a daily-cap breach on the sending bank. Reach out to your bank with the FPS reference if a payment takes more than 30 minutes.
Can I send Faster Payments from a business account?
UK business accounts on participating banks can send Faster Payments. Business onboarding on CEX.IO runs through a separate process. Contact CEX.IO Prime for institutional services and corporate onboarding.
How do I buy Bitcoin on CEX.IO?
Register a CEX.IO account, complete identity verification, fund your account through one of the supported payment methods, then open Instant Buy. Type the amount you want to spend, pick Bitcoin (BTC), and confirm the order. The Bitcoin lands in your CEX.IO Wallet on the same screen.
What payment methods can I use to buy Bitcoin on CEX.IO?
CEX.IO supports Visa/Mastercard, Apple Pay, Google Pay, SEPA, SWIFT, and PayPal (US-eligible users only) for Bitcoin purchases through Instant Buy. Faster Payments handles GBP withdrawals on CEX.IO. Method availability depends on your country of residence and verification level. The current list with fees and country eligibility lives on the Limits and Commissions page.
Can I buy Solana on CEX.IO?
Yes. After you fund your account, you can buy SOL on the Instant Buy page or the SOL spot market. The same fiat funds can purchase any of the 300+ supported markets on CEX.IO.
Are there fees on Faster Payments withdrawals?
CEX.IO charges a £2.99 fee on every Faster Payments withdrawal per the Limits and Commissions page. The recipient UK bank charges nothing to receive an FPS payment under the scheme.