Does Monese Bank Support Crypto Buying?
Monese Bank supports customer participation in digital asset ventures by approving transfers to regulated cryptocurrency platforms. The bank enables the transfer of funds from client accounts or cards to digital asset exchanges overseen by the Financial Conduct Authority (FCA). Choosing an exchange that complies with UK regulatory standards is of paramount importance to ensure regultaory compliance in the country.
What is the Best Crypto Exchange for Monese Bank?
Recognised as a leading cryptocurrency trading platform in the UK, eToro is the best option for Monese customers. This multi-asset exchange is known for its extensive selection of assets, enabling users to trade, invest, and stake in thousands of assets, including cryptocurrencies, shares, ETFs, commodities, indices and fiat currencies. eToro expands its offerings beyond simple trading services, including features like crypto staking, copy trading, and a virtual trading platform.
How to Buy Bitcoin or Crypto with Monese Bank
Monese clients can securely buy and sell cryptocurrency through FCA-licensed digital asset exchanges like eToro. The exchange offers instant GBP deposits through Bank Transfers, Credit Cards, Debit Cards, PayPal, Skrill, and Neteller.
Monese Bank account holders can buy crypto with this easy guide:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer GBP from Monese.
- Go to the search bar, locate the desired token, and click 'Trade'.
- Enter the amount you wish to purchase and click 'Open Trade'.
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What are the Fees?
On the eToro platform, users are subjected to a few costs, including a 1% trading fee applied each time a digital asset is bought or sold. However, there are no fees to trade other assets like shares or ETFs. The additional charges on the platform is a $5 withdrawal fee.
What is Monese Bank?
Monese Bank, a UK-based digital bank founded in 2013, has revolutionised traditional banking by providing a mobile-first, easy-to-use banking platform for international and domestic customers. Known for its seamless sign-up process and flexible banking options, Monese offers services such as personal and business bank accounts, free instant transfers, multi-currency accounts, and budgeting tools.
With a focus on financial inclusion, it is prevalent among expats and travellers as it provides access to banking services without needing a local credit history or address proof. Its dedication to customer satisfaction, secure technology, and transparent pricing structures has resulted in Monese emerging as a key player in the fintech industry, providing a comprehensive and modern banking solution for a global user base.
The Bottom Line
To summarise, Monese does not directly support cryptocurrency investments on its platform or mobile app. However, it facilitates user engagement with digital asset investing by approving the transfer of funds to FCA-regulated cryptocurrency exchanges. eToro is the number one choice for Monese customers due to its extensive range of over 3,000 assets and its advanced features like crypto staking and copy trading. It offers swift GBP deposits through various payment methods, including bank transfers and credit/debit cards.
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