How to Buy Crypto with Monzo

Bottom Line: Our expert team analysed Monzo and discovered that the bank doesn't provide Cryptocurrency investing services. Although, it does permit its clients to purchase Crypto via FCA-regulated digital asset exchanges. There is no shortage of platforms to choose from in the UK, however, it is important to select an exchange that is trustworthy, regulated, and licensed.

After thoroughly examining several platforms, we have determined that eToro is the number one pick for Monzo clients for a variety of reasons. Firstly, it offers free GBP deposits to Monzo bank account holders. Secondly, it is a multi-asset exchange that offers 4000 assets across six classes. And lastly, it is considered the most secure trading platform in the United Kingdom and is licensed by the FCA.

What is the Best Exchange to Buy Crypto with Monzo?

Following our thorough investigation of the best exchanges in the UK for Monzo customers, we found that eToro is the best platform. eToro is a multi-asset exchange investing platform that supports Crypto, shares, ETFs, indices, commodities, and fiat currencies. It has been operating since 2007 and has never once been subject to a cyber attack or had its security breached.

How to Buy Bitcoin or Crypto with Monzo Bank

We recommend that Monzo Bank account holders go through the eToro exchange in order to buy and sell Cryptocurrency like Bitcoin. Monzo customers simply need to transfer funds to eToro via one of the supported deposit methods which include PayPal, Skrill, Neteller, Credit/Debit Card, Bank Transfers, Rapid Transfer, or Trustly.

Monzo Bank customers can buy Crypto in minutes with this simple guide:

  1. Create a free account on eToro and complete the signup process.
  2. Tap 'Deposit Funds', select a method, and transfer GBP from Monzo.
  3. Go to the search bar, find the Cryptocurrency you want to buy, and tap 'Trade'.
  4. Input the amount you want to invest in the token and tap 'Open Trade'.
How to Buy Crypto with Monzo Bank.

What are the Fees?

The fees to invest in Cryptocurrencies through eToro is considerably lower than its competitors and the industry average. This is because the exchange charges zero fees on deposits and a small $5 fee for withdrawals. The only additional cost is the trading fee which is 1% of your total transaction anytime you buy or sell a token.

Monzo Bank Cryptocurrency Policy

Monzo has taken a positive stance toward Cryptocurrency and allows its customers to buy and sell Crypto through FCA-licensed exchanges. The bank recognises the potential of digital assets to revolutionise the financial industry and provide greater control and flexibility over finances. It has taken steps to educate its customers on the risks and benefits of Cryptocurrency including publishing guides on its website.

About Monzo Bank

Monzo is a UK-based digital bank with over 5 million customers that offers a wide range of financial services through its user-friendly mobile app. The app includes features such as real-time balance updates, spending notifications, and budgeting tools, making it easy for customers to manage their finances on-the-go. Its financial products include current accounts, savings accounts, and personal loans.

The bank prioritises security by implementing measures such as two-factor authentication, biometric login, and instant card freezing or blocking in case of loss or theft. As a regulated bank under the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), Monzo ensures strict compliance with safety and security standards, giving customers confidence in the safety of their money and data.

The Bottom Line

In conclusion, Monzo Bank does not directly offer cryptocurrency investing services but allows its clients to buy and sell crypto through FCA-regulated exchanges. Our analysis determined that eToro is the best choice for Monzo customers, as it is a secure, multi-asset platform with low fees and free GBP deposits.

To invest in crypto with Monzo, simply create an eToro account, deposit funds, and start trading. Monzo Bank supports the potential of digital assets and provides resources to educate its customers about the risks and benefits of cryptocurrencies.


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