How to Buy Crypto with Monese Bank

Summary: Monese Bank does not provide direct cryptocurrency investment services via its banking platform. However, it aids Monese account holders in venturing into the crypto market by allowing GBP transfers to exchanges under the oversight of the UK's Financial Conduct Authority (FCA).

Monese Bank clients interested in digital asset investments might find eToro a suitable choice, given its adherence to FCA standards. This platform facilitates swift GBP deposits through bank and debit card transfers. Offering a wide range of over 3,000 cryptocurrencies, stocks, and ETFs, eToro serves as a robust platform for portfolio diversification.

Can I Buy Crypto with Monese Bank?

Certainly, Monese Bank enables its users to engage in cryptocurrency investments, supporting the purchase of leading digital assets such as Bitcoin and Ethereum. Monese provides a seamless transfer of funds to authorised cryptocurrency exchanges in the UK, adhering to the regulations of the Financial Conduct Authority (FCA). Those interested in exploring the world of digital currencies can take advantage of Monese's straightforward deposit options for British Pounds, which include bank transfers, BACS, Faster Payments, and debit card transactions.

‍

How to Buy Crypto with Monese Bank

Monese Bank users keen on entering the cryptocurrency space can utilise eToro, a platform that is registered with the Financial Conduct Authority in the UK. eToro accepts GBP deposits from Monese accounts, offering versatile payment methods like bank and debit card transfers. It grants access to over 3,000 assets, including various cryptocurrencies, stocks, and ETFs, accommodating different investment strategies.

Here's how to proceed with eToro:

1. Account Creation: Register an account on eToro and follow through with all necessary verification procedures.
2. Depositing Funds: Go to the 'Deposit' area on eToro, which you can usually find in the bottom left corner. From there, transfer funds to your eToro account.
3. Choosing Currency and Payment Option: Select 'GBP' as your transaction currency and pick a payment method linked to your Monese Bank account.‍
4. Investing in Cryptocurrency: After your deposit is confirmed, use eToro’s user-friendly search feature to locate and invest in the cryptocurrency of your choice.

‍

What are the Fees?

Monese Bank users delving into Bitcoin and similar cryptocurrencies need to consider various fees that may apply. These often include costs for depositing and withdrawing funds, as well as transaction fees and spreads, which reflect the difference between buying and selling prices.

For Monese customers, eToro stands out as a cost-effective option. The platform supports efficient deposit methods in Pound Sterling, such as Faster Payments and BACS, compatible with Monese Bank accounts. Notably, eToro is recognised for its competitive trading fees. It employs a variable spread fee model, typically around 1%, which is generally more affordable than other platforms like Coinbase, where fees can exceed 2%.

‍

Is Monese Bank Crypto-Friendly?

Monese Bank adopts a pragmatic approach towards cryptocurrency investments, enabling its customers to transfer funds through multiple channels, such as debit cards and bank transfers, to engage with crypto platforms. This is particularly relevant for platforms adhering to UK financial regulations, as mandated by the Financial Conduct Authority (FCA).

This policy allows Monese Bank customers to delve into digital asset investments in a secure and regulated framework. Monese Bank's compliance with the stringent guidelines of the FCA offers a trustworthy pathway for investors looking to expand their portfolios into cryptocurrencies, while maintaining adherence to vital financial regulatory norms.

‍

Bottom Line 

To sum up, Monese Bank, not directly offering cryptocurrency services, supports its customers in the crypto market. It facilitates GBP transfers to FCA-regulated exchanges, aligning with UK financial regulations for a secure investment environment. Utilizing platforms like eToro, recognized for a vast selection of assets and ease of use, provides Monese customers with a solid option to diversify their investment portfolios with cryptocurrencies.