Summary: Monese Bank does not provide direct cryptocurrency trading through its digital banking platform. However, customers can invest in crypto by using an FCA-approved UK-based exchange, transferring GBP from their Monese account, and purchasing tokens on the chosen platform.
After assessing over 20 FCA-compliant exchanges, we recommend eToro as the top choice for Monese Bank customers. As a licensed and secure platform overseen by the Financial Conduct Authority, eToro allows immediate and fee-free GBP transfers from Monese accounts, offering access to more than 3,000 cryptocurrencies, stocks, ETFs, and other assets.
Can You Buy Crypto with Monese Bank?
Yes, Monese customers can buy digital assets by connecting their bank account to an FCA-regulated cryptocurrency platform in the UK. We advise investors to select platforms with suitable licensing and regulation, rather than offshore alternatives like Binance, which may pose risks.
How to Buy Bitcoin and Crypto with Monese
The most secure and convenient method to invest in digital assets using your Monese Bank account is through a regulated exchange like eToro. This approach enables investors to instantly and cheaply deposit GBP from Monese Bank through bank transfer, Faster Payments, Monese Card, debit card, credit card, and other available options.
Follow this 4-step guide to begin:
- Create a free account on eToro and finish the onboarding process.
- Click 'Deposit Funds' at the bottom left of your screen.
- Choose 'GBP' and your payment method, then transfer funds from Monese Bank.
- Finalize the deposit and use the search bar to purchase your desired token.
What are the Fees?
As you explore the possibility of investing in Bitcoin and other digital currencies through your Monese Bank account, it's important to note that the associated fees can vary, depending on the platform you choose. Key charges to be aware of include deposit fees, withdrawal fees, spreads, and trading fees.
We recommend considering eToro as a viable option for Monese Bank customers. This platform offers free deposits in GBP and provides commission-free trading, making it a cost-effective solution. When purchasing digital currencies on eToro, the only cost you will encounter is a 1% spread. This rate is significantly more competitive than alternative platforms such as Coinbase or Kraken, which typically charge over 2%.
Is Monese Bank Crypto-Friendly?
Monese Bank showcases a favorable position towards cryptocurrency, albeit with specific limitations designed for safeguarding customer interests. The bank permits the depositing of funds exclusively into exchanges regulated by the Financial Conduct Authority (FCA), adhering strictly to the regulatory guidelines set forth by this UK-based authority. For the purpose of further securing customer investments, Monese Bank has explicitly forbidden deposits into offshore exchanges, such as Binance and Bybit.
Monese Bank serves as a secure portal for customers to venture into cryptocurrency investments, strictly adhering to the Financial Conduct Authority (FCA) guidelines. The bank only allows deposits into FCA-regulated exchanges, thereby ensuring optimal protection for customer investments.
Regarding fees, platforms like eToro stand out, offering competitive rates and commission-free trading for Monese customers. This highlights the importance of choosing well-regulated platforms for secure investments.