How to Buy Bitcoin and Crypto with Monzo Bank
The best way to buy cryptocurrencies like Bitcoin with Monzo bank is through the FCA-regulated digital asset exchange, eToro UK. Monzo Bank account holders can send funds to eToro via Bank Transfer, Credit/Debit Card, PayPal, Skrill, Neteller, Rapid Transfer and Trustly. Follow the below guide to get started.
- Sign Up: Create an account on eToro UK and complete verification.
- Send GBP: Click ‘Deposit Funds’, pick a method and send funds from Monzo Bank.
- Find Bitcoin: Go to the search bar, type in ‘Bitcoin and click the ‘Trade’ button.
- Buy BTC: Input the amount you want to invest and tap ‘Open Trade’.
Cryptocurrency Investing Fees
Investing in cryptocurrencies can be an expensive endevour depending on the platform you use. Most exchanges will typically charge three sets of fees; the deposit, withdrawal & trading fee. eToro is on the more affordable end, offering free deposits for Monzo Bank account holders and charging a small $5 fee for withdrawals. There is a 1% flat fee on all cryptocurrency trades.
Monzo Bank Cryptocurrency Policy
As Monzo Bank does not currently offer investment opportunities in crypto, it also doesn’t have specific rules and policies around the investing in tokens. However, at the time of writing, there is nothing stated in its terms and conditions that would prohibit its users from investing in digital assets. Furthermore, there have been zero reports of Monzo Bank account holders funds being frozen when transferring money to a regulated crypto exchange like eToro.
About Monzo Bank
Monzo Bank is a digital bank based in the United Kingdom. It was founded in 2015 and has quickly gained a reputation for its user-friendly app and innovative features, such as instant balance updates and categorizing expenses. Monzo also offers traditional banking services such as current accounts, savings accounts, and loans.
What sets Monzo apart from other banks is its focus on customer feedback and constant improvement of its service through regular updates to the app. The Monzo community plays an active role in suggesting new features and providing input to the team's decision making process. With over 3 million customers, Monzo continues to experience rapid growth and plans to expand globally in the near future. Overall, Monzo offers a modern banking experience that caters to the needs of the current digital age.