Can you Buy Crypto with Monzo?

Yes, you can buy crypto with Monzo, although the bank itself does not provide direct cryptocurrency trading services. Investors can still invest in digital assets using their Monzo account through an FCA-licensed crypto exchange in the UK. We recommend avoiding off-shore exchanges and sticking to licensed & regulated brokers to ensure the safety of your investments.

How to Buy Bitcoin and Crypto with Monzo

As outlined above, the safest and easiest way to invest in crypto assets with your Monzo account is through a regulated broker like eToro. With this method, investors can quickly deposit GBP from Monzo via bank transfer, Faster Payments, Monzo Card, debit card, credit card and much more.

Here is a simple 4-step guide to getting started with our recommended broker, eToro:

  1. Visit eToro to sign up and verify your identity.
  2. Select the 'Deposit Funds' button on the bottom left of your screen.
  3. Select GBP as your currency and your payment method (e.g Bank Transfer) and complete your transfer from Monzo Bank.
  4. Complete the deposit and use the funds credited to your account to invest in crypto.
Buy Crypto Monzo

What are the Fees to Buy Crypto?

The fees associated with investing in digital assets using your Monzo Bank account will differ based on the platform you select. In general, the fees investors should take into account are deposit fees, withdrawal fees, spreads, and trading fees.

We suggest that Monzo account holders opt for eToro to optimize and minimize their fees, as it provides free GBP deposits and commission-free trading. The only expense incurred while purchasing digital assets on their platform is the spread, which is a reasonable 1% and more competitive than well-known alternatives like Coinbase, which charge over 2%.

Is Monzo Bank Crypto-Friendly?

Monzo Bank displays a crypto-friendly attitude, but with specific limitations in place to safeguard its customers. The bank permits investors to deposit funds exclusively into FCA-licensed exchanges, ensuring adherence to the Financial Conduct Authority regulations within the United Kingdom. However, Monzo Bank enforces a strict ban on depositing funds into off-shore exchanges, such as Binance, to preserve the safety and security of its customers' investments.

Bottom Line

To sum up, Monzo Bank, while not offering direct cryptocurrency trading, enables its customers to invest in digital assets through UK-based FCA-licensed exchanges. Among various options, eToro stands out as the top choice for Monzo users due to its secure, swift, and cost-effective services. By choosing a regulated platform like eToro, Monzo account holders can minimize fees and ensure the safety of their investments, while accessing a wide range of cryptocurrencies and other financial assets.