Buy Crypto with Monzo Bank

Buy Crypto with Monzo Bank

In this guide, we show Monzo bank account holders how to invest in cryptocurrencies like Bitcoin. Start now with free and instant GBP deposits.

Summary: Monzo Bank doesn't directly support cryptocurrency trading. Customers can, however, invest in digital assets like Bitcoin using an FCA-licensed crypto exchange in the UK, transferring GBP from Monzo to the exchange.

Among 30+ regulated exchanges, eToro, also FCA-licensed, emerged as the best for Monzo customers. It supports free, instant GBP deposits from Monzo, trading of 70+ cryptos, and access to over 3,000 other assets, all with competitive fees.

Top Platform for Monzo Bank
5.0 out of 5.0 by Datawallet
eToro is the top platform for Monzo investors due to its secure, swift, cost-effective services, and extensive range of cryptocurrencies and other financial assets, all within a regulated environment.
Licensing & Regulation
Financial Conduct Authority (FCA), ESMA, CySEC and FINRA
Available Assets
70+ Cryptos and 3,000 other assets
GBP Deposit Methods
Bank Transfer, Faster Payments, Monzo Card, Credit Card, PayPal and more

Content Guide

Can you Buy Crypto with Monzo?

Yes, customers of Monzo Bank have the option to invest in Bitcoin and various other cryptocurrencies via reputable, UK-based exchanges that are licensed by the Financial Conduct Authority (FCA). These platforms, which accept GBP transfers from Monzo accounts (via Bank Transfer and Faster Payments) or Monzo credit cards, are fully regulated and operate within the UK, offering a secure and compliant environment for cryptocurrency investments and transactions.

How to Buy Bitcoin and Crypto with Monzo

The most secure and convenient method to buy crypto assets using your Monzo account involves using a regulated broker. This process allows investors to deposit GBP from Monzo instantly through various methods like bank transfer, Faster Payments, Monzo Card, debit card, credit card, and more.

Here's a straightforward four-step guide to begin your cryptocurrency journey with our recommended broker:

  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 costs related to buying digital currencies through your Monzo account can vary depending on your chosen platform. Investors should consider deposit fees, withdrawal fees, spreads, and trading charges. We recommend Monzo users to select eToro to streamline and reduce their fees, as it offers free GBP deposits and zero-commission trading.

The only cost involved when buying digital assets on eToro is the spread, which is a competitive 1%, lower than popular options like Coinbase that charge more than 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

In conclusion, while Monzo Bank doesn't directly facilitate cryptocurrency transactions, it enables customers to invest in Bitcoin and other digital assets via FCA-regulated UK exchanges. For investors looking to get started quickly, our top pick is eToro due to its fast, low-cost GBP transfers and broad trading options. 

In terms of policy, Monzo is crypto-friendly and ensures customer safety by only permitting deposits into FCA-licensed exchanges. To that end, with a secure platform like eToro, Monzo customers can safely explore and invest in the emerging asset class of digital currencies.

Frequently Asked Questions

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A Guide to Commonly Asked FAQs.

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