How to Buy Crypto with Monzo Bank

Can I Buy Bitcoin with Monzo Bank?‍

Yes, Monzo customers can buy Bitcoin and other tokens through British cryptocurrency exchanges. Although the bank does not provide direct trading services, it enables customers to transfer funds to investment platforms regulated by the Financial Conduct Authority (FCA). Clients can deposit GBP using bank transfers, Faster Payments, and debit cards, making the process straightforward.

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How to Buy Crypto with Monzo

‍Monzo Bank users interested in digital currencies can use eToro, a platform that adheres to FCA regulations and offers an easy and quick registration process. It provides access to over 4,500 assets, including cryptocurrencies, stocks, commodities, and ETFs. It supports various GBP deposit methods, such as bank transfers, Faster Payments, and debit cards.

To start investing in crypto with Monzo Bank, follow these steps:

1. Account Setup: Begin by creating an account on eToro. Complete the necessary verification steps to ensure security and compliance.
2. Funding Your Account: Navigate to the 'Deposit' section to fund your account with GBP.
3. Selecting Currency: Choose 'GBP' as your transaction currency and select a payment method that links to your Monzo Bank account.‍
4. Crypto Investment: Once your deposit is successful, use the search tool to find and invest in your preferred cryptocurrency.

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What are the Fees?

When investing in digital currencies through an exchange, it is important to understand the various fees involved. These can include charges for depositing funds, executing trades, and withdrawing money. Generally, trading fees on most platforms range from 1% to 2%.

For Monzo Bank customers, eToro is an excellent option. Its trading fees start at a competitive rate of 1%, which is lower than many other platforms, such as Coinbase, which charges around 2%. Additionally, eToro offers free GBP deposit options through Faster Payments and bank transfers, helping to reduce overall costs.

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Is Monzo Crypto-Friendly?

Yes, Monzo Bank is considered a crypto-friendly bank that supports digital currency transactions and prioritises customer security. The bank allows fund transfers to exchanges regulated by the Financial Conduct Authority (FCA), enabling users to invest in digital assets while adhering to strict British regulations.

The bank does not impose specific limits on the amount you can spend on digital currency purchases through debit cards, credit cards, bank transfers, or Faster Payments. However, Monzo has mentioned that as a bank it does block transactions from time to time, but these transfers can be approved by contacting support.

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About Monzo Bank

Monzo Bank is a digital bank based in the UK known for its user-friendly app and innovative products. It offers the Monzo Current Account, Monzo Plus, and Monzo Premium, providing features like instant spending notifications, budgeting tools, and fee-free spending abroad. Monzo also has a Business Account for small businesses and freelancers, with integrated invoicing and expense tracking.

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Bottom Line

In conclusion, Monzo customers can invest in cryptocurrencies through FCA-regulated exchanges. By using platforms like eToro, users can easily transfer funds and access a wide range of digital assets with competitive fees. With its user-friendly app and robust security measures, eToro provides a secure and compliant way to enter the crypto market.