Summary: Monzo Bank does not yet extend its services to encompass direct cryptocurrency trading and investing. Customers can, however, deposit either GBP or EUR from their Monzo accounts into FCA-approved crypto exchanges.
Uphold comes highly recommended in this context - as an FCA-licensed, London-based exchange, it supports an impressive range of over 250 digital tokens for buying, selling, and 30+ cryptocurrencies for staking with attractive yields up to 13% APY. Uphold further enhances user experience by offering free, instant deposits to Monzo Bank customers.
Best Crypto Exchange for Monzo Bank Customers
Platform Highlights
- Trade 250+ Cryptocurrencies with free and instant deposits.
- Licensed and Regulated by the Financial Conduct Authority (FCA).
- Audited Proof-of-Reserves highlighting users funds are backed 1:1.
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Can I Buy Crypto with Monzo?
At present, Monzo Bank, a UK-based mobile and digital bank, doesn't support Bitcoin or cryptocurrency transactions across any of its platforms. Those interested in the crypto market will need to register with a regulated cryptocurrency exchange in the UK. These platforms allow Monzo users to deposit GBP from their accounts to legally purchase, sell, or trade digital currencies.
How to Buy Bitcoin and Crypto with Monzo
If you're looking to buy Bitcoin or any other cryptocurrency using Monzo Bank, a few straightforward steps are involved. Initially, deposit GBP into a regulated cryptocurrency trading platform. We suggest Uphold, a London-based, FCA-regulated exchange that accepts instant GBP deposits from Monzo and lets you trade 250+ cryptos without any fees.
Here's a detailed guide to assist you in getting started:
- Sign Up: Open a free account on Uphold and complete verification (personal or company).
- Connect Account: Select the currency you want to deposit on the Uphold Platform (GBP, EUR + 30 more).
- Deposit Funds: Connect your Monzo Bank account to quickly deposit your selected fiat currency.
- Buy Crypto: The final step is to find the token you want to buy and execute your trade.
Is Monzo Bank Crypto-Friendly?
Monzo Bank does not have any banking policies that prohibit its customers from engaging with the digital asset ecosystem. The only relevant rule is that users must be depositing GBP into regulated & FCA-licensed Cryptocurrency exchanges in the United Kingdom.
If you are caught depositing and withdrawing from unlicensed off-shore exchanges, the bank may freeze your account. This is why we recommend platforms like Uphold to get started. We suggest avoiding unregulated exchanges like Gate.io or KuCoin.
What are the fees to invest in Cryptocurrencies?
Crypto investment fees vary by platform, typically including deposit, trading, and withdrawal fees. Deposit fees apply when transferring funds to an exchange, trading fees occur when buying or selling tokens, and withdrawal fees are charged when moving funds off an exchange. Uphold offers zero fees for deposits and withdrawals, except for card deposits (2.99% fee). Trading doesn't involve explicit fees, but a spread of 0.9% - 1.2%, the difference between the bid and ask price of a token, is charged.
About Monzo Bank
Monzo Bank is a modern, digital-only bank that was founded in the United Kingdom in 2015. It offers a range of financial services to both personal and business customers, including current accounts, overdrafts, mortgages, and loans. Its core offering is a mobile app-based current account that provides users with a debit card, real-time spending notifications, and instant money transfers.
One of Monzo's key differentiators is its focus on delivering a user-friendly and accessible banking experience. The app is designed to be simple and intuitive, allowing users to easily manage their finances on the go. Monzo has received numerous awards including being named the “Best British Bank” in 2018 by Moneywise magazine and the “Best Banking App” in 2019 by The Telegraph.
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Final Thoughts
In conclusion, while Monzo Bank doesn't directly support cryptocurrency transactions, it doesn't prevent its customers from engaging in the digital currency realm. Users can seamlessly deposit GBP into FCA-regulated crypto exchanges, such as Uphold, for buying, selling, or staking a wide range of digital tokens.
Keep in mind that adherence to the UK regulations is crucial, and using unlicensed exchanges may lead to your Monzo account being frozen. Begin your crypto journey with a reliable platform like Uphold, and avoid unregulated exchanges for a smooth and compliant trading experience.
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Author
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
