Summary: Monzo customers can securely invest in cryptocurrencies by transferring funds from their accounts to a secure digital asset exchange. The bank supports transfers of British pounds to multiple trading platforms, provided they are registered with the Financial Conduct Authority (FCA). We recommend finding one that accepts deposits in GBP to avoid conversion fees.

Our expert team determined that eToro is the best choice for Monzo clients as it offers fast deposits in British pounds, providing quick access to investing and trading tokens like Bitcoin. The exchange supports over 3,000 cryptocurrencies, stocks, commodities, and ETFs to trade in a secure, FCA-registered environment. It also provides competitive fees and no monthly account management costs.

Table of Contents

Can I Buy Bitcoin with Monzo Bank?

Yes, Monzo users can send GBP to recognised cryptocurrency exchanges in the United Kingdom. After the transfer has been processed, the funds can be swapped for a range of digital currencies, including Bitcoin and Ethereum. To ensure transaction security, we advise only using trading platforms that are governed by reputable organisations such as the Financial Conduct Authority (FCA) or other relevant regulators in the country.

How to Buy Crypto with Monzo Bank

Monzo account holders can securely invest in Bitcoin, Ethereum, and other digital assets through FCA-registered exchanges. We recommend eToro for this purpose due to its regulatory compliance, competitive fees, and extensive selection of over 3,000 cryptocurrencies, stocks, ETFs, and more. It accepts GBP deposits and immediately credits your account via a variety of methods, such as FPS, bank transfer, and debit card. 

Start trading thousands of assets, including stablecoins by following this guide:

  1. Sign Up: Register an eToro account and complete the identity verification process.
  2. Deposit Funds: Tap ‘Deposit Funds’, pick ‘GBP’ as your currency, and transfer funds from Monzo.
  3. Find Crypto: Go to the search bar, find your desired asset, and click the ‘Trade’ button.
  4. Finalise Trade: Input the amount you want to invest and press ‘Open Trade’.
How to Buy Crypto with Monzo Bank.
Buy Crypto with Monzo Bank via eToro.

Monzo Bank Cryptocurrency Policy

Monzo promotes financial innovation while adhering to existing laws and permits customers to access secure exchanges registered with the Financial Conduct Authority. Our recommended platform, eToro (UK) Ltd. (Company No. 07973792) under Firm Reference Number 583263, is FCA-registered, and has its head office on the 24th floor, One Canada Square, Canary Wharf, London E14 5AB. 

Digital Asset Investing Fees

If you want to successfully trade and invest your money into cryptocurrency, it’s important to understand the associated costs. Here is a quick overview of the fees involved when using an exchange:

  • Trading Spreads: These are the costs associated with purchasing and selling assets. eToro has variable spreads, with crypto trades typically costing less than 1%.
  • Deposit Fees: Depending on the method used, users pay a fee when depositing GBP. Our analysis shows that bank transfers and Faster Payments are the most affordable options, while debit and credit cards may incur fees of more than 2%.
  • Withdrawal Fees: The withdrawal fee is determined by the digital currency. To withdraw Bitcoin, most platforms impose a fixed fee of 0.0005 BTC.

Customers of Monzo Bank have a variety of options available to them, but the most affordable is eToro. This platform is registered with the Financial Conduct Authority (FCA), and it offers a diverse asset portfolio as well as a fee structure that is highly competitive.

What is Monzo Bank?

Monzo Bank, established in 2015, is a groundbreaking digital bank based in London, known for its mobile approach to banking. Offering services through a user-friendly app, it allows customers to manage their finances seamlessly from their smartphones. Its key features include fee-free spending abroad, instant notifications, budgeting tools, and the option to 'freeze' the card instantly via the app if it's misplaced or stolen.

In addition to these innovative services, Monzo also provides saving accounts and personal loans, tailoring a comprehensive financial suite for the modern consumer. Operating under a full UK banking license, it prioritises transparency and the safety of customer deposits. Its vivid coral cards and progressive banking methods have left a substantial impression in the finance sector, especially among younger generations, delivering a dynamic and interactive banking experience.

Monzo Bank
Monzo online banking.

Final Thoughts

To summarise, Monzo Bank helps its customers have a more seamless entry into the market for digital assets. It ensures a safe and legal trading experience by supporting fund transfers to platforms that are registered with the FCA, such as eToro. Due to its low fees and support for GBP deposits, it is an excellent option for Monzo customers who wish to enter the cryptocurrency world. It also supports several other asset classes, including stocks, commodities, indices, ETFs and fiat currencies.