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How to Buy Crypto with Monzo Bank

How to Buy Crypto with Monzo Bank

Adrian Graham
Fact Checked
Feb 3, 2023

Summary: Monzo Bank does not offer direct Cryptocurrency trading on its online banking platform. However, it does permit its customers to deposit GBP or EUR into Financial Conduct Authority (FCA) licensed digital asset exchanges.

We recommend Uphold because they support over 250 tokens to buy and sell, plus 30+ Cryptos to stake with APY (yields) up to 13%. Uphold is an FCA-licensed exchange that is based in London. The platform also offers free and instant deposits for Monzo Bank account holders.

Table of Contents

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.
Uphold - Monzo
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Audited Proof of Reserves
Audited Proof of Reserves

Can I buy Crypto on Monzo Bank?

Monzo Bank does not currently provide the option to purchase Cryptocurrencies directly through its online banking portal. As the Cryptocurrency market continues to evolve, Monzo Bank may choose to integrate this feature in the future, but for now, customers can deposit funds into an FCA-licensed digital asset exchange to purchase Cryptocurrencies.

‍Uphold is widely recognised as the most secure and transparent Crypto exchange in the UK. The platform's transparency in its proof-of-reserves, open-ledger system, and regular audits contribute to its reputation as a trusted exchange. They also implement robust security measures, such as encryption technology and multi-factor authentication, to protect their users' assets.


How to buy Bitcoin and Crypto with Monzo

The best way to buy Cryptocurrency with a Monzo account is through the Uphold exchange. Monzo customers can deposit GBP & EUR for free via a variety of payment methods such as Bank Transfers, SEPA Transfers, Apple Pay, Google Pay & Credit/Debit Card. You can get started by following this short and simple guide:

  1. Sign Up: Open a free account on Uphold and complete verification (personal or company).
  2. Connect Account: Select the currency you want to deposit on the Uphold Platform (GBP, EUR + 30 more).
  3. Deposit Funds: Connect your Monzo Bank account to quickly deposit your selected fiat currency.
  4. Buy Crypto: The final step is to find the token you want to buy and execute your trade.
How to buy Bitcoin and Crypto with Monzo.
How to buy Bitcoin and Crypto with Monzo.

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?

The cost to invest in Crypto varies depending on what platform you use. Generally, there are three fees charged on an exchange, the deposit, trading, and withdrawal fee. Deposit fees are incurred when you transfer funds to an exchange, trading fees are charged when you buy or sell a token, and withdrawal fees are taken when you transfer funds off an exchange to an external wallet or bank account.

Uphold does not charge any fees to deposit or withdraw funds from the platform, besides card deposits, which incur a 2.99% fee. Additionally, it does not charge any trading fees, it simply charges a spread of 0.9% - 1.2%. The spread is the difference between the bid price and the ask price for a token, and it is taken by the exchange as compensation for facilitating the trade.

Popular exchanges like eToro charge both a 1% trading fee and a 1% - 2% spread difference.

Uphold: Fees Schedule.
Uphold: Fees Schedule.

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.

Monzo Bank.
Monzo Bank.

Final Thoughts

In conclusion, Monzo Bank does not offer direct Cryptocurrency trading through its online platform, however, customers can deposit funds into an FCA-licensed digital asset exchange such as Uphold to purchase Cryptocurrencies.

Uphold is known for being the most secure and transparent exchange in the UK and supports a variety of tokens with free deposits and instant transfers for Monzo Bank customers. If you're interested in reading more about this platform and its features, visit our detailed Uphold Review.

Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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