Summary: Monzo Bank does not directly support cryptocurrency trading through their online banking platform. That said, they do allow customers to deposit GBP or EUR into FCA licensed crypto trading platforms.
We recommend eToro because they offer fast and cheap deposits from Monzo to trade thousands of different assets including crypto for low fees.
- Trade 80+ cryptos and over 8,000 stocks, ETFs & commodities.
- FCA licensed broker with zero fees and tight spreads.
- Fast and cheap deposits from Monzo Bank in the UK & EU.
78% of retail CFD accounts lose money.
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Can I buy Bitcoin with Monzo Bank?
Monzo Bank does not offer any services on their online banking platform for their customers to buy or sell Bitcoin, Ethereum and other digital assets. This means you cannot sign into your Monzo Online or Monzo App account to buy crypto with GBP directly from your account.
The only way to buy Crypto is by signing up to a regulated digital currency exchange in the UK that supports Monzo Bank GBP deposits.
How to buy Crypto with Monzo Online
The best way to buy Cryptocurrency with a Monzo account is with the eToro exchange. They are a licensed platform by UK regulators that allows you to deposit GBP from Monzo to trade Cryptocurrencies, Stocks, Bonds, Commodities and other asset classes.
You can get started by following the guide below:
- Step 1: Sign up to the eToro UK trading platform.
- Step 2: Provide your personal or company identity details to verify your account and be compliant with relevant UK regulations.
- Step 3: Select the 'Deposit Funds' button on the bottom of your screen.
- Step 4: Select 'GBP' and 'Bank Transfer' as your payment method. Once you click the next button, you will be given deposit details to send GBP from your Monzo Bank account.
Once you complete your crypto purchase, the coins will be automatically stored in your eToro Crypto Wallet. You can hold them there for secure storage, or withdraw them into a cold wallet.
Is Monzo Bank Crypto-Friendly?
Monzo Bank does not have any banking policies that prohibit their customers from engaging with the digital asset ecosystem. The only relevant rule is that users must be depositing GBP into regulated & 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 eToro to get started.
About Monzo Bank
Monzo Bank is a digital bank based in the United Kingdom. It was founded in 2015 by Tom Blomfield, Jason Bates, Paul Rippon and Jonas Huckestein. Monzo Bank offers personal banking services including current accounts, savings accounts and credit cards. Monzo Bank is licensed by the Prudential Regulation Authority and the Financial Conduct Authority.
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. As of July 2019, Monzo Bank had over 5 million customers in the United Kingdom and Europe.
Crypto assets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.