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How to Buy Crypto with MoneyGram

How to Buy Crypto with MoneyGram

Summary: MoneyGram does not provide cryptocurrency investing services directly through its money transfer app, but it does allow customers to deposit funds into licensed and regulated trading platforms to purchase and sell digital assets.

For investors who want to start trading quickly, we recommend using the eToro exchange, which offers instant deposits from MoneyGram to trade a wide range of cryptocurrencies. On this platform, investors can complete an ACH, SEPA, or alternative bank transfer from MoneyGram to invest in cryptocurrencies.

Table of Contents

Best Exchange for MoneyGram Deposits

Platform Highlights

  • Fast and Cheap USD, EUR, GBP and other fiat deposits from MoneyGram.
  • Trade over 80 Crypto Assets on a Trusted and Regulated brokerage platform.
  • Low and variable trading fees with tight spreads.
MoneyGram (US) - eToro
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How to buy Bitcoin and Crypto with MoneyGram

As previously mentioned, the simplest way to invest in digital assets with a MoneyGram account is by using a regulated trading platform in your area. We usually suggest using the eToro exchange because they provide quick deposits from over 140 countries and are globally regulated to offer cryptocurrency brokerage services.

You can start buying cryptocurrencies with MoneyGram with our simple 4-step guide:

  1. Create an account: Sign up to the eToro trading platform.
  2. Deposit funds: Select the 'Deposit Funds' button to get bank transfer details, then log in to your MoneyGram account and send fiat to your unique deposit information.
  3. Find Crypto: Once the money hits your account, find the Crypto you want to buy on the eToro platform with their 'Discover' tab.
  4. Execute trade: Input the amount you want to invest and execute your trade.
Buy Crypto with MoneyGram
Deposit Funds with MoneyGram to buy and sell Crypto.

Is MoneyGram Crypto-Friendly?

Yes, MoneyGram is crypto-friendly. It allows customers to send funds from their MoneyGram app to regulated crypto brokers around the world. The company has also partnered with Ripple (XRP), a blockchain company, to pilot a new program that will allow MoneyGram customers to send money using Ripple's cryptocurrency, XRP.

The goal of the partnership is to speed up international money transfers and make them more efficient. The pilot program is currently live in the United States and is expected to roll out to other countries in the future. MoneyGram is also considering using XRP to settle transactions on a blockchain platform, which would further reduce costs and improve efficiency.

Can I Stake Crypto on MoneyGram?

The short answer is no. The MoneyGram app does not offer any native services for customers to deposit cryptocurrencies like Bitcoin, Ethereum and stablecoins to earn interest.  However, it’s possible to use a third-party service like eToro or BlockFi to send BTC, ETH or other digital assets to an interest-bearing account and then withdraw the funds to your MoneyGram account.

About MoneyGram

MoneyGram is a global provider of money transfer and payment services, with a network of approximately 347,000 agent locations in over 200 countries and territories. MoneyGram offers convenient and reliable money transfer services for consumers who are not fully served by traditional financial institutions.

Consumers can quickly and easily receive or send money around the world without a bank account, and can also enjoy the freedom and flexibility to send money how they want - whether it's cash at an agent location, through a mobile wallet, or online.

MoneyGram Online Banking.

Final Thoughts

In conclusion, while MoneyGram does not offer direct cryptocurrency investment services through its money transfer app, it does allow customers to deposit funds into regulated trading platforms to purchase and sell digital assets. The eToro exchange is one such platform that offers instant deposits from MoneyGram and a wide range of cryptocurrencies for trading.

MoneyGram's partnership with Ripple to pilot a program that uses XRP for international money transfers could further increase efficiency and reduce costs. However, MoneyGram does not offer any native services for customers to deposit cryptocurrencies for staking or earning interest.

Dylan Matthews

Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.

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