Can I buy Cryptocurrencies with MoneyLion?
The MoneyLion platform allows customers to easily buy and sell Bitcoin and Ethereum through their mobile app. One of the biggest limitations of MoneyLion is that they only offer 2 cryptocurrencies in BTC and ETH, and its fees are the most expensive in the industry at over 2% per trade.
One useful feature of the MoneyLion App is that it allows you to invest in BTC or ETH with spare change from your Credit Card or Debit Card purchases. This means that if you buy a drink for $4.50, it will automatically round up your purchase to $5 and invest the 50-cent difference in a coin of your choice.
How to buy Crypto with a MoneyLion App Alternative
The easiest way to buy Crypto with an app like MoneyLion in the United States is through eToro. Their exchange offers a mobile-friendly user experience to trade over 60 different cryptocurrencies and thousands of Stocks, ETFs, Commodities, Options, and more.
You can get started with this simple guide:
- Step 1: Sign up to the eToro USA trading platform and verify your identity as a US citizen.
- Step 2: Select the 'Deposit Funds' button at the bottom of your eToro Dashboard.
- Step 3: Select USD and your preferred deposit method to start buying Crypto (bank transfer, credit card/debit card or PayPal).
- Step 4: Once the USD has landed in your account, you can buy, sell and trade any of the thousands of assets listed on their platform.
MoneyLion is a digital bank in the United States that was founded in 2013 by Dee Choubey and Prashant Garg. It offers products and services designed to help users improve their financial health. MoneyLion's products include a mobile app, a line of credit, a savings account, and a rewards program.
The MoneyLion App is regulated by the Financial Industry Regulatory Authority (FINRA). MoneyLion deposits are FDIC-insured up to $250,000. Overall, it is a great online banking platform to deposit, earn interest on USD and get access to low-cost loans and credit.