Summary: MoneyLion allows its users to buy certain cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) right from their mobile app. Nevertheless, using MoneyLion for cryptocurrency investment has its disadvantages, particularly high transaction costs and wide spreads.
Cryptocurrency purchases via MoneyLion often incur up to a 3% transaction fee. This expense can seem rather steep when juxtaposed with alternatives like eToro. eToro, a licensed platform under FinCEN, doesn't levy any transaction fee on a variety of crypto pairs through their dedicated exchange app, making it a more cost-effective option for a large number of cryptocurrency aficionados.
- Fast and Cheap US Dollars (USD) deposits from any US Bank account.
- Trade over 25 crypto assets with industry-leading fees and spreads.
- eToro USA LLC is registered and regulated with FinCEN.
Can I Buy Bitcoin with MoneyLion?
Yes, MoneyLion lets users purchase Bitcoin directly. However, it's key to recall that despite this facility, MoneyLion's high transaction fees can deter many. If buying Bitcoin or other cryptocurrencies, it's wise to opt for a platform licensed by reputable bodies like FinCEN. This ensures adherence to U.S. digital asset regulations, offering users extra transaction security.
How to Buy Crypto with a MoneyLion App Alternative
The safest and most straightforward method to invest in cryptocurrencies using a MoneyLion account is through a FinCEN-licensed cryptocurrency exchange. MoneyLion users can instantly transfer US Dollars to a certified platform for purchasing and trading digital assets like Bitcoin, Ethereum, Dogecoin, Avalanche, and beyond.
Follow our step-by-step guide to begin with ease:
- Sign up to the eToro USA trading platform and verify your identity as a US citizen.
- Select the 'Deposit Funds' button at the bottom of your eToro Dashboard.
- Select USD and your preferred deposit method to start buying Crypto (bank transfer, credit card/debit card or PayPal).
- Once the USD has landed in your account, you can buy, sell and trade any of the thousands of assets listed on their platform.
About MoneyLion
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.
Final Thoughts
In conclusion, while MoneyLion does offer the facility to buy Bitcoin, its high transaction fees may discourage some users. Instead, a more economical and secure option is to use a FinCEN-licensed cryptocurrency exchange like eToro USA. Here, you can purchase and trade a variety of digital assets with ease, enjoying lower transaction fees and adherence to U.S. digital asset regulations. Remember, always select a regulated platform when dealing with cryptocurrencies to safeguard your investments.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
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