How To Buy Crypto with Monzo Bank

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency trading platform. However, that doesn’t mean you can’t use your Monzo Bank account to buy crypto.

All you need is a reliable and trusted crypto exchange. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.

Buy Crypto with eToro

How to buy crypto or bitcoin with Monzo Bank

As stated above, just like with the vast majority of UK banks, you can’t buy crypto with Monzo Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto trading platform.

However, luckily for us, there are plenty of crypto exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.

1. Choose a crypto exchange

While there are a lot of cryptocurrency trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.

The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).

Let’s get into it!

etoro crypto

2. Create an account on the exchange

The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your Monzo Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.

4. Buy crypto

Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.

And that’s it, you now have some crypto, congratulations!

Buy Crypto with eToro

 

 

About Monzo Bank

Monzo Bank Ltd. is an online banking company based in the United Kingdom. [1] Monzo was among the first of a variety of app-based bank challengers in the UK.

Initially, Monzo operated through a mobile application and a pre-paid debit card. However, its UK banking license restrictions were lifted in April 2017. This allowed it to offer a full account. Monzo has over 4 million customers, as of March 2020. Their latest financial results were released in July 2020. They reported a loss of PS113.8M annually, an increase on the PS47.1M they lost the previous fiscal year.

Monzo, a company that offers services in the United States announced its intention to launch on June 13, 2019. However, it didn't give a timeline for launching. Monzo announced its expansion plans and stated that it would distribute around 2,000 debit card to potential members who attended events in major U.S. cities such as Los Angeles, San Francisco, and New York City. Participants were also expected to provide feedback on the company's products and services.

The US regulations are more stringent than those in the UK. UK regulators regulate financial technology, and they are friendly to such businesses. Contrary to this, US technology regulation is done at the state level. A consultant said that US regulators aren’t very knowledgeable about financial services. They've either been extremely strict about regulation or have been completely ignorant of it.

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