Monzo Bank is a regulated banking company that provides personal banking and financial services to more than 7.4 million customers in the United Kingdom. With the growing popularity of digital assets, many are wondering if they can purchase crypto with their Monzo account. Let’s take a closer look.
Can You Buy Crypto With Monzo Bank?
Monzo Bank customers are able to purchase digital assets but not directly from the bank. Instead, they state that customers “can use a range of cryptocurrency exchanges to buy crypto as part of your personal banking with us.” On occasion, the bank may block certain transactions, but this applies to all types of transactions, not just those involving cryptocurrencies.
How to Purchase Crypto With Monzo Bank?
To buy crypto with a Monzo Bank account, customers must first sign up with a cryptocurrency exchange in the UK. This is because Monzo does not directly handle crypto and customers must use their banking features in conjunction with an exchange. One of the most popular options is eToro, which is FCA-regulated and accepts British Pound deposits.
At eToro, customers can invest in over 3,000 digital assets and other asset classes. The process is simple, as the platform makes it easy to sign up and start trading. First, customers must complete the required verification. Then, they can navigate to the deposit screen and select British Pound as their currency. After completing the deposit, they can start buying the digital asset of their choice.
What Are the Fees?
When investing through an exchange, it’s important to know what fees you are subject to. Fortunately, eToro is one of the most cost-effective platforms on the market, offering a 1% spread and no commission cost. This makes it more affordable than platforms like Coinbase, which have spread fees that can exceed 2%.
Conclusion
Monzo Bank customers are able to purchase digital assets with their account. To do this, they must use their banking features in conjunction with a regulated exchange. The most cost-effective option is eToro, which has a 1% spread and no commission cost. Monzo Bank works with regulated companies to ensure its customers have the best digital asset investment experience.
