How to buy crypto with Monzo Bank?
Despite Monzo Bank’s keen interest in crypto, it is not yet possible to buy Bitcoin & Ethereum from this bank. In this article, I will show you how you can still invest in crypto using your account at Monzo Bank without any problems.
How to buy crypto at Monzo Bank?
Step 1: open a crypto account
You need an account with a crypto exchange to open crypto using your account with Monzo Bank. A crypto exchange is a company that can buy and sell Bitcoin on your behalf. In the overview below, see directly which parties you can contact:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Monzo Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: activate your account
After you have opened an account, you still need to fully activate it. You do this by uploading a copy of your ID. Many exchanges also ask some questions about your experience level and investment plans.
Step 3: deposit money using your Monzo Bank account
At all professional exchanges, you can then deposit money without any problems. You do this by transferring money from your Monzo Bank account to the crypto exchange. Depending on the currency you use, the bank will be able to charge a small percentage fee for this.
Step 4: research & select crypto
Many novice investors make the mistake of immediately buying a trendy, new crypto currency. It is important to research carefully which cryptocurrencies really add value. The best-known cryptos you can invest in are Bitcoin and Ethereum, but there are of course many other options.
Step 5: buy crypto with your Monzo Bank account
Now that you are sure which crypto you want to buy, you can open the order screen. Here you then enter the amount you want to buy the crypto for. After you press the buy button, it can take up to a few minutes for the crypto to actually appear in your account.
Step 6: send crypto to an external wallet
If you want extra security for your crypto funds, you can choose to send them to an external wallet. With an external wallet, you maintain full control over your cryptocurrencies. In the past, even very well-known exchanges have run off with customers’ funds.
What is Monzo Bank’s policy on crypto?
Monzo itself clearly states that you can buy crypto with your bank account. The bank sometimes has to block suspicious transactions, but will then ask for more information. They even specifically state that they are not anti-crypto; however, they do sometimes block access to exchanges that do not have the proper licences.
Monzo itself is still actively pursuing interesting crypto investments. After the crypto crash of 2023, co-owner Jonas Templestein still sees opportunities in this field. Therefore, I personally would not be surprised if the bank offered crypto currencies on their platform in the future.
About Monzo Bank
Monzo Bank was one of the first online application banks in the UK. With around six million customers, it is a fast-growing player in the UK market.
Monzo Bank is one of the most innovative banks; therefore, they follow the crypto market with great interest. I myself am curious to know when it will become possible to buy Bitcoin through your account at Monzo Bank.
Can you buy Bitcoin from Monzo Bank?
At the time of writing, you cannot yet buy crypto coins at Monzo Bank. This is likely to change in the future: Monzo Bank has a lot of interest in crypto and is also very innovative. Until then, your best bet is to invest in cryptocurrencies using your Monzo Bank account with a crypto exchange.