Does Monzo Allow Crypto?

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Finding a crypto-friendly bank in the UK is not easy, especially in light of increasing regulation, a surge in scams and several high-profile exchange collapses.

However, Monzo is one of a small handful of banks that’s established itself as a crypto-friendly institution that allows clients to buy crypto via the majority of mainstream cryptocurrency exchanges, including Coinbase, a popular exchange used by UK residents.

However, at the time of writing, Binance was excluded from the list due to a number of ongoing concerns which has led to the exchange being blacklisted by many UK banks.

Monzo, which has more than 7 million customers, is an app-based challenger bank which launched in 2018 to primarily serve clients in the UK. Since then it has gone on to establish itself as a crypto-friendly platform, along with a handful of other banks such as Revolut.

Can I buy crypto through Monzo?

You can’t actually buy Bitcoin, Ethereum or other cryptocurrencies through your Monzo account, but you can transfer cash to many of the leading exchanges then use it to buy coins. (With Revolut you can buy crypto directly from your dashboard).

In its customer help section, Monzo explains that customers are free to use ‘a range of cryptocurrency exchanges’ to buy crypto but that ‘from time to time we may block a small number of transactions based on risk’.

After studying all of Monzo’s help pages relating to the purchase of crypto, I’m confident that the account would suit most people looking to make crypto purchases with one of the main cryptocurrency exchanges serving the UK.

There are plenty of references to how customers can go about this, and there’s even a page that clearly states Monzo bank is not ‘anti-crypto’ and that customers are free to use their account in conjunction with other platforms to build a crypto portfolio.

This is good news for UK residents who are increasingly interested in adding crypto to their portfolios according to a variety of surveys conducted in the finance community.

Is Monzo crypto-friendly?

While Monzo might be ideal for many people looking to buy crypto through a third-party exchange and could definitely be described as crypto-friendly, Revolut should also be considered by those wanting the convenience of buying coins directly through their account.

There are a couple of drawbacks to this though, namely that you won’t be getting the best exchange rate if you buy crypto this way and you can only access a very limited number of coins through your account.

However most people starting out on their crypto journey may be happy to accept this for the convenience this type of purchase offers.

Back to Monzo – it’s absolutely clear this is a bank that’s happy to allow crypto purchases, including Bitcoin, using the funds in your account as long as you’re happy with the process involved in buying the assets through an exchange.

Related link: Does Monzo allow Binance?