Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

Monzo ensures secure fund transfers to regulated platforms, meticulously following the UK's financial guidelines. This reflects Monzo's commitment to upholding the integrity and ethical standards of its financial services.

Clients looking to diversify their portfolios will find eToro to be an ideal choice. It offers a regulated environment for various assets, including cryptocurrencies, stocks, ETFs, and commodities. eToro is known for its unique features, such as copy trading and demo accounts.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
eToro United Kingdom
eToro United Kingdom

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.8

Supported Assets

4,500 Cryptocurrencies, Stocks, ETFs and more.

Trading Fees

0% Fees and Variable Spread (1%).

Can I Invest in Crypto with Monzo?

Monzo doesn't provide direct cryptocurrency trading within its banking offerings. In saying that, Monzo users can send money to certified digital asset exchanges that align with regulations in the UK, ensuring investment safety.

It's important for Monzo customers to understand that the app and online banking do not feature integrated crypto wallets. For handling digital currency investments, clients must utilise established British exchanges, ensuring a secure and compliant environment.

How to Buy Crypto with Monzo

Monzo does not directly enable cryptocurrency trading but supports fund transfers to certified exchanges. Choosing platforms overseen by reputable authorities such as the Financial Conduct Authority guarantees the safety of transactions. In the UK, eToro stands out for adhering to FCA standards, offering secure methods for depositing GBP via bank transfers and debit cards.

  1. To begin investing in crypto with eToro, first set up an account by verifying your identity. 
  2. Proceed to 'Deposit Funds,' pick your preferred payment method, and carry out a transfer from Monzo. 
  3. Utilise the search tool to find the cryptocurrency you're interested in and select 'Trade.' 
  4. Enter the amount you wish to invest and complete your acquisition by clicking on 'Open Trade.'
How to Buy Crypto with Monzo

Does Monzo Block Crypto Transactions?

No, Monzo does not freeze transactions to cryptocurrency platforms, enabling its customers to engage with approved exchanges. This support highlights Monzo's commitment to enhancing its financial offerings for its user base.

Monzo recommends its users to only engage with platforms that adhere to the UK's rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, as mandated by the Financial Conduct Authority (FCA). This guidance demonstrates the bank's dedication to facilitating secure financial transactions within the evolving landscape of digital currencies.

Digital Asset Investing Fees

When diving into digital asset trading, it's crucial to grasp the fee structure that enables the seamless operation of platforms like eToro. Here's a simplified guide to eToro’s fees:

  • Funding Your Account: Topping up your wallet might come with some fees, although eToro aims to keep these to a minimum. For instance, converting currencies to eToro’s base currency incurs a fee ranging from 1.5% to 3%, yet depositing USD is free.
  • Withdrawing Your Money: eToro applies a $5 withdrawal fee for fiat currencies to cover transaction costs. For cryptocurrencies, the fee depends on the current network traffic.
  • Trading Expenses: Trading on eToro involves a 1% fee and a variable spread for each crypto transaction, representing the buy and sell price difference. This spread differs among cryptocurrencies.

eToro also rewards frequent traders with a tiered membership, offering perks like fee discounts and personal account management for premium tiers.

Closing thoughts

In conclusion, Monzo is a progressive digital banking platform that prioritises secure, regulated financial transactions, aligning closely with the Financial Conduct Authority's standards. By facilitating fund transfers to reputable platforms like eToro, Monzo empowers its users to safely explore and invest in a diverse range of assets, including cryptocurrencies.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

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