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How to Buy Bitcoin and Crypto With Monese [2024]

How to Buy Bitcoin and Crypto With Monese [2024]
Diana Paluteder

Summary: Monese doesn’t offer customers crypto trading directly on its own platform. Instead, investors in the UK will have to use a crypto exchange or a regulated investment platform to buy digital assets like Bitcoin (BTC) and Ethereum (ETH) by depositing GBP from their Monese account.

The best way to buy crypto with Monese is by using a trusted multi-asset investment platform, eToro. After analyzing over ten different trading platforms, we concluded eToro to be the best option for Monese customers, as it offers low trading fees, a wide selection of crypto coins, and a customer base of over 30 million users. Moreover, being regulated by the Financial Conduct Authority (FCA) makes it a safe and cost-effective option.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Can you buy crypto with Monese? 

Yes, you can buy crypto with a Monese bank account, but you need to connect to an FCA-licensed broker that offers cryptocurrencies. As mentioned above, this is because Monese does not offer crypto trading directly through its online banking platform.

How to buy crypto with Monese?

The best way to buy Bitcoin or any other cryptocurrency with a Monese account in the UK is through an FCA-regulated broker like eToro, which is a licensed and widely trusted digital asset platform with over 70 cryptocurrencies and unique features such as Copy Trading, which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Monese: Step-by-Step

You can get started in minutes with four simple steps:

  • Step 1: Create an account on eToro and complete your verification (personal or company);
  • Step 2: Enter the GBP amount you want to deposit on the eToro platform;
  • Step 3: Connect your Monese account to deposit your selected fiat currency;
  • Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
Crypto on eToro. Source: etoro.com

About Monese

Monese is a British-Estonian neobank that offers a comprehensive selection of banking services for individuals and businesses. Founded in 2015, it has quickly gained speed, now serving over 2 million customers (as of January 2020) across the EU, providing accounts in GBP, EUR, and RON.

Monese’s homepage. Source: monese.com/gb/en

Furthermore, Monese is the fifth-most-popular digital bank in Europe. According to our research published in March 2023, the challenger bank’s app has been downloaded almost over 1 million times in 2022.

Monese comes just after Starling Bank with 1.6 million downloads and ranks before bunq with just under a million downloads. The top-ranking bank in the list, as well as the clear leader, is Revolut, with an impressive 17 million downloads, followed by Monzo.

Europe’s neobanks’ app downloads in 2022. Source: finbold.com

Services offered by Monese include: 

  • Personal banking: Checking, savings (Pots) and joint accounts, bills, and purchase protection (insurance);
  • Business banking: Business checking and savings (Pots) accounts, business management tools such as creating invoices;
  • Wealth management: Spending overviews, budgeting tools, transaction details, instant notifications, and downloadable statements.

Monese’s crypto policy

Monese Bank does not offer crypto or any cryptocurrency-related products directly from its platform. That said, it does allow its users to invest in digital assets through legitimate, FCA-regulated exchanges like eToro.

How to buy crypto safely

The value of cryptocurrency is often seen changing constantly and dramatically, making it a much riskier investment than traditional asset classes such as stocks or bonds. In addition, the crypto space is rife with scams and cybercrime, putting both seasoned and inexperienced investors at risk. 

Moreover, although FCA-licensed crypto brokers are required to have anti-money laundering (AML) and terrorist financing procedures in place, crypto assets themselves are not regulated in the UK. In fact, with most cryptocurrencies, investors are unlikely to have access to protections from the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) if something were to go wrong. 

Tips for starting out with crypto

There are steps crypto-enthusiasts can take to stay safe when starting out. So, let’s break down a few of these tips to protect yourself and your money:

  • Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are; 
  • Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure web connection, keeping your sensitive information safe;
  • Choose a reputable exchange: Ensure the exchange has a license from an appropriate regulator in your country. Study the exchange’s user terms and agreements carefully to learn more where they’ll keep your money and what happens to them if the business goes bankrupt;
  • Secure your account: Use two-factor authentication and a strong password to protect your account;
  • Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
  • Don’t invest money you can’t afford to lose: The crypto market is volatile, so you need to be conservative with your investments. For more investing tips, take a look at our guide on investing mistakes to avoid;
  • Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about how to buy crypto with Monese: 

How to buy crypto with Monese?

You can buy crypto with Monese by connecting your account to a licensed third-party trading platform that offers cryptocurrencies.

Can you buy crypto with Monese?

While Monese doesn’t offer crypto trading directly through its own platform, customers can connect their accounts to an FCA-regulated broker that offers cryptocurrencies to buy digital assets.

What crypto exchanges does Monese allow?

Monese isn’t crypto-friendly, as it has restricted bank transfers to specialized crypto exchanges. However, customers can use Monese to buy crypto by connecting their accounts to an FCA-licensed broker/investment platform that sells crypto besides other financial products such as stocks. 

Is Monese crypto-friendly?

While Monese is not a crypto-friendly bank (customers can’t transfer funds to crypto exchanges focusing solely on crypto trading), customers can use their Monese accounts to make deposits and/or withdraw funds from FCA-regulated investing platforms that offer trading and investment opportunities in various markets, including crypto.

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