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How to Buy Crypto With Monzo [2024]

How to Buy Crypto With Monzo [2024]
Diana Paluteder

Summary: Monzo customers cannot buy Bitcoin or any other digital assets directly on its platform, as it doesn’t offer crypto trading. However, investors can use their Monzo bank account to deposit GBP to buy Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies via a regulated online broker. Based on our analysis of over ten cryptocurrency exchanges, we recommend using a trusted multi-asset investing platform, eToro.

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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 Monzo? 

You can buy crypto with Monzo, but you need to connect to an FCA-licensed cryptocurrency exchange. As mentioned above, this is because Monzo does not offer cryptocurrency services directly through its online banking platform.

How to buy crypto with Monzo?

The best way to buy Bitcoin or any other cryptocurrency with a Monzo online banking account in the UK is through a reputable 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 Monzo: 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 Monzo 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.

Disclaimer: 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.

How to buy crypto with Monzo: eToro crypto banner.
Crypto on eToro. Source:

About Monzo

Monzo is a neobank based in the United Kingdom with over 5.8 million customers. It was founded in 2015 and quickly gained a reputation for its user-friendly app and clever features, such as Pots for budgeting and Shared Tabs for tracking expenses between groups. Monzo also offers traditional banking and financial services for both businesses and individuals.

How to buy crypto with Monzo: Monzo homepage.
Monzo’s homepage. Source:

Moreover, Monzo is the second-most-popular digital bank in Europe, coming after Revolut. According to our research published in March 2023, the challenger bank’s app was downloaded almost 3.6 million times in 2022. Monzo was closely followed by other most popular mobile-first banks, N26, Starling BankMonese, and bunq.

How to buy crypto with Monzo: Europe's bank app downloads.
Europe’s neobanks’ app downloads in 2022. Source:

Services offered by Monzo include: 

  • Personal banking: Checking accounts, savings accounts, credit cards (Monzo Flex) loans, and overdrafts;
  • Business banking: Business checking accounts and business tools, including invoice and accounting software;
  • Wealth management: Financial planning and advisory services with various options for savings accounts.

Monzo crypto policy

Monzo does not currently offer any products or services related to cryptocurrencies. That said, Monzo crypto users can use their bank accounts to freely deposit and withdraw funds from FCA-regulated exchanges.

Should I invest in crypto?

There is no conclusive answer to whether buying crypto with Monzo right now is a good idea because it depends largely on your personal risk tolerance, investment style, and financial goals.

Investing in cryptocurrencies does have the potential to generate profits; however, it also carries a high risk due to its volatile nature. Despite its risks, the upsides of investing in digital currencies include:

  1.  Diversification: Including Bitcoin in your investment portfolio can help spread risk through diversification;
  2.  Growth: Since its inception in 2009, Bitcoin has shown remarkable growth and appreciation in value. Its limited supply attracts investors looking for price appreciation;
  3.  Blockchain technology: Cryptocurrencies are built on blockchain technology, offering multiple possible applications besides digital currencies;
  4.  Privacy: Cryptocurrencies provide more privacy than traditional financial systems, as transactions are associated with cryptographic addresses rather than real-world identities;
  5.  Decentralisation: Bitcoin utilises a decentralised blockchain network, providing more freedom and reducing reliance on traditional financial systems;

However, it is essential to remember that the value of cryptocurrencies can be highly volatile, much more than more traditional and established assets like stocks or bonds.

Bitcoin price today

How to buy crypto safely

Crypto is still a somewhat new and untested territory, making it a much riskier investment than stocks. Rampant in pyramid schemers and hackers and subject to tremendous price volatility, many investors have been scared away from buying crypto, with or without Monzo. 

Fortunately, there are a few ways to ensure you’re buying crypto safely, such as:

  • 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 when buying crypto with Monzo, preferably with a VPN;
  • Choose a reputable exchange: Ensure the exchange has a license from an appropriate regulator in your country and has a solid track record;
  • 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: Because the crypto market can be so volatile, 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 Monzo: 

How to buy crypto with Monzo?

You can buy crypto with Monzo by connecting your banking account to a third-party cryptocurrency exchange.

How to buy Bitcoin with Monzo?

You can buy Bitcoin with Monzo – Monzo crypto users can use their bank account to connect to a reputable third-party investment platform that sells cryptocurrencies, such as eToro.

Can you buy crypto with Monzo?

While Monzo doesn’t offer crypto trading directly through its own platform, customers can connect their bank accounts to an FCA-regulated digital asset broker to invest in crypto.

What is Monzo’s crypto policy?

Monzo allows customers to use Monzo online banking accounts or services to buy, sell and trade digital assets through regulated exchanges. 

What crypto exchanges does Monzo allow?

Customers can connect their Monzo banking account to an FCA-licensed cryptocurrency broker to buy crypto. 

Is Monzo crypto friendly?

Monzo blocked cryptocurrency transfers to crypto exchange Binance following the FCA’s consumer warning in 2021; however, Monzo crypto guidelines support transfers to regulated investing platforms where you can buy, sell, and trade cryptocurrencies. 

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