Monese does not directly offer crypto trading on its banking platform. To buy crypto with Monese, account holders must use a regulated crypto exchange or investment platform supporting deposits from their accounts. With that, we will explain the easiest method to invest in digital assets using Monese.
Summary
Monese does not facilitate direct purchase or trading of cryptocurrencies on its platform presently. However, it allows customers to invest digital assets through FCA-authorized crypto exchanges by transferring British Pounds from their accounts.
After comparing multiple trading platforms, eToro is the ideal option for Monese account holders to buy crypto. With a robust framework securing customer assets and over 30 million users worldwide, eToro is a trusted solution for Monese users keen to explore decentralized finance.
Step-by-Step Guide to Buy Crypto Using Monese
Monese, users keen to invest in Bitcoin, Ethereum or other cryptocurrencies can utilize eToro’s platform, which is registered under the UK’s Financial Conduct Authority (FCA) to ensure security for customers.
Step 1: Open an eToro Account
Visit eToro’s website and register for an account by providing your personal details. Complete profile verification as needed.
Step 2: Verify Your Identity
Finish eToro’s Know Your Customer (KYC) procedure by submitting your ID proof and address documents to confirm your identity.
Step 3: Link your Monese Bank Account
Under ‘Deposit Funds’ in your eToro profile. Choose to link your Monese bank account to deposit British pounds and enable crypto purchases.
Step 4: Deposit GBP
Transfer British Pounds from your Monese account to eToro. You can deposit instantly via Faster Payments or debit card for a small fee.
Step 5: Buy Cryptocurrencies
Use deposited funds to invest in Bitcoin, Ethereum or any other crypto available on eToro. Withdraw to external wallets or retain aiming for long-term capital gains.
What Other Payment Methods Allow Crypto Purchases?
In addition to connecting a Monese bank account, eToro also enables buying crypto for other banks. Check out these guides:
By supporting varied payment methods, eToro provides flexibility for users from different countries looking to invest in cryptocurrencies.
How to Buy Crypto Safely
While the potential returns from cryptocurrencies seem lucrative, these digital assets carry significant risks due to market volatility and cyber threats targeting exchange platforms/investor accounts. Here are some tips for buying and owning crypto securely:
- Thoroughly research the cryptocurrencies before investing
- Use safe personal devices and VPN connections
- Choose reputable, licensed exchanges like eToro
- Enable two-factor authentication on accounts
- Store assets in secure hot/cold wallets
- Start with small, affordable capital
- Actively monitor market movements
By following best practices around account security and portfolio management, Monese users can confidently venture into crypto investments alongside their traditional banking activities.
What is Monese’s Status on Cryptocurrencies?
Monese does not offer direct cryptocurrency services or have any partnerships with crypto exchanges presently. It allows fund transfers to FCA-regulated platforms dealing in digital assets.
The bank does not provide access to any particular cryptocurrencies. Customers need to explore assets available on the connected exchange.
As per the latest updates, there are no specific fees or limitations imposed by Monese around cryptocurrency investments through regulated third-party platforms. Contact customer support to confirm updated policies.
Does Monese Bank Work With Crypto?
As mentioned earlier, Monese does not directly work with cryptocurrencies or exchanges dealing exclusively in crypto assets. However, it allows customers to connect to regulated platforms offering digital tokens alongside other investment products.
Users interested in buying crypto using Monese are advised to check directly with the bank’s customer service on updated regulations and policies guiding such transactions or investments.
What if Monese Bank is Not Crypto Friendly?
Open an Additional Bank Account
If Monese tightens policies disallowing all cryptocurrency transactions, interested users can open an additional account with a crypto-friendly bank to act as an intermediary between Monese and the crypto exchange.
Once funds are available in the secondary bank account, investors can proceed with buying digital assets on platforms like eToro by linking this intermediary account instead of Monese.
Use Money Transfer Services
Another option is using electronic money transfer facilities like TransferWise that allow fund transfers from Monese to suitable crypto exchanges under financial regulations. After completing the transfer, simply follow the previous buy crypto guide.
Conclusion
Though direct onboarding to cryptocurrencies is not yet available, Monese account holders can still access regulated platforms like eToro to buy Bitcoin, Ethereum and other altcoins safely using British Pounds. By transferring funds to eToro’s secure framework, Monese customers can incorporate crypto assets into their investment portfolio.
FAQs
Can I buy crypto directly from Monese Bank?
No, currently users cannot directly purchase cryptocurrency from Monese. You need to use a regulated cryptocurrency exchange platform and transfer British Pounds from your Monese account.
What is the easiest way to buy crypto with Monese Bank?
The easiest option is to open an account with eToro to buy crypto using Monese Bank. eToro allows seamless deposits and purchases under UK’s financial regulations overseen by the FCA.
Is Monese Bank investigating offering cryptocurrency services?
As per latest updates, Monese Bank is still assessing the cryptocurrency market but could look into directly supporting digital asset investments in the future to meet rising customer demand.
