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How to Buy Crypto with Monzo in United Kingdom

Last updated on November 12, 2023

Quick Summary: While Monzo does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of United Kingdom cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.


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Monzo Homepage

As mentioned in my quick summary, like most United Kingdom banks, Monzo doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Monzo

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Monzo.

Buy Crypto With eToro

About Monzo

Monzo Bank Limited (/’manzoUMonzo Bank Ltd (/’manzoU’/) is an internet-based bank located in United Kingdom. Monzo was among the first of banks with apps that are new that are based in the UK.

The company was initially operating via the mobile application and debit card for prepaid transactions however, in April 2017 its UK bank licence restrictions were lifted, which allowed Monzo to offer a fully current account. At the time of its July 2022 launch, Monzo had over 5.8 million customers. The most recent financial report, released in July 2022 reported a net loss in the amount of PS119M (an increase from PS116.2M that was lost prior years) on revenues of PS154.2M.

Monzo Bank was founded as Mondo in the year 2015 in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. The Mondo team first met when employed in Starling Bank. In February of 2016, Monzo set the record for “quickest crowd-funding campaign in history” in which it raised PS1m in just 96 seconds using its Crowdcube investing platform.

On July 20, 2020 Monzo announced its first premium-subscription service. Monzo Plus. After the very first week the account was upgraded and more than 50k active customers.

On October 10, 2020 Monzo introduced its brand new premium membership service called Monzo Premium.

On February 20, 2021 Monzo has announced Carol Nelson as its new US CEO. She will take the place of TS Anil who became Monzo’s global CEO, after a short time having both titles.

In September 2021, Monzo launched Flex, a buy-now-pay-later product. Later that year, they launched the creation of a virtual credit card which can be used to complete Flex payments directly.