I recently put a stop to my Bitcoin trading on LocalBitcoins, namely because it was impossible to find a bank that would support it. UK banks simply do not like Bitcoin traders. Monzo? Bitcoin isn’t allowed either.
After trying tirelessly to find a bank that will allow Bitcoin trading,. I thought I’d found one. One that was new, modern and tech-focussed.
Monzo community post about Bitcoin
After reading a community post on Monzo’s support pages, I saw one of their staff saying that it was okay to trade cryptocurrencies with their bank. But later found out first hand that they wanted nothing to do with it.
So, to answer the initial question, Monzo does not allow cryptocurrency trading. Especially not the “LocalBitcoins-style” trading. And it’s a great shame.
Monzo doesn’t like LocalBitcoins
Just to elaborate on what I mean by “localbitcoins-style trading”, I mean trading where you buy and sell person-to-person. It’s beneficial because you don’t have to pay card fees and get really competitive prices because of that.
You can buy Bitcoin with your Monzo card
Monzo might allow you to purchase Bitcoin and similar cryptocurrencies with their cards–the debit cards they give you. But given the experience I had with them, I’m not about to try. Many banks do allow you to buy cryptocurrencies with their debit cards but they don’t seem too keen on LocalBitcoins traders; people that trade directly, and often.
Monzo free sign up bonus
Now that’s not to knock Monzo, I still use them, their app is really nice to use, and actually, their customer support is pretty damn good. They even give away free money to friends who sign-up.
And with that, I close out this article with a simple request.
Sign-up to Monzo so we can both get some free £££.
Why don’t banks like people trading Bitcoin?
There are a number of reasons that I could build on. But I’d like to leave you with this documentary on YouTube that describes it better than I can!
It’s really tough finding a bank that allows you to trade Bitcoin, but if you know of any, or have any questions, then leave a comment below!