monzo bitcoin forum response
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-focused.

Monzo claimed they “had no issue with Bitcoin trading”

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.

A screenshot of a monzo support article claiming that they allow bitcoin trading.
A screenshot of a Monzo support article claiming that they allow bitcoin trading.

This was not the case ..

After a period of time trading, Monzo turned around, and told me point blank. They do not allow Bitcoin trading.

Even after mentioning the above article, they will still certain it was not allowed.

Monzo allows you to buy Bitcoin with your 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 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.


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!

Summary

Monzo doesn’t let you trade Bitcoin through LocalBitcoins, however, they do allow you to buy Bitcoin using your card (on sites like Coinbase).

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!

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