I recently stopped trading Bitcoin on LocalBitcoins. While it was profitable, banks in the UK have begun shying away from customers that run cryptocurrency businesses.
- Monzo, although tech-focused, doesn’t like Bitcoin traders
- They will close down your account
- Monzo is not a good bank for LocalBitcoins users
Monzo seemed like the answer
Before quitting trading, I sought out another bank. And honestly, the only bank in the UK that looked like they were even somewhat willing to allow Bitcoin trading, was Monzo.
Monzo even claims they "had no issue with Bitcoin trading"
They’re a brand new bank, thats embracing technology, going purely online and mobile. Yet, that couldn’t be further from the truth.
The post that made me go Monzo
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.
This article seemed like solid proof that, provided I was under the FPS limits, there shouldn’t be an issue.
Things turned sour pretty quick
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.
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!