I’m trying to move some of my savings into crypto. I’m seeking clarity on how Monzo view this. Other posts about this highlight that you should use a reputable exchange, sensible amounts and your own money. But all have the same unanswered question:
What does Monzo deem as a reputable exchange?
At the moment, Binance, Kraken, Crypto.com, Wirex are all services I would like to use.
I plan to use my own money and an amount I consider sensible.
I don’t want my account suspended or my spending habits limited, so thought I should post here first for an up to date answer.
The problem is that, even if it’s legitimate and allowed, you run the risk of triggering an alert anyway. So you should only be doing crypto from an account that’s not being used for anything else important, in particular your essential bills etc.
If you’re using Monzo for your daily banking, I’d open an account elsewhere specifically for crypto.
Not that I’m recommending going from savings to crypto - that’s quite a leap!! Eek
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phildawson
(Sorry, I will have to escalate this.)
3
@Atom interested to know which platform you go with and recommend
I would probably open a Revolut account to fund. They should have no issues with any of those.
I’ve always wondered out of the following what people see is the best for those starting out.
I think @Peter_G has created a poll thread previously, but can’t see it. If not it’s crying out for one to be made. Maybe it was on wallets. I don’t know.
Maybe it was on wallets. I don’t know.