Monzo's view on Cryptocurrency Trading?

Hi there, new Monzo member. Decided to move over to Monzo for my daily spending as they appear far more advanced and their support is far better :smile: . What is Monzo’s view on cryptocurrency trading? I am looking to diversify my investments and will be looking to invest a modest amount into Bitcoin and some small amounts into other cryptocurrencies like Ethereum etc. Will be looking to use CoinBase and/or Kraken for trading. Anything official from monzo? I cannot seem to find anything.
:+1:

Hi, welcome to the community

Leery at best

Thanks!

What makes you say this?

I imagine if you were ‘trading’ thousands persistently they’d probably rather not entertain it. It’s a compliance nightmare.

Lots of people have no issues with small amounts on here, myself included.

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Thanks, what exchange are you using?

I’ve done coinbase for £20 to buy a 4chan pass after they stopped taking cards and it’s been fine.

I’ve not used crypto for much else

If you are going to do anything more than a one off transfer or purchase, you should really consider using a dedicated account for crypto.

I’ve bought btc a few times before using my monzo card, never had any issues. I’ve also tried sending money via bank transfer to a crypto exchange but it gets bounced back.

edit: actually, I used TransferWise through Monzo to send the transfer, so maybe that’s why it bounced back.

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Please only use reputable exchanges, and don’t do direct P2P trades using your Monzo account.

There are a bunch of scams out there that result in stolen money ending up in the accounts of crypto-traders without them realising. We take a very dim view of accounts containing stolen funds, regardless of if the customer is aware.

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I was looking at using Coinbase or Kraken. Is there a point in terms when Monzo flags up the transactions after they pass a cartoon value? Thanks

I am only a customer, and one leery of cryptocurrencies myself, but pretty much as @redshift said with regards to the horrors of compliance and as @thomas at :mondo: said with regards to how easily it can find you mixed up with those less keen on leading above board lives

Personally I cannot see much legitimate and legal use of cryptocurrencies and the mining is a terribly wasteful use of precious resources

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If there is I’m not sure Monzo would disclose it. That’d lead to bad people playing the system.

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I still find Bitcoin this bizarre phenomenon. It’s value seems the result of largely drugs and other illegal transactions/activity, further fueled by currency speculators/traders. I mean it’s cool tech but it still doesn’t seem to have much real world use because it remains so erratic in value.

And I know fiat currency obviously has those problems too but Bitcoin’s unique features just make it incompatible with the other. So you just end up using it to buy your mail order drugs, your scam hitman, your ransomware ransom and a pizza at that one place in Boston.

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We’re not going to reveal our Financial Crime rules, I would refer to what @thomas said.

Stick with reputable exchanges and reasonable amounts, only trade using your own money, etc. Overall, be responsible. :slightly_smiling_face:

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Will do, thanks :grinning:

Which are the reputable exchanges :smiley: @Rika @thomas For a beginner who really wishes to try, and is learning from different sources and stories, everything seems as scam and a sure lost :relieved: