Monolith review 2023

Monolith is an Ethereum wallet that offers a debit card, making it easier to explore the Ethereum ecosystem and spend your crypto anywhere.

  • Registered with the UK financial watchdog, the FCA
  • Limited to ETH and a small list of ERC-20 coins only

Check out our full list of pros and cons or read on.

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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.


Product Name Monolith
Wallet Type
Supported Cryptocurrencies
Price (USD)

What is Monolith?

Monolith is an Ethereum wallet that comes with a Visa debit card, allowing you to hold and spend your crypto anywhere Visa is accepted. It’s non-custodial, meaning you own and completely control the private keys – the access – to your crypto.

Monolith only supports ETH and ERC-20 tokens, meaning you can’t use it to buy or exchange Bitcoin (BTC), Litecoin (LTC) or other coins. Supported fiat currencies include GBP and EURO.

Monolith lets you write down and safely store your seed phrase for convenient wallet recovery. Its mobile app is available for iOS and Android devices and we found it slick and easy to navigate.

Is Monolith safe?

As a non-custodial smart contract wallet, Monolith doesn’t have access to your information like private keys. It also means that Monolith can’t access, confiscate, or freeze your crypto assets inside the wallet.

Monolith has a range of safeguards in place. You have to enter your PIN to access the app and use PIN or face ID to confirm transactions. Plus, you can set daily transaction limits, for added security.

Monolith is not currently on the Finanical Conduct Authority’s temporary cryptoasset register. Crypto trading isn’t regulated, but the FCA keeps a register of firms and they must pass checks for anti-money laundering and anti-terrorism activity.

The card provider, Contis, is regulated by the FCA as an e-money provider, which offers some protection but not as much as you’d get with a bank. For instance, with e-money, customer deposits are stored in a segregated account, essentially ensuring that if Monolith went bust, you’d likely get back at least some of your funds. But your money isn’t covered under the Financial Services Compensation Scheme, which protects sterling deposits up to £85,000.

Monolith has some negatives. While giving you control over your keys, the wallet is connected to the Internet, meaning it’s vulnerable to hacks and attacks.

Monolith Visa card

The Monolith Visa debit card is arguably the best feature of the platform. It lets you convert crypto to fiat seamlessly and spend it almost immediately at any location accepting Visa cards. However, there’s a limited number of tokens you can convert at the moment – ETH, DGX, MKR, DGD, DAI, and TKN. Plus, Monolith charges a 2.95% fee for converting crypto to fiat (free if you use TKN or DAI).

There’s no monthly maintenance fee, and the card is issued and delivered for free within the UK. Purchases in the UK are fee-free. You also get 2 free ATM withdrawals every month; every additional withdrawal costs £0.75. The daily spend limit is £7,500, while the ATM cash withdrawal limit per day is £350.

While a Monolith debit card allows you to sell crypto for fiat at a relatively cheap cost, loading fiat money into the app to buy crypto is not possible. Also, you have to pay “Gas” fees (which can be surprisingly high) if you top up the card.

How do I open a Monolith account?

  1. Download the Monolith app. The wallet is available as a mobile app on Android and iOS.
  2. Create your account. To set up your wallet, you will receive a 12-word seed phrase for account recovery if you lose your phone. Write down the phrase on a piece of paper or notebook and keep it somewhere safe. If you lose your recovery phrase, Monolith cannot help you access your wallet. You’ll be asked to re-enter to make sure you set up your wallet correctly.
  3. Select your PIN. Lastly, you have to choose a 6-digit PIN which you’ll use to log in to your account. Once you’re confirmed, your Monolith wallet is ready for use.
  4. If you opt for the debit card, you’ll need to provide additional details with your name, address, a selfie, and an ID document. The card verification is pretty much instant, but it may take between 10 to 15 days to receive the physical card.

Monolith customer reviews in the UK

Monolith is relatively new in cryptocurrency, which means it doesn’t have a lot of customers or feedback. Monolith has few reviews on Trustpilot. There is some negative feedback on Google Play and the Apple Store about issues with accounts, high gas fees, and delays in getting customer problems solved.

Pros and cons


  • Non-custodial Ethereum wallet that gives you control over your funds
  • Monolith Visa debit card can be used anywhere Visa is accepted
  • On the FCA temporary register for crypto firms
  • Clean and intuitive app interface


  • Supports only ETH and ERC-20 currencies
  • No cash back on purchases
  • Relatively high transaction fees
  • No FSCS protection
  • You can’t load fiat to buy cryptocurrencies

Compare Monolith against other cryptocurrency wallets

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
Name Product Wallet type Supported assets Price (USD) Offer Disclaimer Link
ZenGo Cryptocurrency App
ZenGo Cryptocurrency App



Free download

Ledger Nano S Plus Wallet




Atomic Wallet

Mobile, Desktop


Free download


Our verdict: Is Monolith any good?

If you’re looking for an Ethereum wallet, consider Monolith because it’s easy to use. It offers a beneficial swapping service and the ability to cash out crypto and spend it anywhere Visa is accepted.

Seasoned traders are likely to be frustrated by the shortage of coins available to swap and the varying network fees. In fact, Monolith requires users to fill up a “Gas tank” each time they want to make a transaction because of the changing Ethereum gas fees.

Frequently asked questions

Who’s behind Monolith?

Monolith is the trading name of Token Group Limited, which was incorporated in the UK back in 2017. Formerly known as TokenCard, the firm rebranded to Monolith in 2019.

*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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