Which one of the following expressions is grammatical?
- Please donate $5. More is welcome!
- Please donate $5. More is welcomed!
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They're both grammatical:
Welcome is an adjective which means agreeable or gladly received.
Welcome is also a verb meaning to receive or accept with pleasure. Formed into a past participle, which functions as an adjective, it is welcomed.
More is welcome is definitely the one you want, since it implies to the viewer that they are being targeted by the statement. More is welcomed, on the other hand, sounds like a bare statement of fact that you currently accept more, without the same appeal to the individual viewer.