Crypto-friendly banks are forward-looking financial entities that accept cryptocurrency as medium of monetary trade. These banks allow customers to access lower transaction fees for moving back and forth between cryptos and traditional currencies. This kind of crypto-friendly bank integrates cryptocurrencies and traditional bank operations simultaneously.
Following is a handpicked list of Top Crypto-Friendly banks with their pros/cons and website links.
Best Crypto-Friendly Banks: Top Pick List
| Name | Country | Business Focus | Key Services | Required Document | Link |
|---|---|---|---|---|---|
| 👍 BankProv | US | Full-service USD banking solutions for crypto related businesses | USD accounts for crypto companies, Full-insured USD deposits, Crypto backed lending, API banking, FDIC and DIF member | Social security number, Driver’s license or passport | Learn More |
| đź‘Ť Binance | Global | Provides the best infrastructure services for blockchain technology. | Binance offers guaranteed returns on your portfolio. | Valid ID document. (Driving license, passport) | Learn More |
| Revolut | US, European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, and the UK | Built-in crypto exchange | Crypto exchanges, remittances, P2P transfers, Early Salary, money management with Revolut Vaults and Analytics etc. | Need SSN for the US | Learn More |
| Wirexapp | UK | Send, receive, exchange, and spend a range of digital and conventional currencies. | Built-in crypto exchange. | The valid government ID and Photo. | Learn More |
| Robinhood | Only in US countries. | Built-in wallet and exchange | Provides banking services of financial and business institutes. | Valid National ID proof or US passport. | Learn More |
1) BankProv
BankProv is one of the best crypto-friendly banks that offers full-service USD banking products for crypto natives and related businesses. The 10th oldest bank in the US, BankProv recently entered into the crypto space and offers fully-insured USD backing solutions for crypto businesses, custom API banking solutions, secure cash vault services for BTM operators.
#1 Top Pick
5.0
Country: United States
Business Focus: Full-service USD banking solutions for crypto related businesses
Key Services: USD accounts for crypto companies, Full-insured USD deposits, etc.
Required Document: Social security number, Driver’s license or passport
Features:
- 100% fully insured USD deposits
- Offers a range of payment solutions
- ProvXchange network enables 24/7 client-to-client transfers
- Personalized account onboarding
- Supported platforms: Web, iOS, and Android.
Key Specs:
- Country: United States
- Business Focus: Full-service USD banking solutions for crypto related businesses
- Key Services: USD accounts for crypto companies, Full-insured USD deposits, API banking, FDIC and DIF member
- Required Document: Social security number, Driver’s license or passport
2) Binance
Binance is a crypto exchange that provides all the major functionalities that a traditional bank could provide, like loans, credit cards, fixed deposits, etc. It offers a Binance Visa Card to easily make purchases from 60 Million merchants worldwide using cryptocurrencies.
Features:
- It offers guaranteed returns on your StableCoins portfolio.
- You can choose between fixed and flexible duration savings.
- Binance facilitates borrowers to transfer their collateral crypto assets to Binance and secure a loan.
- It offers lower transaction fees and flexible interest with less slippage and handling fees.
- Binance offers multiple trading platforms for different levels of trading experience.
Key Specs:
- Country: Global
- Business Focus: Binance is one of the best platforms to create a digital wallet for trading more than 150 cryptocurrencies.
- Key Services: Binance offers multiple trading platforms to cater to different levels of trading experience.
- Required Document: Valid ID document. (Driving license, passport)
3) Revolut
Revolut Services available in the United States, European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, and the United Kingdom.
Revolut is a financial super app that provides services for all things money.
Provides a prepaid debit card
Features:
- Trade Crypto commission free up to $200,000 per month
- Invest in 30+ cryptocurrencies with any available fiat currency
- Round up spare change from your card spending and instantly convert it to crypto.
- Get notifications, price alerts, set up auto exchanges and more
| đź‘Ť Pros | đź‘Ž Cons |
|---|---|
| Very simple to use | Customer accounts can be frozen temporarily because of security reasons. |
| Offers built-in cryptocurrency exchange. | Built-in crypto exchange charges are quite high. |
| Supports both SWIFT and SEPA transfers. | |
| It offers multi-currency support of up to 30 currencies. | |
| It provides a personal prepaid debit card and business debit card that helps you spend funds on your account. | |
| It helps you to stay on top of the daily market movements. |
Key Specs:
- Country: United States, European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, and the United Kingdom
- Business Focus: Built-in crypto exchange
- Key Services: Crypto exchanges, remittances, P2P transfers, Early Salary, money management with Revolut Vaults and Analytics, travel benefits, and Revolut <18 for kids and teens.
- Required documents: Need SSN for the US
Disclaimer: “Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings.” “Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC).
“All crypto fees and features are for customers based in the USA only”
“Services provided by Apex Crypto LLC, (NMLS ID 1828849). Not FDIC or SIPC insured. May Lose Value.”
Metropolitan Commercial Bank does not hold, trade or sell cryptocurrency and does not provide FDIC Insurance for cryptocurrency funds. Non-fiat funds (i.e. cryptocurrency) are converted to US Dollars before being spent on the Mastercard.
Subject to timing and eligibility of payer’s submission.
Read more…4) Wirexapp
Wirex is a crypto-friendly banking service for buying/selling cryptocurrencies based in the UK. It offers Mastercard that allows you to spend 21 traditional and cryptocurrencies in real-time.
Pros:
- Allows you to buy, store and manage your crypto (BTC, LTC, XRP) and traditional money (GBP, USD, EUR).
- Allows you to add funds using a credit card, debit card, or bank transfer.
- Allows you to exchange between crypto and traditional currencies at live rates.
- It helps you to send 21 traditional and digital currencies.
- You can enjoy unrestricted access to the world of borderless payments.
Cons:
- Wirex is not accepted at certain locations.
Key Specs:
- Country: UK.
- Business Focus: Send, receive, exchange, and spend a range of digital and conventional currencies.
- Key Services: Built-in crypto exchange.
- Required Document: The valid government ID and Photo.
5) Robinhood
Robinhood is a crypto trading bank that enables its users to store a wide range of cryptocurrencies. It supports cryptocurrencies like BTC, ETH, and XRP.
Pros:
- Good user interface
- Seamless built-in cryptocurrency exchange.
- Backed by reputable investors.
- It offers an easy process for opening an account with a minimal investment.
Cons:
- The exact terms of banking services are still unclear.
Key Specs:
- Country: Only in US countries.
- Business Focus: Built-in wallet and exchange
- Key Services: Provides banking services of financial and business institutes.
- Required Document: Valid National ID proof or US passport.
6) Bitcoin IRA
Bitcoin IRA is a Texas-based financial service company that allows you to open bank accounts with no monthly service fee. It allows you to connect with Coinbase to track your Bitcoin wallet and monitor transactions. It allows you to pay bills, transfer money, and more in one place.
Pros:
- This crypto bank allows you to fully track your Bitcoin wallet on Coinbase.
- It is a highly established and trustworthy bank for crypto trading.
- It offers commission-free withdrawals from 60,000+ ATMs nationwide.
Cons:
- It is not very user-friendly.
Key Specs:
- Country: USA
- Business Focus: Integrated with Coinbase
- Key Services: Insurance, Banking, Real Estate.
7) Juno
Juno is an all-in-one crypto-friendly checking account that is wholly designed to help people grow your savings and reach your financial goals faster. It currently provides services like selling, buying, and storing cryptocurrencies like BTC, ETH, polygon, USDC directly into the checking accounts. It is a Neo-banking platform built using APIs.
Features:
- No minimum balance is required.
- Buy, sell and store crypto directly starting from $1.
- The USD cash balances are fully protected by FDIC insurance up to $250,000 via our partner bank Evolve Bank & Trust.
- It has Low-Cost international transfers and is lightning fast.
- Doesn’t require ACH fees($1 fee for same-day outgoing ACH transfers).
- Offers a yearly bonus of 1.20% on deposit balance up to $5,000 (basic users)-50,000(metal users).
- Offers great customer care support
- Users can get their paycheck in crypto once they set up a direct deposit
| đź‘Ť Pros | đź‘Ž Cons |
|---|---|
| Users can use their metal debit cards to pay with either cash or crypto at any Mastercard location around the world with up to 10% cashback | It offers only individual accounts. |
| On selling your cryptos, you receive your cash directly on OnJuno immediately without any delays. | |
| No transaction fees are required | |
| You instantly get a virtual card | |
| It has a mobile app for both iOS and Android |
Key Specs:
- Country: United States
- Business Focus: Full-service USD banking solutions for cryptocurrencies
- Key Services: Bank Account, Debit Card, Crypto Trading
- Required Document: Drivers license, Passport, or Legal Identification
Link: https://juno.finance/
8) Ally
Ally Bank is a crypto-friendly bank for cryptocurrency enthusiasts in the United States. This banking service operates 24/7. This bank allows people to purchase and sell cryptocurrencies via Coinbase. It allows you to credit to purchase Bitcoin and other cryptos from exchanges.
Pros:
- Easy integration with Coinbase.
- It doesn’t have any monthly fees or minimum deposits.
- It offers up to 2.75% annual interest on your invested money.
Cons:
- This crypto-friendly bank is only available to US citizens.
Key Specs:
- Country: USA
- Business Focus: Fully integrated with Coinbase.
- Key Services: Full-service bank offering savings products, loans, and retirement services.
Link: https://www.ally.com/
9) NBC
The National Bank of Canada is a Canadian bank that allows Bitcoin exchange facilities. It offers many banking facilities at no extra monthly fees.
Pros:
- You can use this bank to buy/sell cryptocurrencies like Bitcoin.
- It deals with cryptocurrency businesses along with traditional banking.
Cons:
- The National Bank of Canada provides banking solutions for only Canadian people.
Key Specs:
- Country: Canada
- Key Services: Handling deposits, offering checking and savings accounts, and offering business, personal, and mortgage loans.
Link: https://www.nbc.ca/
10) Barclays
Barclays is an investment banking giant that has its presence in several countries across the globe. This UK-based crypto friendly bank deals in cryptocurrencies and blockchain technology to aid transactions between customers. They are known for their supportive stance on cryptocurrencies.
Pros:
- Credit cards and debit cards issued by Barclays can be used to purchase cryptocurrency.
- Allows their clients to conduct transactions using crypto in a safe and secure environment.
Cons:
- No free mobile app.
- Excess transaction fee applies after the first 6 months.
Key Specs:
- Country: UK
- Business Focus: Direct Retail Banks
- Key Services: Retail banking, B2B banking services
- Requirement documents: Passport, Proof of address.
Link: https://home.barclays/
FAQ:
Yes, Bitcoin-friendly banks allow people and companies to use cryptocurrency services like Bitcoin. Some banks and financial institutions also accept funds obtained from cryptocurrency transactions.
Here are the prime reasons why banks afraid of Bitcoin and Cryptocurrencies:
Volatility:
The volatility of cryptocurrency means that banks are very reluctant to deal with it. Banks exist to make money. So, they don’t wish to lose the value of all their investments or that of customers losing value because of a change in the cryptocurrency market.
Regulations:
There are already strict regulations that deal with electronic money handling, and these regulations will be even tougher in the coming years.
Moreover, there are many countries with no clear-cut regulations on how banks should deal with cryptocurrencies. The absence of regulation makes it difficult, even for banks, to do transactions with cryptocurrency.
There are a few risks involved while dealing with a bank that is not cryptocurrency-friendly like:
When a bank detects transfers from cryptocurrency exchanges, like buying some crypto or transfer it to cryptocurrency exchanges. At that time, your bank may ask you to explain the source of your funds and the purpose of the cryptocurrency purchase precisely.
Suppose your answers are not satisfying to the bank. In that case, they may freeze or permanently close your account regardless of your response to meet the guidelines set by its compliance department.
If you create a new bank account, still your funds may also be frozen for some time, leaving you without access to your funds. Therefore, you must choose the services from crypto-friendly banks.
The main difference between a crypto-friendly bank and a traditional bank is that a crypto-friendly bank provides integrated facilities for cryptocurrency or allows customers to integrate their crypto accounts with the online banking portal. On the other hand, traditional banks generally do not allow customers to perform any cryptocurrency transactions. However, more banks are taking an open approach to integrating cryptocurrency within their online banking portal.
Also Check: Buy Bitcoin Anonymously
Some Canadian banks that support cryptocurrency are:
- Royal Bank of Canada
- TD Bank
- Bank of Nova Scotia (Scotiabank)
- Canadian Imperial Bank of Commerce
- National Bank of Canada
TransferWise does not support transfers to Bitcoin or any other cryptocurrency using their services, directly or indirectly. But you can send money from your balance with bank details to a platform that deals with Bitcoin or another cryptocurrency.
Cryptocurrency is a medium of exchange, like traditional currencies such as USD. It is designed to exchange digital information through a process made possible by certain principles of cryptography. Cryptocurrency is a digital currency and is classified as a subset of alternative currencies and virtual currencies.
Cryptocurrency is a bearer instrument based on digital cryptography. In this kind of currency, the holder of the currency has sole ownership. No other records are kept as the identity of the owner.
A Cryptocurrency exchange is called a Digital Currency Exchange (DCU). It is a business that enables you to trade digital currencies or cryptocurrencies. Many cryptocurrency exchanges offer to trade Bitcoins, Ethereum, XRP (Ripple), Coinbase, Altcoin, etc.
Here are some important types of Crypto Wallets:
- Hot wallets: These types of wallets use keys (a type of cryptography, like a password) created or stored on a device that should have access to the Internet. Hot wallets provide high utility, but they are considered less secure than cold wallets.
- Cold wallets: These wallets use keys created on a device that does not have access to the Internet. They are also known as hardware wallets. Cold wallets are stored on physical devices.
- Hosted wallets: These wallets are stored online by a trusted third-party service provider. These services provide an account to the user in which they provide entries for different coins in their internal database linked to the user’s account.
- Decentralized wallets: In a decentralized wallet, you are the only person that holds the keys to your crypto wallet. A decentralized wallet never gives you a guarantee of complete privacy. However, it also means you don’t rely on a 3rd party to send, receive or store your cryptocurrency. This helps you to ease some security risks associated with hosted wallets.
- Hardware Wallets: Hardware wallets are physical wallets (like a type of USB drive). The Ledger Trezor, Nano X, and KeepKey are popular names in hardware wallets. They are considered highly secured wallets.
- Software Wallets: Software wallets are also called hot wallets. These types of wallets include mobile wallets, desktop wallets, and online wallets. They allow users to manage their digital assets online.
Yes, you can pledge or take a loan against coins stored in a Bitcoin wallet. It is known as a Bitcoin loan, which is similar to a traditional loan offered by banks. In the Bitcoin loan, most of the risk is not on the lender. Still, the borrower is putting up more than enough Bitcoin to cover the loan and interest payments.
Here are some important factors that you should look for in a Crypto Wallet:
- Usage: The biggest factor you should consider when selecting a crypto wallet is how you intend to use your crypto. So, if you plan to buy and hold your investment for the long term, a hardware wallet is surely the best choice for you.
- 2-factor authentication: 2-factor authentication, also known as 2FA. This feature allows you to verify your identity when logging into the crypto wallet. If someone had your password or were able to crack your password through several methods, they would still require passing the second level of authentication. Most of the exchanges sent a verification code to your mobile, which must be entered into a sign-in field before granting access.
- Multi-signature support: Multi-signature support helps you set the wallet’s security needed for multiple keys before access is granted. This also prevents any unauthorized person from spending the funds or transferring the funds to another wallet.
- Exchanges as crypto wallets: Many cryptocurrency users are using Coinbase as it offers a variety of tokens, allowing you to make payments, buying, selling and trading with the help of the GDAX platform.
- Multi-currency vs. single currency: Many cryptocurrency owners own multiple cryptocurrencies. Therefore, managing a separate wallet for each currency can be a complex process. Therefore, you should select a crypto wallet that supports multiple types of currencies.
- QR Code Scanner: If you want to access the mobile crypto wallet, then a QR code scanner is needed. Mobile crypto wallets allow you to generate and scan a QR code for coin transfers.
- Backup Option: Your selected crypto wallet should provide an option for backup. So, in the case when your laptop, pc, or phone device stops working, you have the data to back up immediately. Therefore, some mobile crypto wallets like Coinbase provide a handy feature to restore your wallet.
The process of opening a bank account for cryptocurrency is similar to opening a general bank account. You need to open an account in any of the above-listed crypto-friendly banks by providing your documents and valid ID proofs. Once the account is opened, you can directly use or connect your crypto account with the bank’s online portal to manage your digital assets.
Also Check: Buy Bitcoin(BTC) with Credit Card or Debit Card
Best Crypto Banks
| Name | Country | Business Focus | Key Services | Required Document | Link |
|---|---|---|---|---|---|
| 👍 BankProv | US | Full-service USD banking solutions for crypto related businesses | USD accounts for crypto companies, Full-insured USD deposits, Crypto backed lending, API banking, FDIC and DIF member | Social security number, Driver’s license or passport | Learn More |
| đź‘Ť Binance | Global | Provides the best infrastructure services for blockchain technology. | Binance offers guaranteed returns on your portfolio. | Valid ID document. (Driving license, passport) | Learn More |
| Revolut | US, European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, and the UK | Built-in crypto exchange | Crypto exchanges, remittances, P2P transfers, Early Salary, money management with Revolut Vaults and Analytics etc. | Need SSN for the US | Learn More |
| Wirexapp | UK | Send, receive, exchange, and spend a range of digital and conventional currencies. | Built-in crypto exchange. | The valid government ID and Photo. | Learn More |
| Robinhood | Only in US countries. | Built-in wallet and exchange | Provides banking services of financial and business institutes. | Valid National ID proof or US passport. | Learn More |
