Best Crypto Banks You Should Know
Cryptocurrency banks provide retail clients with cryptocurrency trading services. These include both commercial organizations and digital banks. Best Crypto-Friendly Banks: Revolut, Quontic, Ally Bank, Bankprov, Simple Bank.
It’s no secret that cryptocurrency is gaining traction across the globe. Cryptocurrency became legal tender in El Salvador in 2021, and the market capitalization of all cryptocurrencies saw a peak of $3 trillion in late 2021, before falling back to around $2 trillion in early 2023.
However, banks in the U.S. still don’t allow customers to buy Bitcoin and other cryptocurrencies. In essence, this is a regulatory issue, since cryptocurrencies are so volatile that they could upset banking stability.
In addition, banks may shy away from cryptocurrency due to its potential to devalue the dollar-based banking system that makes them profitable. Thus, in the United States and other parts of the world, many crypto-friendly banks connect customers to financial services that offer crypto transactions. It's important to note, however, that they generally don't offer direct purchases of cryptocurrencies.
There are still approaches to acquiring Bitcoin, and potentially other cryptocurrencies, through banking institutions. Here, we discuss the top 10 crypto-friendly banks.
Start Working with Digital Banks Now with the Wise Bank!What are Crypto-Friendly Banks?
Bringing cryptocurrency into the mainstream, crypto-friendly banks offer financial services that accept cryptocurrency as a medium of exchange. By using these banks, customers can move between cryptos and traditional currencies with lower transaction fees. A crypto-friendly bank integrates cryptocurrencies with traditional banking operations at the same time.
Banks with crypto-friendliness not only accept cryptocurrencies for fiat exchanges (and vice versa), but they often offer low transaction fees for crypto transfers between wallets and exchanges of fiat, making it easy for customers to add crypto to their portfolios.
👍 Pros
•User-friendly: Compared to wallets and peer-to-peer transactions, which have complicated features, crypto banks are easier to use. By logging into their crypto banks' websites or mobile applications, users can view their account balances and make transactions.
•Reliable: Crypto banks enable transactions across multiple platforms more reliably than wallets. Furthermore, they usually have large trading volumes, which ensures a good supply of liquidity. In general, crypto banks give users more control over their funds to spend as they please.
•Security: Crypto bank users can transfer assets to anyone without revealing their personal information. The transactions are done in a blockchain ecosystem that is safe and secure. Using crypto banks is a secure and confidential process, and users only disclose information they’re comfortable sharing with recipients.
•Earn interest rates: An asset stored in a crypto-friendly bank earns interest throughout the year, and the balance keeps increasing. As such, they function like savings accounts in the traditional finance industry, allowing users to generate different digital currencies from idle assets.
•Cryptocurrency exchange integration: There are some crypto-friendly banks that offer cryptocurrency exchange integration, so you can transfer money to an exchange to purchase crypto from your bank account.
👎 Cons
•Hacking risk: It’s common for crypto banks to operate by companies that hold large amounts of assets on behalf of users. Due to their large amounts of digital currency, these platforms are high targets for hackers. Millions of dollars of users' assets have indeed been stolen from many platforms in the past.
•Complexity: Crypto-friendly banks require their customers to remember passwords and private keys to their crypto wallets. A user's assets may be permanently lost if he or she loses or forgets these keys and passwords. To ensure success, it is imperative that you familiarize yourself with the platforms and processes.
•Liquidity struggles: Due to large trading volumes, some crypto-friendly banks may not have enough liquidity. Low liquidity makes it difficult for crypto holders to exchange their assets with buyers and sellers.
List of the Best UK Digital Banks
| Bank | Crypto account | Supported Cryptocurrencies | Crypto Conversion fee | Payment methods | Account fee | |
|---|---|---|---|---|---|---|
Yes |
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), AAVE (AAVE), Litecoin (LTC), Chainlink (LINK), Polygon (MATIC) |
2.5% for Standard and Plus users (and 1.5% for Premium and Metal users) |
Credit/debit card, bank transfer |
None |
||
Yes |
Bitcoin |
2% |
Debit card |
None |
||
No |
Crypto-specific funds and stocks |
N/A |
Bank transfer, PayPal, credit/debit card |
None |
||
Bankprov |
Yes |
Bitcoin(BTC), Ethereum(ETH), Tether(USDT), Coin(USDC), XRP(XRP), Solana(SOL), Algorand(ALGO) |
N/A |
Debit card, bank transfer |
None |
|
Simple Bank |
No |
Bitcoin |
N/A |
Debit card, bank transfer |
None |
|
Wirex |
Yes |
Bitcoin (BTC), Litecoin (LTC), Ether (ETH), XRP (XRP), Ada (ADA), Dogecoin (DOGE) |
None |
Debit/credit card |
None |
|
No |
None (only offers Coinbase integration) |
N/A |
N/A |
None |
||
JPMorgan Chase |
No |
Crypto investment funds |
N/A |
N/A |
None |
|
No |
None (offers integrations with various crypto exchanges) |
N/A |
N/A |
None |
||
Fidor |
Yes |
Bitcoin |
1.5% |
Debit/credit card, bank transfers |
None |
Revolut
With its launch in March 2020, Revolut is a new fintech player in the US. However, their innovative approach to banking has also made them a leader in the European market.
Users can purchase Bitcoin directly from the Revolut app on Android and iOS. With the app, you can buy crypto whenever you want. Or, you can set an auto exchange that purchases crypto when a certain exchange rate is reached.
It's free to sign up, and you get access to early pay and an FDIC-insured account. Among the reasons Revolut is considered such a crypto-friendly bank is because its app offers cryptocurrency purchases. In the past, they weren't able to withdraw crypto, but now customers can use wallets like Ledger can do so.
However, if you want the lowest possible fees, buying cryptos with Revolut might not be the best choice. Revolut charges a base fee of 2.5%, plus 0.5% if you trade over £1000. By upgrading to metal or premium accounts, you can reduce the fee to 1.5%, but that will cost you £6.99 or £12.99.
Revolut is making tremendous progress in the crypto space, however, it may not be the best choice for customers who want lower fees. Nonetheless, unlike some other banks, this is a bank that’s less likely to restrict your crypto activities compared to others.
Monzo
Monzo is a top crypto-friendly bank available to UK residents. Like Fidor, Monzo is a digital-only bank, so you must be comfortable using a mobile device to access its services. An extremely With Monzo, you won’t be charged any fees for card payments. They charge no fees for card payments, not even abroad, and the basic account itself is free.
The reason Monzo stands out as a crypto-friendly bank is that when most banks stopped supporting crypto exchanges during the Binance crisis in June/January 2023, Monzo let its customers know they would keep supporting them. However, there is, and still is, a small number of exchanges they don’t support, but this is understandable since it isn't good to endorse illegal exchanges.
Quontic
Quontic is the first digital bank to offer Bitcoin Rewards checking accounts. Instead of cashback, you receive 1.5% Bitcoin on eligible debit card purchases. With this, you could earn crypto and see its value appreciate.
All the features of a traditional bank account are available, including mobile check deposits, online bill payments, and electronic transfers. You'll also have free access to over 90,000 ATMs.
There’s a $500 minimum opening deposit. In addition, there’s no minimum daily balance requirement. As long as your Bitcoin account remains open, you’ll never lose your Bitcoin rewards.
Ally Bank
For crypto users in the US, Ally Bank is a great choice. The online bank is available 24/7 for crypto enthusiasts to buy and sell cryptocurrencies from different exchanges. This gives you great flexibility as you can choose from many exchanges that offer access to a wide range of cryptocurrencies.
With an APY of 1.40%, Ally offers savings accounts that are above average compared to other banks. Plus, its customers can invest in stocks without having to pay commission fees. A few examples of funds that offer exposure to crypto include the Grayscale Bitcoin Trust (GBTC), Osprey Bitcoin Trust (OBTV), or futures like the ProShares Bitcoin Strategy ETF (BITO).
A great all-around bank, Ally offers a convenient one-stop solution for your day-to-day banking needs as well as investments. There are no annoying monthly fees or minimum deposits, and there are even loans and retirement planning services available on the platform.
If you're looking for a full-service bank with crypto options, Ally bank is a great choice. Despite not having native crypto exposure, the crypto funds and Coinbase integration are the next best thing. The company was founded in 2009, and it consistently ranks among the top online banks in the US. And if you love to bank on the go, then Ally Bank may be a great choice. It has a well-rated mobile app, which is great for banking no matter where you are.
Bankprov
The Provident Bank was rebranded as BankProv to become a crypto-friendly bank. For crypto-related businesses, which usually face banking difficulties, it now offers conventional banking solutions.
Using BankProv's business checking accounts, crypto businesses can seamlessly manage their money between the traditional and crypto worlds. As a top crypto bank, it provides services around the world.
In addition, BankProv is a member of both the FDIC and DIF, ensuring the safety and security of your deposits without additional costs or complexity.
Through FDIC insurance, the company insures bank deposits up to $250,000. Meanwhile, over $100 million is insured through DIF.
Simple Bank
Simple Bank was founded as a Fintech startup. With its FDIC-backed/insured status, it has become one of the best banks for US citizens today.
As one of the most popular crypto-friendly banks in the US, this bank integrates with many cryptocurrency exchanges.
Direct buy-sell transactions are available through Simple Bank. As part of its global cryptocurrency network, Simple Bank allows its customers to use exchanges and access top crypto tokens, such as Bitcoin, Ethereum, Ripple, Litecoin, and more.
Unlike other banks, Simple Bank doesn’t set a limit for how many crypto transactions a customer can make. A unique feature of its platform is InstantSend Technology, which automates and accelerates the entire transaction process.
Wirex
London-based Wirex provides crypto wallets and crypto-friendly banking services for crypto transactions. In addition to supporting crypto businesses, financial institutions, and crypto exchanges, Wirex is among the top bitcoin-friendly banks.
Initially, Wirex currency accounts will be based in the UK, with British account numbers and sort codes, 100% secure, and fully registered with the U.K Financial Conduct Authority.
With the in-app DApp Browser, Wirex supports over 150 digital assets across numerous blockchain networks. As an added bonus, they provide you with a debit and credit card linked to your account, and it gets even better from there: Whenever you make in-store retail purchases with this card, you’ll receive 0.5% cash back in BTC (Wirex calls it crypto back).
USAA
USAA is a financial service company for U.S. military members based in Texas, USA. The company provides services to active, retired, and honorably separated U.S. military officers and enlisted personnel.
Furthermore, USAA has invested $150 million in Coinbase to make it easy for USAA bank account holders to interact with Coinbase's Bitcoin account.
Your USAA account allows you to view and monitor your transactions on Coinbase, as well as keep track of your Bitcoin wallet on Coinbase. All your devices are seamlessly integrated with USAA's mobile application. The app provides all the functionality of the web portal while being easy to use.
JPMorgan Chase
JPMorgan Chase was the first US bank to develop its own cryptocurrency and blockchain technology for sending payments overseas. Chase's cryptocurrency offerings have been expanded to include six crypto funds for its wealth management clients, as well as integration with major exchanges like Coinbase.
The company once charged fees for crypto transactions, but it reversed course amid a class-action lawsuit by refunding 95% of those fees and adding a coding category for crypto.
As JPMorgan Chase continues to offer more crypto opportunities for its customers, it has emerged as one of the most successful crypto firms.
Fidor
Since 2014, Fidor has emerged as a favorite among crypto enthusiasts. At the moment, Fidor operates only inside Germany as a digital-only bank. However, due to their undeniable crypto-friendliness, they deserve to be mentioned. Additionally, Fidor is easy to set up and charges are reasonable. Fees at Fidor are €5 a month, but you can offset these fees if you make more than 10 transactions per month.
In 2014, Fidor partnered with a German exchange called Bitcoin.de. With this partnership, customers were able to buy cryptocurrencies within seconds after depositing funds. Today, they also have a partnership with Kraken and are Kraken's funding provider, so those living in Germany who use Kraken will find this bank a natural choice. The fact that they have direct partnerships with crypto exchanges means that they are unlikely to suddenly freeze your crypto transactions.
How to Choose a Crypto-Friendly Bank
Look for banks with low currency conversion fees. Currency conversion fees are fees you must pay in order to convert your cryptocurrency into traditional fiat money, including USD, GBP, or AUD.
Consider a bank that offers multi-currency accounts. A multi-currency account can make it easier to hold, manage, and spend different currencies.
Find a crypto-friendly bank that offers support for a large number of countries. International banks that take clients from all over the world tend to be some of the most reliable banks.
Consider the type of crypto you want to invest in. Unfortunately, some crypto-friendly banks support a limited range of digital assets. On the other hand, there are many that give you plenty of options to choose from.
Check whether a bank has any crypto exchange integrations. Some crypto-friendly banks integrate with popular exchanges like Kraken, providing you with more flexibility to invest in crypto.
Summary
If you want to invest in Bitcoin or other cryptocurrencies, you need a bank that supports your goals.
Even though finding the right bank may not be easy, the ones we have discussed in this article are undoubtedly the best crypto-friendly banks that provide specific services and products to support cryptocurrency transactions.
FAQs
What is the best crypto bank?
It is difficult to determine the "best" crypto bank as there are various options available with different features and services. Some popular crypto banks include Nexo, Celsius, and BlockFi.
Is there any crypto bank?
Yes, there are several banks that offer crypto-related services such as cryptocurrency custody, loans, and debit cards. These banks include Kraken, Bitwala, and Anchorage, among others.
What banks are OK with crypto?
Several traditional banks have begun to accept and offer cryptocurrency-related services, including JPMorgan Chase, Goldman Sachs, and BBVA.
What is the biggest crypto bank?
It is difficult to determine the "biggest" crypto bank as this can be measured by various factors such as assets under management or customer base. However, some of the largest crypto banks by assets under management include Nexo, Celsius, and BlockFi.
What makes a crypto-friendly bank different than a traditional bank?
As opposed to traditional banks, crypto-friendly banks integrate cryptocurrency into their online banking portals or permit customers to link their crypto accounts with them, while traditional banks don’t.
Which US banks are crypto-friendly?
Ally Bank, Simple Bank, USAA, Chase, and Bank of America are among the US banks that are crypto-friendly.
Is Bank of America crypto-friendly?
Bank of America started trading all crypto transactions as cash in 2020. Through this change, the bank is now crypto-friendly, embracing these types of digital currencies.
How can I find a good crypto-friendly bank?
You can find a reliable crypto bank by considering various criteria, including accessibility, availability, APY, fees, and supported coins.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.