As the popularity of cryptocurrencies continues to grow, the need to buy, sell, and access them easily also continues to grow. And nothing gives crypto holders better accessibility to their cryptocurrencies than a crypto bank. These applications allow you to buy, sell, and hold cryptocurrencies securely.
With this type of account, you can purchase and trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more. It also lets you securely store your funds and track all your transactions. Additionally, crypto-banks are digital wallets, giving you the benefits of a traditional bank account with the convenience of an online profile.
You can follow these steps to open a crypto bank account:
This is the most crucial step when opening a crypto bank account. Many crypto bank accounts exist, but like other traditional banks, they have different features and advantages. That’s why it’s essential to research and determine which account is correct for you.
Some of the main features you should look at include the following:
These are just some of the things you should look for. Once you get the right bank, everything else will fall into place. For example, a crypto bank like PlasBit has a seamless process from sign-up to card creation and the best security features to protect your cryptos.
The next step is a simple one. All you need to do is complete the registration form by inputting your email and password. Because of the anonymity that most crypto banks offer, you’re only sometimes required to input your personal information, such as your name, address, or mobile phone.
After you’ve signed up for the crypto bank, you’ll need to verify your account. Usually, the process can range from a simple email verification where a link or a code is sent to your email or providing additional information and documents. It’s important to know that this process is designed to protect you and other users on the platform.
Verification could take a few minutes to several hours, depending on the bank. Some banks could also require KYC verification, where you have to provide a passport image and a license or identification card. Again, PlasBit excels in this step as it has a self-verification process that takes less than a minute.
Once you have signed up for the crypto bank, a wallet will automatically be created. Now all you have to do is deposit your crypto into the wallet. This process is also straightforward, as you only need to transfer cryptos from another wallet to your crypto bank.
When depositing using crypto, you’ll need two pieces of information:
After your crypto has been transferred, it should appear in the wallet shortly after. Additionally, you can deposit fiat currencies through bank cards and wire transfers.
While this is optional when opening a crypto bank account, a card will offer more convenience as you can use it to spend like a traditional debit card. Most crypto banks have the option for you to sign up for a crypto card, but there could be additional fees for card issuance.
With the crypto card, you’ll load cryptocurrencies from your crypto wallet, which will be converted to the fiat currency of your choice during loading. You can then use the card to withdraw from ATMs or purchase services and goods from different vendors.
Opening a crypto bank account has always been challenging. You can start using these banks quickly with the proper knowledge and preparation. Whether for saving, spending, or investing your cryptos, crypto banks have become an integral part of cryptocurrency.
Research carefully to find the best option that meets your needs and expectations. However, we recommend PlasBit as they have a convenient and straightforward process and provide extra security features that give you the peace of mind to store your cryptos.