Since cryptocurrency is a different introduction to the financial world, traditional banking systems cannot cooperate with these new trends. So, if you are dealing with cryptocurrencies, you will need particular banks that support this decentralized money. That’s why we bring you the eight best banks for cryptocurrency that will fulfill your requirements. We won’t just describe these banks in detail and explain their features, pros & cons, but we will also tell you how to select the best crypto bank. So, Let’s Begin!
The recent surge in popularity of cryptocurrencies such as Bitcoin and Ethereum, along with many others, has created a demand for solid financial services designed to accommodate digital assets. It has outcasted the traditional methods and the banking system, creating a gap that initiated a specific crypto banking.
These financial institutions provide services that are primarily geared towards cryptocurrency users. These services include safe ways to store, trade, and manage virtual possessions and assets. Since the crypto world doesn’t include any third-party or central authority, these banks must operate differently.
You may choose any right crypto bank to store your digital coins. However, it would help to consider some essential factors before selecting the best banks for cryptocurrency. Those few considerations are mentioned below:
The first thing to consider is whether or not the bank supports your required traditional fiat and cryptocurrencies. You must select a bank that supports many of these currencies or the ones you will deal with the most. Most of these will be Bitcoin, Ethereum, Cardano, or others. However, ensure the bank supports multiple fiat for easy transactions.
Although hacking the blockchain of a crypto coin is impossible, the platforms dealing with these coins may be much more vulnerable. So, it is essential to conduct thorough research on the security measures of a crypto bank. Monitor their safety precautions implementation such as two-factor authentication (2FA), cold wallet storage, and encryption techniques. Also, prioritize the crypto banks that have zero hack records.
Another critical factor is to check the credibility, reputation, and popularity of the best banks for cryptocurrency. Please read about the ratings and other users’ reviews through third-party platforms (such as Trust Pilot) to understand their customer services. A cryptocurrency bank with a high level of popularity is more likely to function as a dependable advisor and deliver services of the highest quality.
One of the most essential factors is checking whether the crypto bank falls under your budget. These platforms have different costs, such as buying and selling fees, withdrawal fees, and other charges. Depending on the particular cryptocurrency bank, these fees may be very different. Ensure you understand the fee structure and compare it to the other banks’ prices.
Finding pocket-friendly banks for cryptocurrency should not be all your research. You need to get a bank with an intuitive and friendly user interface (UI) and user experience (UX). Exploring, switching between, and maintaining your digital currency should be simple. You don’t need to worry about navigation and finding your relevant section. This factor even becomes more crucial if you are a beginner.
Last, managing your digital assets won’t be everything you want. You may also want something from the bank, like benefits or rewards. So, keep an eye on the reward system, such as packages, cashback on transactions, leverages, and other incentives while you use their services. It’s small but can deliver a lot towards an impressive experience.
PlasBit is a Polish-regulated crypto bank that provides online banking services worldwide. It was established in 2020, during the COVID-19 times, to provide a one-stop crypto banking solution for multiple businesses that are going online during the pandemic. The company overgrew due to its unique features and successfully got a team of 80+ members in only three years.
Since PlasBit is the only dedicated bank for cryptocurrencies on this list, you can expect versatile options and features from the platform. It was established while only keeping the crypto users in mind, so it is one of the best banks for cryptocurrency. Below are some of the PlasBit’s highlighted features:
Wirex is a user-friendly and modern way to access and handle digital currencies. It acts as a bridge between traditional economic systems and the exciting world of cryptocurrencies. Established in 2014, the platform soon got quite a reputation among several users. At the time of writing, it has over 6 million users, dealing in 250+ digital assets. However, it is unavailable worldwide as it’s operative in only 40+ countries.
Revolut is also one of the best banks for cryptocurrency that provides various financial services and knows how to incorporate cryptocurrencies. The platform was founded in 2015 to provide digital banking solutions and various financial services, such as online banking, currency exchange, and international money transfers. Since 2017, the platform has allowed users to buy, sell, and hold cryptocurrencies. Moreover, Revolut aims to simplify traditional banking processes and make them more accessible through a user-friendly mobile app.
BankProv (formerly known as The Provident Bank) is an excellent example of a modern bank that meets the needs of tech-savvy people and groups. BankProv has been around since 1828 and has a long history of providing financial services focusing on the customer.
It is a significant financial institution offering flexible banking solutions focused on technology for growing businesses, especially in cryptocurrency. Although it is an old-school bank with traditional measures, it started supporting crypto in 2020, reflecting its advancements to the modern world.
Ally Bank, a well-known online bank, recently entered the cryptocurrency industry. It is among the best banks for cryptocurrency since it is also one of the pioneers of online and digital banking since the bank was established in 2009. Soon, it has become popular with people who want a modern banking experience because of its easy-to-use platform and focus on the customer. It has gathered 11 million customers, representing the trust people have in the bank.
For the crypto enthusiasts, Ally Bank offers investments for Crypto Trust and allows users to trade in Bitcoin Futures. People can also invest and trade crypto stocks with enough trading experience. It is essential to mention that Ally Bank doesn’t support cryptocurrency. You can buy crypto coins through their cards, but you will need a digital wallet to store your cryptocurrencies.
Juno is taking a novel approach by developing a hybrid financial organization that combines traditional banking services with the opportunity to invest in cryptocurrencies. It was established in the fall of 2019. Juno provides its users an FDIC-insured bank account and a Visa debit card to utilize their cryptocurrency holdings like cash.
In January 2023, Juno had to cease their crypto services since their crypto custodian, Wyre, shut down due to the volatile effect of the crypto market. So, Juno’s crypto users either had to switch to another bank or wait for the renewal of services. However, it restarted the crypto services in May 2023, when it got a new custodian, Zero Hash. Besides this inconvenience, Juno has been great with their services.
Quontic is also one of the old runners in the banking field, which started in 2009. The company has multiplied ever since and has gathered an employee power of more than 200 people. The platform provides several banking and finance solutions, such as loans, mortgages, savings accounts, interest checkings, and many more.
The bank started dealing with cryptocurrencies in 2020 and began its journey in this volatile world with Bitcoin rewards checking. Because the bank takes a non-judgmental stance towards digital assets, it is an excellent option for customers who wish to buy cryptocurrencies and do their banking within the platform. But since loans and taxation in cryptocurrency differ from typical calculations, use a proper crypto tax calculator to help you use Quontic.
USAA, “United Services Automobile Association,” is a unique and highly regarded financial organization that provides services to military members and their families. So, it is among the best banks for cryptocurrency for military officers and veterans. USAA was started in 1922 by a group of Army officers who had trouble getting insurance. Since then, it has grown into a trusted provider of insurance, banking, investments, and more.
The corporation demonstrated a rising interest in digital currencies before they became famous. To address and meet the demands of managing cryptocurrencies, they collaborated with Coinbase in 2015. Even though USAA is less crypto-focused than several platforms only concerned with digital assets, its desire to look into virtual assets could be great for people who want security and crypto-related services.
Cryptocurrency has brought a significant shift in the banking and financial system. Several people convert to these virtual assets, but they lack proper banks for their crypto coins. However, you have the best banks for cryptocurrency in the above list and the factors in choosing them.
If we have to pick one, we will choose either PlasBit or Revolut, where the major shift will be towards PlasBit. It is because that platform is crypto-centric and only targets crypto users. So they can better solve their issues and help them get proper solutions. Our pick for Revolut is only due to its mobile application, as PlasBit lacks it. So, if you want on-the-go services, then choose Revolut. Otherwise, PlasBit will be a more reliable option.
Anyways, these are just two picks, according to our expert opinions. But you are free to select what suits you the best. Either join a bank that solves most of your problems or try them all for a better choice. In the end, the best bank will be the one which resolves your problems. So, go and choose the best crypto bank for yourself.