Cryptocurrency banks are used to buy, sell, trade, and store tokens and cryptocurrencies. Unlike other traditional banks, they have a framework for trading and storing cryptos.
When looking for the best cryptocurrency bank, consider security, fees, customer service, and insurance factors. The right bank will ensure that your digital assets are well-protected while allowing you to access them easily.
Here are some of the top cryptocurrency banks to consider in 2023:
Plasbit offers a solution for storing, buying, and converting digital currencies into fiat money. The bank allows users to deposit and withdraw funds in US dollars, euros, British pounds, and other fiat currencies. Users get more flexibility to manage cryptos conveniently.
Plasbit offers crypto wallets, bank transfers, and a crypto debit card. Users can use the debit card anywhere Visa is accepted, providing excellent accessibility. Moreover, the card supports up to five different cryptocurrencies, making it easier for users to manage their digital assets in one place.
Opening an account is straightforward and takes a short time to complete. Plasbit is a top choice for cryptocurrency enthusiasts as it offers an all-in-one solution for efficiently managing digital assets.
Plasbit accounts have different limits depending on the type of card you have. Here is a breakdown of the limits
Coinbase has been offering services since 2012 and is known for its robust security features. The bank provides users with a secure wallet to store their digital assets and an easy way to buy, sell, and exchange cryptocurrencies. Moreover, it is regulated by FIDC, where accounts are insured for up to $250,000.
The bank also supports crypto debit cards, allowing users to spend their cryptos anywhere Visa cards are accepted. Coinbase is an excellent choice for those who want access to a wide range of coins, as it supports more than 150 different cryptocurrencies. It also has an Advanced Trader feature which replaced Coinbase pro. This feature allows traders to access more options for trading cryptocurrencies. The most significant disadvantage of this platform is that it’s geo-locked and only available in some countries.
BlockFi is a top choice for those who want to store and lend their digital assets securely. The bank offers high-interest rates on users’ deposits, allowing them to earn up to 8.6% APY on BTC, ETH, LTC, USDC, PAXG, and GUSD. BlockFi is one of the first crypto banks to offer crypto credit cards where you can earn 2% back in any of the cryptocurrencies of your choice.
BlockFi also has a simple and user-friendly interface where users can quickly and easily manage their digital assets. Users can set up recurring trades weekly or monthly, automating the whole process and taking advantage of dollar cost averaging.
Revolut is a top contender in the crypto banking space with both personal and business users. Users can buy cryptocurrencies directly from the app, making it a more convenient, easy-to-use, and straightforward choice. The bank supports 95 different cryptocurrencies. Each year, Revolut has been adding more cryptocurrencies to its site.
Revolut also offers a flexible crypto withdrawal feature where users can withdraw up to $1200 worth of cryptos without fees or commission when using the ATM. Furthermore, crypto exchanges of up to $200,000 per month through the partner provider, Appex crypto, are free. Any exchanges above $200,000 will be charged a commission of 2.5%. Revolut is also regulated by FDIC, with deposits of up to $250,000 being insured.
Monzo is a digital bank that has quickly gained popularity in the past few years, especially among the younger generation. Monzo is a mobile-only bank that offers its users an easy and convenient way to manage their finances. Monzo is regulated by the UK Financial Conduct Authority, providing users peace of mind. Additionally, all GBP balances are covered by the UK’s Financial Services Compensation Scheme with up to £85,000 of coverage.
Monzo also offers crypto services, allowing users to buy, sell, store, and send cryptocurrencies from their accounts. Monzo supports four significant cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). With this bank, you’ll be given an account number to a local UK bank, a debit card by MasterCard, and a sort code.
Cryptocurrency banks are becoming more popular among investors, traders, and holders. With their flexibility, convenience, and security, these banks are the perfect choice for storing and transacting digital assets.