When the world is going crazy about Cryptocurrencies and Bitcoin, every other person wants to invest in these digital coins. However, if you are also willing to invest in cryptocurrencies and are looking for the best cryptocurrency bank that supports cryptocurrency transactions, things get a little tricky. The majority of banks don’t support cryptocurrency transactions and if they do, they have imposed strict KYC (Know Your Customer) norms and require you to disclose your identity and source of funds. This makes it difficult for people who want to store, spend or invest in cryptocurrencies anonymously or those who don’t want to disclose their details yet but wish to invest in cryptocurrencies. However, there are some banks that support cryptocurrency transactions without any hassles.
The best cryptocurrency bank keeps your digital currencies stored in one place. They let you trade currencies and also keep them safe to avoid theft. They keep your money in “cold storage” to reduce the risk of hacking and theft. Cryptocurrency banks offer similar services to traditional banks, with the benefit of storing and managing digital currencies. These banks give you access to the best exchanges and even have debit cards that let you spend your cryptocurrency. If you’re interested in investing in a cryptocurrency bank, you’ll want to make sure they have top security and low-interest rates. The best cryptocurrency bank will let you deposit and withdraw funds easily, turn cryptocurrency into fiat and much more.
Plasbit does not offer interest accounts, but it does allow you to one of the best crypto Debit cards on the market. The Plasbit Card is funded by your Plasbit wallet balance and is amongst the fastest and most convenient ways to spend your cryptocurrency holdings in 2022.
For example, although accounts are free to open, when you deposit funds to your plasbit debit card you will pay a fee of 5%. In Bank transfers you still need to pay a commission of 5% when you convert crypto into fiat.
Revolut is a company with more than 18 million personal and 500,000 business users. It’s one of the best cryptocurrency banks in the market, especially since you can buy cryptocurrencies directly through the app.
With Revolut’s mobile app, you get access to more than 50 cryptocurrencies. The company offers stock trading without commission and trading in commodities besides cryptocurrencies.
Revolut came to the US market in 2020 after having great success in Europe. It joins the ranks of crypto banks in the USA that are FDIC insured up to $250,000 with Revolut’s partner Metropolitan Commercial Bank. However, you need to remember that FDIC insurance doesn’t cover cryptocurrencies, investments, and commodities.
BankProv (formerly named The Provident Bank) is an example of a US financial institution with 200 years of history at the forefront of implementing new technologies to improve its offer to clients. Besides lending, business banking, cash management, and personal banking, cryptocurrency is one of the primary services available at BankProv.
This modern bank implements API banking, ProvXchange network, and specialty lending. With ProvXchange, BankProv clients can make real-time transactions between themselves 24/7. The best cryptocurrency banks for cryptocurrency integrate an application programming interface (API), and the same goes with BankProv. You can interact with the bank with your platform or software solutions and streamline processes.
Wirex is a banking service with crypto-friendly services where you can open an account that supports fiat currencies and crypto. With Wirex, you can manage multiple cryptocurrencies and get access to fiat payments through a Visa card. Wirex is currently available in 130 countries and has more than 3.5 million people across the world using it.
Wirex is in the ranks of the best cryptocurrency banks in the industry and has an exciting offer for cryptocurrency enthusiasts. After a straightforward process of opening the account, you get access to saving interest rates of 6% for ETH, BTC, LTC, and others. If you decide to save in ISD, AUD, HKD, or DAI, you’ll enjoy a 12% interest rate. However, if you decide to earn interest in WXT, you’ll get an additional 4%.
Investing in cryptocurrencies can be your ticket to quick riches if you choose the right time to jump in. However, without a cryptocurrency bank like PlasBit and an exchange account like Binance or Coinbase, you will not be able to make any transactions. Therefore, it’s important that you select a cryptocurrency bank and an exchange account that supports your country and accepts customers without any identity proof. Looking at the current scenario, we can say that the future is all about cryptocurrencies and blockchain technology. Therefore, it’s important to learn and research as much as you can about cryptocurrencies right now so you get as much financial knowledge to manage your funds wisely.