Most brick-and-mortar banks shy away from cryptocurrencies. Some bank managers are worried about the unregulated crypto market. Others do not even know what cryptocurrencies are. Fortunately, there are some crypto-friendly financial institutions that offer services for individuals and businesses in the crypto space. Here we discuss some of the best banks for crypto enthusiasts.
Note: Each of the following financial services platforms have their own account activation requirements. Be sure to do your own research to ensure they operate in your region, and you meet their requirements.
Companies that allow in-app crypto trading
Revolut:
If you want to buy, sell, exchange, or hold digital assets, Revolut is a great option. In fact, it is one of the few financial institutions that offers in-app trading and staking. The UK-based fintech company has a user-friendly mobile app that is suitable for beginner and advanced crypto traders. At the time of writing, Revolut is available in 35 different countries.
You will have a designated cryptocurrency wallet to manage your crypto transactions. Moreover, you can set up a cryptocurrency vault to accumulate and store digital assets over time.
When it comes to trading, Revolut has competitive exchange rates and supports at least 30 different cryptocurrencies. You will find flexible buying options, including the ability to auto-exchange at a specific rate. You can create stop and limit orders and set price alerts. Additionally, you have the option to buy a complete collection of tokens. The company has gaming, metaverse, NFT, and DeFi-related collections.
Revolut is especially attractive because its cryptocurrency functions integrate seamlessly with traditional financial instruments. You can easily exchange fiat and digital currencies on the platform, and make transfers between your crypto wallet and your traditional bank accounts. If you live in the UK, you can even spend crypto with your card. When you make a card payment, Revolut automatically exchanges your crypto for the currency of your purchase.
Like a traditional bank, Revolut cares about security. It has a number of advanced security technologies, including data encryption and multifactor authentication, to keep your funds and data safe.
The company has the following pricing plans available: Standard (free), Plus (£3.99/month), Premium (£7.99/month), Metal (£14.99/month), and Ultra (£45/month).
To learn about the banking perks associated with each plan, please visit the Revolut website.
Wirex:
Wirex is a finance app aimed at crypto enthusiasts. It supports a wide range of traditional currencies and nine different cryptocurrencies. As a Wirex user, you can exchange fiat-fiat, crypto-crypto, fiat-crypto, and crypto-fiat. The platform is currently available in over 130 countries.
The company has partnered with Mastercard to offer a debit card that allows you to send, receive, exchange, and spend digital currencies. Simply top up your card, and you will be able to withdraw cash from ATMs worldwide, buy goods online, and make in-store purchases anywhere Mastercard is accepted. As a bonus, you can expect low foreign exchange fees when you use the card abroad.
On the crypto front, you will be pleased to know that Wirex has instant cross-chain bridges for stablecoins and crypto tokens. The company has its own token (WXT) that unlocks DeFi opportunities. In addition, Wirex’s rewards program, Cryptoback™ allows you to earn up to 2.0% back in cryptocurrency whenever you use your card.
Wirex recently partnered with Fireblocks to launch a new X-Accounts feature that enables you to earn up to 16% interest on your crypto. Typically decentralized finance and yield farming (staking) comes with hefty fees. However, with Wirex there are no minimum holdings, and no maintenance fees for each account.
The company safeguards user accounts with security features such as two-factor authentication and biometric confirmation.
You can choose from Wirex’s three plans: Standard (€0/month), Premium (€9.99/month), and Elite (€29.99/month). Please refer to the Wirex website to see the benefits of each.
Juno:
This global banking platform is available for individuals and businesses. The company has offices in Singapore, India, and the USA. Juno’s app is simple enough for crypto newbies, but powerful enough for crypto experts. Its trading platform supports over 20 cryptocurrencies.
The company offers crypto-backed loans, savings accounts for stablecoin holders, staking services so you earn rewards when you hold cryptocurrencies, and more. If you are tired of waiting around for 7 days, you will be thrilled to hear that Juno has no holding period on crypto withdrawals.
With Juno, you can execute ACH and wire transfers for free, automate your bill payments, and integrate with apps such as Apple Pay and Google Pay.
Your debit card can be linked to both fiat and crypto accounts, so you can spend cryptocurrencies the same way you spend traditional money. As a Juno client, you could earn up to 5% on cash deposits, as well as cashback rewards when you make purchases.
For more details about available banking and trading services, please go to the Juno website.
Cash App:
This American mobile payment service focuses exclusively on Bitcoin.
With Cash App, you can buy, sell, and hold Bitcoin directly within the app, or transfer it to/from external wallets. Currently, Cash App is only available in the United States and the United Kingdom.
When it comes to fiat currencies, the company provides a full-service banking experience. You can use your debit card, manage your finances, send/receive ACH transfers, and pursue traditional stock market investments. Unfortunately for crypto enthusiasts, Cash App only supports BTC.
Xapo Bank:
Xapo Bank allows you to trade, buy and sell Bitcoin (but no other cryptocurrencies). As far as fiat, the bank supports payments in EUR, GBP, USD, USDT, and USDC. The bank is located in Gibraltar and welcomes users from around the world — with the exception of US Citizens.
Its all-in-one app is easy to navigate. You can track your crypto assets and your US dollar savings in one place. You also have limited access to US stock market investments.
Customers can use the Xapo Bank card worldwide with no foreign exchange fees. In addition, you can earn up to 1% cashback on your card spending.
If you are a saver, you should expect 1% APR on your BTC, and 4.6% APR on your USD holdings. Interest is paid out daily in bitcoin.
Xapo Bank is very security conscious. Safety features include facial or fingerprint recognition, 2fa authentication, remote card freezing, 48h withdrawal holds, and location locks.
If you are interested in opening an account, head to the Xapo Bank site and be sure to use our referral link when you apply! https://application.xapo.com/membership-application?ref=NFS-DKJ-ZM
Companies that connect to cryptocurrency exchanges
Monzo:
Monzo is a digital banking option for people who own cryptocurrencies. Unlike the companies above, it does not offer direct crypto trading. However, you can integrate your bank account with a cryptocurrency exchange and enable direct debits. In the Monzo app, you will be able to monitor your crypto holdings alongside your fiat banking transactions.
Although it doesn’t have physical branches, Monzo acts much like a traditional UK bank. It offers current (checking) accounts for individuals and businesses, as well as integrated savings accounts (via partnerships with other banks).
You can earn up to 35% cashback when you use your Monzo card at popular retailers. The company boasts free cash withdrawals in the UK and no transaction fees abroad.
The app has various money-management tools. One is a “salary sorter” that divides your earnings into spending, saving, and bills categories. The “targets” feature allows you to set a monthly spending target and track your progress in real time. The company also offers “interest-earning savings pots” similar to term-deposits.
For more information about opening an account, head to the Monzo homepage.
Ally Bank:
Ally Bank is a FDIC-insured US online bank. Like Monzo, the bank does not offer cryptocurrency spot trading. However, you can pair your bank account with external cryptocurrency exchanges. Notably, Ally Bank does offer some funds for customers that want indirect exposure to the crypto market. You can add crypto trusts, bitcoin futures, or crypto stocks to your investment portfolio.
Ally Bank is known for its transparent fee structure, competitive interest rates, and wide range of investment options. It offers deposit accounts with no minimum balance requirements or monthly maintenance fees. If you open a high-yield savings account with Ally Bank, you can expect top-tier APY rates (currently 4.20%). This is significantly higher than most brick-and-mortar banks.
The app includes a “buckets” feature to help you organize your money and save for the future. It also has tools that analyze your finances and offer personalized saving solutions.
For more details about Ally Bank, please click the link.
DBS Bank:
DBS is one of the largest banks in Southeast Asia. It is based in Singapore, but serves customers throughout Asia, as well as the UK and Australia.
This crypto-friendly bank offers a range of financial services, including secure custody of digital assets, lending products, asset management, and tokenization expertise. DBS Bank does have a crypto trading app called digibank that supports Bitcoin, Ethereum, Ripple, Polkadot, and Cardano coins. Unfortunately, it is only available for accredited investors.
That being said, you can still purchase crypto assets through MAS-licensed exchanges using your DBS bank account or DBS Card.
A basic account (with no service charges) allows you to exchange and store up to 13 fiat currencies, and you will not have to deal with FX conversion fees. Other available plans include: Multiplier, eMy Savings Account, and SAYE Account. To understand the differences between the plans, please refer to the DBS Bank website.
The foregoing are some of the financial platforms that accommodate crypto-savvy clients. If you know of other reputable companies, feel free to mention them in the comments.
If you are looking for other crypto-related content, please read our article Crypto Mining: How to Start and Succeed. We also have a variety of pieces about banking, including Why To Consider Offshore Banking, and Banking For Foreign-Owned U.S. Businesses.