Even though most are still hesitant about cryptocurrency, many embrace it. This presents exciting opportunities for secure and convenient ways to buy, sell, and hold crypto.
But with new players emerging all the time, choosing the right bank for your digital assets can be a challenge. This article explores the top 10 best banks for cryptocurrency, helping you find the one that best suits your needs.
We'll look at factors like security, available services (such as trading and crypto-backed loans), and fees so you can decide where to store your valuable crypto holdings.
Key Takeaways
- More banks are starting to offer cryptocurrency services, catering to the growing interest in digital currencies.
- Key security features include two-factor authentication, cold storage, and insurance against theft.
- Evaluate transaction fees and the user-friendliness of the bank's platform to ensure a good fit.
- Look for banks that offer additional services like crypto-backed loans and direct crypto transactions.
- Good customer support is crucial, especially for managing complex cryptocurrency transactions.
- Consider what different banks and fintech companies offer to find the best fit for your cryptocurrency and traditional banking needs.
Best Banks for Cryptocurrency
After searching through numerous options, we've compiled a list of the best banks for cryptocurrency that cater to the needs of both traditional banking and cryptocurrency transactions. Here are the top picks for crypto-friendly banking institutions.
Revolut
Revolut is a UK-based fintech company that has made a significant impact by integrating cryptocurrency trading into its user-friendly mobile app.
Catering to a broad range of users, from beginners to seasoned traders, Revolut offers a seamless experience for buying, selling, and holding over 30 cryptocurrencies, including leading ones like Bitcoin and Ethereum.
The platform stands out for its competitive exchange rates and the ability to swiftly convert between various fiat and cryptocurrencies.
Key Features
- The app is designed for ease of use, making it simple for users to navigate crypto transactions.
- Revolut supports a diverse array of digital currencies, enhancing trading opportunities.
- Users can set up auto-exchange features to trade cryptocurrencies at desired rates automatically.
- It offers the option to invest in bundled collections of tokens from specific sectors like DeFi (Decentralized Finance) and blockchain technology.
- Revolut enables spending of cryptocurrencies via a card, with automatic conversion into fiat currency at the time of payment.
Juno
Juno is a standout digital banking platform that integrates traditional financial services with innovative cryptocurrency features, making it a top choice for individuals and businesses in the blockchain and crypto sectors.
The platform is designed to accommodate the unique financial needs of its users, providing a seamless blend of conventional banking and crypto-specific services.
Key Features
- Juno provides specialized accounts for cryptocurrency activities, including trading and crypto-backed loans.
- Users can stake cryptocurrencies and earn yields, enhancing the returns on their digital assets.
- The platform offers stablecoin holders a Smart Treasury savings account to maximize earnings.
- Juno issues a debit card linked to fiat and crypto accounts, allowing flexible payments in both currencies.
- Juno also provides extensive services like lending, borrowing, and asset management, covering various financial needs.
Related: 20 Best Decentralized Crypto Exchange in 2024 (Ranked)
JP Morgan Chase
JP Morgan Chase has positioned itself as a leader among traditional financial institutions adapting to the emerging cryptocurrency sector.
As one of the largest banks globally, it has begun integrating crypto services into its vast financial offerings.
This move indicates a significant shift towards accepting digital currencies and leveraging them to enhance financial operations, particularly in cross-border payments.
Key Features:
- Provides banking solutions to the cryptocurrency industry, supporting seamless integration between traditional and digital finance.
- Emphasizes legal compliance and risk management, protecting the bank and its clients from potential crypto market risks.
- Developed for instant cross-border payments, facilitating efficient transactions among institutional clients using blockchain technology.
- Offers detailed analysis and insights on crypto markets, aiding clients in making well-informed investment decisions.
Wirex
Wirex, while not a traditional bank, has carved a significant niche in the crypto-friendly banking sector.
It facilitates the integration of fiat and cryptocurrencies, enabling users to manage and spend their funds through a Mastercard-supported debit card.
This setup positions Wirex as a practical solution for those who use both traditional and digital currencies.
Key Features
- WireX offers Web3-based accounts, which include free options that provide secured debit card services, appealing to novice and experienced cryptocurrency users.
- Wirex card users benefit from 0% global foreign exchange fees, making using funds internationally more accessible or cost-effective.
- Provides opportunities for passive income through staking and access to pricing usually reserved for institutional assets.
- Allows free ATM withdrawals and supports instant cross-chain bridges for stablecoins and other crypto tokens.
- The platform's token, WXT, offers users additional DeFi opportunities and benefits within the Wirex ecosystem, such as reduced fees and enhanced rewards.
Ally Bank
Ally Bank stands out as a crypto-friendly institution in the American market.
While it doesn't directly facilitate crypto trading, it has partnered with Coinbase, a leading crypto exchange, granting its users direct access to secure crypto trading.
Despite not offering in-house crypto services, Ally Bank's customer-centric approach enables account holders to leverage their accounts with external cryptocurrency exchanges for trading purposes.
This unique stance allows customers to integrate their traditional banking services with cryptocurrency endeavors seamlessly.
Key Features
- Ally Bank provides the security and peace of mind of being FDIC-insured, ensuring that customers' deposits are protected up to the maximum allowed limit.
- Ally Bank offers competitive interest rates on fiat currencies, benefiting customers seeking to grow their savings while partic ipating in the crypto market.
- Ally Bank empowers customers with diverse investment options without directly offering crypto trading. This includes the ability to invest in crypto funds through external platforms like Coinbase, aligning with the growing interest in cryptocurrency investments.
Related: 9 Best Crypto Trading Strategies Every Trader Should Know
BankProv
BankProv, also known as Provident Bank, emerges as an innovative force in the banking sector, seamlessly blending its rich history dating back to 1828 with a progressive approach to digital banking.
Despite its longstanding presence, BankProv remains at the forefront of the digital revolution, offering a comprehensive range of services tailored to meet the needs of modern entrepreneurs and individuals alike.
They also prioritize compliance with crypto regulations.
Key Features
- BankProv allows customers to convert cryptocurrency to fiat for convenient spending, bridging the gap between traditional and digital finance.
- BankProv offers competitive rates on loans secured by cryptocurrency assets, providing liquidity and financial opportunities in the crypto market.
- With its longstanding history, BankProv brings trust and credibility to its crypto-friendly services, ensuring compliance with regulations.
CashApp
CashApp, developed by Square (Now known as Block, Inc.), has evolved from its origins as a peer-to-peer payment platform into a multifaceted financial hub. This mobile application offers users a comprehensive suite of banking services, transforming smartphones into powerful financial tools.
Key Features
- Cash App provides users with a wide range of financial services, consolidating various banking functionalities into one convenient platform.
- Users can quickly obtain a Cash App debit card for everyday transactions, receive ACH transfers, and set up direct deposits, streamlining their banking experience.
- Cash App transcends traditional banking by allowing users to invest in stocks and cryptocurrencies.
- Unique capability to deposit and withdraw Bitcoin directly to and from personal wallets
Monzo
Monzo, a UK-based digital bank, has positioned itself as a crypto-friendly institution, offering services catering to cryptocurrency users' needs. It has not incorporated direct crypto trading within its platform but provides significant support for cryptocurrency transactions through its banking services.
Key Features
- Monzo customers can use their bank cards to transact on cryptocurrency platforms like Coinbase.
- The Monzo app allows users to monitor their cryptocurrency holdings.
- Monzo supports faster payments and direct debits to and from cryptocurrency exchanges.
Quontic
Quontic is a US-based community bank that aligns closely with the fintech and cryptocurrency sectors.
It is recognised for offering business banking solutions tailored specifically to companies in these industries.
This makes it an attractive option for those involved in the rapidly evolving tech and financial spaces.
Key Features
- Quontic embraces cryptocurrencies and integrates them into its banking services.
- Quontic allows customers to earn passive income through interest-bearing accounts that support cryptocurrencies.
- One of Quontic's standout offerings is its Bitcoin rewards checking account.
- Quontic maintains a comprehensive range of traditional banking services.
Mercury
Mercury offers business banking solutions specifically designed for companies engaged with Web3 technologies.
This bank has gained recognition for its crypto-friendly services, although it does not allow cryptocurrency to be held directly within its accounts.
However, businesses can use their accounts to purchase cryptocurrencies.
Key Features
- Businesses can manage their finances without worrying about additional monthly costs.
- Mercury supports integration with various platforms, facilitating smoother financial operations.
- For balances over $500,000, Mercury's Treasury product offers competitive yields, making it an appealing choice for businesses looking to earn from their deposits.
- Mercury provides FDIC insurance coverage up to $5 million through its Vault product, significantly higher than the standard insurance limit.
Related: The Best Crypto Investments in 2024
Comparison of the Top 10 Best Banks for Cryptocurrency
Here's a breakdown of the top 10 best banks for cryptocurrency in 2024, allowing you to store, trade, and potentially earn interest on your digital assets alongside your regular banking.
Banks Name | Availability | Accessibility | Supported Cryptos |
Revolut | USA, EEA, Australia, Singapore, Japan, Switzerland, and the UK. | App & Website | USDT, BTC, and 30+ other cryptocurrencies. |
Juno | Global | App & Website | BTC, ETH, SOL, LTC, Polygon, and more. |
JP Morgan Chase | USA & UK | App & Website | SHIB, XRP, and many others. |
WireX | Global | App & Website | 250+ crypto assets |
Ally Bank | USA | App & Website | 260+ cryptocurrencies. |
BankProv | USA | App & Website | N/A |
CashApp | USA & UK | App & Website | Bitcoin (BTC) |
Monzo | UK | App & Website | 250+ crypto assets traded on Coinbase |
Quontic | USA | App & Website | Bitcoin (BTC) |
Mercury | USA | App & Website | USDT, USDC, DAI |
Factors to Consider When Choosing a Bank for Cryptocurrency
Before listing banks, discussing the factors to consider when choosing one to handle cryptocurrencies alongside regular currencies is essential.
Security
The most crucial factor is the bank's security measures to protect your fiat and cryptocurrency holdings. Look for banks that offer robust security features like two-factor authentication, cold storage for digital assets, and insurance against theft or hacking.
Fees
Understand the fees associated with cryptocurrency transactions and any monthly maintenance fees for accounts. Compare these costs across banks to ensure a competitive rate without compromising other essential features.
User Experience
The ease of use of the bank's platform is essential, especially when managing a mix of asset types. A user-friendly interface for web and mobile platforms, with seamless integration between fiat and cryptocurrency features, can enhance your banking experience.
Customer Support
Good customer service is essential, particularly in a complex field like cryptocurrency banking. The bank should offer timely and helpful support for traditional and crypto-related issues. Check if they provide 24/7 support through multiple phone, email, and live chat channels.
Integrated Services
Consider whether the bank offers services that integrate well with the cryptocurrency ecosystem, such as direct transactions from crypto wallets, availability of crypto cards, and easy linkage with significant cryptocurrency exchanges.
Additional Features
Look for additional banking services that may benefit you, like crypto-backed loans or opportunities to earn interest or rewards on your cryptocurrency holdings. These features can provide extra value beyond essential banking services.
Conclusion
As the financial world increasingly embraces digital currencies, the availability of crypto-friendly banks provides essential services for those engaging in cryptocurrency activities.
Whether you're looking for robust security features, competitive fees, user-friendly platforms, or integrated services, these top banks offer diverse options tailored to meet the needs of seasoned investors and those new to the crypto space.
By carefully considering these banks, you can choose a reliable partner to meet your financial needs and support your future endeavors.