The untapped potential of Cryptocurrency has been picking hype in recent years. More and more Cryptocurrency traders and inexperienced pupils are getting involved in Crypto trading. The total worth of Cryptocurrency was almost $3 trillion in 2021 before reaching $2 trillion at the start of 2023.
Such magnitude of wealth is intimidating for the conventional banking system, which relies on dollar transactions. There are several hurdles when one wants to send money or get payment in Cryptocurrencies like Bitcoins or Ethereum. Most commercial and public banks shy away from Cryptocurrency because of their volatile nature and the power to disturb the dollar value.
Here’s a list of the 5 Best Crypto Friendly Bank Accounts in 2023:
So, how can you get paid and send payment in Cryptocurrency without risking your account to be shut down for buying Cryptocurrencies? Fortunately, you can open Crypto-friendly bank accounts in 2023 to send and receive money. But how to find credible Crypto-friendly banks when every second bank claims to be the best?
We’ve curated and carefully listed some of the top and most trustworthy Crypto-friendly banks you can use for your Crypto business. So, without further ado, let’s delve into the topic.
Aqru can help you diversify your balance sheet and become confident in Crypto trading.
Aqru tops the list as a versatile financial institution allowing people to access traditional services across digital and fiat currencies.
Through its online and mobile app, Aqru allows people to earn interest on their Crypto deposits. Its competitive yields are due to its high-interest rate on stablecoins and Bitcoin. Although it doesn’t have lock-up terms, its Crypto savings accounts offer industry-leading rates.
Moreover, Aqru allows people to withdraw their digital currencies at any time. Also, it offers a daily interest rate on its digital currency deposits. Another great feature of its account is that it allows people to deposit fiat money using a bank transfer or credit or debit card.
- 7% per year on Ethereum and Bitcoin
- Supports fiat money deposits
- Withdraw balance any time
- Limited supported Crypto assets
Our second option is:
Revolut is a Crypto friendly platform for easy management of money.
Revolut is another popular and versatile financial institution that facilitates Crypto payments. Founded in 2015, this digital-only bank is one of the most prevalent challenges in the world. It has over 18 million accounts and is fully compatible with Android and iOS smartphones.
Among the few US-based banks that accept Crypto services, this bank takes customers from various countries, such as Australia, the UK, Singapore, Switzerland, and the US. You can easily add funds in your local currency with a bank account. You can also send and receive funds like a traditional bank account.
Furthermore, you can also make cross-border payments using your local currency through Revolut. In addition, it offers a debit card that can be linked to your account.
- All account holders are offered debit cards
- Cross-currency payments are easy
- Easiest platform to use by far
- Fast on-boarding process
- Available for most EU countries, Australia and the USA
- High trading fees
- Not available for Canadian customers
Nuri allows users to invest in digital currencies through its platform.
Nuri is a mobile app that aims to bridge the gap between traditional fiat money and Crypto. After signing up and verifying your identity, you can open a fully-fledged German bank account with Nuri. It will allow you to perform international transactions, such as payments using SEPA and SWIFT.
You can use a Visa debit card to make payments and withdraw cash from an ATM. Also, Unri’s partner, Solarisbank, has a deposit protection scheme that can provide you with a cash deposit of up to 100,000 Euros. Its security features include real-time transaction notifications and biometric logins.
Nuri allows users to invest in digital currencies through its platform. It charges a 1% commission on every slide, and this is charged whenever you buy or sell Crypto. The minimum investment for each trade is 30.
- 1% per slide buying and selling Crypto
- Visa debit card
- 5% APY on Bitcoin
- Only supports Ethereum and Bitcoin
- Minimum trade of 30 Euros
BankProv is a Crypto friendly platform with versatile and reliable financial services.
The origins of BankProv can be traced back to 1828 when it was initially known as The Provident Bank. Since then, it has evolved into a digital currency-focused financial institution. It mainly serves businesses that are involved in the digital currency industry.
Although it has already become a digital financial institution, BankProv still offers personal accounts. These can be opened and maintained using its mobile app or online. It also provides a debit card that can be used at various locations.
Besides being able to freeze your card, this financial institution also offers various security features. These include monitoring your account balance and contacting its 24-hour customer support.
- Experienced bank with centuries of history
- FDIC insurance on USD balances
- Poor functionality
- Low reviews on the mobile app
Monzo is a diverse, reliable, and Crypto-friendly platform.
Monzo is a challenger bank that’s only available to UK-based individuals. So, if you’re not based in the UK, you should consider signing up for Monzo because it’s regulated by the FCA and offers a variety of features.
Like its competitor, Monzo offers a mobile-only account that can be accessed through an app. It comes with a code and a local UK bank account number. Additionally, it allows you to perform everyday financial transactions with a Mastercard.
Although it doesn’t charge for opening an account, it does offer a variety of premium accounts that come with higher ATM withdrawal limits and regular credit reports. These accounts cost £5 a month. Monzo also allows the sale or purchase of Crypto through its app.
- Free UK bank account
- MasterCard Debit Card
- FX fees are competitive
- Poor customer support
The lack of competition in the Crypto bank industry makes it difficult for investors to find a variety of providers that can meet their needs. For instance, while one might offer a bank account number, there are no opportunities for interest-earning activities.
With these banks, you can open yourself up to various interest-earning opportunities! We hope these banks help you dive deeper into the world of Crypto, make safe, reliable financial transactions, and embrace the future of Crypto.