Crypto-Friendly Banks are forward-looking financial institutions that accept cryptocurrency as a medium of exchange.
One of the main reasons why Crypto-friendly banks have emerged is because more and more merchants have added cryptocurrency as a major payment option; thus, the demand for the currency has increased significantly.
For customers who switch between cryptos and traditional currencies, these banks offer lower transaction fees. Integrated crypto-friendly banks offer both cryptocurrencies and traditional banking services simultaneously.
Listed below are the highly-rated crypto-friendly banks in US, Canada, Europe.
What Are Crypto-Friendly Banks?
Crypto-friendly banks are basically forward-looking financial entities that understand the cryptocurrency ecosystem.
They provide customers to gain access to lower transaction fees for moving back and forth between cryptos and traditional fiat currencies.
These banks integrate cryptocurrencies and traditional bank operations within the same operations. However, before you get started, make sure you understand completely how cryptocurrency gains value.
20 Best Crypto-Friendly Banks in US, Canada, Europe (2022)
1. BankProv
BankProv is one of the best crypto-friendly banks that offers full-service USD banking products for crypto natives and related businesses. The 10th oldest bank in the US.
BankProv recently entered into the crypto space and offers fully-insured USD banking solutions for crypto businesses, custom API banking solutions, secure cash vault services for BTM operators, and crypto-backed loans.
2. Coinbase
Coinbase is one of the Crypto-Friendly Banks that can be utilized for purchasing, selling, transferring, as well as storing digital currency. It securely stores a wide range of digital assets in offline storage. This platform supports more than 100 countries.
3. OnJuno
OnJuno is an all-in-one crypto-friendly checking account that is wholly designed to help people grow their savings and reach their financial goals faster.
It currently provides services like selling, buying, and storing cryptocurrencies like BTC, ETH, polygon, and USDC directly into the checking accounts. It is a Neo-banking platform built using APIs.
4. Wirexapp
Wirex is a crypto-friendly banking service for buying/selling cryptocurrencies based in the UK. It offers Mastercard that allows you to spend 21 traditional and cryptocurrencies in real-time.
5. Binance
Binance is a crypto exchange that provides all the major functionalities that a traditional bank could provide, like loans, credit cards, fixed deposits, etc.
It offers a Binance Visa Card to easily make purchases from 60 Million merchants worldwide using cryptocurrencies.
6. Revolut
Revolut started as a banking service institution in the UK. However, their services are available to people in the UK and Europe also.
This Crypto friendly bank allows individuals and businesses to deal with cryptocurrencies using their digital bank accounts. It supports crypto transactions for users in the EEA region.
7. Nuri
Nuri(Bitwala) offers simple cryptocurrency bank accounts to manage your everyday banking and trading cryptocurrencies. It helps you to store Bitcoins, traditional currencies, etc., all in a single account.
8. Changeinvest
Changeinvest is a crypto trading bank that enables its users to store a wide range of cryptocurrencies. It supports cryptocurrencies like BTC, ETH, and XRP.
9. USAA
USAA is a Texas-based financial service company that allows you to open bank accounts with no monthly service fee.
It allows you to connect with Coinbase to track your Bitcoin wallet and monitor transactions. It allows you to pay bills, transfer money, and more in one place.
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10. USAA
Ally Bank is a crypto-friendly bank for cryptocurrency enthusiasts in the United States. This banking service operates 24/7.
This bank allows people to purchase and sell cryptocurrencies via Coinbase. It allows you to credit to purchase Bitcoin and other cryptos from exchanges.
11. NBC
The National Bank of Canada is a Canadian bank that allows Bitcoin exchange facilities. It offers many banking facilities at no extra monthly fees.
12. Fidor
Fidor Bank is a crypto-friendly bank that mainly focuses on accounts that can accept crypto exchanges, purchases, and trades.
It protects you and your business during crypto transactions. They offer a fully customizable suite of tools for crypto transactions.
13. Bank Frick
Bank Frick is a modern wealth management institution that offers various types of banking solutions.
This crypto-friendly bank allows its clients to open crypto trading accounts and custody accounts to trade and securely store various digital assets.
14. Barclays
Barclays is an investment banking giant that has its presence in several countries across the globe.
This UK-based crypto-friendly bank deals in cryptocurrencies and blockchain technology to aid transactions between customers. They are known for their supportive stance on cryptocurrencies.
15. Bankera
Based in Lithuania, Bankera is, without a doubt, one of the few European banks that focuses on offering a bridging point for the conventional banking structure and cryptocurrency. They achieve this through integration with SpectroCoin, which offers brokerage solutions to their clients.
This bank provides a reliable and highly effective exchange service for their clients, which can be used to exchange both cryptos and tokens. With a blend of its traditional banking services and the adoption of blockchain technology, Bankera provides a wonderful platform for its clientele to manage their crypto assets.
16. Wirex
Wirex is based in London but has branches across the European region. Over the past few years, it has proven to be one of the best places where crypto enthusiasts can open a crypto-friendly bank account.
Through Wirex, customers can send digital as well as traditional currencies easily across the globe.
This bank also provides a cryptocurrency wallet that allows users to conveniently buy and sell different cryptos.
17. SEBA
Established in 2019, SEBA has grown to become one of the best crypto-friendly banks not only in Europe but in the globe. This innovative bank aims at providing its clients with seamless integration between traditional currencies and digital assets.
This bank offers its services to professional investors, family offices, as well as asset managers. Additionally, SEBA bank provides secure custody of digital assets to Swiss blockchain companies.
Other services provided by SEBA Bank include liquidity management, trading, digital asset loans, and cutting-edge tokenization solutions.
If you are looking for a bank in Switzerland that will allow you to easily and safely exchange fiat currency with BTC, Ethereum, and a wide range o other cryptocurrencies, SEBA could be a great option.
18. Dukascopy
Created in 1998, Dukascopy is now a regulated and licensed crypto-friendly bank based in Switzerland. It offers its clients leveraged CFD trading on price movements of cryptos, value estimations, or derivatives.
Through its ultra-modern CFD trading platform, Dukascopy allows customers to perform speculative operations without the need for a digital wallet.
Through this bank, those interested in digital currency can trade on both rising and falling markets, cover their losses through short selling, and trade safely.
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19. Agribank
Founded in 2012, Agribank is a commercial bank headquartered in Luqa, Malta. This bank is renowned for providing hire purchase and finance lease agreements to clients within the UK’s agricultural sector while operating solely online.
Just like other traditional banks, Agribank obtains its funding through bonds, equity, wholesale funding, and retail deposits. What makes it different is that it has one extra feature in its interface – crypto banking.
Through Agribank, customers can use some traditional cards to buy cryptocurrency. Some of these cards include Maestro, MasterCard, Visa, and more.
20. Simplex
Despite being a traditional bank, Simplex is a one-of-a-kind institution based in Lithuania that provides a cutting-edge combination of a payment gateway solution and a cryptocurrency brokerage platform for renowned crypto exchanges.
This bank provides users with a stress-free way of buying their desired cryptos at reasonable prices. When buying crypto, you can use your credit card, and payments are processed fast and securely.
Due to the way the simplex platform works, it provides instant payment processing in many cases. This bank states that some payments may take 48-72 hours to process.
However, this only happens when there is some stalling happening due to verification checks. While the list of cryptos used by Simplex is pretty extensive, some of the accepted ones include Bitcoin, Ethereum, Litecoin, Ripple, and more.
Frequently Asked Questions On Crypto-Friendly Banks
Do Banks Accept Bitcoin?
Yes, Bitcoin-friendly banks allow people and companies to use cryptocurrency services like Bitcoin. Some banks and financial institutions also accept funds obtained from cryptocurrency transactions.
What Makes Crypto-friendly Banks Different Than Traditional Banks?
The main difference between a crypto-friendly bank and a traditional bank is that a crypto-friendly bank provides integrated facilities for cryptocurrency or allows customers to integrate their crypto accounts with the online banking portal.
On the other hand, traditional banks generally do not allow customers to perform any cryptocurrency transactions. However, more banks are taking an open approach to integrating cryptocurrency within their online banking portal.
How To Open A Bitcoin Bank Account
After researching these different banks and finding the one that suits your needs, the process of setting up an account is very simple.
The majority of these banks allow you to apply for and fund your account online. You will need to provide some information such as name, phone number, address and potentially some other details about you and/or your business.
However, it literally can be completed in a matter of minutes and even the KYC can be finished quite quickly, making the entire process much easier than a traditional bank.
CONCLUSION
If you want to invest in Bitcoin or other cryptocurrencies, it is critical to look for a bank that will support your dreams.
Even though finding the right bank is not easy, the ones we have discussed in this article are undoubtedly the best crypto-friendly banks that have some specific services and products that will support you in all your Bitcoin transactions.
They also provide consultative services aimed at helping clients choose the right services and products that fulfill their current needs and long-term cryptocurrency investment goals.
Do additional research on each bank, choose the best, and keep investing in cryptocurrency.