September 28, 2020
Crypto-Friendly Banks

8 Best Crypto-Friendly Banks You Should Bank With

If you engage in cryptocurrency, it is only ideal that you make use of any one of the best crypto-friendly banks available to carry out your transactions.

Since the Government does not regulate these cryptocurrencies, there is always a risk of making crypto transactions with banks that do not support its development.

For this, your bank account could get a suspension for such activities. This should not be a surprise as UK banks have taken such actions against its customers in the past. Making use of a crypto-friendly bank is the only way to avoid such.

There are many crypto-friendly banks available. In this post, we list some of the best crypto-friendly banks you can bank with. Check them below:

8 Best Crypto-Friendly Banks

  1. Revolut

Revolut is an e-bank that supports cryptocurrency. The bank was launched in 2015 and is currently available to only residents in European countries. It was launched to provide better money management services.

With Revolut, you can exchange five major cryptocurrencies, and this includes Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. You can exchange these cryptocurrencies with fiat currencies.This feature makes it a more reliable crypto-friendly bank.

To make use of Revolut bank to store your cryptocurrencies, you do not need to visit their address in the UK. You can simply open an account online on the website with your mobile phone. Opening a Revolut account takes very few minutes to complete.

Real-time cryptocurrency graphs are displayed on the site. It shows price alerts and current rates so you can keep track of the crypto market.

Exchanging cryptocurrency on Revolut does not attract any hidden fees, and the platform executes transactions very fast.

You can transfer any of the supported cryptocurrencies to other Revolut users in seconds without extra charges. Besides, the FCA does not regulate the service.

  1. Wirex

On the Wirex online banking platform, you can purchase, store, spend, and exchange your cryptocurrencies for fiat currencies. The banking platform supports the major cryptocurrencies, which are Bitcoin, Ethereum, and Litecoin.

Wirex issues you a VISA payment card. With this card, you can withdraw your cryptocurrencies in fiat currency equivalent from ATM and can also use it to pay for your purchases.

You can purchase cryptocurrencies on the platform using your credit/debit card or via bank transfer. An exciting part of banking with Wirex is that the platform offers rewards via their Cryptoback rewards program.

Whenever you make use of the Wirex Visa payment card to make any payment, you get 1.5% of the amount in BTC. The rewarded BTC is automatically deposited into your account.

You do have to pay a card maintenance fee of $1.50 monthly, and there is a $250 daily withdrawal limit.

Cryptocurrencies you store on Wirex are secure. The platform uses multi-signature and 2FA, and the cryptocurrencies are put in a cold wallet. Additional, they have a license with the FCA. Thus, contributing to their legibility.

  1. Ally Bank

Officially Ally Financial Inc., this digital bank, has been operating since 2009. The bank was founded by GMAC and is currently open to only residents in the United States.

On the platform, you won’t find a reference to cryptocurrencies as it is officially a fiat bank. However, its integration with Coinbase makes it a crypto-friendly bank.

You can open a bank account with Ally bank online from the comfort of your home. To make everything seamless, it would be ideal that you create an account on Coinbase as well.

You can purchase cryptocurrencies directly from Coinbase with your Ally bank banking account. They can be bought using fiat currencies deposited in your account. You can buy any cryptocurrency listed on Coinbase and also exchange the cryptocurrencies to fiat.

Ally bank is a secure bank to bank with. It is FDIC insured. Therefore, a deposit guarantee covers your money up to the tone of $250,000. You can withdraw funds from the banking account on any ATM using the Ally bank card.

  1. Fidor

Another bank on our best crypto-friendly banks is the Fidor disgital bank. Based in Germany, Fidor is a digital bank where you can invest and trade cryptocurrencies. The platform is 100% friendly with the popular crypto exchange, Kraken. Funds can be transferred between the two platforms seamlessly.

This implies that you can purchase cryptocurrencies on Kraken using funds in your Fidor bank account. Likewise, you can convert your cryptocurrencies on Kraken into fiat currencies and have them deposited into your Fidor bank account.

Aside from Kraken, Fidor also works with Bitcoin.de and Ledger. However, the bank is only available to residents in Europe. To open a Fidor account, you should complete an extensive verification process.

The Fidor banking platform is one of the fastest out there. You will get a free debit card for withdrawal at ATMs and making online payments. The debit card use is not limited to Europe; plus, you can use it on ATMs in non-European countries.

You get a charges fee of about 1.5% of the transaction amount on all debit card transactions. Though, you can withdraw cash for free twice in a month.

Related; Blockchain 101: Beginner’s Guide to Cryptocurrency

  1. Simple Bank

This bank is known as a global crypto banking system. The bank aims to build a global cryptocurrency network. One can access it online or via the mobile banking application.

With Simple bank, you can trade cryptocurrency for fiat and vice versa. It supports top cryptocurrencies like the Bitcoin, Ripple, Ethereum, Litecoin, and a host of others. There are several payment options available on Simple bank for you to use in deposit and withdrawal.

You can carry as many cryptocurrency transactions as you want to on this banking platform; there is no transaction limit. Transactions processes is also quickly; the platform features InstantSend Technology, which automates the entire process.

With a Neosrypt algorithm and P2P GPU network, the Simple Bank banking platform is a very secure one. You can also carry out transactions anonymously. The FDIC insures the money you deposit into your Simple Bank account so you can rely on the platform.

  1. LHV Bank 

With over 200,000 customers, LHV bank is the third-largest bank in Estonia. For residents in the region and nearby regions that have interest in investing in cryptocurrencies, LHV is a bank you can use.

You can open a banking account with LHV bank as a private client or business client. The bank started supporting cryptocurrencies in 2014 when it integrated with a top cryptocurrency broker, Coinbase.

Bank customers can purchase cryptocurrencies from Coinbase with fiat currencies in their bank account. Using this bank, you can all cryptocurrencies available on Coinbase.

LHV also integrated with Coinfloor – a London based bitcoin exchange platform. The bank launched its blockchain wallet for storing cryptocurrencies called the Cuber Wallet.

Also, you can use the Credit cards issued by LHV on any ATM worldwide. About 2.5% + 2€ is the withdrawal fees, and you can withdraw up to 300€ monthly. This crypto-friendly bank is secure as it has multi-layer security features, you can bank safely with LHV bank.

Also Read; 7 Top Reasons to Buy and Sell Cryptocurrencies

  1. USAA

The USAA bank is one of the longest operating banks in the USA; it was founded in 1983. The bank is rates high in the region and currently boasts of more than 6 million customers from across the globe.

Like most banks mentioned, USAA supports cryptocurrency through a Coinbase integration. You can access your Coinbase account directly from the USAA banking platform.

The platform supports all cryptocurrencies that features on the Coinbase exchange. With a mobile application available, banking with USAA will be secure as your phone is enough to handle everything.

USAA offers different credit cards to customers. With the VISA signature card, a 1.5% cashback is provided. When you make any transaction using the card, they send 1.5% back to you.

There are more than 60,000 ATMs worldwide you can use to withdraw, and there are no withdrawal charges. This crypto-friendly bank features a CyberCode login pattern, which helps in safeguarding customer funds.

  1. Change Bank

If you need a crypto-friendly bank that charges no commission, Change bank is your go-to bank. This digital bank, founded in 2016, is a bank where you can invest in cryptocurrencies very cheaply.

Cryptocurrencies supported on the Change banking platform include Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and dash. You can easily create an account online, and the verification process is fast and concise.

By banking with Change, you get a VISA debit card, which you can use to withdraw money at ATMs. There is no fees charges. However, Change bank only supports European residents.

Crypto market signals are featured on the Change bank platform. You also get price alerts whenever a significant price change occurs.

Change bank is fully regulated.  So have confidence that your money is in safe hands. Additionally, the storage of cryptocurrencies  in secure wallets with multi-signatures.

You can access the platform on mobile by downloading it from the Google Play Store or Apple App Store.

Conclusion on the best available crypto-friendly banks

To decide which bank is best for you, you have to consider your location and resources. Most of these banks are available to some countries, and they charge various fees.

However, what is most important when choosing the best in anyone of the crypto-friendly banks is legitimacy. The banks listed above are legitimate, so you have nothing to worry about. Hopefully, more banks will come to support cryptocurrency payments in the coming years.

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