Cryptocurrencies gained ground within the last few years as an alternative currency to the U.S. dollar. With the rise in popularity, traditional banks have begun to realize what was once considered a passing fad has now come to stay. Offering accounts that support cryptocurrency exchanges now puts the best banks at the forefront of service.
If you’re looking for a crypto friendly bank, you’ve come to the right place. This article will introduce you to some of the best crypto friendly banks that you can use to invest in the cryptocurrency market. We’ll discuss what you should look for in a crypto friendly bank, as well as how to make the most of your investment.
Are you ready to find your next crypto friendly bank? Let’s get started.
So what makes a crypto friendly bank different from traditional banking services?
Crypto friendly banks transact within the exchange on your behalf. In some cases, you can sometimes achieve lower transaction fees when moving between currencies. Crypto friendly banks also typically maintain federally insured bank accounts and prepaid debit cards, so you get more than just your typical bank account can offer. With a crypto friendly bank, crypto is treated as currency as much as the dollar.
As you search through the list of the best crypto friendly banks below, there are a few things you’ll want to keep in mind. These characteristics may help you determine which crypto friendly bank is the best for your situation.
In this digital day and age, buying and selling cryptocurrency isn’t something you can go down to a physical building and do. The best crypto friendly banks are those that bring the marketplace to you.
They might be the middleman and require a certain percentage, but they allow you access to the exchange to do your business. In fact, a centralized exchange might just be worth the monthly fee if you’re serious about cryptocurrency.
Even though crypto friendly banks do exist, that doesn’t mean they support all types of cryptocurrency. If you’re particular about a certain type, make sure that the institution you choose supports that particular crypto. Most banks will support a few different types of mainstream cryptocurrency, but it all depends on what you prefer to invest in.
Cryptocurrency is still a new concept for many folks, so having a platform that makes it easy to access your funds and crypto numbers ranks as one of the best crypto friendly banks. Setting up an account can factor into this characteristic as well, along with buying and selling any crypto you do invest in.
It’s always been important to keep your dollars and cents safe, so why not extend that to crypto transactions? The best crypto friendly banks are those that prioritize the safety of your crypto as much as the security of your USD.
Since the majority of cryptocurrency exchange is done digitally, it’s important to have a crypto friendly bank that’s reliable as well. That reliability extends from the reputation of the bank to the app interface through which you do your exchanging.
Just like with traditional banks, you’ll want to look for a crypto friendly bank that charges low fees. That means more money goes to buying and selling crypto. Be sure to look at monthly account fees as well as exchange rates for buying and selling crypto. Many times, these crypto friendly banks will cap off rates in tiers based on how much trading you do per a period of time, such as a day or month.
It’s hard to do banking these days without an app. The best crypto friendly banks are those that integrate an app with their services. These apps are top of the line if they include the ability to buy and sell cryptocurrency, as well as manage your money. Tracking how your particular crypto has performed over time is also invaluable in an app.
A few of the crypto friendly banks we’ve included on this list sweeten the pot with a few extra features to bring in customers. These features help the banks set themselves apart from the competition, but they could be the one component that makes you choose that particular institution.
The following is a list of the best crypto friendly banks. Not all of them follow the traditional brick-and-mortar banking experience, but they all welcome cryptocurrency exchanges.
1. Juno (Our Pick)
Juno is an all-in-one crypto friendly checking account designed to help people grow their savings and reach their financial goals faster.
Juno is on a mission to make banking fair and transparent for all. Juno brings the flexibility of crypto to your traditional checking account.
Juno currently facilitates anyone to buy, sell and store popular cryptocurrencies like BTC, ETH, USDC, and Polygon USDC directly inside their checking accounts.
Users can also use their Juno cards to pay with cash or crypto and earn up to 10% cashback. Users can also earn interest on both their cash and crypto savings – 1.20% on cash and 4% on USDC with no lock-ins.
It's basic account is free or you can opt for Metal Checking which is a premium banking experience with an exclusive metal card for long-term savers with 6x more savings.
- All-in-one banking and crypto app
- No-fee checking account, no minimum balances
- Store, buy and sell crypto directly starting from as low as $1
- Get paid in crypto – Set up a direct deposit and receive part of your paycheck in crypto
- Ditch those credit card points and start earning actual cashback – 5% when you spend with cash and 10% when you pay with crypto
- Talk to real people for fast, friendly customer support
- No foreign transaction fees
- Lightning-Fast and Low-Cost International Transfers
- No ACH fees ($1 fee for same-day outgoing ACH transfers)
- Get started in less than 5 minutes
- Only checking accounts offered
- Individual accounts only
- Intro Offer: Enjoy a $100 bonus and a sleek Metal card when you set up your first direct deposit.
- Earn a 1.2% savings bonus on balances up to $50,000 5% cash back on five brands you love, up to $3,000 in purchases a year.
- Three non-network ATM reimbursements each month.
- Store, buy and sell crypto directly starting from as low as $1.
- Set up a direct deposit and receive part of your paycheck in crypto.
- Crypto exchanges charge up to 4% in fees to buy and sell crypto. OnJuno charges 0%.
- No Annual Fee
- Terms and conditions apply.
One of the oldest banks in the United States, BankProv (formerly known as The Provident Bank) features 100% fully insured USD deposits.
BankProv supports crypto-related business only (not personal accounts). They offer cryptocurrency banking for businesses with its full-service deposit services offering fiat banking products for most business types in the cryptocurrency space.
This crypto friendly bank also offers personalized account onboarding to migrate your funds onto one platform. BankProv provides API Banking and the ProvXchange Network for 24/7 client-to-client transfers. They’re also members of the FDIC and DIF.
BankProv can be accessed via the web, as well as through iOS and Android apps.
- Offers business accounts
- FDIC and DIF member
- Mobile app
- Not a lot of benefits compared to other banks
- Mobile platform can be glitchy at times
If you are looking for cryptocurrency banking for your business, BankProv is worth looking into.
If you’re just getting started in cryptocurrency, Coinbase is a great place to start. This platform offers you access to the crypto exchange market and actually rewards you for learning more about crypto as you manage your assets. With over 80 cryptocurrency types available to invest in, there’s a lot you can do with Coinbase.
To create an account, you’ll need mobile access and some basic information. You’ll receive $5 of Bitcoin for joining but you will need to fund your account with at least $10 to get started. Basic accounts are free but are subject to transaction fees that range from $0.99 to $2.99. These fees are a bit higher than other platforms, but you are able to gain access to an online storage wallet that lets you spend crypto or your U.S. dollars practically anywhere and earn rewards.
With a Pro account, you’ll gain access to real-time trading history, FDIC protection up to $250,000, and higher account balances translate to lower trading fees. At the same time, a basic account will still allow you to deposit your paycheck into your account and convert between USD and crypto with no fees.
Launched in 2012, Coinbase is actually very forward-thinking with their Coinbase Earn program, which lets you earn free crypto as you learn about different cryptocurrency topics. Plus, the Coinbase Card is a Visa debit card funded by your crypto account balance that allows you to earn up to 4% cashback in crypto rewards for purchases.
- Mobile app is user friendly
- Coinbase Earn allows you to learn about and earn free crypto
- Wide range of cryptocurrencies available to choose from
- No monthly fees and low account minimums
- Fees can be higher than other crypto friendly banks
- Customer support isn’t as established as it could be
Much like Coinbase, Wirex is a cryptocurrency exchange platform. Based out of the United Kingdom, Wirex offers three different plans, with the basic plan free to use. Wirex allows users to buy, store, and manage their cryptocurrency, offering multi-currency exchange and near-instant exchanges.
Wirex even offers their own token (WXT). Signing up for an account will give you the chance to earn up to 2% cashback in the form of WXT. You can also earn up to 16% interest on deposits in terms of USD and/or 10% interest in terms of cryptocurrency. Plus, you’ll have access to link a debit card.
With the ability to add funds with a credit or debit card or a bank transfer, Wirex offers one of the best apps on the market. Many users also appreciate the customer service Wirex offers.
- Up to 2% cashback in the form of WXT
- High interest on deposits to crypto savings accounts (USD and crypto)
- Near-instant crypto exchanges
- Ability to add funds via credit or debit card or bank transfer
- Not an accepted form of payment in some locations
5. SoFi Bank
SoFi is one of the best digital banks to get involved in if you want to explore the world of cryptocurrency. SoFi charges low fees to own crypto and even offers $10 in Bitcoin when you make your first trade. With no trading fees, SoFi makes it easy to get your feet wet in crypto.
There are over 40 cryptocurrency price feeds available with SoFi Invest. The platform supports such cryptocurrencies as bitcoin, Ether, Litecoin, Bitcoin Cash, and Ether Classic. While the U.S. dollar might be the only non-cryptocurrency SoFi accepts at the moment, it’s not a huge issue if you’re investing a few dollars here and there from your paycheck.
Since SoFi is still in its infancy in terms of crypto, you’re not able to transfer assets out of your SoFi account and into a non-custodial wallet. However, the company does offer access to certified financial planners at no additional charge.
- Over 40 cryptocurrencies available
- Make your first trade and receive $10 in Bitcoin
- No trading fees
- Free access to certified financial planners
- Only available in U.S. using USD
6. Simple Bank: Now BBVA USA
Founded in 2009, Simple Bank has recently integrated with BBVA USA. This particular crypto exchange is only open to United States citizens, but that may or may not change with the changeover to BBVA USA.
Many crypto buyers appreciate the ability to monitor your budget and expenses on BBVA USA. If you have a checking account with the bank as well, you can easily track everything in one place. BBVA USA is an FDIC member, plus, you can also purchase cryptocurrency with either a credit or debit card.
- Member FDIC
- Ability to purchase crypto with a credit or debit card
- Track budget and expenses in same place if you bank with BBVA USA
- Only open to U.S. citizens
- Changeover from Simple Bank to BBVA USA may affect certain account features
7. Ally Bank
Ally Bank was originally called General Motors Acceptance Corporation (GMAC). This 100% virtual cryptocurrency exchange bank integrates easily with Coinbase to offer you the ability to buy Bitcoin and other cryptocurrencies with your Ally credit or debit card.
While you will have to do all of your crypto exchange business through Coinbase, there are no monthly fees or minimum investment amounts. Ally Bank works exclusively with U.S. citizens, offering 2.75% annual interest on the money you invest. When it comes to wire transfers, Ally Bank is the best if you don’t want to pay steep fees for doing so.
- No monthly fees
- $0 minimum investment
- Integrates with Coinbase for crypto exchange
- Checking and/or savings account not integrated with crypto wallet
USAA works directly with Coinbase to offer its customers access to the cryptocurrency market. Through USAA, you can track your Bitcoin wallet on Coinbase, buying and trading cryptocurrency as you please.
One of the best things about USAA is that it’s a highly established and trustworthy bank to work with. In fact, USAA members gain access to commission-free withdrawals from over 60,000 ATMs, so it’s easy to work with your cryptocurrency as if it’s cash.
- Commission-free ATM withdrawals
- Established and trustworthy
- Integrates easily with Coinbase
- Not the most user-friendly application
- Restricted to military and their family members
9. Goldman Sachs
The folks at Goldman Sachs actually entered the cryptocurrency market in 2018, offering their customers the chance to trade crypto, but soon after closed the operation down. Only recently have they opened their portfolios once again to accept cryptocurrency as an investment under the name Marcus Invest.
The one difference that sets Marcus Invest apart is that it does not offer access to financial advisors. Rather, your investments are managed by computer programs that monitor the cryptocurrency market. For some investors, that feature goes hand-in-hand with what they’re looking for in a cryptocurrency investment.
When you open an account with Marcus Invest, you will need a minimum of $1,000 to start buying and trading. The account management fee sits at 0.35% but the rest of the fees associated with trading cryptocurrency are spelled out in fee schedules. Customers of Marcus Invest can also open a high-yield savings account (0.5% APY) with no fees or minimum deposit as well.
- Savings accounts offered in addition to crypto exchange
- Automatic rebalancing
- Transparent fees
- High account minimums
- No promotions for joining
Crypto friendly banks allow you to integrate your traditional banking with the benefits of cryptocurrency. Here are a few ways you can make the most of your new crypto friendly bank:
- If you’re unsure about crypto, it can be a good idea to simply create an account to experiment with. You don’t have to make the crypto friendly account your main banking account. Instead, you can delegate a certain amount each month to investing and see where it takes you.
- Did you know that businesses can own cryptocurrency? This allows your business to not only pay in crypto, but also accept it as a form of payment as well. As banks warm up to crypto, other businesses may follow suit.
- Taking on the world of cryptocurrency can be a lot. If you’re new to the crypto market, think about choosing a single type of currency to invest in. A crypto friendly bank can be a great way to monitor that currency alone to see what kind of returns you can expect if you were to invest in multiple types.
We hope you’ve found this article on crypto friendly banks useful in your search. There are many banks that are now offering plenty of services for this new type of currency. Whether you choose Revolut, Ally, USAA, or any of the other banks on our list, the cryptocurrency market isn’t as out of reach as you might think.