10 Best Crypto Friendly Banks in October 2024
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Cash App and JP Morgan Chase are our experts' top picks for the best crypto-friendly banks.
Cash App is an all-in-one financial platform that integrates traditional and crypto services, while JP Morgan Chase provides crypto-friendly services, expert risk management, and in-depth research on crypto markets for institutional clients.
What are the best crypto friendly banks in 2024?
As cryptocurrencies continue to integrate into mainstream finance, selecting the right crypto-friendly bank is increasingly important for both individuals and businesses. Whether you're a seasoned investor needing robust features or a newcomer seeking an accessible banking solution, this guide outlines the top crypto-friendly banks that cater to various needs. Our analysis includes esteemed institutions like Ally, BankProv, and Cash App, each offering unique advantages for seamlessly managing digital and fiat currencies.
These comprehensive reviews will help you navigate the evolving financial landscape, ensuring you choose a bank that aligns with your cryptocurrency engagement and goals.
| Company | Availability | Features |
|---|---|---|
| Ally | US | External crypto trading |
| BankProv | US | Crypto accounts for businesses and asset management |
| Cash App | US & UK | Bitcoin transactions |
| Goldman Sachs | Global | Institutional-grade crypto services |
| JP Morgan Chase | US & UK | Institutional-grade research and risk management |
| June | Global | Comprehensive crypto services including staking and lending |
| Monzo | UK | Integration with crypto exchanges |
| Nexo | Global | Instant crypto credit lines and savings accounts |
| Revolut | Global | In-app trading and staking |
| Wirex | Global | Multi-currency payment card and staking |
Best crypto friendly banks of 2024
Ally Bank, a customer-centric traditional online bank, may not directly offer crypto services, but it allows customers to use their accounts with external cryptocurrency exchanges for trading. Ally Bank provides digital tools and services to help customers manage their finances effectively, which can benefit crypto traders. Known for its transparent fee structure and competitive interest rates, Ally Bank is an attractive option for customers looking to optimize their financial portfolio, including crypto investments.
Pros
Customer-Centric Approach: Ally Bank focuses on a customer-centric traditional online banking experience.
External Crypto Trading: Customers can use their accounts for external cryptocurrency exchanges.
Transparent Fee Structure: Known for a transparent fee structure, providing clarity to users.
Cons
Limited Direct Crypto Services: While Ally Bank supports external crypto trading, it does not offer direct crypto services.
Ally Bank's commitment to a customer-centric experience and seamless integration with external cryptocurrency exchanges makes it an excellent choice for those looking to manage traditional and digital assets. The transparent fee structure adds an extra layer of trust for users navigating the crypto world.
BankProv, or Provident Bank, is a US-based financial institution specializing in crypto friendly banking services. It offers accounts for cryptocurrency businesses and asset management services for crypto industry players. BankProv facilitates cryptocurrency exchanges and other businesses while prioritizing compliance with cryptocurrency regulations and anti-money laundering (AML) requirements.
Pros
Flexibility to Convert Crypto: Convenient crypto to fiat conversion for spending.
Competitive Interest Rates: Attractive rates on crypto lending.
Trusted Reputation: Well-regarded in the traditional banking sector.
Cons
Limited International Availability: BankProv's services may have limited availability outside specific regions, potentially restricting access for users in certain parts of the world.
BankProv's flexibility in converting crypto, competitive interest rates, and a trusted reputation in the traditional banking sector make it a standout choice for crypto businesses and individuals seeking robust asset management services.
Originally designed for peer-to-peer payments, Cash App has transformed into a comprehensive financial platform. Developed by Square, this mobile app now offers users a full-service banking experience. Users can obtain a Cash App debit card, receive ACH transfers and direct deposits, and venture into traditional stock market investments. Cash App's integration with cryptocurrencies, particularly Bitcoin, sets it apart in the fintech landscape.
Pros
Comprehensive Financial Platform: Diverse services within a single app.
Seamless Access to Debit Cards: Easy access to Cash App debit cards, ACH transfers, and direct deposits.
Empowers Users to Invest: Allows users to invest in both traditional stocks and cryptocurrencies.
Cons
Limited Availability: Cash App's availability is currently limited to the United States and the United Kingdom, with potential expansion plans on the horizon.
Cash App's evolution into a comprehensive financial platform, coupled with its seamless integration of traditional and crypto-related services, makes it a top choice. Square's strong advocacy for Bitcoin adoption adds to its appeal.
Goldman Sachs, a financial powerhouse with an illustrious heritage, continues to shape the financial realm with unparalleled excellence. Renowned for its customer-centric philosophy and global impact, Goldman Sachs stands as a symbol of financial prowess.
Pros
Esteemed Financial Leadership: Goldman Sachs boasts a track record of financial excellence, instilling confidence in clients.
Worldwide Accessibility: With a widespread global presence, Goldman Sachs facilitates seamless international transactions.
Strategic Crypto Approach: The bank takes a cautious yet strategic approach to the cryptocurrency landscape, ensuring careful involvement.
Cons
Measured Crypto Venture: Goldman Sachs approaches the cryptocurrency landscape with caution, potentially limiting the scope of its cryptocurrency-related services.
Goldman Sachs seamlessly blends its proven financial mastery with a measured and strategic approach to the cryptocurrency landscape. This approach guarantees clients receive tailored solutions while navigating the evolving realm of digital assets. The bank's global influence further solidifies its position as a trusted partner in the dynamic world of finance.
JP Morgan Chase, one of the largest global financial institutions, has cautiously ventured into cryptocurrencies. The bank introduced the JPM Coin for instant cross-border payments among institutional clients. It offers crypto friendly banking services to selected exchanges and digital asset firms, with a strong focus on risk management and compliance. JP Morgan Chase also provides institutional-grade research on crypto markets, aiding clients in making informed investment decisions.
Pros
Provides crypto friendly Banking Services: Offers services to exchanges and digital asset firms.
Expertise in Compliance and Risk Management: Ensures compliance and expert risk management.
Comprehensive Institutional-Grade Research: Offers detailed research on crypto markets.
Cons
Measured Crypto Venture: JP Morgan Chase approaches the cryptocurrency landscape with caution, potentially limiting the scope of its cryptocurrency-related services.
JP Morgan Chase's cautious yet strategic entry into the crypto landscape, combined with its expertise in compliance and research, makes it a trustworthy partner for institutional clients navigating the complexities of digital assets.
Juno takes center stage for its seamless fiat-to-crypto and crypto-to-fiat conversion services. With a focus on secure infrastructure authorized by the FCA and banking-as-a-service (BaaS) solutions, Juno is positioned as a reliable partner for users globally, providing enhanced fraud and risk management.
Pros
Fiat-to-Crypto Conversions: Excels in providing seamless fiat-to-crypto conversions.
Secure Infrastructure: FCA-authorized infrastructure ensures a secure environment.
Comprehensive Suite of Services: Offers a range of financial services, including lending, borrowing, and asset management.
Cons
Limited Availability: Juno's services may have limited availability, potentially restricting access for users outside specific regions.
Juno's commitment to secure and innovative financial solutions, coupled with its comprehensive suite of services, makes it a top choice for users seeking flexibility and personalized financial insights.
Monzo, a pioneer in digital banking in the UK, has embraced the digital financial revolution and shows openness to cryptocurrencies. While it doesn't offer direct crypto trading, Monzo allows customers to use their bank account with cryptocurrency exchange accounts. This integration enables users to monitor their cryptocurrency holdings alongside regular banking transactions within the Monzo app. Monzo also supports faster payments and direct debits to cryptocurrency exchanges, simplifying fund deposits and management.
Pros
Easily Use Monzo Cards with Crypto Exchanges: Seamless integration with crypto exchanges.
Monitor Cryptocurrency Holdings: Users can monitor crypto holdings within the Monzo app.
Supports Faster Payments and Direct Debits: Facilitates convenient fund management.
Cons
Limited Availability: Monzo is a pioneer in digital banking in the UK, and its availability may be limited to specific regions.
Monzo's commitment to seamless integration with crypto exchanges and support for monitoring crypto holdings within its app makes it an ideal choice for users looking to bridge traditional banking with cryptocurrency transactions.
Nexo Bank distinguishes itself by providing instant crypto credit lines and interest-earning savings accounts on a global scale. With a user-friendly platform, Nexo offers a seamless experience for those looking to access liquidity or earn passive income through their digital assets.
Pros
Instant Crypto Credit Lines: Offers quick access to liquidity through instant crypto credit lines.
Savings Accounts: Provides interest-earning savings accounts for passive income.
Global Accessibility: Services are globally accessible, catering to users worldwide.
Cons
High NEXO Token Buy-In: Acquiring top loyalty levels requires a significant investment in NEXO tokens.
Limited Product Availability: Key Nexo products may not be accessible in major markets like the United States.
Nexo Bank's user-friendly platform, with its innovative offerings of instant crypto credit lines and savings accounts, is a leading choice for individuals globally seeking flexible financial solutions.
Revolut
Best crypto friendly bank for a diverse range of cryptocurrencies and competitive exchange rates
Revolut is a UK-based fintech company that offers cryptocurrency trading right within its mobile app. With support for over 30 cryptocurrencies, including popular ones like Bitcoin and Ethereum, Revolut makes it easy for both new and experienced users to buy, sell, and hold digital assets. The platform provides competitive exchange rates and allows users to exchange between different fiat and digital currencies. Notably, Revolut offers cryptocurrency wallets for managing digital assets alongside traditional money, and users can set up cryptocurrency vaults to save and accumulate digital assets over time.
Pros
User-Friendly Interface: Easy buying and selling of cryptocurrencies.
Supports Multiple Cryptocurrencies: Wide range of cryptocurrencies available for trading.
Competitive Exchange Rates: Provides competitive rates for fiat-to-crypto exchange.
Cons
High fees: Revolut may charge higher fees for crypto services compared to regular wallets.
Limited features: Revolut might not offer all the advanced features that decentralized finance (DeFi) platforms provide.
Revolut's user-friendly interface, support for a diverse range of cryptocurrencies, and competitive exchange rates make it an attractive choice for both novice and experienced users entering the world of digital assets.
While not a bank, Wirex is a notable player in the crypto space, offering a payment card in partnership with Mastercard. Wirex stands out for its support of both traditional currencies and a wide range of cryptocurrencies, making it a convenient choice for crypto enthusiasts. They offer various plans, including a free one, and users can earn more crypto back by upgrading their plans. Wirex also has its own token (WXT) that unlocks DeFi opportunities and other crypto-related features.
Pros
Payment Card Supporting Multiple Currencies: Supports both traditional and cryptocurrencies.
Various Plans Available: Offers different plans, including a free option.
Own Token (WXT): Introduces its own token unlocking additional crypto-related features.
Cons
Limited Availability: While not a bank, Wirex may have limited availability based on geographical regions.
Wirex's versatile payment card supporting both traditional and crypto currencies, along with its range of plans and the introduction of its own token, provides users with a convenient and feature-rich platform in the crypto space.
How to pick a crypto friendly bank
When you're thinking about picking a crypto friendly bank, here are some important things to keep in mind as you look for the best crypto friendly bank for you.
Holding both crypto and fiat currency: Look for a bank that lets you keep both cryptocurrencies (like Bitcoin) and regular money (like dollars) in one place. This makes it easy to manage all your funds together.
Crypto cards for spending: Check if the bank offers special crypto cards. These cards let you spend both your regular money and cryptocurrencies to buy things or make payments.
Integration with crypto exchanges and wallets: Make sure the bank works well with cryptocurrency exchanges and digital wallets. This helps you easily move your money in and out of the crypto world.
Crypto-powered banking services: Some banks offer extra services related to cryptocurrencies, like crypto-backed loans or earning rewards on your crypto holdings. These can be handy features to have.
Buying and selling cryptos with cards: Find out if the bank lets you use your credit or debit card to buy and sell cryptocurrencies. It's convenient to have this option.
Transaction fees and monthly charges: Be aware of the fees the bank charges for crypto transactions and any monthly account fees. You want to make sure the costs are reasonable and fit your budget.
Crypto friendly banks: Pros and cons
As with all things, crypto friendly banks have their pros and cons. Here is a brief summary of each to help you understand the implications of crypto in the world of traditional finance.
Crypto friendly bank pros
Diverse Financial Solutions: Crypto friendly banks often provide a diverse range of financial solutions beyond cryptocurrency services, catering to various needs.
Instant Crypto Credit Lines: Some banks offer instant crypto credit lines, providing users quick access to liquidity for various financial activities.
Low-Cost Currency Exchange: Certain crypto friendly banks excel in low-cost currency exchange, benefiting users with international financial activities.
Cryptocurrency Payments: Some banks specialize in facilitating cryptocurrency payments, enabling day-to-day transactions in both traditional and digital currencies.
Multicurrency Travel Cards: Certain banks offer multicurrency travel cards, enhancing convenience for international travelers who want to transact in various currencies.
Crypto friendly bank cons
Limited Availability: Some crypto friendly banks may have limited international availability, restricting access for users outside specific regions.
Regulatory Uncertainties: The evolving regulatory landscape for cryptocurrencies may pose challenges for crypto friendly banks, leading to uncertainties in their operations.
Risk of Cyber Threats: Despite security measures, crypto friendly banks may still face risks associated with cyber threats and hacking attempts.
Varied Service Offerings: The range of services offered by crypto friendly banks can vary, and users need to choose banks that align with their specific requirements.
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What does it truly mean to be crypto-friendly?
A crypto-friendly bank is one that not only allows but actively supports the integration of cryptocurrency transactions and services within its financial infrastructure. This means that the bank facilitates the buying, selling, and holding of cryptocurrencies, often providing dedicated tools and platforms for these activities.
Crypto-friendly banks typically offer seamless integration with cryptocurrency exchanges, digital wallets, and even crypto cards for spending digital assets like traditional money. They prioritize regulatory compliance and risk management, ensuring their crypto services are secure and reliable for customers.
Crypto banking vs. crypto-friendly banking
Here briefly is the difference between pure crypto banking and crypto-friendly banking.
Crypto banking
Crypto banking refers to services offered by financial institutions that deal exclusively or primarily with cryptocurrencies. These banks may offer crypto savings accounts, crypto-backed loans, and other financial services entirely based on digital assets.
Crypto banks often provide more advanced crypto services, such as staking and decentralized finance (DeFi) opportunities, catering to users who are deeply involved in crypto.
Crypto-friendly banking
On the other hand, crypto-friendly banking refers to traditional banks or financial institutions that have integrated cryptocurrency services into their existing offerings.
These banks support crypto transactions but may not focus exclusively on digital assets. They provide a bridge between traditional banking and crypto, allowing users to manage fiat and cryptocurrencies within one platform.
Crypto-friendly banks offer a more familiar and regulated environment for users who want to dabble in crypto without leaving the comfort of traditional banking.
Why should you use a crypto-friendly bank?
Using a crypto-friendly bank can come with several benefits:
Convenience
Crypto-friendly banks provide a unified platform for managing both fiat and cryptocurrencies. This integration simplifies financial management by allowing users to handle all their assets in one place.
Security
These banks often adhere to strict regulatory standards, ensuring that fiat and crypto transactions are secure. They implement strong security measures to protect user funds and personal information.
Access to financial services
Crypto-friendly banks offer a range of financial services that can enhance the utility of digital assets. These include crypto-backed loans, interest-bearing crypto accounts, and the ability to spend cryptocurrencies via crypto cards.
Ease of use
For those new to crypto, crypto-friendly banks provide an accessible entry point. Users can easily buy, sell, and hold cryptocurrencies without navigating complex crypto exchanges.
Enhanced financial control
With crypto-friendly banks, users can seamlessly move funds between fiat and crypto, enabling better control over their financial activities. This flexibility is particularly useful for those engaging in traditional and crypto investments.
Support for businesses
For businesses, especially those in the blockchain and fintech sectors, crypto-friendly banks offer specialized services that cater to their unique needs. These include business accounts supporting crypto transactions, asset management, and more.
Best crypto friendly banks FAQs
Here are frequently asked questions about the best crypto friendly banks operating today.
What banks are crypto friendly?
Crypto friendly banks are financial institutions that actively support and facilitate cryptocurrency transactions and services. Some of the notable crypto friendly banks include Ally Bank, Cash App, and JP Morgan Chase.
Why won’t my bank let me buy crypto?
Banks may restrict the purchase of cryptocurrencies due to regulatory concerns, risk management policies, or a lack of infrastructure to handle crypto transactions. Regulatory uncertainties, potential fraud risks, and the need for compliance with anti-money laundering (AML) regulations are common reasons why some banks may choose not to facilitate crypto purchases.
Can banks track crypto?
Yes, if you use your account to interact with crypto businesses, then banks can track crypto transactions. Banks can view transaction records on open blockchain ledgers.
Is Cash App crypto friendly?
Yes, Cash App is considered crypto friendly, offering a user-friendly mobile app and ease of use for individuals in the US to engage with cryptocurrencies.
Is JP Morgan crypto friendly?
Yes, JP Morgan is considered a crypto friendly bank, offering a diverse range of financial solutions, including secure custody, trading platforms, lending products, and payment processing services related to cryptocurrencies.
Is Wirex crypto friendly?
Yes, Wirex is considered a crypto friendly bank, specializing in cryptocurrency payments and providing users with a multicurrency travel card. It prioritizes security with a zero-trust approach to safeguard user assets.
Which bank is best for crypto?
The best bank for crypto depends on your specific needs, but leading options include Revolut for its wide range of supported cryptocurrencies and in-app trading features, Wirex for its integration of traditional and crypto currencies with a payment card, and Juno for comprehensive crypto services like staking and crypto-backed loans. Choose a bank that offers robust security, seamless exchange integration, and reasonable fees to optimize your crypto banking experience.
What services do crypto friendly banks offer for businesses?
Crypto-friendly banks cater to blockchain and fintech businesses with specialized services, including business accounts that support both fiat and cryptocurrency transactions. They offer crypto payment processing solutions, allowing businesses to accept cryptocurrency payments and expand their payment options. These banks also provide asset management tools, secure storage solutions, portfolio management, and advisory services to help businesses manage their crypto assets effectively.
Additionally, they offer crypto-backed loans, enabling businesses to use their cryptocurrency holdings as collateral to secure financing. With regulatory compliance support, these banks assist businesses in navigating the complex legal landscape, while custody services ensure secure storage with advanced security measures. These comprehensive services help businesses integrate crypto into their financial operations.
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