10 Best Crypto Friendly Banks in April 2024
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Cash App and JP Morgan Chase stand out as our experts' top picks of the best crypto friendly banks.
Cash App excels as a comprehensive financial platform with integration of traditional and crypto services, and JP Morgan Chase offers crypto friendly services, expert risk management, and in-depth research on crypto markets for institutional clients.
A crypto friendly bank integrates digital and traditional assets and may also provide special crypto debit or credit cards cards, support for exchanges and wallets, and enable the buying and selling of crypto. Transparent transaction fees and monthly charges are key considerations when choosing a crypto friendly bank.
What are the best crypto friendly banks in 2024?
Ally
Best crypto bank for customer-centric traditional online banking
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
Best crypto bank for crypto businesses and asset management
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.
Cash App
Best crypto bank for customer-centric traditional online banking
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
Best Bitcoin bank for unparalleled financial expertise
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
Best crypto friendly bank for institutional-grade research and risk management
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
Best Bitcoin bank for a comprehensive suite of financial services
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
Best Bitcoin bank for seamless integration with crypto exchanges
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
Best crypto friendly bank for instant crypto credit lines and savings accounts
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.
Wirex
Best crypto friendly bank for a payment card supporting traditional and crypto currencies
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:
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.
What are the pros and cons of crypto friendly banks?
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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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.
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