The Most Crypto-Friendly Banks in 2024

Best online banks for crypto transactions

Ian McKenzie

Ian McKenzie 

Head of Fintech Research

Contact author

Published: 14.10.22  

Updated: 26.02.24

Published: 14.10.22

Updated: 26.02.24

The recent "boom" of cryptocurrency trading expanded the audience for blockchain technology beyond the usual "early adopters" and "innovators", all the way towards mainstream audience. The impact of this new group of investors on the crypto market is hard to overestimate. Naturally, it was only a matter of time (and a ton of regulatory restrictions) before retail banks embraced the idea of allowing their customers to invest funds into certain coins and crypto-funds similar to what ETFs are to stocks. Of course, the brave pioneers in this field were not your traditional "brick and mortar" banks, but rather their agile digital-native counterparts. What are some of the best banks to pick if you want to get in on Bitcoin, Ethereum or even Dogecoin craze? In this article, our experts elaborate on their picks.

We also advise you to to explore our collection of reviews of various crypto exchanges, including Kraken, eToro and many more. New to crypto? Make sure to read our "Beginner's Guide to Cryptocurrencies & Blockchain" where our experts concisely explain complex concepts in simple terms.

⚠️ Warning! Investment is never without risk. You may lose your investment due to market risks involved.  ⚠️

Coins, tokens, fiat, ICO - there is a lot of jargon

How does banking with crypto work?

There are multiple "levels" of crypto acceptance all banks can be divided into. We assume that a borderline level is your traditional bank: gets suspicious when you transfer money in and out of exchanges or other Web3-related platforms. You might get these transactions blocked, they might request you submit additional paperwork pertaining to your exchange and, in some cases, tax authorities might also be involved. We will assume that to be the baseline, and every step above that can be safely considered an upgrade. The key factors as follows:

  1. 1

    Built-in Integration:

    Obviously, the best way to go is to have an ability to trade cryptocurrencies directly within your bank app. It is a fairly rare option, and even if you are a lucky user of one of the neobanks that provide it, you can still find yourself disappointed as the coin selection in these products is usually pretty mediocre, while the fees tend to be very high.

  2. 2

    Cashing in and out of exchanges without any hassle:

    For instance, Wise recently stated that "you can send money to your balances with bank details from a platform that deals with Bitcoin or another cryptocurrency — as long as the platform is regulated and/or supervised in the EU or UK". Revolut, on the other hand, only recently reversed their position on transactions with exchanges and now claims to accept up to €50k per day in withdrawals from exchanges.

  3. 3

    Powerful OpenAPI

    Simple and powerful API means easier integrations, which means that not only can you automate your trading using your bank's and the platform of choice's APIs, but you can also expect "out-of-the-box" integrations to work better as well. Of course, PSD2 helps quite a lot with third party integrations.

The other important aspect to consider is your local authorities' stance on cryptocurrenciess and applicable laws. You can find out if you need to declare funds on exchanges or in wallets, by searching this information online. Knowing the regulatory framework will definitely come in handy, and you absolutely need to be aware of it if you plan on dealing with cryptocurrencies!

Our Selection: The Most Crypto-friendly Digital Banks

bunq

General Information

  • Deposit ProtectionUp to €100'000
  • Customer SupportChat, email
  • CurrenciesEUR, USD, GBP + 12

Bank Accounts

  • Individuals Free plan available
  • Businesses Starting at €6.99
  • Jointyes
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Customer SupportStarStarStarStarStarStarStarStar emptyStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStarStarStarStar half-full
  • Value for MoneyStarStarStarStarStarStarStarStarStarStar half-full
  • Overall RatingStarStarStarStarStarStarStarStarStar half-fullStar empty

Who says banking can't be exciting? The latest Dutch fintech unicorn, Amsterdam-based bunq is not only pushing for ethical investment practices by allowing users to choose how their funds get invested, but also planting over 20 million trees as part of their "Become CO2-neutral in 2 years!" initiative.

This innovative challenger bank provides tech-savvy user with a powerful open API and, unlike banks like Revolut known for cracking down on people transacting with known crypto exchanges, has a fairly liberal policy towards cryptocurrencies. The only downside is that this does not extend to businesses - if your company is dealing with ICOs, stores coins belonging to 3rd parties or facilitates P2P exchange of digital assets, bunq will not be able to provide your business with banking services.

Investing in crypto is very risky, but can bring a significant return

Vivid

Cashback rewardsMetal crypto cardMultiple sub-accountsShared accountsAutomatic savingsBank CardStocks & ETFsCryptocurrenciesPrecious Metals
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Customer SupportStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty
  • Trading FeesStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Asset SelectionStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Overall RatingStarStarStarStarStarStarStarStar half-fullStar emptyStar empty

The Vivid app blends its investment feature seamlessly with everyday banking. You can create a Pocket for investments in Stock or Crypto along side of other Pockets which are essentially bank accounts with unique IBANs. Buying shares or ETFs is at the moment fee-free with Vivid even for its standard free plan, aside from a 0.5% mark-up on currency exchanges.

Vivid also has a Stock Rewards feature where you can get Cashback from card payments in the form of fractional stock of your choice - which is in our opinion a pretty smart feature and can really grow your assets without much effort.

All in all, Vivid is a fairly new Germany-based player but also already offers a good product for any consumers interested to dip in some stocks or crypto. With its practically fee-free offering - which could change as its customer base grows - it is a pretty good time to give this app a go!

Wirex

Cashback up to 2%Fee-free FXWirex TokenRegulated & ProtectedUp to 16% on depositsBank CardCryptocurrencies
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Customer SupportStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty
  • Trading FeesStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty
  • Asset SelectionStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty
  • Overall RatingStarStarStarStarStarStarStar half-fullStar emptyStar emptyStar empty

Wirex is a worldwide digital payment platform and a fully regulated financial institution. Wirex’s mission is to bridge the gap between conventional and cryptocurrencies and bring the "cashless" future closer. Not exactly a bank, but rather an "all-in-one" super-app in the making, Wirex is growing fast and does not show signs of decelerating that growth. The key factors explaining the success behind this challenger are ease of use, zero monthly fees and "cryptoback" of up to 2% on each card payment.

Trading cryptocurrencies is not usually looked at favorably by the banks

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