5 Best Crypto friendly banks In The US
There is a dire need of some Crypto friendly banks in the US to support ultimate efficiency of cryptocurrcies. Cryptocurrency investments could be very profitable, which is why more and more people are joining cryptocurrency exchanges. Cryptocurrency and Defi (decentralized finance) make it possible to do many things you couldn’t do in the traditional financial system.
For example, you can quickly loan out crypto with much greater APY returns than usual or get a loan with a higher APR than usual in exchange for immediate access and no approval or credit check process. Because cryptocurrency is new, most traditional banks tend to stay away from it.
Crypto Friendly Banks In US
Some accounts won’t even let you sell or buy cryptocurrencies because they are seen as a threat to fiat currencies. Some accounts won’t even let you buy or sell cryptocurrencies because they are seen as a threat to fiat currencies.
Still, a few banks accept customers using Bitcoin (BTC) and other virtual money. More and more stores now accept cryptocurrencies as a form of payment is a good thing for these crypto-friendly banks. In this list of crypto banks, we describe these banks to assist you in figuring out what you can do.
So, here is a more comprehensive description of seven of the finest banks for cryptocurrency:
1) USAA
USAA was the first big bank in the US to work with Coinbase and put money into a cryptocurrency exchange. Through this partnership, USAA customers can link their financial institution and Coinbase accounts and see all their crypto transactions on the USAA app. If you a business, you can utilize NOWPayments to accept crypto payments to your account.
Remember that the only people who can join USAA are active, retired, or dishonorably discharged military members and their immediate families. This creates it difficult for some people to use USAA. But if you’re eligible, you’ll be happy to know that opening and keeping a bank account is free. You can transfer money, pay bills, and use any other traditional banking service from your account.
Features of USAA bank:
- You can transfer money, pay bills, and use any other traditional banking service from your account.
- Users can link more than one account to their banks, such as their traditional bank account and their coin base account.
- Through the USAA app, you can keep a close eye on your Coinbase account and cryptocurrency wallet.
- Offers banking and insurance, as well as more traditional financial services. Customers can take money out of more than 60,000 ATMs in the U.S. without a fee.
- You can move money from your USAA account to your coinbase account.
2) Binance
Even though Binance is technically a place to buy and sell cryptocurrencies, it offers all the major services of a traditional bank, such as fixed deposits, credit cards, and loans. With the Binance Visa Card, you can easily spend cryptos at more than 60 million stores worldwide.
And all you need to open an account is a valid form of ID. Either a driver’s license or a passport will do. Binance’s infrastructure services for blockchain technology are its best selling point. It has different trading platforms for people with different levels of experience.
Even better, Binance guarantees returns on stablecoin portfolios. This means your money is at less risk when you invest in stablecoins. Keep in mind that people in the U.S. can only use Binance through its platform in the U.S. Also, it’s not available in seven states: Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana.
Features of Binance
- It is the world’s biggest cryptocurrency exchange, making it one of the best places to build a digital wallet for trading better than 150 cryptocurrencies
- Binance is one of the safest places to invest in stablecoins because it guarantees returns on stablecoin portfolios.
- Binance offers a full range of banking services, including flexible and fixed-term savings.
- Users can get loans using crypto assets as collateral. This is useful for everyone, particularly business owners who often need loans.
- Binance has low fees for transactions and handling, and interest rates are flexible.
3) Goldman Sachs
Goldman Sachs first let people trade crypto in 2018 but stopped the service after some investors said they didn’t trust it. But because of the recent rise in the price and popularity of bitcoin, the bank has started trading in cryptocurrencies again, albeit very carefully. In particular, Goldman Sachs trades futures in bitcoin with Galaxy Digital and is now adding options and futures in Ether.
Even though there aren’t that many cryptos available, Goldman Sachs is leading the big Wall Street banks into a world where fiat currencies and cryptos can live together. The only problem is that the bank mostly offers these digital currencies to its wealthy investors, which keeps out some people who are interested but not as wealthy. As a side note, Morgan Stanley is also looking into the possibility of giving the same deal to its wealthy investors.
Features of Goldman Sachs
- Goldman Sachs now gives customers who use the private wealth management division access to BTC and Ether.
- Your Goldman Sachs account won’t be closed or banned if you hold or trade cryptocurrencies.
- Galaxy Digital gives Goldman liquidity in their partnership, which lets crypto holders change their digital currencies into fiat currencies and vice versa.
- Allows cryptos to be added to portfolios.
4) BankProv
BankProv is your best partner if you want to find old banks that accept crypto. BankProv, which used to be called The Provident Bank, is one of the oldest banks in the United States. It has been about for better than 200 years. BankProv is marketed as a ruler in fintech and blockchain technology.
At the same time, most old banks avoid or even ban cryptocurrencies because it has a section on their website just for cryptocurrency, where you can access the ProvXchange System and API banking, both of which are used to transfer cryptocurrency.
BankProv also has a deal with Anchorage Digital that lets customers of Anchorage Digital get loans supported by cryptocurrencies. Still, BankProv is better for business accounts than personal banking in general. You could still open a personal account, but their business packages are usually more attractive.
Features of BankProv
- BankProv is traded on the stock market, which is a good sign that your money will be safe.
- Gives businesses that use or trade in cryptocurrencies full-service, fully-insured USD accounts.
- Anchorage Digital gives out crypto-backed loans to borrowers.
- The ProvXchange network lets transfers between clients happen around the clock.
- You also get regular banking services like transferring money, getting loans, and using credit and debit cards.
5) Fidor Bank
Fidor is an online bank based in Germany that also does business in the U.S. It was one of the first European banks to accept cryptocurrencies because it worked with bitcoin.de and Kraken in 2014. You can link your Fidor account to your crypto wallets through an API connection.
Then, you can use the Fidor dashboard to check on the status of your crypto wallet and see what transactions have been made. More importantly, customers of Fidor bank can put money into their accounts and use it to buy or sell cryptocurrencies. Most banks still don’t offer this service. You can also change your cryptocurrency into real money and real money into cryptocurrency.
Since Fidor bank has direct partnerships with cryptocurrency exchanges, you can be sure that your crypto assets are always safe. The bank won’t freeze or close your account if you hold or trade cryptos. For lists the best crypto banks because of how safe, flexible, and helpful it is.
Features of Fidor bank
- The Fidor dashboard has a set of tools that can be changed to help with cryptocurrency transactions.
- Thanks to partnerships with different cryptocurrency exchanges, you can quickly and efficiently transfer, withdraw, and convert your cryptos, especially BTC and Kraken.
- You get two free money withdrawals every month, and debit card transactions cost a flat 1.5 percent.
- Cryptocurrency investors can initiate coin offerings (ICOs) with Fidor corporate bank accounts (ICO).
- Standard Fidor accounting entries can be reloaded with cryptos, which is great if you want to avoid fiat currencies completely.
Conclusion
In conclusion, there aren’t as many crypto friendly banks In The US that accept cryptocurrencies as those that don’t. But institutions are beginning to accept cryptocurrencies more and more. Now that Goldman Sachs and BankProv are telling their clients to invest in cryptocurrencies, it won’t be long before other banks do the same.
