5 Best Crypto Banks for 2024

Some financial institutions are crypto-friendly, meaning you can buy and sell crypto without fearing transactions being reversed or your account shut down. 

But how do you choose a crypto bank account? 

This guide compares the best crypto banks to consider in 2024 regarding fees, eligibility, and core features.  

Let’s dive in. 

Full Analysis of the Best Crypto Banks 

We cover a variety of core metrics when discussing our list of the best crypto bank accounts for 2024 – such as eligibility, supported currencies, crypto assets, whether interest accounts are offered, fees, and safety. 

1. Revolut – Overall Best Crypto Bank 

Founded in 2015, Revolut is now one of the most popular challenger banks globally – with the provider now home to over 18 million personal accounts. This digital-only bank operates via a mobile app optimized for iOS and Android smartphones.

Regarding eligibility, Revolut accepts customers from Europe, the UK, Australia, Singapore, Japan, and Switzerland. When you open an account with Revolut, you can add funds in your local currency and send or receive funds like a traditional bank account.

Revolut is also great for cross-currency payments, offering industry-leading exchange rates. As a Revolut customer, you will also be offered a debit card that links to your account – and this can be used online, in-store, or at an ATM.

You can easily use your Revolut account to buy cryptocurrency. And – providing that the crypto exchange is regulated, you can withdraw your cash proceeds back to your Revolut account. Additionally, Revolut allows you to buy crypto from within the app itself.

This covers over 30 leading crypto assets – including but not limited to Bitcoin, Ethereum, XRP, and Dogecoin. Revolut allows buying crypto with a minimum of $1 but charges high fees. On the other hand, ATM withdrawals are free at 55,000+ in-network ATMs.

Revolut has introduced bundled collections that simplify the management of different cryptocurrencies. The collections are themed around sectors such as DeFi and blockchain.

Note: From October 3, 2023, Revolut will no longer allow US customers to trade or hold cryptocurrency. Visit Revolut’s website for more details.

2. Monzo – One of the Best Crypto-Friendly Banks in the UK (FSCS Protection)

Monzo is a challenger bank only available to those residing in the UK. If you’re UK-based, you will like that Monzo is authorized and regulated by the FCA, and most importantly, your GBP balances are covered by the FSCS up to the first £85,000.

Monzo, like Revolut, is a mobile-only bank account available via an Android and iOS app. You will be given a local UK bank account number and sort code alongside a debit card issued by MasterCard. This means that you can perform everyday financial services with a Monzo account.

There are no fees for opening or maintaining a standard account. With that said, premium accounts – which offer higher ATM withdrawal limits, regular credit reports, and several other core features, cost £5 per month. Either way, we should note that Monzo does not allow you to buy or sell crypto through its app.

However, Monzo also facilitates faster payments and direct debits to cryptocurrency exchanges, making it easy for users to manage their funds. Most importantly, as long as your chosen exchange is regulated, you will have no issues withdrawing money back to your Monzo account.

3. Bitwala – Traditional and Crypto Banking Services for Europeans

Bitwala, formerly Nuri, the crypto-focused German bank, made a remarkable comeback from insolvency in December 2023.

Bitwala, formerly known as Nuri, has partnered with Striga, a compliant banking infrastructure company that provides services to fintechs and digital asset platforms. Striga offers a range of solutions such as native user onboarding, seamless fiat-to-crypto and crypto-to-fiat on/off ramping, crypto and fiat wallets, and a crypto-backed Visa debit card. All of these services are available through a unified set of APIs.

You will also be offered a debit card issued by Visa, which enables you to make online payments and withdraw cash from ATMs.

The newly launched crypto banking app is now available in 29 European Economic Area (EEA) countries. The app enables users to access Bitcoin and Ethereum, which can be exchanged for the Euro and sent via SEPA (Single Euro Payment Area) transfers.

The platform also plans to integrate the Lightning Network and introduce a crypto-backed Visa debit card in collaboration with Striga.

4. Coinbase – Regulated Crypto Exchange With FDIC Protection on USD Balances

Coinbase is one of the largest and best crypto exchanges globally in terms of account holders and daily trading volume. Founded in 2012, this top-rated platform is regulated by the SEC and it is now a public company that trades on the NASDAQ. As such, Coinbase is a trusted place to buy, sell, and store crypto.

Although Coinbase is not a bank, it does allow you to deposit and withdraw funds in fiat money. This covers US dollars, euros, British pounds, and other currencies. Moreover, if you are a US client and you hold a USD balance with Coinbase, your funds are protected by the FDIC.

Coinbase does not offer interest accounts, but it’s a great platform for crypto staking. For all intents and purposes, staking operates like an interest-bearing account, so you will be paid an APY on any deposits you make.

Coinbase also offers one of the best crypto credit cards on the market. Your Coinbase account balance funds the Coinbase Card and is amongst the fastest and most convenient ways to spend your cryptocurrency holdings in 2024.

For example, although accounts are free to open when you deposit funds with a debit or credit card and proceed to buy Bitcoin or any other supported crypto asset, you will pay a fee of 3.99%. Bank transfers are free but you still need to pay a commission of 1.49% when you buy or sell crypto.

Cryptoassets are a highly volatile unregulated investment product.

5. BankProv – Banking Services for Crypto Businesses

BankProv – located in the US, traces its roots back to 1828 when it initially traded as The Provident Bank. Since then, BankProv has modernized its services to include crypto-focused products.

Nevertheless, personal accounts are still offered by BankProv – which can be opened and maintained online or via the native iOS and Android mobile app. In addition to personalized checking accounts, you will also be offered a debit card that can be used at ATMs, in-store, and online.

Security features include the ability to freeze your card at the click of a button alongside fingerprint or face ID. Perhaps most importantly, USD balances are covered by the previously discussed FDIC.

Regarding crypto, its exchange and other related services are, as of writing, only accessible to business account holders.

You can also access customer support on a 24/7 basis via a simple live chat facility.

How to Choose the Best Crypto Bank Account?

When searching for the best crypto bank account for your requirements, there are several important metrics to consider.

We discuss these core factors in more detail in the sections below:

1. Eligibility   

The first thing to check is whether or not you are eligible to open an account with your chosen crypto bank.

For example, while Revolut accepts clients from the US, Europe, and several other regions, Monzo accounts can only be opened by those based in the UK.

2. Conventional Banking Services   

Next, you’ll need to see what your chosen provider offers conventional banking services. At a minimum, you should be offered a local bank account in your desired region.

For example, Revolut offers all registered users unique UK, EU, US, and several other regional bank accounts. Monzo and Nuri, on the other hand, only offer local UK and German bank accounts, respectively.

3. Debit Card   

You will likely want access to a debit card when you open an account with a crypto bank. Doing so will allow you to spend your fiat and crypto funds in the real world.

This should include ATM withdrawals as well as online and in-store purchases. As long as Visa or MasterCard issues the card – you should be able to use it anywhere globally.

4. Crypto Services   

By searching for the best crypto bank for 2024, you likely want access to specific services linked to the digital asset industry.

For example, if you want a crypto bank account that allows you to buy and sell digital assets at the click of a button, you might consider Revolut. If crypto staking is more of interest, Coinbase is worth considering.

It is, however, important to check whether your chosen crypto bank offers digital asset services directly – or if they are using a third-party provider. If it’s the latter, you might want to consider it.

5. Interest Accounts    

When you deposit funds into a traditional bank account, you will likely be paid a rate of interest. With that said, it goes without saying that banks in the US and Europe pay virtually nothing in interest – with yields rarely exceeding 1%.

Once again, this is why we like Aqru as the best alternative to a crypto bank, as you will earn an APY of 7% on Bitcoin and Ethereum, and 12% on stablecoin deposits.

6. Are Crypto Banks Safe?

The best crypto bank account providers in the market will ensure that your funds are always kept safe. Safety and security will, however, vary from provider to provider.

The sections below discuss some of the most important safety nets you should look for when choosing the best crypto bank account for your needs.

Deposit Insurance

If you’re looking for a Bitcoin bank account that supports fiat money in addition to digital currency – then it’s a good idea to assess whether or not there is an insurance program in place.

It is also important to check whether your chosen crypto bank account offers the deposit protection scheme – or through a third-party partnership.

Moreover, the deposit scheme might only be available to residents of certain countries, so this is another metric to check off before choosing a provider.

Regulation

In addition to a deposit protection scheme, you should also explore the regulatory standing of your chosen crypto bank.

For example, Coinbase is regulated by the SEC while Monzo is authorized and licensed by the FCA. In the case of Aqru, the platform is approved by regulators in the European nation of Lithuania.

Ultimately, if you encounter an unregulated entity when searching for the best crypto bank for your requirements – the provider in question should be avoided.

Crypto Deposit Security 

Another thing to consider in your search for the best crypto bank in the market is the security offered on digital asset deposits. After all, when you deposit cryptocurrencies into a platform, your chosen provider will be responsible for keeping the funds safe.

At a minimum, the crypto bank should keep most client digital tokens in cold storage. Additionally, multi-sig technology should also be a minimum requirement, as should implementing an insurance policy.

Account Security 

The best Bitcoin banks offer various security tools on client accounts. For instance, two-factor authentication ensures that log-in attempts require access to a secondary device.

This can be an SMS code sent to your cell phone or an email confirmation link. Additionally, some Bitcoin banks require an extra security step when you sign in from a new device.

Conclusion

As cryptocurrencies are experiencing significant growth,  having a friendly bank towards crypto is becoming increasingly important for success.

By managing digital assets, the best crypto banks reviewed here aim to bridge the gap between traditional finance and the crypto universe. The banks highlighted here are financial institutions that can help you achieve financial success in the crypto world.

Cryptoassets are a highly volatile unregulated investment product. 

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