By Adilin Beatrice
Crypto-friendly banks leverage leniency in cryptocurrency transactions and bitcoin tradings.
To begin with, cryptocurrencies were created as a substitute for banks with the aim to be a reliable and trustworthy source of transactions and investments. Easy access to credit and debits cards and the leniency in the transactions have given the opportunity for millions to try their hand on cryptocurrency exchanges. But converting fiat currencies to crypto and vice versa still remains a big issue in the digital currency market, especially in countries like Malta and India where banks don’t accept cryptocurrencies. Traditional banks are skeptical about digital technologies and the mechanism behind them.
They are also denying cryptocurrency transactions over government pressure and instability in digital currency-related decisions. Besides, traditional banks employees are not qualified to deal with a disruptive concept like digital currency. However, at a time when cryptocurrency is neither a legal tenure nor an illegal concept, it is worth taking a glance at crypto-friendly banks that are leveraging a stance of legality. They allow for cryptocurrency transactions and bitcoin trading and are also willing to accept digital currency for fiat exchanges. Analytics Insight has listed top crypto-friendly banks that are availing an effective crypto infrastructure for easy access.
Top Crypto-Friendly Banks Worth Taking a Glance
solarisBank, Germany
Being a well-organized bank for cryptocurrency transactions, solarisBank also offers crypto custody. The bank provides sepa-compliant debit and credit transactions, management of recurring payments, and a debit card. solarisBank is also working closely with many cryptocurrency platforms in creating an end-to-end infrastructure for digital assets. Recently, the bank has launched its regulated crypto custody service with a brokerage and trading application programming interface (API).
Dukascopy Bank, Switzerland
Dukascopy Bank avails leveraged CFD trading on price movements of cryptocurrencies, its derivatives, or value estimations. The bank helps users keep away crypto-related cybersecurity risks by not allowing them to operate through digital wallets. Instead, clients can take up CFDs for transactions and exchanges. Cryptocurrency CFD can be short or long so the client can benefit from price movement in both directions up and down. Dukascopy Bank allows its customers the possibility to fund trading accounts and to withdraw funds via bitcoins, ether, and tether.
Orounda, United Kingdom
Incarcerated in 2015, Orounda Finance LP aims to become a leading financial provider in the global growth market. To do so, the bank has opted for an inclusive method of allowing cryptocurrency transactions. Orounda delivers innovative technologies that enable billions of people and millions of merchants to buy and sell online. Besides, it also offers FOrex tools and e-wallets.
Revolut, United Kingdom
Revolut is one of the most crypto-friendly banks that provide a plethora of digital currency-related services. The bank’s app leverages many features and plans for a certain geographic location. Customers can use Revolut app to buy, sell, and withdraw cryptocurrencies. By entering into the bank, clients are appointing the bank as their agent to provide crypto services. They also unleash profitable nominee services, which means Revolut will act as an individual’s nominee for the purpose of holding their cryptocurrency.
Wirex, United Kingdom and EU Region
Based out in London, United Kingdom, Wirex is one of the best banks to trade bitcoin. If you are planning to start an account in Wirex, it is important to note that the first Wirex currency account will be available and function under the UK Financial Conduct Authority. The bank also provides clients with their real debit card like how we get it for money transactions. By using Wirex cards, users can trade, exchange, and purchase products for bitcoin, litecoin, ether, etc.
Ally Bank, United States
The United States has a massive amount of people who are very much interested in cryptocurrency trading. To address their concerns and help them ease their burden, Ally Bank emerged as a solution that could both leverage traditional banking and crypto banking services. The bank and its services are fully regulated by US laws and serve large cryptocurrency exchanges like Coinbase. Besides, Ally Bank is a complete digital platform with 24×7 online support.
The National Bank of Canada, Canada
Over the past few years, Canadians are showing a big interest in cryptocurrency trading. But despite the government’s leniency, not many banks are coming forward to support bitcoin exchanges. Fortunately, the National Bank of Canada has emerged as one of the few Canadian banks that has kept its relations with cryptocurrency businesses flowing. Canadian residents can use this bank to buy and sell digital currencies like bitcoin. However, the National Bank of Canada is heavily regulated and scrutinized by Canadian authorities over every crypto transaction.
