Best Bitcoin Banks, Rated and Reviewed for 2023

Monese

4.0

Monese is a UK firm that provides alternatives to conventional banks by providing banking transactions and account services.

Read our review

BankProv

3.5

BankProv, previously known as the Provident Bank is the 10th oldest bank in the US.

Read our review

Wirex

3.5

Wirex is a digital money provider and a crypto-friendly financial facility for trading cryptocurrencies situated in London, UK.

Read our review

Juno

3.5

Juno is not a traditional bank, but a fintech company that has partnered with Evolve Bank and Trust, a technology-focused financial organization, to provide numerous banking services.

Read our review

What are crypto banks? Crypto-friendly banks (or “bitcoin banks”) are modern, advanced financial institutions that recognize cryptocurrencies as a form of exchange or payment. They are friendly to crypto businesses, and may even offer custody or exchange services for bitcoin and cryptocurrencies.

Why are crypto-friendly banks so important? Many banks will shut down your account if you are investing in crypto or running a blockchain business. Account closures usually come with little to no explanation as to why the bank accounts were shut down (here we speak from experience).

A new generation of “crypto-friendly banks” combine regular banking services with a crypto-friendly attitude, but you should still exercise caution before opening an account. Banks must be licensed in your jurisdiction, so do your research, starting with our guide below.

Crypto-Friendly Banks Under Fire

Crypto-friendly banks have been in the spotlight after the failures of Silicon Valley Bank, Signature Bank and Silvergate Bank. For SVB, a bank run happened after investors panicked and withdrew their money out of fear of insolvency; regulators stepped in to shut down the bank.

Signature Bank also suffered the same fate when New York state regulators shut it down to mitigate risks, less than two weeks after Silvergate announced its closure. While these failures temporarily affected crypto’s easy and fast payment rails, there are still great crypto-friendly bank options out there.

This is our guide to the best bitcoin banks that you should be able to use without the fear of having your account suddenly closed down — whether you are an individual bitcoin investor, a merchant accepting bitcoin as payment, or a startup in the crypto space.

Note: These may not be “banks” in the traditional sense, but financial providers that offer services similar to traditional banks. In other words, don’t expect to walk into a local branch: with a few exceptions, crypto banks are online banks.

Monese

• Offered in: UK & Europe
• Launched in: 2013
• Current account fee: Free
• Credit rating: Unrated
• Customer reviews: 4.1
• Crypto friendliness: 4.0
• Our score: 4.0

Monese is a UK firm that provides alternatives to conventional banks by providing banking transactions and account services. The bank offers its services in the UK as well as in 31 countries throughout the European Economic Area, and it offers accounts in Pounds sterling, Romanian leu, and Euros.

The Monese debit card functions in a similar manner as any other debit card. Users can buy online, withdraw money from ATMs worldwide, make in-store purchases, and utilize cashless transactions. In addition, users may use the platform to make top-ups, modify individual data, and check financial records.

Good for: Monese is great for those in Europe and the UK who seek a digital bank. It serves the people in the European area well as it deals with the Pounds sterling, Romanian leu, and euros.

BankProv

• Offered in: US
• Launched in: 1828
• Current account fee: $0-$1000
• Credit rating: Unrated
• Customer reviews: 3.0
• Crypto friendliness: 3.5
• Our score: 3.5

BankProv, previously known as the Provident Bank is the 10th oldest bank in the US. It has been around for nearly 200 years, and just recently entered into the crypto space. The bank primarily targets crypto companies by providing API banking solutions and crypto-backed loan services. All USD deposits held at BankProv are 100% insured since BankProv is a member of the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

Good for: BankProv may be a great option for blockchain companies that deal heavily in cryptocurrencies, as it is tailored to support their involvement in the space.

Wirex

• Offered in: UK & Europe
• Launched in: 2014
• Current account fee: Free
• Credit rating: Unrated
• Customer reviews: 3.4
• Crypto friendliness: 3.7
• Our score: 3.5

Wirex is a digital money provider and a crypto-friendly financial facility for trading cryptocurrencies situated in London, UK. While Wirex is not a traditional bank, it is an option for those who wish to trade modest amounts and have a way to move idle funds into a savings platform.

Wirex’s technology has allowed two million-plus users in 130 countries to conduct more than $2.5 billion in crypto and fiat currency exchanges since 2014. Wirex also offers the interest-paying X-Accounts, which enable customers to earn up to 16% on their crypto and fiat deposits.

Good for: Wirex is a low-cost option for crypto investors, allowing them to purchase, swap, and send 20 fiat and cryptocurrencies with low fees, high limits, and no extra costs. Users can also earn up to 16% APY via X-Accounts, with instant access to withdraw those funds when needed. Finally, the Wirex Visa Card is issued by Sutton Bank and offers up to $250,000 in FDIC insurance on prepaid card funds.

Juno

• Offered in: India, Singapore, the UK, and Canada
• Launched in: 2019
• Current account fee: $0
• Credit rating: Unrated
• Customer reviews: 4.0
• Crypto friendliness: 3.5
• Our score: 3.5

Juno is not a traditional bank, but a fintech company that has partnered with Evolve Bank and Trust, a technology-focused financial organization, to provide numerous banking services. This includes depositing, buying, selling, and withdrawing crypto to external wallets at no extra cost.

Users can also pay bills from their Juno account, and access a fee-free network of over 80,000 ATMs. Juno currently supports 36 cryptocurrencies including bitcoin, Ethereum, and Solana.

Good for: Customers looking to earn rewards on their cash and crypto. You can earn up to 5% for the first $25,000 deposited.

Revolut

• Offered in: UK
• Launched in: 2015
• Current account fee: Free plan | Premium- $9.99 | Metal- $16.90
• Credit rating: Unrated
• Customer reviews: 4.3
• Crypto friendliness: 3.0
• Our score: 3.0

Though Revolut is not a traditional bank, it does offer a number of banking services. With a Revolut account you can get direct deposits, send and receive funds, earn interest on your savings, and even link all your bank accounts in one place for easy tracking and budgeting. You can set up joint accounts or sub-accounts, which is handy for those with partners. Revolut also offers trading in crypto, stocks, and precious metals.

Good for: Revolut is an excellent option for those looking to move into digital banking, particularly if currency exchange is an important feature. Frequent travelers can take advantage of fee-free currency exchange and local currency withdrawals of their Revolut balances.

BitcoinIRA

• Offered in: US
• Launched in: 2016
• Current account fee: 0.99%-4.99% of initial deposit
• Credit rating: Unrated
• Customer reviews: 4.5
• Crypto friendliness: 4.0
• Our score: 2.7

Though Revolut is not a traditional bank, it does offer a number of banking services. With a Revolut account you can get direct deposits, send and receive funds, earn interest on your savings, and even link all your bank accounts in one place for easy tracking and budgeting. You can set up joint accounts or sub-accounts, which is handy for those with partners. Revolut also offers trading in crypto, stocks, and precious metals.

Good for: Revolut is an excellent option for those looking to move into digital banking, particularly if currency exchange is an important feature. Frequent travelers can take advantage of fee-free currency exchange and local currency withdrawals of their Revolut balances.

Our Top Picks

While plenty of banks advertise themselves as “crypto-friendly” (and you can expect many more to follow), we’ve researched the banks with a reliable track record and satisfied customers. Because they require banking licenses, these banks are not available in all jurisdictions. Our top picks are:

• For corporate US customers, BankProv gets high marks for supporting the banking needs of crypto companies.
• For UK and Europe customers, Monese has good customer reviews and an established track record.
• For customers in India, Singapore, and Canada, our top pick is Juno, which has good customer reviews.

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