If you’re a cryptocurrency owner, you’re probably looking for a bank that can help you manage your crypto funds. Still, it can be a daunting task if you don’t know where to look.
Many banks simply refuse to deal with cryptocurrency transactions. In fact, rarely any large commercial bank is crypto-friendly. All of this makes finding the right bank a bit difficult for crypto traders. That’s why, in this article, we decided to make this process easier by giving you our favorite tips for finding the best bank that fits your needs.
So, without further ado, let’s get to the bottom of it!
Tip number 1: Talk to bank representatives
If you’re using your regular bank account to buy cryptocurrency, you might be up for a rude awakening. Your account is at a high risk of being closed permanently because such transactions can seem suspicious to your bank. That’s why you must talk to the bank representatives before you open your account.
You have to ensure that the transactions that are going to go through your bank are in line with their policies. Unfortunately, cryptocurrencies aren’t considered a valid form of currency in many countries, so many countries around the world don’t really have banks that deal with such transactions.
All in all, whatever you do, make sure to set up a meeting with the bank’s representatives before you decide to open your account with them. They are the best source of information you’ll ever get, and you can always ask them for advice as they know the financial market better than anyone.
Tip number 2: Join an online community
Another great place where you can search for crypto-friendly banks is the numerous e-money communities online. You can ask all of your questions to people who were once where you stand. Their experiences can tell you everything you need to find the perfect bank. Of course, try to ask as many people as you can. In that way, you’ll be able to form an objective and unbiased opinion. The more data you gather, the better your decision will be.
Of course, it would be best if you found someone from your country or state, so you can get the most adequate information. Still, by reading other people’s experiences you can learn what to look for in a bank, and, at the same time, what to avoid.
Luckily, there’s an online community for basically anything today. You can look through crypto forums, Reddit subs, Facebook groups, and other types of media. Whatever you do, remember to ask others for advice. It’s easy to do, and it can help you simplify your search in a major way.
Tip number 3: Read up on online reviews
Other than online communities, take advantage of numerous online articles written by industry professionals. Some websites such as Bitcompare.com specialize in reviewing everything crypto-related. You can find a wide range of useful information on these types of websites, and they can certainly be of great help in your search for an optimal bank.
Of course, make sure to consider only reliable sources of info, so you can avoid affiliate marketers. If a review seems to be actively promoting only a specific financial institution, their review is probably too biased to be useful.
Look for websites that list both pros and cons of every bank and its services. Objective reviews are never exclusively positive or negative, but they take into account both the advantages and disadvantages of the subject. Make sure to remember that while you’re browsing through reviews, and you’ll certainly find what you’re looking for.
Tip number 4: Make sure to check if the bank accepts your preferred cryptocurrency
Most crypto-friendly banks are also Bitcoin-friendly, as it’s still the most popular type of cryptocurrency in the world. Still, if you’re trading with some other, less known kinds of cryptocurrency, then, once you’ve found a list of potential banks, check whether opening an account with them allows you to use your favorite e-coins.
This step is often overlooked, and it’s the cause of a lot of disappointment. So, don’t make the mistake of not checking the specific banking policies before you open an account. It might not be easy to find everything you’ve hoped for at the first glance, but there’s something for everyone out there. So, don’t get discouraged and keep on looking!
Tip number 5: Check their fees
Just like when choosing a regular bank, you’ll have to consider all the fees that the bank charges. So, ask a lot of questions: What are the minimum balance fees? Overdraft fees? Monthly balance fees? Transactional fees? Make sure you get detailed answers, so you can compare your options effectively.
The most important thing to consider when you’re searching for a bank is their fees. Therefore, you must be informed about the matter to make the right decision. If a bank isn’t transparent about its fees, you can expect a lot of negative surprises on the way. If you can’t find the information on their website, don’t hesitate to ask them directly. Send an email, or schedule a meeting at their offices.
Whatever you do, make sure you check all the potential banking fees before opening a bank account. It will save you from a lot of trouble in the long run and it’s not difficult to do.
Tip number 6: Do they have a phone app?
While this may not be your primary concern when choosing a bank, a banking app can make so many things easier. If you’re kind of a person who’s always on the go, then you probably want to manage your assets in the quickest way possible.
Make sure to check the reviews on the app too and always put security as your main priority. The mobile application has to be intuitive and easy to use to be efficient. So, check it out even before you start working with the bank.
Luckily, official app stores such as Google Play and Apple Store do rigorous checks on the apps placed on their platforms. While that does guarantee app security in a sense, it still doesn’t mean that the app is of high quality.