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How To Buy Crypto With A Business Account [2024]
In an era where digital assets are increasingly becoming a part of the global financial landscape, and where cryptocurrencies like Bitcoin and Ethereum have seen impressive growth, more and more businesses are looking to add cryptocurrency to their balance sheets. The problem, however, is that most mainstream businesses are still not sure on how to buy cryptocurrency in a way that is efficient and stress free.
But fear not.
This short guide will provide information on how your business can seamlessly buy crypto using ICONOMI's business account, and how the platform's Crypto Strategies can act as an automated investment vehicle in the event you want to put your crypto to work.
Why Should Businesses Invest in Cryptocurrency
Before we get into how you can buy crypto as a business, it's perhaps best to go over some potential benefits of investing in crypto as a business.
Below are some of the main reasons why a business may feel inclined to buy crypto:
1. Diversification of Investment Portfolio
Given how businesses are always looking for additional revenue streams, an increasing number of limited companies are starting to view crypto as a compelling asset that they can include within a diverse investment portfolio. So, alongside more traditional assets like stocks and shares, bonds and real estate, including crypto in a portfolio can help reduce dependency on the performance of the other assets, and has the potential to bring in some impressive returns.
2. Potential for Significant Returns
Due to the crypto industry still being relatively nascent, and trading volumes being much smaller compared to more traditional markets, there is potential for significant returns owing to sophisticated tokenomics, combined with frequent volatility in the market. This means it doesn't take a lot of buying and selling to create big swings, and many cryptocurrencies have experienced massive price increases as a result.
However, whilst there's certainly ample opportunities to make impressive returns, this volatility also poses great risks for investors if they aren't too careful. For this reason, businesses should employ a robust risk management strategy, and only invest what they can afford to lose.
3. Crypto as a Possible Hedge Against Inflation
Another reason why some businesses might want to purchase the likes of Bitcoin, is to act as a hedging strategy against inflation.
Due to quantitative easing being the norm in most central banks around the world, inflation has become a growing concern for many actors, including businesses looking to preserve their capital. So due to the fact that Bitcoin has a capped supply, and is often touted as digital gold, some businesses see the purchase of this crypto asset as offering a possible hedge against inflation.
4. Having a Digital Brand Outlook
Besides the potential financial motivations, some businesses may also be tempted to buy cryptocurrencies like Bitcoin and Ethereum as part of a strategic brand statement. Because most industries are becoming increasingly digitalised, the purchase of crypto by a business can uphold it as a modern and forward-thinking brand. This in turn can expand its appeal to a more tech-savvy audience, and also demonstrates the business' openness to new technological frontiers.
ICONOMI - The Best Crypto Business Account
In the event that you are a business that wants to buy crypto, then there are few providers who offer a more regulated and streamlined crypto business account for the European market than ICONOMI.
Based out of London in the UK, ICONOMI is an FCA-registered crypto investment platform that allows for individuals and businesses to purchase over 150 different cryptocurrencies, and also provides a cutting-edge crypto strategy service where investors can seamlessly mirror the trades of seasoned traders - all with just a few clicks.
Operating since 2017, the platform is one of the oldest and most respected crypto investment platforms in Europe, which in an industry that has sadly seen its fair share of bad actors, instills much needed confidence in first-time users.
Below is some information on how ICONOMI can cater for your business needs:
How To Open a Crypto Business Account
The first step is opening a business account, and the process couldn't be easier. All you need to do is follow the steps below:
1. Go on the crypto business account section of the website, and click the green icon that says 'Register Business Account’.
2. You will then be shown a simple application box, which will ask you to fill in some basic details, including your name, email, country, telephone, and company website.
3. Once you have completed this and submit the application, one of ICONOMI's relationship managers will get in touch shortly after.
4. Following this, you will then be asked to register and verify to a Tier 1 personal ICONOMI account, which requires you to provide a Proof of Address identity verification.
5. Once the aforementioned has been completed, you will receive a link and instructions that will require you to start registering your business account. This will require you to put down your company name, confirm your email, and to set up a password.
6. To finalise this process, you will need to add some additional company details, which will be easily shown to you through a form/questionnaire. You will be asked to:
- Share background information about your company
- Provide information on your authorised representative
- Submit UBO (ultimate beneficial owner) information.
7. After submitting the application, you will receive a confirmation email with a summary of the provided data.
8. The ICONOMI compliance team will then review your application.
How to Buy Crypto
Once your crypto business account has been given the green light, you can start buying crypto through your business in a regulated manner.
Like registration, buying crypto on ICONOMI is also incredibly straightforward and quick. All your business has to do is:
1. Deposit fiat (EUR, GPB) or crypto by going onto 'My portfolio'. Information on minimum amounts can be found here.
2. Once done, go to the 'Buy Cryptocurrencies' section of the website.
3. You will then be taken to a page where you can view all cryptocurrencies on offer, alongside their 24 hour/all time returns, and current market price.
4. In the event that you see a cryptocurrency you want to buy, simply click on the blue box that says 'Details'.
5. You will be taken to that cryptocurrency's page, and on the left hand side (with a chart on the right-hand side), there will be a blue box that says 'Buy'.
6. Select Euro or British pound under fiat currencies, or the cryptocurrency you want to use.
7. Enter the amount to spend or amount to receive.
Crypto Strategies
For some businesses, buying crypto and then storing it on a wallet is all they'll need. But for others who want more active management and returns, then ICONOMI's Crypto Strategies may be what you are looking for.
Put simply, Crypto Strategies are an innovative investment vehicle where novice users or busy investors can invest in crypto portfolios by mirroring the Strategies of more seasoned traders - all through one user-friendly dashboard. All businesses have to do is go on the crypto Strategies page, and identify the best strategy for their needs. They can do this by analysing the transparent data beside each crypto strategy, which includes a breakdown of the assets in the portfolio, how many people are copying the strategy, and the returns (by day, month, half a year, year and all time).
In the event a business sees a strategy they like, then they can seamlessly invest by clicking 'Copy Strategy'. It is important to note that there is usually an onboarding fee (set by the strategist) to join the strategy, but the good news is that this is normally very low.
Last but not least, although a business will be automatically investing in a diverse crypto portfolio by copying a strategy, it is important to note that they will still always have control of what they do with their assets. This includes being able to create rules to automatically rebalance your investment portfolio, take profits, implement stop losses, or implement a dollar cost averaging strategy; to name a few.
Conclusion
As can be seen, buying crypto with a business account using ICONOMI is a very simple and streamlined process. What's more, the platform goes above and beyond by allowing businesses to put their crypto to work through various different Crypto Strategies, each with a unique investment approach that is designed by skilled and experienced traders.
What's more, all of this can be done with peace of mind, and this is thanks to ICONOMI meeting the strict requirements of the FCA, making it one of the few crypto investment apps in Europe
But please note, whatever you decide to do, remember that cryptocurrency is still a speculative asset class, and investing in it can still bring about losses; no matter how tried and tested your strategy is.Best of luck with your investing journey, and remember to always do your own due diligence, and only invest what you can afford to lose.
If you enjoyed this article, you may be interested in our other titles:
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