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Crypto Business Accounts You Should Know About [2024]
Whether you're a company looking to have cryptocurrency on the balance sheet, a family office intending to diversify into Bitcoin and Ethereum, or a Web3 enthusiast who's recently set up a limited company, opening an account that is designed for crypto is a must-have.
As we stand in 2024, these accounts are becoming an important component for those requiring a versatile and secure solution for crypto management, optimisation and exposure, and where individuals and entities can enjoy these benefits in accordance with regulatory demands.
However, with so many options to choose from, choosing the right provider can be overwhelming; especially for newcomers to cryptocurrency who may not have a full grasp of the concept.
But fear not.
In this article, we'll take a detailed look at business crypto accounts, the top UK providers in 2024, and everything needed in order for you to make an informed decision.
So buckle up and sit tight, and join us in uncovering the best accounts that cater for your digital needs!
What Is a Crypto Business Account?
Definition and purpose
Put simply, a crypto account for business operates similarly to a traditional bank account, but is instead designed for handling and investing into cryptocurrencies; and if need be, similar activities such as token sales or trading. In other words, using an accredited company account brings the convenience and benefits of cryptocurrency, but with oversight from financial institutions like the Financial Conduct Authority (FCA).
Going into more depth, these accounts can be seen as an interface between the decentralised world of cryptocurrency, and the centralised realm of traditional finance. So while these blockchain-powered assets have various advantages, such as decentralised transactions, significant returns, and unique yield mechanisms, many companies are still in need of a stable bridge that is regulated, and which provides streamlined tools that are designed to meet their operational requirements.
Therefore, in a rapidly evolving financial landscape, a business account marries the best of both traditional banking, and the burgeoning world of blockchain and cryptocurrency.
Benefits of using a business option over traditional banking
Before delving into the benefits, it is important to first make the distinction between a crypto-friendly bank account in the UK, and a platform that provides a UK corporate account for cryptocurrency.
On one hand, even the best crypto-friendly banks in the UK (like Monzo), rather than providing an array of investing/trading utilities, are simply traditional banking providers who happen to allow customers to connect their debit or credit cards to certain exchanges. Willing digital asset enthusiasts can then use these exchanges to buy and sell crypto, and subsequently cash out into fiat currencies.
On the other hand, an account that specifically caters for businesses has more bespoke and regulated utilities for cryptocurrencies, and goes far beyond a normal bank account, which does what it says on the tin, but nothing more.
Opening a company account can include the following benefits:
- Allows businesses easier access to cryptocurrency exchanges and over-the-counter brokers for crypto trading and liquidity. Accounts are integrated with leading exchanges like Binance and Coinbase, and can be managed from one slick user interface which has an array of different utilities; such as copy trading, and automated strategies.
- Give businesses the ability to earn interest on digital assets held in their account through services like staking and yield farming.
- Help businesses manage tax reporting and accounting through integrated tools that track crypto transactions and holdings.
- Provides legitimacy and regulatory oversight for companies dealing extensively in cryptocurrencies. These accounts, if accredited, meet KYC/AML requirements and other local regulatory demands.
- Enable easier vendor payments, payroll, liquidity management, accounting and other financial operations with digital assets.
What benefits above show, is that high street banks like Natwest, Royal Bank of Scotland and Barclays, besides having a negative stance towards crypto, simply cannot compete with specialised account providers; who offer much more for businesses who want to trade in cryptocurrencies.
How to Choose the Right Account for Your Business
When looking to open a company account that is designed for crypto, there are a few important steps you should take. This is to not only ensure you sign up with the best account for your business needs, but to also make sure you are choosing a legitimate and accredited provider.
Where to begin?
Regulatory compliance and KYC/AML procedures
The first thing you should be looking for is to see if the account is fully regulated in the UK, which means you need to see evidence of a provider being accredited by the FCA.
Normally this can be seen on the footer of a webpage, and will include a company stating that they are FCA regulated, and will usually be followed by the firm's reference number. But make no mistake, just because a company says they are FCA regulated, doesn't mean this is actually true. For this reason, always double check by clicking on the FCA's Financial Service Register, and type in the company's name to see if they indeed come up on the register.
This is an important procedure to take, as opening a business account with an unregulated provider can have significant consequences, and can be the difference between a secure and stable financial future, potential loss, fraud, or regulatory complications.
Security measures
Whilst there are plethora of benefits associated with the decentralised nature of cryptocurrency, it does also come with a few fragilities; namely the fact that security comes down to whether a fraudulent actor can access one's private keys to drain their funds.
To reduce this risk, it is essential to determine whether an account provider has implemented security measures that adhere to industry standards and effectively minimise the chances of breaches. So when selecting a provider, it's important to look for those who prioritise multiple layers of protection, such as multi-signature wallets, offline cold storage, two-factor authentication, and end-to-end encryption.
Having these security layers in place acts as a protective barrier against unauthorised access and potential cyber attacks.
Ease of use
In today's digitalised world, offering a great user experience is crucial. When selecting an account, ensure the platform provides a user-friendly interface. This includes intuitive navigation, clear instructions, and streamlined processes. Remember, time is money; if you or your team spend excessive hours trying to understand a convoluted system, it may lead to inefficiencies in your business operations. Moreover, accessibility extends to mobile compatibility. Ensure that the provider offers a mobile app or a responsive web interface that allows you to manage your assets on the go, anytime, anywhere.
Integration with popular cryptocurrency platforms
Another crucial consideration is how well an account can integrate with popular platforms and ecosystems. If your business already utilises specific platforms for trading, payments, or other blockchain-related activities, seamless integration can significantly simplify processes and reduce transactional friction.
Therefore, when choosing an account, it's important to consider its compatibility with leading exchanges, and its ability to seamlessly integrate with point-of-sale systems, e-commerce platforms, and other essential business tools. Look for accounts that offer API integrations to ensure smooth operations.
Jump on a call with a representative to ask questions
Lastly, it is always a wise decision to interact directly with the service provider before making your final choice. Reputable platforms often provide dedicated customer support or account managers who are available for scheduled calls. This allows you to assess their professionalism, expertise, and address any specific questions or concerns you may have. Direct communication can provide valuable insights into a company's values and commitment to customer satisfaction.
The Best Account Providers in 2024
Now you know how to identify a business-focused account, and how to go about choosing the right one for you, let's take a look at the best providers for this year.
1) ICONOMI
Overview
ICONOMI is a leading crypto management and copy-trading platform that allows anyone from beginners to experts to seamlessly invest in and manage cryptocurrencies.
Founded in 2016, ICONOMI is one of the early pioneers of crypto copy trading, and has a wealth of experience in providing investment solutions that cater for new entrants, whilst also being one of the first crypto firms to be registered with the FCA back 2021.
To date, over £10 Million has been earned by users on the platform, and the platform boasts over 100,000 users (and counting).
ICONOMI account
ICONOMI offers a cutting-edge and regulated business account for crypto where businesses, family offices and individuals with limited companies can gain exposure to the crypto market by allocating a small percentage of their company assets. This not only provides an avenue for companies to branch out into the world of digital currencies, but also offers them an opportunity to mirror the investment strategies of seasoned professionals who have a track record of surpassing market performance.
Features which uphold ICONOMI as an ideal choice:
- FCA regulated
- Streamlined onboarding process
- User-friendly interface
- Educational resources
- Access to 200 public crypto investment strategies (and/or instant access to the most copied ones)
- Offers over 150 cryptocurrencies at the best market prices (thanks to its unique trading engine which has the ability to find the best prices from the top ten centralised exchanges)
- Private crypto strategies
- Lets users set automatic rebalancing parameters
- 24/7 trading availability
- Low trading fees (0.37%)
- Free money transfers (EUR, GBP) via SEPA, SEPA instant, and UK banks
- Platform assets secured and stored in a proprietary system of hot and cold wallets, with a multi-level/multi-signature structure
- Proof of solvency. Was the first blockchain-based company to have a Merkle Tree Proof of Reserves audit conducted by a "Big Four" firm.
- Real-time screening of crypto wallets through Elliptic partnership
- Overwhelmingly positive feedback on Trust Pilot
If you're a crypto-friendly business who wants to have the major cryptocurrencies on your balance sheet, and desire excellent account management, then ICONOMI is an excellent choice for your business needs.
2) Revolut
Overview
Revolut is a global financial technology company that was established in 2015, and boasts millions of customers worldwide.
The company offers a wide range of financial services to meet various needs. From everyday spending and foreign exchange to crypto trading, Revolut has gained recognition for its innovative banking approach, and integrated cryptocurrency trading into its platform in 2017 so that users can easily buy, sell, and hold different digital assets.
Revolut account
As well as offering crypto services in its all-in-one app, Revolut also offers a company account for cryptocurrency, and like ICONOMI, it is FCA regulated.
Features which uphold Revolut as a solid choice:
- User-friendly interface.
- Buy and sell 80+ tokens.
- No hidden fees – transparent fee structure for trading.
- Open to all businesses, no matter how big or small.
- Advanced security features including two-factor authentication and cold storage for crypto assets.
- Real-time price alerts and advanced analytics.
- Integration with the main Revolut account, allowing easy transfers between fiat and crypto.
- Access to Revolut's wider ecosystem, including global spending (with different currency), international transfers, and more
3) Coinpass
Coinpass is a UK crypto exchange known for its speedy trading and dependable infrastructure. Established in 2018, Coinpass is a relatively new entrant compared to the other two providers, but has made a name for itself by offering a consistent service with a variety of different utilities.
Coinpass account
Coinpass offers another UK business solution for cryptocurrency, and like the other two, it is registered with the Financial Conduct Authority, and offers an array of different benefits.
Features which uphold Coinpass as a solid choice:
- Direct GBP bank transfers with fast settlement.
- Low trading fees (0.35%).
- Over 50+ cryptocurrency pairs to choose from.
- Advanced trading tools and API for businesses.
- Stringent security measures including multi-signature wallets and encrypted data storage.
- Regular audits and compliance checks to ensure the highest standards.
- Dedicated customer support for business accounts.
Conclusion
With the changing financial landscape, it has become clear that having a business account for cryptocurrencies is increasingly important.
These accounts provide businesses, family offices, and individual entrepreneurs with the best of both worlds by offering a safe and regulated way to manage, optimise, and access digital assets.
As was highlighted in this article, choosing a reliable and secure account is not just nice to have, but paramount. The benefits of opting for a trustworthy provider are many – from ensuring regulatory compliance and robust security measures, to offering a user-friendly interface with seamless integration with popular cryptocurrency platforms.
Choosing the right service provider not only protects your assets, but also helps your business flourish in today's digital era.
Companies should therefore take note - the digital age is here, and it's time to adapt. By opening an account today, your venture can be at the forefront of financial innovation, ready to capitalise on the countless opportunities that cryptocurrency offers.
So don't fall behind. Embrace the future, and get in touch today!
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