You’ll need a few more pieces of documentation when creating an account for your business that individuals are exempt from providing. You’ll probably need to start with registration and tax records from the nation in which your business is located, along with majority owner disclosures. Additionally, you’ll need to put money into your organization’s cryptocurrency account using a corporate bank account.
Here are a handful of Benzinga’s preferred bitcoin brokers for businesses if you have all the required paperwork and are ready to get started. There is no one-size-fits-all solution here, much like with traditional bank and brokerage accounts; you must choose the cryptocurrency account that best serves your company’s needs.
Easy Onboarding is the Best
Gemini offers a wide range of tools for investing in cryptocurrencies, including the Active Trader Platform, a smartphone app, and Gemini Wallet. Additionally, through Gemini Earn, they provide interest rates of over 7% on coins like Dai and Filecoin. Gemini offers customized institutional accounts with quadruple the personal account transfer limitations for company owners.
After submitting a brief application, a Gemini representative will contact you to complete the account setup. Gemini is the best option for business owners that are just starting to dangle their toes in the bitcoin waters because of its highly user-friendly interface and robust security features.
Best for Cryptocurrency Availability: Kraken
Although Kraken is a new player in this market, they have many solutions that are suitable for businesses. Corporate clients get access to Kraken Account Management and the Kraken Trade Desk, which offer support for complicated trades and round-the-clock customer service, respectively.
The extensive selection of assets offered through the Kraken exchange will be valued by institutional clients as well. There are more than 50 distinct digital currencies that may be traded, including some uncommon ones like Dogecoin, Gnosis, and Kava.
Best for High Yields: BlockFi
Defi is a movement that aims to transform conventional centralized banking into a decentralized peer-to-peer network, and BlockFi is a platform at the forefront of this movement. The platform focuses on lending to and purchasing from institutional customers. You can borrow and buy money as a business owner using US dollars, cryptocurrencies, or stablecoins.
BlockFi provides some of the best yields for bitcoin investors. Similar to Gemini, which was already stated, BlockFi enables users to stake their cryptocurrency holdings in the network to create liquidity. In exchange, BlockFi pays significant interest on these holdings. Rates can change just like savings account rates, but as of this writing, BlockFi customers can earn as much as 8.6% on several cryptocurrencies. Even the most generous institutions don’t come close to providing interest rates like that on savings accounts or CDs.
Best for Stocks and Crypto: Robinhood
It might be simpler for some business owners to keep equities and cryptocurrencies in the same account. A Robinhood account might be the best option for you if that’s the simplicity you’re after (and you just want to buy and hold Bitcoin or Ethereum). Stocks, ETFs, options, and 7 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin Silver, Ethereum, Ethereum Classic, Litecoin, and Dogecoin, may all be bought with Robinhood.
The lack of available business-specific accounts is one drawback of utilizing Robinhood for your company. Robinhood provides a variety of personal account kinds, but you won’t discover any added services or higher limits. Additionally, if you want a standard cash account to circumvent PDT regulations, you must request a downgrade because you will immediately be signed up for a margin account. Additionally, Robinhood’s cryptocurrency spreads are fairly wide despite having no commissions, which lessens the benefit of having none.
Best for Low Fees: Voyager
The expenses associated with cryptocurrency investment are one of its disadvantages. The majority of cryptocurrency brokers and exchanges continue to charge a fee for buying and selling coins, unlike stock brokers. With Voyager, you won’t be charged Three separate fees if you have bitcoin staked to an interest-earning scheme and wish to withdraw it and buy standard Bitcoin.
Voyager provides commission-free trading for buy and sells orders in cryptocurrencies. You only have to pay the quoted price. Additionally, unlike Robinhood, you won’t experience high spread pressure. Voyager offers institutional clients specific benefits like expanded market access and liquidity, Smart Order routing, and specialized custodial security solutions.
Best for New Investors: Coinbase
The biggest cryptocurrency exchange now available is Coinbase, which is also one of the finest for novice investors. With a broad selection of cryptocurrencies available, reasonable fees, and simple signup procedures, Coinbase is the benchmark by which other exchanges are compared. As Coinbase prepares for an IPO later this year, investors will soon be able to participate in the activity.
Institutional investors can open a Coinbase business account. You must complete the business account application and set up your wallet and account with a Coinbase representative. For business users, Coinbase offers a variety of capabilities, including a platform for accepting cryptocurrency payments from clients.