Institutions sweeping up cryptocurrencies shows that pastime is no longer reserved for dim corners of the internet. Bitcoin has gone mainstream and while that may disappoint some of the early adopters, it ’ s a necessary step for crypto to gain widespread acceptance. Believe it or not, it ’ s good for the long term prospects of Bitcoin and Ethereum if firms like Goldman and BlackRock are buying it .
If you ’ re a business owner, accepting payment in cryptocurrency is something deserving considering as adoption grows. If nothing else, you should at least have a crypto brokerage house account set up so you can both buy and sell digital currency and have an easy path toward accepting it when the time comes. Every clientele is different and some business owners will never truly feel comfortable accepting such a volatile asset as payment. But if cryptocurrency is an scheme guess for your occupation, hera are a few brokers and exchanges who can help you get started .
- 1 Best Crypto Accounts for Your Business
- 2 Accept Crypto Payments for Your Business
- 3 Pros and Cons of Cryptocurrency Accounts
- 4 Cryptocurrency Payment Security
- 5 Acceptance for Cryptocurrencies is Growing Rapidly
- 6 Frequently Asked Questions
Best Crypto Accounts for Your Business
If you ’ re opening an account for your business, you ’ ll need a few supernumerary pieces of software documentation that individuals don ’ t need to supply. For starters, you ’ ll probable indigence registration and tax documents from the nation your clientele operates in, plus disclosures of majority owners. You ’ ll besides need to use a business bank account to deposit funds into your business crypto account .
If you have all the proper software documentation and want to get started, here are a few of Benzinga ’ s favorite cryptocurrency brokers for businesses. Like traditional bank and brokerage accounts, there ’ s no one-size-fits-all here – you ’ ll need to pick the crypto account that best matches your business needs .
Best for Easy Onboarding: Gemini
Gemini has a host of features for cryptocurrency investing, such as the Active Trader Platform, mobile app, and Gemini Wallet. They besides offer more than 7 % concern on coins like Dai and Filecoin through Gemini Earn. For clientele owners, Gemini has particular institutional accounts with double the transfer limits of personal accounts .
A simple application will get the summons started and a Gemini representative will get in touch to finish your account frame-up. Gemini has a identical user-friendly interface and firm security features, making it ideal for commercial enterprise owners who are fair beginning to dip their toes in the cryptocurrency waters .
Best for Cryptocurrency Availability: Kraken
Kraken is a relatively newly entrant into this quad, but they have enough of business-friendly offerings. corporate clients get access to both the Kraken Trade Desk and Kraken Account Management, which respectively provide aid for big trades and 24/7 customer support .
institutional clients will besides appreciate the broad roll of assets available through the Kraken exchange. More than 50 different digital currencies are available to trade, including some hard to find coins like Gnosis, Kava, and yes, evening Dogecoin .
No or low Fees
Best for High Yields: BlockFi
BlockFi is a platform on the cutting edge of the DeFi movement, which seeks to move traditional centralized banking into a decentralized peer-to-peer network. The chopine specializes in buying and lending to institutional clients. As a business owner, you can buy and borrow funds in US dollars, cryptocurrencies, or stablecoins .
BlockFi besides offers some of the highest yields available to cryptocurrency investors. Like Gemini mentioned above, BlockFi allows users to stake their cryptocurrency holdings to the network to provide liquidity. In return, BlockFi pays interest on these holdings – a lot of interest. Rates are capable to fluctuations just like savings account rates, but as of this writing BlockFi clients can earn upwards of 8.6 % on certain cryptocurrencies. tied the most generous banks don ’ deoxythymidine monophosphate come close to offering interest rates like that on savings accounts or CDs .
Best for Stocks and Crypto: Robinhood
For some clientele owners, it might be easier to hold stocks and cryptocurrencies in the like report. If that ’ s the type of simplicity you ’ rhenium looking for ( and you equitable want to buy and hold Bitcoin or Ethereum ), a Robinhood account might suit you best. With Robinhood, you can purchase stocks, ETFs, options, and 7 unlike cryptocurrencies – Bitcoin, Bitcoin Cash, Bitcoin Silver, Ethereum, Ethereum Classic, Litecoin, and Dogecoin .
One of the downsides to using Robinhood for your business is no business-specific accounts are available. Robinhood offers several different types of personal accounts, but you won ’ deoxythymidine monophosphate find excess services or increased limits. You ’ ll besides automatically be signed up for a margin account and will need to request a downgrade if you want a even cash account to avoid PDT rules. And despite being commission loose, Robinhood ’ s cryptocurrency spreads are quite high, which negates some of the value of zero commissions .
Best for Low Fees: Voyager
One of the drawbacks to investing in cryptocurrencies are the fees. Unlike stock brokers, crypto brokers and exchanges still largely charge a tip for buying and selling coins. If you have your cryptocurrency staked to an interest-earning program and want to withdraw it and buy regular Bitcoin, you could be hit with THREE disjoined fees – but not with Voyager .
Voyager offers commission-free trading on cryptocurrency buy and deal orders. All you pay is the list price. And unlike Robinhood, you won ’ deoxythymidine monophosphate perplex squeezed by high spreads either. Voyager besides has special opportunities for institutional clients, such as increase commercialize access and fluidity, Smart Order rout, and customized custodial solutions for security .
Best for New Investors: Coinbase
Coinbase is the largest crypto exchange on the marketplace and remains one of the best for newfangled investors. With a wide range of crypto offerings, fair fees, and easy signup access, Coinbase is the standard other exchanges are measured against. And soon investors will be able to get in on the military action as Coinbase homework for an IPO later this year .
A Coinbase business bill is available for institutional investors. You ’ ll need to fill out the business account application and set up your account and wallet with a Coinbase rep. Coinbase has a host of features for business clients, including a commerce platform that allows you to accept crypto payments from customers .
Accept Crypto Payments for Your Business
You can now easily accept requital for products and services in cryptocurrency using a count of different avenues. Square and PayPal now allow use of cryptocurrency in individual and business transactions. Your business can besides set up a payment system through your cryptocurrency change, like the Coinbase Commerce platform. With Coinbase Commerce, you ’ ll alone pay fees with you withdrawal or convert your funds to fiat .
Pros and Cons of Cryptocurrency Accounts
think of moving forward with crypto for your business ? here ’ s a simple pros and cons list to weight before getting started .
Pro : Cryptocurrencies are gaining acceptance at an ever-increasing rate .
Con : Bitcoin and early cryptocurrencies are fickle, meaning the price a customer pays may not be the same measure you finally convert to USD .
Pro : Cryptocurrency allows you to accept payment from customers all over the world without needing to worry about exchange rates or crimson magnetic tape .
Con: The fees involved with cryptocurrency transactions remain high. For exercise, Ethereum natural gas fees continue to increase and most exchanges and brokers charge fees on both ends of transactions .
Cryptocurrency Payment Security
security is crucial for cryptocurrency transactions and investing since exchanges done on the blockchain are irreversible. once you send Bitcoin to another wallet, it ’ s gone. This can be good and bad for business owners – you don ’ t need to worry about chargebacks, but you besides have no recourse if your holdings are hacked or stolen.
Always use two-factor authentication with your brokerage house account and wallet and rotate your passwords frequently. additionally, consider using ‘ cold ’ storehouse if you ’ ve amassed a big total of cryptocurrency. cold memory harddrives are kept off the internet and net computers, preventing hackers and scammers from discovering your passwords and transferring your holdings out .
Acceptance for Cryptocurrencies is Growing Rapidly
nowadays that fiscal institutions and requital processors like Square and PayPal are on board, acceptance of Bitcoin and other cryptocurrencies will increase exponentially. You can already see crypto prices listed along store futures and commodities prices on your CNBC app and Coinbase ’ s upcoming IPO will merely encourage more investors to get involved with digital assets. Accepting payment in cryptocurrency has besides never been easier for business owners. If you don ’ thymine at least have a plan for cryptocurrencies down the road, you may be left behind by competitors .
Frequently Asked Questions
How do I open a Cryptocurrency account?
How do I open a Cryptocurrency account ?
You can sign up for a business bill through any count of exchanges or brokers, like Coinbase, Gemini, or Voyager. You ’ ll need to provide adjustment documents and possession condition to get the institutional perks though .
Can a business invest in Cryptocurrency?
Can a clientele invest in Cryptocurrency ?
Yes, businesses can buy and sell cryptocurrencies through their business accounts, or bet on their coins to an substitute like BlockFi and gain interest on the holdings. Businesses can besides accept Bitcoin and other digital currencies as requital through Square, PayPal, or platforms like CoinBase Commerce .