Best Business Crypto Accounts

The incredible cryptocurrency bull run of 2021 may be over but crypto seems to be surging again and adoption is ever increasing. PayPal and Square have begun to integrate cryptocurrency payments into their systems and large financial firms like BlackRock and Goldman Sachs have added cryptocurrency to their holdings. Yes, Bitcoin might not be making new all-time highs every week now, but that hasn’t stopped the rapid adoption of digital currencies.

Institutions sweeping up cryptocurrencies shows that interest is no longer reserved for shadowy 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 worth considering as adoption grows. If nothing else, you should at least have a crypto brokerage 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 business is different and some business owners will never truly feel comfortable accepting such a volatile asset as payment. But if cryptocurrency is an intriguing venture for your business, here are a few brokers and exchanges who can help you get started.

Best Crypto Accounts for Your Business

If you’re opening an account for your business, you’ll need a few extra pieces of documentation that individuals don’t need to supply. For starters, you’ll likely need registration and tax documents from the country your business operates in, plus disclosures of majority owners. You’ll also need to use a business bank account to deposit funds into your business crypto account.

If you have all the proper 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 also offer more than 7% interest on coins like Dai and Filecoin through Gemini Earn. For business owners, Gemini has special institutional accounts with double the transfer limits of personal accounts. 

A simple application will get the process started and a Gemini representative will get in touch to finish your account setup. Gemini has a very user-friendly interface and strong security features, making it ideal for business owners who are just beginning to dip their toes in the cryptocurrency waters.

Best for Cryptocurrency Availability: Kraken

Kraken is a relatively new entrant into this space, but they have plenty of business-friendly offerings. Corporate clients get access to both the Kraken Trade Desk and Kraken Account Management, which respectively provide assistance for large trades and 24/7 customer support. 

Institutional clients will also appreciate the wide range 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, even Dogecoin.

Best for Stocks and Crypto: Robinhood

For some business owners, it might be easier to hold stocks and cryptocurrencies in the same account. If that’s the type of simplicity you’re looking for (and you just 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 different 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’t find extra services or increased limits. You’ll also automatically be signed up for a margin account and will need to request a downgrade if you want a regular cash account to avoid PDT rules. And despite being commission free, Robinhood’s cryptocurrency spreads are quite high, which negates some of the value of zero commissions.

Best for New Investors: Coinbase

Coinbase is the largest crypto exchange on the market and remains one of the best for new 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 action as Coinbase preps for an IPO later this year.

A Coinbase business account 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 payment for products and services in cryptocurrency using a number of different avenues. Square and PayPal now allow use of cryptocurrency in individual and business transactions. Your business can also set up a payment system through your cryptocurrency exchange, like the Coinbase Commerce platform. With Coinbase Commerce, you’ll only pay fees with you withdrawal or convert your funds to fiat.

Pros and Cons of Cryptocurrency Accounts

Thinking 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 other cryptocurrencies are volatile, meaning the price a customer pays may not be the same amount you eventually convert to USD.

Pro: Cryptocurrency allows you to accept payment from customers all over the world without needing to worry about exchange rates or red tape.

Con: The fees involved with cryptocurrency transactions remain high. For example, Ethereum 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 also have no recourse if your holdings are hacked or stolen.

Always use two-factor authentication with your brokerage account and wallet and rotate your passwords frequently. Additionally, consider using ‘cold’ storage if you’ve amassed a large amount of cryptocurrency. Cold storage harddrives are kept off the internet and network computers, preventing hackers and scammers from discovering your passwords and transferring your holdings out.

Acceptance for Cryptocurrencies is Growing Rapidly

Now that financial institutions and payment 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 stock futures and commodities prices on your CNBC app and Coinbase’s upcoming IPO will only encourage more investors to get involved with digital assets. Accepting payment in cryptocurrency has also never been easier for business owners. If you don’t at least have a plan for cryptocurrencies down the road, you may be left behind by competitors. 

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