With Bitcoin and crypto adoption growing significantly, business owners are also considering accepting payments in these digital currencies. PayPal and Square have already started integrating crypto payments within their systems and notable financial firms, such as Goldman Sachs and Black Rock, have also added crypto to their holdings. Therefore, businesses are now considering opening crypto brokerage accounts that will enable them to buy and sell digital currency, thereby creating an easy path towards accepting these digital currencies when the time comes.
If you are opening a crypto account for your business, you will require some additional documentation. These include registration as well as tax documents from the country where the business is located, along with disclosure of majority owners. You will also be required to use a business bank account for depositing the funds into your business crypto account. If you have all the proper documentation in place and are ready to get started, then you can consider the following crypto brokers for businesses:
Gemini (Recommended for Easy Onboarding)
This crypto exchange offers a host of features for crypto investing, such as the Active Trader Platform, Gemini Wallet, and mobile app. They also provide more than 7% interest via Gemini Earn on coins like Filecoin and Dai. Gemini provides special institutional accounts for business owners that have double the transfer limits associated with personal accounts.
You can get the process started with a simple application and a Gemini representative will get in touch for finishing your account setup. You will find the user-friendly interface of Gemini highly appealing, along with its security features, which make it ideal for business owners who just want to dip their toes in cryptocurrency waters.
Kraken (Recommended for Availability)
A comparatively new addition in this space, Kraken has lots of business-friendly offerings. Corporate clients are given access to Kraken Account Management and the Kraken Trade Desk, which provides assistance for large trades, along with 24/7 customer support. Institutional investors will also find the wide range of assets provided by Kraken very appealing. There are more than 50 digital currencies that can be traded, which include some coins that are hard to find, such as Kava, Gnosis and even Dogecoin.
BlockFi (Recommended for High Yields)
The BlockFi platform is on the cutting-edge of the decentralized finance (DeFi) movement that aims to help traditional centralized banking in transition to a decentralized peer-to-peer network. The platform caters to institutional investors in buying and lending. Business owners can buy and borrow funds in cryptocurrencies, US dollars, or stablecoins.
Apart from that, crypto investors can get some of the highest yields on BlockFi. Similar to Gemini, BlockFi allows people to stake their holdings for providing liquidity to the network. In return, it pays a lot of interest to the users. The rates are subject to fluctuations similar to that of savings accounts, but the interest rate is generally on the high side.
Robinhood (Recommended for Stocks and Crypto)
It may be easier for some business owners to hold both stocks and crypto in the same account. If you want this kind of simplicity and you are only interested in Bitcoin and Ethereum, then you can open an account on Robinhood. It allows you to purchase options, stocks, ETFs, and a total of seven cryptocurrencies, which are Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic, Bitcoin Silver, and Dogecoin. However, you should bear in mind that it doesn’t offer business-specific accounts, which means you will not benefit from increased limits and extra services.
Voyager (Recommended for Low fees)
The fees are considered to be one of the drawbacks of investing in cryptocurrencies. As opposed to stockbrokers, crypto exchanges and brokers still do charge a fee for buying and selling cryptocurrencies. If you have staked your cryptocurrency to an interest-earning program and you wish to withdraw it for purchasing Bitcoin, then you will be required to pay three different kinds of fees. Luckily, this is not the case with Voyager.