Bank account for Crypto business in Europe

[OffshoreExpat]

Hello everyone,

I've been working on setting up a company for my crypto business:

An example of my activity is:

1) i buy 1000€ worth of btc in Kraken

2) Then sell those at a price of 1100€ on Localbitcoins.com (to one or many traders). So 100€ profit.

3) I buy again on kraken and repeat the process.

The idea would be to re-invest the daily profits to increase capital, and once i feel confortable start taking profits.

I've been working like this on a personal basis for a while, and my personal banks are awesome in terms of service, but they warned me that they will not allow this transactions with exchanges anymore, that's why i decided to incorporate.

I've talked to agents to incorporate in Cyprus and Malta (for taxes advantages) and they all say there is no problem with the activity except for one: BANKING.

I would like to have a good bank to work with, but agents warn me that finding a good bank for this activity is very difficult (if not impossible), and that mostly i will have to rely on an EMI, however i've read horrible stories about EMIs, specially since they first block you and then lock your funds and you fall in a fight with horrible/non-responding online customer service for a crazy long amount of time sometimes resulting in your funds being lost.

My biggest fear is having funds blocked from one day to another and suddenly having to stop my activity and lose money because of that.

Is there any bank you can recommend to get a corporate account for my activity? or if my only option is an EMI, any good/trustworthy EMI with corporate acounts?.

On the other side, i haven't incorporated yet, so i'm still flexible if there is better choice to incorporate elsewhere, what's important to me is that i'm able to have am european SEPA account because that's where my clients pay to.

Thank you in advance for any advice.

 

[Gediminas]

Hey,

Before it was almost impossible to find a fully licensed bank that is OK with the crypto activities, but now I see some offshore banks allow that if the business is managed in a proper way. Forget about onshore banks.

I wouldn't worry too much about dealing with EMIs. Most important is to find a reliable financial institution that is crypto-friendly and works mainly with businesses (instead of retail customers). Keep in mind that your funds are safe as long as it is with a reliable institution; it is safeguarded by regulators. If your business has no shadows around, I don't believe you will have trouble with the compliance for as long as you are with the right EMI.

I would recommend registering for accounts with the help of an introducer. Do your research on Bankera.

 

[ertes84]

Hi,

yes, there are many solutions with reliable banks but more expensive.

 

[Martin Everson]

Is there any bank you can recommend to get a corporate account for my activity?

You can try Fidor Bank in Germany they have dedicated crypto banking services.

https://www.fidor.de/as-a-service/crypto-as-a-service

 

[OffshoreExpat]

Thank you for the advise.

Do your research on Bankera.

Bankera since legit based on the info of Bank of Lithuania, however as you said, by being an EMI the deposit grantee that banks normally provide doesn't apply here

You can try Fidor Bank in Germany

They have really bad reviews online.

Actually both Bankera and Fidor have bad reviews by users. I know that a lot of it comes from angry users that simply wanted to do shady stuff and were blocked, but other complaints seem legit, like no response from customer support, delay on proceses, ignoring issues after month of complain, etc.

What do you think is a good way evaluating an EMI? because reading sites like trustpilot only makes your fears get worse jajaja

 

[Paper Chaser]

Actually both Bankera and Fidor have bad reviews by users. I know that a lot of it comes from angry users that simply wanted to do shady stuff and were blocked, but other complaints seem legit, like no response from customer support, delay on proceses, ignoring issues after month of complain, etc.

Same goes for Revolut and n26. Basically for any EMI or bank if you‘re not a 100% legit business. You will sooner or later get busted and f**k up if you want to do it legal but you’re not a 100% legit. In case you really are legit, you will just need to worry about delays in transactions and a lot of daily paperwork. It may be less of a daily hassle but a lot harder and more expensive to apply for real bank accounts.

Personally speaking, I‘m constantly looking for potential banks in this matter too, which I will then put on my list of banks to try out and that is exactly what I would suggest to you (or anyone contacting or quoting me recently) too.

Do a full research and just try out different banks and ways. If you run into troubles, re-think whether it really is the bank causing the troubles or if it is on your end.

Like I said I‘m constantly seeking for new options and specifically ask on this forum too. Dukascopy, Wirex, Seba, Sygnum might be worth looking into.

 

[Martin Everson]

What do you think is a good way evaluating an EMI? because reading sites like trustpilot only makes your fears get worse jajaja

Thats a very good question. Trustpilot can offer some guidance but shouldnt be used to make decisions in the end. Much of the trustpilot reviews unless detailed in nature are total BS or incentivized shilling.

 

[litelegal]

Bank Frick
Just recently contacted them. They're ready to open business accounts for EU companies with a turnover of 10M/yr.
No introducing is needed, online questionnaire is available: Bank Frick. Open an account
The documents needed in a first step: corporate documents (certificate of incumbency, certificate of incorporation, register of directors, register of members/shareholders, M&A’s) + passport copies of all authorised persons.

 

[OffshoreExpat]

Hello @litelegal , thanks for the message.
Since you mention the 10M/yr turnover. i guess they don't take new business. Otherwise how do you proof the 10M/yr turnover?
In my case i'm now on the process of incorporating my company in Malta.