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Bank Account for Forex and Cryptocurrency Trading Business

Kit

New member
First of all I would like to thank all the forum members for the helpful and resourceful information that has been posted.

I am EU citizen and I have recently registered a company in Estonia which will be used for trading forex and cryptos. The use of the bank account will be to send money from / to exchanges. The deposited amount will be between 50k-100k. For the bank account, I have contacted more than 30 banks and EMIs but the replies have been mostly negative due to the high risk of cryptocurrencies. I am sharing below a summary of the replies I received so far (I tried to contact the crypto friendly banks and EMIs):

EMIS
  • Bilderlings: 2.000 euro fee for account opening and 200 euro per month
  • Mistertango: 800 euro for account opening and 100 euro per month
  • Paytah: 500 euro for account opening and 150 euro per month
  • Orounda: 200 euro for account opening and 100 euro per month (if I understood correctly as their pricing was confusing)
  • Intergiro: 220 euro for account opening and 25 euro per month. Fee of 1% for incoming transactions
  • Wirex: They replied that they are currently making updates and they should soon take over a new wave of clients
  • Cashaa: new token with 5 million market cap. They also charge 100 euro per month. Not trustworthy as it is still at experimental stage
  • Trustpay.eu: They replied they do not support the industry
  • Banqia: does not seem trustworthy
  • Banknovo: They replied they do not support the industry
Banks
  • Solaris: they replied they do not support this business type
  • Bitwala: only individual accounts
  • Monaize: must be a French resident
  • Fidor: no reply
  • Santander: no reply
  • Hypothekarbank: only for businesses registered in Switzerland
  • VPEAG: minimum funding is 200k
  • ING Luxembourg: no reply
  • Ally bank: only for individuals
  • Moneta International: they replied they do not support this business type
  • Blueorangebank: no reply
  • Bunq: they do not support Estonian business
  • Bank Frick: positive reply but they require a minimum of 500k
Brokers-Banks
  • Dukascopy / Swissquote: they offer a trading account with a dedicated IBAN but the money needs to come from a bank account in the company’s name. That means that I still need to get a company business bank account…


My choices at the moment are:
  • Pay the high fee for a more established EMI (Bilderlings or Mistertango)
  • Take the risk and try a newer EMI (Orounda or Intergiro) which offers lower fees
  • Go for a broker-bank (Dukascopy or Swissquote) and try to find a bank solution (such as Transferwise) to transfer the money to them

Do you have any ideas how I could send the money to Dukascopy or Swissquote?
Also, does anyone have experience with Orounda or Intergiro?
Any other ideas with lower fees?

Thanks a lot for the help!
 

lrotter

Active Member
First of all, you have done a big job already, and that’s cool you approached that many actors.
Second, stay away from Mistertango - they are under investigation and all the resellers of their IBANs. Possibly, soon there will be more troubles with them.
You will probably not meet any classic bank to take you for account.
Orounda are reliable.
Wish you success in you business and let know about the progress!
 

orientalc

New member
Forget about Mistertango. Last week they got hit by large fine from Central Bank of Lithuania and forced to terminate accounts of "risky" clients which i assume are anyone who is related to crypto.
 
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Kit

New member
First of all, you have done a big job already, and that’s cool you approached that many actors.
Second, stay away from Mistertango - they are under investigation and all the resellers of their IBANs. Possibly, soon there will be more troubles with them.
You will probably not meet any classic bank to take you for account.
Orounda are reliable.
Wish you success in you business and let know about the progress!
Thank you!

Regarding Orounda, do you have any information about their reliability? I have not been able to find any information or reviews about them, only a post from Martin which is not a positive one...: Transferwise closed 3 Business accounts for me
 

Spondula

Offshore account you can open from your phone
Does it have to be an EU based bank? Or are you open to banks based outside of the EU?
 

Admin

Forum Moderator
Staff member
Elite Member
I use the mobile browser and can't see signatures?
Thank you for the hint, just enabled signature for mobile, works on my phone ;)
 
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