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Payment processors like PayPal and Square have integrated cryptocurrency payments within their systems and large banks like Goldman Sachs are buying cryptocurrencies. It seems more and more companies are joining the bandwagon and starting to accept crypto payments.
Bitcoin is going mainstream and gaining widespread acceptance. If you are a business owner, you might want to consider accepting cryptocurrency payments. In this article, we will explain to you how to set up a business crypto account at some of the world’s best crypto exchanges.
Best Business Crypto Accounts in the United Arab Emirates
If you want to register a business crypto account, you’ll need to provide extra documentation. Most crypto exchanges want you to upload company documents like proof of registration and a valid tax number. You can also only deposit funds on the crypto exchange from a business bank account. Below we will outline the best business crypto accounts in the UAE.
Gemini – Best Easy Onboarding Crypto Business Account
Gemini is a cryptocurrency exchange that offers business owners a trading platform, mobile app, and crypto wallet. Users can take part in crypto staking and earn up to 7% p.a. The business crypto accounts on Gemini have double the limits of personal accounts.
It is easy to onboard as you fill in an application after which a Gemini representative will contact you to set up your account. Gemini’s user interface is beginner-friendly and the trading platform and wallet are secured with military-grade SSL encryption. Overall, Gemini has the perfect crypto business account for companies that want to start with crypto.
Kraken – Broadest Range of Available Cryptocurrencies for Business Owners
Kraken offers corporate clients the widest selection of cryptocurrencies. As a business owner, you have access to the Kraken Trade Desk and Kraken Account management. A Kraken representative will help you carry out large trades when needed.
As an institutional client, you can trade over 50 different cryptocurrencies, including altcoins like Gnosis, Kava, and Dogecoin.
BlockFi – Best Crypto Business Account for Staking
BlockFi is a decentralized cryptocurrency exchange or DEX. This means you do not trade with a broker, but with other users and businesses. BlockFi focuses on corporate clients and you can buy and borrow funds in US dollars, cryptocurrencies, and stablecoins.
By participating in cryptocurrency staking you can earn up to 8,6% p.a. On your cryptocurrency holdings. This staking means you provide liquidity to the network and get paid for doing so. You can see this as a form of saving, but with higher interest rates.
Robinhood – Best Crypto and Stocks Trading Business Account
Robinhood offers business owners the opportunity to hold both crypto and stocks in the same corporate trading account. On Robinhood users can buy crypto, stocks, ETFs, and options. Robinhood doesn’t have business-specific accounts, but any business can apply for an account.
Every new user receives a margin account, which can be downgraded to a regular cash account. One of the biggest advantages of Robinhood is that all trading is commission-free. Note that the spreads on some cryptocurrencies are high, which negates commission-free trading.
Voyager – Best Crypto Business Account With the Lowest Fees
Nobody likes paying high trading fees. Most cryptocurrency exchanges charge their users fees as part of their business model. Voyager is unique and offers commission-free trading on cryptocurrency. Institutional clients enjoy some benefits, like increased market access, liquidity, Smart Order Routing, and customized custodial services.
Coinbase – Best Crypto Business Account for New Investors
Coinbase is one of the biggest cryptocurrency exchanges in the world. It is beginner-friendly and has an easy-to-use trading platform. Coinbase charges fair fees and offers business owners an institutional account. A representative will help you out setting up your account. This account includes a commerce platform that allows you to accept cryptocurrency payments from customers.
Accepting Crypto Payments as Business Owner
Accepting cryptocurrency payments as a business owner is easier than ever. Nowadays Square and PayPal allow you to accept crypto payments, both for individual and business transactions. Some crypto exchanges also offer these kinds of solutions, like Coinbase with its Commerce platform. You only pay fees when you wish to convert your crypto to fiat.
Pros and Cons of Business Crypto Accounts
Although setting up a business crypto account has many advantages, there are also some disadvantages. You can see from the table below what the pros and cons of business crypto accounts are.
Pros
- Cryptocurrencies are widely accepted
- Cryptocurrencies allow you to accept payments from customers across the globe
Cons
- Cryptocurrencies are very volatile. When a customer pays for something it might not be the same amount when you convert it to fiat money
- The fees are high, especially with altcoins like Ethereum
The Security of Crypto Business Accounts
Security is one of the most important things when dealing with cryptocurrency. Cryptocurrency transactions are irreversible, which means you have to make sure your crypto account is secure. This has both pros and cons. You don’t have to worry about chargebacks when someone has paid you, but you don’t want to get hacked.
We recommend you always use two-factor authentication to protect your crypto business account. It is also advisable to change passwords often. Once you have amassed a large amount of crypto, it is a good idea to store it on an offline hardware wallet. An offline hardware wallet prevents hackers, scammers, and cybercriminals from stealing your cryptocurrency and is considered the safest way to store your crypto.
Crypto Business Account in the United Arab Emirates – Bottom Line
The acceptance of Bitcoin and other cryptocurrencies is increasing among businesses across the globe. Most stock apps and websites already display the latest cryptocurrency price movements. It might be a smart move to start accepting cryptocurrencies with your business. This way you stay ahead of the curve and don’t miss out on opportunities. We recommend you open a crypto business account in the UAE today.
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