Need business EMI/bank account and business setup for P2P crypto trading

[Greenote]

Hello,



I am a Polish citizen. I would like to open a business account and set up a business itself. I'm going to open a small, simple business - P2P trading. I have seen that often "crypto-friendly" means - deposits and withdrawals to/from crypto exchanges are ok, but P2P is not. So I have thought that I could cover this with "cantor" business - AML regulated, with its own website and everything needed. In fact it would be very small cantor, because I am planing to trade only one (fiat/stablecoin) currency pair.



Form of business: The preferred form of my business activity is "sole proprietorship" (self-employment), although it could be also a "company" of which I would be the only member.



Country of registration: Firstly I wanted to register business in my country in Poland, but then I found out that EMI/banks have different preferences about that. I have found few potentially interesting EMI/banks in Germany...so I am open about it.



Account activity: The account will be used to make deposits to the cryptocurrency exchange (the big ones) and receive payments from the sale of crypto from clients. The daily transaction volume should never exceed EUR 75,000 and the monthly transaction volume should never exceed EUR 1.5 million.



My requirements about accounts are just:

• Supporting SEPA Instant (so I am sure that client paid me).
• Low SEPA fees for outgoing and especially incoming transactions (it is not very profitable business and those fees could eat half or all of my profit). I am not so scared of monthly account fee.
• Clear and safe account's and law regulations' situation (I just do not want unpleasant surprises).
• Relatively fast onbording.

Here are banks/EMIs I have found:

• Wittix - too expensive, 10 euros for incoming and 10 euros for outgoing SEPA
• Fidor - seems to be good, but for German registered business
• LHV Pank - I have heard different opinions
• Bankera - 900 euro for the application, 1500 euro for priority processing, 0.5% commission for outgoing SEPA, company only (not sole proprietorship), 200 euro subscription, poor support
• SatchelPay - 375 euro for opening an account, 35 euro subscription, 3 euro outgoing SEPA, free incoming SEPA, sounds very honest and cheap
• Pervesk - same as BANKERA
• ConnectPay - a lot of fines, allegedly 2000 euros in advance for the application for an account, 3 euros for SEPA coming up to 1000 euros, 10 euros for SEPA 1000-5000 euros, little scary, but maybe I am wrong...
• Bunq - very low fees, but the business and residence must be in the indicated country, Poland is not included
• Bank Frick - no SEPA Instant
• Cashaa - regular SEPA, business account 4 weeks of waiting, 0.5% for outgoing SEPA, option to create a company structure
• Coxipay - probably no SEPA Instant, SEPA incoming for a business account 0.3% + 15 euros, application 1200 euros
• MisterTango - account even in 24 hours, little formalities, 10 euros for incoming and outgoing transfers, too expensive, no SEPA Instant
• ClearJunction
• YuroPay - need entry in German Commercial Register, seem to not support SEPA Instant, only SEPA Debit Direct
• PayTah - I suppose that support SEPA Instant as a part of Phoenix Payments
• Orounda - no SEPA Instant
• Sparkasse - SEPA Instant
• Bayerische landesbank
• Commerzbank
• DKB
• KBC
• Nuri
• Wirex - SEPA Instant, not many data about business accounts
• KeytradeBank
• Bilderlings - I don't know if 75 euros for SEPA transfer is real?

 

[Martin Everson]

So what is your question exactly? conf/(%

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Gediminas]

Greenote said:
My requirements about accounts are just:

• Supporting SEPA Instant (so I am sure that client paid me).
• Low SEPA fees for outgoing and especially incoming transactions (it is not very profitable business and those fees could eat half or all of my profit). I am not so scared of monthly account fee.
• Clear and safe account's and law regulations' situation (I just do not want unpleasant surprises).
• Relatively fast onbording.

Click to expand...

SEPA Instant, low fees, fast onboarding.

Just a small comment from my personal viewpoint - do not expect to get high-quality services for paying nothing.

You are in the crypto business; from the Banks/EMIs perspective, this is a very high-risk category. Nobody will provide you services for getting nothing back in return. Why should they take so much risk?

I am sure Bankera would be a good fit for you if your setup will be in line with regulations.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Greenote]

Martin Everson said:
So what is your question exactly? conf/(%
Click to expand...

I need a business setup, EMI account and somebody's help with that. Someone who have a practical knowledge, skills and can tell me which "path" should I choose and go along me. I don't know if this counts like a "question" but for me yes - it counts.

 

[Gediminas]

Greenote said:
I need a business setup, EMI account and somebody's help with that. Someone who have a practical knowledge, skills and can tell me which "path" should I choose and go along me. I don't know if this counts like a "question" but for me yes - it counts.
Click to expand...

Check out my previous thread - https://www.offshorecorptalk.com/threads/crypto-activities-in-lithuania-how-to.34608/

I am not very sure if Poland is the right place for you (I don't have any experience with this), but Lithuania could be a good solution.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Greenote]

Gediminas said:
SEPA Instant, low fees, fast onboarding.

Just a small comment from my personal viewpoint - do not expect to get high-quality services for paying nothing.

You are in the crypto business; from the Banks/EMIs perspective, this is a very high-risk category. Nobody will provide you services for getting nothing back in return. Why should they take so much risk?

I am sure Bankera would be a good fit for you if your setup will be in line with regulations.
Click to expand...

Yes, I totally understand your point of view, but I have thought that it always depends - you can find something good and cheap as long as something bad and expensive, it depends of choices you make and how much you know. And also I have thought that the more clear and simple your business is the better "prices" you can get.

I would rather like to pay a high mothly fee than percentage fee of transfers. When my profit is let's say around 1% of turnover - 0,5% fee for SEPA if taking me 50% of my money. You know what I am trying to say.

Could you tell me if this 0,5% fee is negotiable depending of the volume you make? And is this true (like Bankera onboarding member have told me, that they work only with companies, not sole proprietorships?

 

[Gediminas]

Greenote said:
Could you tell me if this 0,5% fee is negotiable depending of the volume you make?
Click to expand...

I had cases where I got custom prices, so case by case it's negotiable.

Greenote said:
And is this true (like Bankera onboarding member have told me, that they work only with companies, not sole proprietorships?
Click to expand...

Yes. You would also have to comply with AML/KYC regulations.

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https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Greenote]

Gediminas said:
I had cases where I got custom prices, so case by case it's negotiable.



Yes. You would also have to comply with AML/KYC regulations.
Click to expand...

I tried to get some ifno from them and I have told them what I am going to do, the most important P2P transactions that they seams to not accept. Did I not "burned a bridge"?

Do they are in the habit of controlling my clients KYC? If I am doing everything right?

 

[Gediminas]

Greenote said:
the most important P2P transactions that they seams to not accept.
Click to expand...

They open accounts for P2P traders (meaning C2B transactions are acceptable) as long as the business complies with regulations and the whole setup is without complications.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Greenote]

I am really curious how it looks with german banks (especially Fidor for example), have anybody of you made an account for crypto business with german banks?

And I am curious as well about these one:

• LHV Pank
• SatchelPay
• ConnectPay
• Bunq
• PayTah
• Wirex

Foregive me so much questions, but I like to "know everything". 😛

 

[Greenote]

Gediminas said:
They open accounts for P2P traders (meaning C2B transactions are acceptable) as long as the business complies with regulations and the whole setup is without complications.
Click to expand...

By C2B you mean that I can take somebody's offer, but I can't create offer by myself? Or other words - I must be taker not maker?

And what about these "checks" of my account? Does Bankera making problems or freezes accounts or rather "Here is your account, do not do anything strange and it will be ok, good luck."?