In this Xapo Bank review, we’ll take a look at one of the biggest premium crypto banking services in the space. As one of the biggest Bitcoin custodians out there, Xapo has created a global presence across its 12 years in operation.
We’ll explore how Xapo blends TradFi banking with Bitcoin, while offering high savings interest rates and some of the lowest Bitcoin trading fees. We are also going to explain its security, track record, benefits, fees, and more, so you can decide if Xapo Bank is the right fit for you.
We found that Xapo is among the best picks for high-net-worth investors looking for a secure place to store their Bitcoin while earning interest. However, the high membership fees make it ill-suited for smaller investors.
Key Takeaways
Security is critical in crypto and banking alike. Xapo is fully licensed and has some of the most cutting-edge cybersecurity on the market with a spotless track record.
Xapo offers passive interest on both your USD and BTC balances.
The Xapo debit card is available globally and offers up to 1% cashback in BTC with no foreign exchange fees.
Xapo Bank offers one of the lowest Bitcoin trading spreads at just 0.1%.
All of these benefits come at a cost in the form of a $1,000 annual fee, making Xapo most worth it for larger investors.
Disclaimer 1: This communication is not intended for, and must not be acted upon by persons resident in the United Kingdom.
Disclaimer 2: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.
Quick Verdict: Is Xapo a Good Crypto Bank for You?
Overall, the Xapo Bitcoin bank offers everything most users need, from bulletproof security to high savings rates, loans, and a high-cashback debit card. It’s especially good for prolific Bitcoin investors, offering a minimal 0.1% spread on Bitcoin trading, which is usually only available for institutional investors.
Xapo’s only major downside as a Bitcoin bank is its $1,000 annual fee. Because of this, Xapo is a poor fit for new investors or those without a lot of funds in the bank. It’s also not ideal for investors keeping most of their funds in altcoins, as Xapo only supports BTC and USD balances.
Xapo Bank was founded in 2013 by Wences Casares, the CEO, and Federico Murrone as the COO. The company was founded in Hong Kong, later moving its headquarters to Gibraltar, where it remains today.
Today, Xapo is one of the largest Bitcoin custodians. The company holds over $10 billion in underground vaults spread across five continents, including at least one vault in Switzerland. The bank has a global presence and is available in most countries around the world. One notable exception is the USA, where Xapo is currently not supported.
Xapo Bank is licensed as a bank and Virtual Asset Service Provider (VASP) in Gibraltar, and is regulated by the Gibraltar Financial Services Commission.
Pros and Cons of Xapo
Pros and cons of xapo bank
Here’s a brief snapshot of our Xapo review, showcasing its strengths and weaknesses.
Pros of Xapo
First-class security with a spotless track record.
Highly regulated and fully licensed bank and VASP.
You can earn interest on your Bitcoin balance in BTC.
Global debit card with up to 1% cashback paid in Bitcoin.
Intuitive mobile app.
Cons of Xapo
$1,000 annual fee.
Only supports USD and BTC balances.
Main Features and Services Offered by Xapo
Despite its clear focus on Bitcoin, Xapo is fairly feature-rich. Let's take a closer look at everything the bank offers.
Bitcoin Custody
One of Xapo's benefits is the ability to hold your Bitcoin in a secure place without the need for seed phrases or private keys. Overall, we've found this to be one of the most promising alternatives to self-custody.
Self-custody generally requires keeping your crypto wallets and seed phrases safe, and if you’re using a hardware wallet, this is largely secure. However, if your seed phrase gets lost, forgotten, or a hot wallet gets hacked, you’re running the risk of losing access to your Bitcoin. To date, 20% of all Bitcoin is estimated to be lost due to inaccessible private keys.
Much like you wouldn’t keep all of your fiat in your physical wallet, Bitcoin may be safer in a bank. Xapo uses Multi-Party Computation (MPC) to break up your private key and hold its components across a network, ensuring there are no single points of failure.
Best of all, you don't need a keyphrase to manage; your identity is all you need to maintain access to your tokens.
Savings Accounts
Xapo’s Savings offers a simple way to earn passive interest on your USD and Bitcoin. By allocating funds to your savings account, you can earn up to a 3.5% APY on your USD balance, and 0.5% APY on Bitcoin balances under 5 BTC.
Most banks offer interest rates on fiat savings accounts between 0.4% and 2.3%. Xapo's 3.75% is already generous, and it's one of the very few places to offer Bitcoin savings with interest. In addition, all of Xapo's interest rates are currently paid in Bitcoin, letting you grow your BTC position through saving USD.
Loans
Xapo offers some of the most favorable Bitcoin-backed loan terms on the market. You can instantly borrow up to $1 million, with a loan-to-value ratio of 20-40%. The loans are flexible, with 1-12 month repayment terms.
Debit Card
All Xapo Bank users in eligible countries are entitled to the Xapo debit card. The bank also supports using and creating virtual cards, which you can use before your physical card arrives.
The debit card is available globally and supported by most merchants that accept Visa or Mastercard.
The card’s biggest selling point is its generous cashback of up to 1%. Unlike most cards that offer cashback in points or varying tokens, all of Xapo’s cashback is paid in Bitcoin. On top of this, there are no foreign exchange fees, meaning you won't have to spend extra to pay in a currency other than USD.
The cash withdrawal limit is relatively generous compared to most competitors, sitting at $1,000 by default, which can be increased to up to $2,000 a day. The card has a high daily spending limit of $10,000, which can be increased to up to $50,000 in the app.
Crypto Trading
There are three tokens you can buy or sell on the Xapo app:
Bitcoin
Cardano
Etehereum
Bitcoin is the only one of these you can transfer to and out of your account, while ETH and ADA can only be bought and sold.
The trading interface is simple and no-nonsense, without advanced order types. This and its lack of charting or TradingView integration make it ill-fitted for executing complex trading strategies. However, it makes it extremely easy for beginners to start Bitcoin trading. Notably, the Bitcoin trading feature is only available through the Xapo app.
Stock/ETF Trading
Xapo allows its users to invest directly in the US stock market through the app. The stocks available are from the S&P 500 and the top 250 from the NASDAQ. With this, you can keep a well-balanced portfolio entirely on Xapo. Currently, you can only execute up to 3 stock trades every 5 days.
Xapo Mobile App
The Xapo Bank app is the main window for your portfolio and balances. It is available on Android and iOS and maintains a high rating on both platforms. The app's intuitive UI makes everything from withdrawals to taking out loans easy to handle.
Security and Reputation of Xapo
Xapo Bank is one of the most secure crypto banks in the world, with a spotless security track record, high regulatory oversight, and a plethora of security protocols to keep your funds safe.
Security Features
Our Xapo Bank review of its security features shows a commitment to the highest security standards for a premium banking provider. This starts with its multi-party computation (MPC) approach to storing your private keys. MPC works by splitting up your private key into chunks, which are then spread across a network to eliminate any single points of failure.
These keys are then kept split up across five continents in underground vaults protected by armed security. The bank also layers cutting-edge AI monitoring that constantly scans Xapo's infrastructure for malware or other cyberthreats.
On the account side, Xapo bolsters your security by setting up multi-factor authentication(MFA) and anti-phishing codes. You can even set up biometric login through fingerprint or facial recognition.
On the operations side, Xapo doesn't lend users' funds and limits its interest-earning activities to low-risk investments like US bonds.
Xapo Bank is regularly audited by KPMG, one of the biggest accounting firms in the world, and maintains SOC2 Type 2 data security standards.
To ensure it has enough funds in case something goes wrong, Xapo shows its reserves publicly on the website. Currently, the bank’s holdings are almost 4x the required amount.
Finally, Xapo has an insurance policy on fiat balances of €100,000 through the Gibraltar Deposit Guarantee Scheme.
Track Record
Xapo Bank has an impeccable security track record. Throughout 12 years of operation, the bank has never been hacked or breached in any way. It's also one of the few crypto-first banks that has never fallen into any significant regulatory trouble.
KYC/AML Requirements
Xapo is fully compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. The KYC procedure has two steps. In the first step, you’ll need to provide a valid national ID or passport with your full information shown. In the second step, you’ll be required to submit a real-time video of yourself to prove your identity.
Regulatory Compliance and Licenses
Xapo is fully licensed and regulated in Gibraltar, being one of the first to be licensed as both a bank and a Virtual Asset Service Provider (VASP). The bank is regulated by the Gibraltar Financial Services Commission, with some services in the UK being regulated through the Financial Conduct Authority (FCA).
Membership Fees and Other Costs of Xapo
Xapo has low percentage fees but a relatively steep membership fee akin to the premium programs some TradFi banks offer. Let's examine how Xapo fees break down to see if it's the right fit for you.
Membership Fee
Xapo Bank has a fixed membership fee of $1,000 annually. The fee is automatically deducted from your account when you have a sufficient balance in one currency.
Loan Interest Rates
Xapo bank interest rates on loans are relatively low, starting at ~10%. With no early repayment fees, Xapo’s Bitcoin-backed loans are, at a baseline, more favorable than some top competitors like Nexon or CoinRabbit.
Trading Spread
Xapo charges a 0.1% trading spread fee for Bitcoin trading to lock in your chosen price and increase the likelihood of a successful trade. Since this is the only trading fee applied, Xapo is competitively priced for Bitcoin trading even compared to dedicated exchanges like Binance.
Stock Trading Fees
There is a fixed fee of 0.5% of the trade value for buying stocks/ETFs on Xapo. The fee for selling Stocks/ETFs is 0.5% of the trade value plus a small SEC fee and a 0.000145 USD per share Trading Activity Fee.
ATM Fees
ATM withdrawals with the Xapo debit card are fee-free up to $100 a month. Past that amount, there is a low 2% fee.
Crypto Purchase Fees
When buying or selling Ethereum or Cardano on Xapo, there is a 1% fee applied. There are no fees applied to exchanging USD to Bitcoin or vice versa.
Deposit Fees
Xapo doesn’t charge any deposit fees itself. However, there are still provider and network fees, of which you can find a detailed breakdown on https://legal.xapobank.com/fees/fees. Notably, there are no fees whatsoever for Bitcoin deposits.
Deposit and Withdrawal Methods Available at Xapo
Xapo supports a fairly wide range of deposit and withdrawal options, with stablecoins like USDT and USDC entering its roster this year.
Supported Deposit Methods
SWIFT bank transfer
ACH bank transfer
USDT & USDC
SEPA bank transfer
ACH bank transfer
FedACH & FedWire
Bitcoin
Supported Withdrawal Methods
SWIFT bank transfer
ACH bank transfer
Bitcoin
Typical Processing Times
The processing time for your Xapo deposit or withdrawal will vary depending on your chosen payment method. Crypto transfers are typically instant, while bank transfers can take a couple of business days depending on the payment method used.
User Experience at Xapo
A premium banking service should be sleek, simple, and efficient. In our experience, Xapo has achieved all three, with a slight caveat.
Registration Process
To register and get started with Xapo, follow these steps:
Visit the Xapo website and click “Join Now.”
Input your name, email, and phone number.
Verify your email and phone.
Pay for your Xapo subscription and download the Xapo bank app.
Platform and App Design
Xapo has one of the most pleasant aesthetics we've encountered, with a sleek, orange-on-black theme and an easily parsed dashboard. With just a few clicks, you can easily navigate to your portfolio or buy Bitcoin from the app. We found the app highly responsive, making for quick and easy trades on the go.
Customer Support at Xapo
Xapo customer support is highly responsive and available 24 hours a day, Mon-Fri. Here are all the ways you can reach them:
Contact methods
Live Chat
You can reach Xapo’s support team via live chat through the “Help” section in the mobile app. It took us just 20 minutes to get a human response through this method.
Phone Support
Xapo has an IVR card system at +350 200 77714, where you can deactivate your card or report it lost or stolen. However, there is no option to get human support via phone.
Email
You can reach Xapo via email at [email protected] with any inquiries.
Letter
If you’re a little more old-fashioned, you can mail a letter to Xapo at: One Grand Casemates Square, Gibraltar, GX11 1AA.
Countries Supported by Xapo
Xapo is widely available, covering most of the world’s countries. One notable exception is the United States, with holders of US passports and those residing in the country being excluded from Xapo’s services.
The availability of some features will vary based on country, such as USD ACH transfers or trading US stocks. Crypto loans, for example, are not available in the United Kingdom.
Available Countries
Xapo Bank is available in over 100 countries, with crypto services available in the following:
Estonia
Sweden
Paraguay
Saudi Arabia
Jersey
Philippines
New Caledonia
Hong Kong
Guatemala
Sri Lanka
US Minor Outlying Islands
Thailand
Poland
French West Indies Islands
Mexico
Tunisia
Iceland
Austria
Moldova
Luxembourg
Tanzania
Brunei Darussalam
Swaziland
United Kingdom
Uruguay
Czech Republic
New Zealand
Lithuania
Bermuda
Kuwait
Vietnam
Vatican City
Guernsey
Reunion
Andorra
Malta
Denmark
Macao
France
Slovenia
Israel
India
South Africa
Bulgaria
Azerbaijan
Indonesia
Australia
Romania
Niue
Italy
Taiwan
Liechtenstein
Morocco
Turkey
Bahrain
Latvia
Serbia
United Arab Emirates
Saint Pierre and Miquelon
Saint Martin
Monaco
Kosovo
French Guiana
Finland
Chile
Ecuador
Peru
Wake Island
Costa Rica
Anguilla
Cyprus
Norway
French Polynesia
Brazil
Hungary
Portugal
US Virgin Islands
Albania
British Virgin Islands
Turks and Caicos Islands
Johnston Island
Aland Islands
Greece
Netherlands
Dominican Republic
El Salvador
Montserrat
Martinique
Switzerland
Georgia
Germany
Canada
Curacao
Faroe Islands
Cook Islands
Slovakia
North Macedonia
South Korea
Gibraltar
Argentina
Sint Maarten
Singapore
Guadeloupe
Angola
Midway Islands
Belgium
Ireland
Tahiti
Isle of Man
Malaysia
Pakistan
Aruba
Spain
Qatar
Japan
Algeria
China
Colombia
Bonair, Saint Eustatius, and Saba
Bolivia
Croatia
Egypt
Restricted Regions
Despite an effort to maintain global availability, local regulation has led to Xapo Bank being unavailable in some countries and territories. These are the countries where Xapo’s crypto banking services don’t currently operate:
Christmas Island
Mozambique
Puerto Rico
North Korea
Canton and Enderbury Islands
Yemen
Madagascar
Suriname
Rwanda
American Samoa
Sierra Leone
Saint Helena, Ascension, and Tristan da Cunha
Papua New Guinea
Congo
Saint Barthelemy
Saint Kitts and Nevis
Mongolia
Gabon
Mauritius
Seychelles
Fiji
Norfolk Island
Togo
Palau
Russia
Niger
Cambodia
Jamaica
Tajikistan
Wallis and Futuna
Chad
Micronesia
Dominica
Jordan
Burkina Faso
Iran
Benin
Tokelau
Bangladesh
French Southern and Antarctic Lands
Guyana
Tonga
Lebanon
Sudan
United States of America
Saint Lucia
Antigua and Barbuda
Solomon Islands
Haiti
Comoros
Panama
Turkmenistan
Cuba
Mali
Nigeria
Iraq
Guam
Svalbard and Jan Mayen
Guinea
Uzbekistan
Barbados
South Georgia and the South Sandwich Islands
British Indian Ocean Territory
Tuvalu
Bouvet Island
San Marino
Kyrgyzstan
Zambia
Democratic Republic of the Congo
Laos
Venezuela
Montenegro
Vanuatu
Samoa
Equatorial Guinea
Armenia Bahamas
Kazakhstan
Nauru
Kenya
Djibouti
Heard Island and McDonald Islands
Honduras
Zimbabwe
Cocos Islands
Nicaragua
Timor-Leste
Somalia
Mauritania
Greenland
Marshall Islands
Kiribati
Belize
Myanmar
Senegal
Cape Verde
Liberia
Ghana
Uganda
Eritrea
Palestine
Libya
Lesotho
Nepal
Pitcairn Islands
Mayotte
Northern Mariana Islands
Gambia
Bhutan
Maldives
Bosnia and Herzegovina
Afghanistan
Central African Republic
Namibia
Ethiopia
Falkland Islands
Western Sahara
Burundi
Cameroon
Botswana
Ukraine
Trinidad and Tobago
Saint Vincent and the Grenadines
Syria
Malawi
South Sudan
Belarus
Oman
Ivory Coast
São Tomé and Príncipe
Cayman Islands
Guinea-Bissau
Grenada
Final Verdict: Is Xapo Worth Using in 2026?
After exploring every facet of Xapo's offering, we've concluded it's an incredible choice for Bitcoin-focused, professional investors. While the $1,000 annual fee is steep for beginner investors, those who can make up that fee with interest through Xapo's savings accounts reap the benefits of low fees across the rest of Xapo's features.
Overall, our Xapo bank review shows it to be one of the best Bitcoin custody banks in the world.
Benefits
Regulated, licensed, and secure with a hack-free history.
High savings rate on USD and BTC balances.
Up to 1% cashback in Bitcoin with the Xapo debit card.
Bitcoin-backed loans of up to $1 million.
Minimal, 0.1% spreads when trading Bitcoin.
Risks
$1,000 flat membership fee.
The account is only accessible through the mobile app.
At CCN, we’ve published hundreds of reviews across crypto and finance. Across our 10 years in the space, we’ve maintained a transparent and thorough approach to all of our reviews.
This Xapo Bank review was written after multiple rounds of testing, analyzing Xapo’s features, security, and history to decide if it’s worth your time. The team that worked on this review has 50+ years of cumulative experience in crypto, with each member giving their own score of how Xapo compares to other banks in Web3 to give you an unbiased perspective.
Frequently Asked Questions
Is Xapo safe and legit?
Yes, Xapo is legit. It is a fully licensed private bank and Virtual Service Asset Provider regulated in Gibraltar through the Gibraltar Financial Services Commission. Xapo operates on a zero-trust security model with first-class multi-party computation protocols backed up by a dedicated team of cybersecurity experts. With a spotless track record on top of this, Xapo Bank is one of the safest Web3 institutions in the world.
What are Xapo’s fees?
Xapo fees are low in percentage terms, with a minimal 0.1% BTC trading spread, which is usually reserved for institutional investors. However, its flat fees are quite high, at a fixed $1,000 annually.
Can I earn interest at Xapo?
Yes, Xapo Bank offers 3.75% interest on USD balances and a 0.5% APY on Bitcoin balances up to 5 BTC.
Is there a Xapo debit card?
Yes, Xapo offers a global debit card for purchases and ATM withdrawals in USD or BTC. The card offers up to 1% cashback, paid in BTC. The card’s high spending limits are coupled with fee-free withdrawals of up to $100 and a low 2% fee for amounts exceeding that.
Can I borrow against Bitcoin at Xapo?
Yes, Xapo crypto loans are some of the most generous in the space, albeit Bitcoin-exclusive. You can get a Bitcoin-backed loan of up to $1 million with a 20%–40% loan-to-value ratio. The loans available are flexible, ranging from 1 to 12 months, with interest rates hovering around 10% annually.
How does Xapo compare to JPMorgan Chase?
Xapo Bank and JPMorgan Chase are completely different in what they offer. JPMorgan doesn’t focus on crypto, with the closest thing to native integration being the ability to link a Coinbase account.
JPMorgan is one of the biggest names in the traditional banking space for a reason, and its TradFi features largely edge out over Xapo’s. However, you can’t store your Bitcoin at JPMorgan, get BTC cashback, or take out Bitcoin-backed loans.
How does Xapo compare to crypto exchanges?
Crypto exchanges aren’t really Xapo alternatives. Crypto exchanges are there to offer you access to a variety of tokens and more advanced trading features.
However, they are not a safe place to hold your tokens, and they don’t tend to offer interest. Xapo, on the other hand, has some of the most robust security in the space, and its specialization in Bitcoin allows you to get some of the lowest trading fees.
Overall, we still recommend using an exchange alongside Xapo bank for any non-Bitcoin trading, but an exchange won’t replace a bank when it comes to holding your Bitcoin.
How do I withdraw from Xapo?
Withdrawing from Xapo is simple. To withdraw funds in USD, follow these steps:
Ilija is a CCN writer with 7 years of experience covering all things crypto. Ever since a fateful run-in with Litecoin in 2013, he's been an avid investor and writer in the space. When he's not maniacally hacking away at his keyboard, Ilija spends his time either hiking in nature or holed up in his apartment gaming.
