Unbank is a licensed Bitcoin ATM operator founded in April 2014 by Emilio Pagan-Yourno, initially incorporated as PYC, Inc. The company has grown from installing its first Bitcoin ATM in New Jersey to operating approximately 800 machines across 45 states in the United States, plus a mobile app for both iOS and Android platforms.
Unlike traditional cryptocurrency exchanges that require extensive KYC verification and bank accounts, Unbank specializes in cash-based Bitcoin transactions, requiring only a name and phone number for purchases under $900. This makes it particularly useful for the unbanked population, privacy-conscious bitcoiners, or anyone who prefers using physical cash.
How It Works
Unbank operates through two primary channels:
Bitcoin ATMs: Nearly 800 dedicated kiosks spread across the United States where users can buy and sell Bitcoin directly with cash.
Mobile App: A smartphone application that enables users to:
- Buy Bitcoin with cash at over 40,000 participating retail locations including CVS, Walgreens, Rite Aid, and convenience stores
- Sell Bitcoin and withdraw cash at over 23,000 ATM locations
- Send and receive payments via Lightning Network for faster, cheaper transactions
The process is straightforward: users create an account with minimal information, generate a barcode in the app, take it to a participating retailer along with cash, and receive Bitcoin directly to their self-custodial wallet within minutes.
Supported Cryptocurrencies
While Unbank supports several cryptocurrencies including Litecoin (LTC), Dogecoin (DOGE), Ethereum (ETH), Tether (USDT), and Solana (SOL), 98% of their transaction volume is Bitcoin, reflecting the company's Bitcoin-focused user base.
Fees and Costs
This is where opinions diverge significantly:
Buy Transactions:
- Bitcoin ATMs charge 17% on purchases
- Cash purchases at retail registers incur a 5% transaction fee plus a $3.95-$4.95 service fee charged by the retailer
Sell Transactions:
- Zero fees on all sell transactions as of their 10th anniversary promotion
- Users receive the exact spot price based on Bitstamp
The high buy fees are a common criticism, though they're somewhat typical for Bitcoin ATM operators given the convenience, regulatory compliance costs, and cash handling overhead.
Pros
✅ Privacy-Focused: Minimal KYC requirements for smaller transactions allow users to maintain greater privacy than traditional exchanges.
✅ No Custody: Purchased Bitcoin is sent directly to users' self-custodial wallets, meaning Unbank never holds your funds.
✅ Lightning Network Integration: The app supports Lightning Network payments for instant, low-fee Bitcoin transactions, with customers conducting layer-two transactions as large as $2,300.
✅ Wide Availability: With 800+ ATMs and 40,000+ retail partners, Unbank offers extensive geographic coverage across 45 states.
✅ Zero Sell Fees: Unlike most services that charge fees on both sides of transactions, Unbank currently charges nothing to cash out Bitcoin.
✅ Cash Access: Bridges the gap for people without bank accounts or those who prefer cash transactions.
✅ Instant Settlements: No pre-funding accounts or waiting periods—instant peer-to-peer Bitcoin sales.
Cons
❌ High Buy Fees: The 17% ATM fee and 5%+ retail purchase fees are significantly higher than traditional exchanges, making it expensive for regular buyers.
❌ Mixed Customer Service Reviews: User reviews on Trustpilot show a polarized experience, with some customers reporting excellent support while others claim difficulties with account access and fund recovery.
❌ Limited State Coverage: Not available in Alaska, Nevada, New York, North Dakota, Vermont, and Puerto Rico.
Where You Can Use It
Unbank operates in 45 U.S. states through:
- Dedicated Bitcoin ATMs at standalone locations
- Major retail partnerships including CVS Pharmacy, Rite Aid, Love's, Winn-Dixie, and Office Depot
- Gas stations, supermarkets, and convenience stores nationwide
The mobile app includes a location finder to help users identify the nearest participating location.
Company History
Unbank was founded in April 2014 by Emilio Pagan-Yourno, initially as PYC, Inc., before rebranding to Unbank. The company installed its first General Bytes Bitcoin ATM on February 2, 2016, at Royal Fried Chicken in Elizabeth, New Jersey.
Pavlenex, Webworthy, Unbank team
The early years presented significant challenges. Traditional banks were reluctant to work with cryptocurrency companies, making scaling difficult. Many retailers were hesitant to install Bitcoin kiosks due to limited understanding of cryptocurrency. Despite these obstacles, Unbank persevered and has emerged as one of the longest-running Bitcoin ATM operators in the United States.
The company has continually evolved its offerings, adding the mobile app, Lightning Network support through Voltage infrastructure, and expanding its retail partnership network. Unbank celebrated its 10th anniversary in June 2024 and opened its 830th ATM location in November 2024.
Future expansion plans include entering Latin American markets, particularly due to team language capabilities and strategic potential for stablecoin adoption.
The Bottom Line
Unbank occupies a unique niche in the Bitcoin ecosystem as a cash-first on-and-off ramp. The service excels in convenience, privacy, and accessibility, particularly for users who prioritize these factors over cost efficiency. The elimination of sell fees and Lightning Network integration demonstrate continued innovation and user-focused improvements.
For occasional cash-to-Bitcoin conversions, emergency liquidations, or users without banking access, Unbank provides valuable utility. For cost-conscious stackers making regular purchases, traditional exchanges with lower fees remain the better option.
As with any Bitcoin service, users should carefully consider their priorities—privacy and convenience versus cost—and choose accordingly. Unbank has proven its staying power with over a decade of operation, but whether it's the right choice depends entirely on your specific use case and financial situation.
Important Note: This review covers Unbank (the Bitcoin ATM operator at unbank.com). There is a separate company called "Unbanked" (at unbanked.com) that offers cryptocurrency debit cards, these are different services from different companies.
