How To Buy Crypto with Bank of Montreal

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: Canadian Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a crypto trading platform. However, that doesn’t mean you can’t use your bank account to buy crypto.

All you need is a reliable and trusted crypto trading platform. We recommend using Bitbuy as it’s a very well-known Canadian crypto exchange (over 400,000 Canadians served) with a good amount of cryptocurrencies to choose from.

And for a limited time only, you can get FREE $40 when you sign up and fund your Bitbuy account with $250+!

Buy Crypto with Bitbuy

How to buy crypto or bitcoin with Bank of Montreal

BMO site

As stated above, just like with the vast majority of Canadian banks, you can’t buy crypto with Bank of Montreal on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto exchange.

However, luckily for us, there are plenty of cryptocurrency exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.

1. Choose a crypto trading platform

While there are a lot of crypto trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.

The reason we recommend going with Bitbuy is that they’re very easy to use, have 24/7 support, and have a quick and seamless verification process to get you started!

Let’s get into it!

Bitbuy site

2. Create an account on the exchange

The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.

Buy Crypto with Bitbuy

Bitbuy sign up form

3. Transfer funds into the account

Transferring funds from your Bank of Montreal account is also pretty easy as Bitbuy supports Interac eTransfer and Bank Wire.

4. Buy crypto

Once the funds are in the account, just choose bitcoin or any other cryptocurrency you’re wanting to purchase, and buy it.

And that’s it, you now have some crypto, congratulations!

Buy Crypto with Bitbuy

 

Frequently Asked Questions

Where can I buy crypto in Canada?

There are multiple Canadian crypto exchanges where you can buy crypto. While this guide uses Bitbuy, other popular exchanges include Coinberry and NDAX.

How can I buy Bitcoin in Canada?

You can buy Bitcoin using a crypto exchange like Bitbuy or Coinberry. We also have this useful guide on how to buy btc {in Canada}.

About Bank of Montreal

The Bank of Montreal is an international Canadian financial services and investment bank.

Montreal Bank, Quebec was the first bank to be established. Although its headquarters are still located in Montreal, Quebec, the operational headquarters as well as executive offices have been based in Toronto, Ontario since 1977. It is one the Big Five banks of Canada and it is also the fourth-largest bank by market capitalization. It is known by its acronym BMO. This symbol is also used on the New York Stock Exchange and Toronto Stock Exchange. It had assets under administration (AUA), of CAD$634 billion as of October 2021. The Bank Of Montreal swift number is BOFMCAM2 while the institution number is 011.

John Richardson, eight merchants, and John Richardson signed Articles of Association, establishing the Montreal Bank in a Montreal, Quebec, rented house. Officially, the bank opened its doors for business on 3/11/1817. It is Canada's oldest banking institution. In 1822, it was renamed to the current name. BMO's Institution Num (or bank num) is 001. Canada's BMO Bank of Montreal is the name of the bank. The bank has more than 900 branches serving over seven millions customers. It does business in the United States as BMO Financial Group. There are significant operations in Chicago, Illinois, and in other areas of the country. BMO Harris Bank also operates in the USA. BMO Capital Markets is BMO’s investment and corporate bank division. The wealth management division is called BMO Nesbitt Burns. Forbes Global 2000 lists the company as number 131.

Since 1829, the Bank of Montreal has not missed a single dividend payment. They have paid dividends throughout major global crises like World War I and World War II.

Bank of Montreal announced the acquisition of Bank of the West for US$16.3 Billion by BNP Paribas.

Related Posts: