How To Buy Crypto with CIBC Bank
- James Page
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Author: 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 exchange. However, that doesn’t mean you can’t use your bank account to buy crypto.
All you need is a reliable and trusted crypto exchange. 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+!
How to buy crypto or bitcoin with CIBC Bank
As stated above, just like with the vast majority of Canadian banks, you can’t buy crypto with CIBC Bank 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 cryptocurrency exchange.
However, luckily for us, there are plenty of crypto exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a crypto exchange
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!
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.
3. Transfer funds into the account
Transferring funds from your CIBC Bank account is also pretty easy as Bitbuy supports Interac eTransfer and Bank Wire.
4. Buy cryptocurrency
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!
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 trading platform like Bitbuy or Coinberry. We also have this guide on buying Bitcoin {in Canada}.
About CIBC Bank
Canadian Imperial Bank of Commerce (or Canadian Imperial Bank of Commerce) is a Canadian multinational financial services and banking corporation headquartered in CIBC Square, Toronto, Ontario. CIBC's Institution number (or bank #) is 010. Its SWIFT code, CIBCCATT, is CIBCCATT. It is one among two Big Five banks in Toronto that were founded, the other being Toronto-Dominion Bank. Canadian Imperial Bank of Commerce was established by the June 1, 1961 merger of the Canadian Bank of Commerce (1867), and the Imperial Bank of Canada (1873). This merger was the largest among chartered banks in Canadian history.
The bank operates four strategic business units: Canadian Personal and Business Banking and Canadian Commercial Banking and Wealth Management. U.S. Commercial Banking and Wealth Management are the other two. Capital Markets is the fourth. It has operations internationally in the United States and Asia. CIBC employs more than 40,000 people and serves more clients than 11 million. Forbes Global 2000 lists CIBC at number 172.
CIBC was a founding member of the Toronto Blue Jays baseball team and served as their official bank until the sale of its ownership stake. CIBC sponsored other sporting events, including the 2015 Pan American Games (where it was the leading partner) and the 2015 Parapan American Games (where it was the sole sponsor). The formalization of the partnership between CIBC and the PANAM Toronto 2015 Organizing Committee was made on 27/10/11.
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