How To Buy Crypto with National Bank of Canada
- 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 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 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+!
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How to buy crypto or bitcoin with National Bank of Canada
As stated above, just like with the vast majority of Canadian banks, you can’t buy crypto with National Bank of Canada 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 trading platform.
However, there are many crypto trading platforms that you can use for buying bitcoin and other cryptocurrencies.
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!
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 National Bank of Canada 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!
Frequently Asked Questions
Where can I buy crypto in Canada?
There are multiple Canadian cryptocurrency trading platforms 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 useful guide on purchasing btc {in Canada}.
About National Bank of Canada
The National Bank of Canada ranks sixth in Canada as the largest commercial bank. It is located in Montreal, with branches across Canada and personal clients of 2.4 millions. National Bank is Quebec's second largest bank, and it is also the second largest financial institution in Quebec after Desjardins Credit Union. National Bank's Institution Number (006) is the same as its SWIFT Code (BNDCCAMMINT).
The Banque Nationale was established by francophone businessmen in Quebec and Ontario in 1859. While there were some anglophone bourgeoisie members who contributed to the bank’s share capital, all the seats on its board of directors were held by the francophones. Ulric Joseph Tessier (lawyer and Member of Legislative Assembly) was the bank’s chairman.
The bank was unable to recover from losses suffered during the banking crises triggered by panic in 1884 and financial panic 1873, but it managed to survive and continue to operate. Banque Nationale came under financial stress again in 1930s due to the Great Depression. To strengthen the bank, a merger was made with Banque d'Hochelaga. This was done with the support of the legislature. The new bank was called "Banque Canadienne Nationale" or "Banque Canadienne Nationale" in English (Canadian National Bank).
BCN launched Chargex, a credit card that was issued by Canadian banks in 1968.
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