Summary: 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 RBC Bank account to buy crypto.
All you need is a reliable and trusted crypto trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with RBC Bank
As stated above, just like with the vast majority of banks, you can’t buy crypto with RBC 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 trading platform.
However, luckily for us, there are plenty of crypto trading platforms 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 eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
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 RBC Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About RBC Bank
RBC Bank, N.A. is the United States-based retail bank division of Royal Bank of Canada (RBC), and is targeted towards Canadian snowbirds, tourists, and expatriates. RBC Bank is a federally chartered banking institution. The trading name of the bank bears the "N.A." letters.
RBC Bank USA (formerly RBC Centura), which was established in 2001 after Centura Bank acquired Centura Bank's Raleigh, North Carolina-based Centura Bank. RBC Bank USA's American client banking division was sold in 2012 to PNC Financial Services. RBC's cross border banking services for Canadians, however, were transferred to the newly formed RBC Bank Georgia (N.A.). subsidiary.
Centura Bank was created when Peoples Bancorp and Planters Corp. of Rocky Mount, North Carolina merged on November 2, 1990. Royal Bank of Canada bought Centura Banks, rebranding them as RBC Centura. RBC Bank announced on January 17th 2008 that it would be ending the "Centura” brand and that the unit would continue to operate under the RBC Bank name. Rocky Mount continued to have over 1000 employees as of 2011, working in areas like information technology and mortgage processing.
RBC Centura acquired Tucker Federal Bank parent firm Eagle Bancshares in 2002. This gave it a greater customer base in Atlanta, after the 1998 purchase of Security First Network Bank. Security First Network Bank had only one location. Flag Bank was acquired, and the bank merged with it. This increased its presence in Georgia. RBC continues to grow in Southeast after purchasing 39 branches of Birmingham-based AmSouth Bank (March 9, 2007). RBC Centura previously had no branches in Alabama.
RBC's presence expanded in Alabama, Georgia, Florida and Georgia after it acquired Alabama National BanCorporation. RBC Bank was approved by the U.S. on February 5, 2008. On April 14, 51 branches were re-opened under RBC Bank. All branches had been reopened by June 2008. ANB operated in three different states through eleven subsidiaries.