How To Buy Crypto with Royal Bank of Canada

    • 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 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+!

Buy Crypto with Bitbuy

How to buy crypto or bitcoin with Royal Bank of Canada

As stated above, just like with the vast majority of Canadian banks, you can’t buy crypto with Royal 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 cryptocurrency trading platform.

However, there are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.

1. Choose a crypto trading platform

While there are a lot of cryptocurrency 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 Royal Bank of Canada 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!

Buy Crypto with Bitbuy

 

Frequently Asked Questions

Where can I buy crypto in Canada?

There are multiple Canadian crypto 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 easy guide on buying Bitcoin {in Canada}.

About Royal Bank of Canada

Royal Bank of Canada (Canadian multinational financial services company) is Canada's largest bank. The bank is home to over 16,000,000 clients worldwide and employs 86,000+ people. It was established in Halifax, Nova Scotia on 1864. RBC's institutional number is 003. RBC was included on the Financial Stability Board’s global systemically significant banks list in November 2017.

Canada's bank operates commercial and personal banking services under the RBC Royal Bank brand in English and RBC Banque Royale French. The bank serves approximately ten millions clients through its network 1,209 branch networks. RBC Bank, an American banking subsidiary, previously operated 439 branches in six U.S. states. But now it offers only cross-border bank services to Canadian expats or travellers. RBC's U.S. subsidiary City National Bank has 79 branches operating in 11 U.S. states. RBC has also 127 branches in seventeen Caribbean countries that serve over 16 million customers. RBC Capital Markets is RBC’s global investment and corporate bank subsidiary. RBC Dominion Securities is the investment brokerage firm. RBC Bank offers investment banking services. The focus is on middle-market clients.

RBC was Canada's largest company in terms of revenue and market capitalization in 2011. It was also ranked 50th by Forbes Global 2000. It has operations in Canada, 36 countries, and C$1.01 billion of assets under management by 2021.

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