How To Buy Crypto with Scotiabank

    • 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 cryptocurrency 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 cryptocurrency 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 Scotiabank

As stated above, just like with the vast majority of Canadian banks, you can’t buy crypto with Scotiabank 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 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 Scotiabank 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 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 cryptocurrency trading platform like Bitbuy or Coinberry. We also have this guide on how to purchase bitcoin {in Canada}.

About Scotiabank

The Bank of Nova Scotia is a Canadian multi-banking and financial services firm headquartered in Toronto. It is one the Canada's Big Five Banks and the third largest Canadian bank, in terms of deposits and market capitalization. It serves over 25 million customers all around the globe and offers a wide range of services, including personal, commercial, wealth management, corporate, and investment banking. Scotiabank trades at the New York (NYSE) and Toronto (TSX) exchanges with more than 92,000. It also has assets in excess of CA$1,136 million (according to the 2020 annual reports). The swift code for Scotiabank is NOSCCATT, and the institution number 002.

Scotiabank was founded 1832 in Halifax (Nova Scotia), where it remained until its move to Toronto in 2000. Scotiabank claims to be Canada's most internationally-oriented bank, due to its acquisitions mainly in Latin America and in the Caribbean. It also has operations in Europe and parts Asia. Scotiabank is an accredited institution which participates in the London Bullion Market Association's gold fixing. From 1997 to 2019, it was conducted through ScotiaMocatta, its precious metals section.

Scotiabank's President & CEO Brian J. Porter is the leader

Scotiabank increased its stake to 55 percent in Grupo Financiero Inverlat Mexican bank in 2000. Grupo Financiero, Scotiabank Inverlat was later renamed for the Mexican bank. [9] Inverlat's banking house was then purchased by Scotabank, which took over all its branches and established a strong presence in Mexico in 2003.

In 2002, Scotiabank (formerly Banco Quilmes), closed branches in Argentina due to the currency crisis and sovereign default. The Chinese government awarded Scotiabank's Guangzhou Branch the first Canadian bank license in order to allow it to trade in Chinese currencies. Scotiabank purchased a 24.98% stake in Thanachart Bank. This percentage was increased to 49.99% by December 2014. Thanachart Bank has been acquired by Siam City Bank. It is now 6th largest bank in Thailand, based on assets.

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