Buying Bitcoin in CA – What Canadian Banks Allow Crypto Transactions

In January 2017, the Canadian government announced its intentions to “bring forward legislation to ban the use of foreign currencies in online gaming”. This decision came after the CRA sent a warning to all Canadian banks to stop allowing their clients to transact in Bitcoin. At the time, the government claimed that Bitcoin “posed a ‘significant risk’ to ‘public safety and security’.”

If you are a Canadian looking to purchase your first Bitcoin, you are in luck. Many of the Canadian banks allow you to do so, and some even offer special Bitcoin purchasing promotions.. Read more about what canadian banks support cryptocurrency 2021 and let us know what you think.

Purchasing Bitcoin in California: Which Canadian banks accept cryptocurrency transactions?

Buying Bitcoin in CA – What Canadian Banks Allow Crypto TransactionsBitcoin prices were only starting to rise ten years ago. The country’s first millionaires were rejoicing in their newfound fortunes, but the bulk of investors were remained wary of investing in something so new and unknown. The majority of people had no idea what “crypto” was, much alone if it was a genuine kind of money. Everyone knows about Bitcoin and its many digital relatives these days, as more and more people want to get a piece of the action.

Cryptocurrency has proved to be the world’s most speculative investment. Its value has risen and fallen dramatically throughout the years, yet every drop has been followed by a spectacular rise. Investors are starting to understand that long-term profitability is all but certain, despite the fact that the timing seems difficult to forecast.

But there’s a catch: crypto isn’t simple to acquire.

Foreign currencies have always been simple to swap throughout history. Each is affected by the economy and inflation, is governed by a central government, and can be readily moved between accounts at the current exchange rate.

Cryptocurrencies differ from traditional currencies in that they are decentralized. This implies they are not governed or regulated by any central authority. They don’t exist in the physical world, either. You can’t just go into a shop and buy a bag of chips and a drink, then pay with a few digital pennies. You can’t just go into your bank and say, “Hello, I’d want to make a $500 withdrawal.” Is it possible to acquire it in Bitcoin Cash (BCH)?”

Why is everyone purchasing Crypto if it isn’t convenient?

There are two compelling arguments for this. To begin with, as previously said, the value of certain crypto currencies – particularly the big ones such as Bitcoin, Ethereum, and Litecoin – continues to rise. These are digital currencies that began off as tiny fractions of a cent and have now grown to be valued hundreds, thousands, or even tens of thousands of dollars. People are interested in more than simply their prospective financial worth.

What made decentralized crypto so popular in the first place was its ability to be bought, traded, and sold on a global scale, with unheard of anonymity. In the beginning, Bitcoin was cheap, and extremely anonymous. It was the perfect medium for things like online casino gambling, or sending money to a relative overseas without having to pay exorbitant bank wire fees. That sense of freedom is unheard of in the physical realm of fiat currency.

Bitcoin Purchases in Canada – 2021

The most common concerns for anybody considering purchasing Crypto for the first time are how much to purchase, where to get it, and how to pay for it. The quantity of Bitcoin or any other cryptocurrency you buy should be completely determined by your risk tolerance.

When I say “risk,” I really mean it. Investing in cryptocurrency is almost same to gambling. There are no guarantees in the value of any digital currency, just as there are no guarantees in the value of any digital coin. Only invest more funds that you can afford to lose. That way, if things go wrong, you won’t be ruined financially.

Setting up your own Bitcoin wallet has always been an option when it comes to purchasing it, but the difficulty of doing so has traditionally deterred the bulk of would-be purchasers. Fortunately, Crypto has grown so popular that there are a variety of easy-to-use trading platforms. Bitcoin and other crypto currencies may be purchased on cryptocurrency exchanges, over the counter (OTC), or at a physical store. Below, we’ll go through each of these Bitcoin purchasing options in more depth.

You’ll need a method to pay for anything you purchase, regardless of who you buy it from. The most convenient choice is to use your regular payment methods, such as credit card, debit card, bank transfer, and Interac. All of this happens via your dependable bank account, which leads us to…

Which Canadian banks accept cryptocurrency transactions?

Members of all of Canada’s main banking institutions will be able to buy Bitcoin. The method of purchasing differs from one branch network to the next. Purchases made with a credit card, in particular, are very restricted.

Let’s take a brief look at each of Canada’s Big Five banks’ Crypto purchasing choices, which include:

  • Bank of Montreal is a financial institution based in Montreal (BMO)

  • The Bank of Nova Scotia is a financial institution based in Nova Scotia (Scotiabank)

  • Canadian Imperial Bank of Commerce is a financial institution in Canada (CIBC)

  • The Royal Bank of Canada is a Canadian financial institution (RBC)

  • Toronto-Dominion Bank is a financial institution based in Toronto, Ontario (TD Bank)

CA Bank

Using Your Credit Card

Card de débit

Interac

Wire Transfer

BMO

CIBC

RBC

Scotiabank

TD Bank

Why can’t I buy cryptocurrency using a credit card?

The majority of the Big Five, as seen in the table, do not enable members to buy Bitcoin using a credit card. The explanation for this is straightforward. The majority of credit card companies see cryptocurrency purchases as a cash advance. After all, you’re converting one money into another. To begin with, the costs for a cash advance are excessive, and this is on top of the current expenses for purchasing cryptocurrency.

Another reason that very certainly influenced the decision to not allow credit card transactions is that investing in cryptocurrency is similar to gambling. There is a significant amount of danger involved. Just like credit card companies don’t want you to gamble with money you don’t have, they’d rather you buy Crypto using money you already have in your account. Debit cards, bank transfers, and Interac payments are all examples of eligible payment methods that use your current money.

How to Purchase Bitcoin Using…

Debit Card / Credit Card

Purchasing digital money using a credit card (where applicable) or debit card is similar to purchasing anything else with a card. Simply swipe your card if you’re making a transaction in person. If you’re making an online purchase, provide your name and address, as well as your 16-digit card number, expiry date, and 3-digit security code from the back of the card.

Wire Transfer

Buying Crypto using a bank wire transfer (also known as a SWIFT bank transfer) is only available online. You’ll have to provide some unique information, similar to creating an eCheck. You’ll be asked for your name, address, and bank account number, as well as the name of the bank and its SWIFT code (routing number). On a paper check, you’ll find all of this information. You may also contact your local branch and get the information you need.

eTransfer Interac

The unique Interac internet banking system in Canada is unrivaled. You’ll input the amount you wish to send and the bank with which you have an account when purchasing Bitcoin using Interac. You’ll then be routed to your bank’s website, where you may log in and finish the transaction via online banking.

Flexepin

If you want to purchase Bitcoin with cash, Flexepin is an excellent option. It’s a pre-paid voucher that you can get at almost any shopping mall or convenience store in Canada. On the downside, only a few Bitcoin exchangers (mainly in-person retail) accept Flexepin coupons.

Paypal

Paypal announced in October 2020 that US users will be able to purchase and trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin using their Paypal accounts. Unfortunately, crypto trading using Paypal is not currently available to Canadians. If something changes, we’ll let you know.

Where Can I Purchase Bitcoin in Canada?

In Canada, there are five main methods to purchase cryptocurrency. Some of them may need you to create your own Bitcoin wallet, which we will cover later in this tutorial. You may avoid this step by using exchanges like Coinbase and Robinhood, which will store your digital currencies for you. Below, we’ll take a quick look at each of these choices.

Cryptocurrency Exchange Online

Today, the most common way to purchase Crypto is via an online exchange. It’s fast, convenient, and costs a little amount of money. Plus, you won’t need any prior experience to begin buying and trading BTC, BCH, DOGE, ETH, LTC, and other cryptocurrencies.

These days, there are a number of very trustworthy sites to choose from. They let you trade Crypto in the same way that you would any other commodity. Similarly, each transaction will incur a modest commission charge. Whether the fees are worthwhile is entirely dependent on the amount of trading you want to do. The costs may seem hefty if you’re just purchasing a few dollars’ worth, but they’re little at best if you’re dealing in hundreds or more.

The major crypto trading platforms in Canada in 2021, as well as the virtual currencies they provide, are shown in the figure below.

Coinbase

Description

Coinbase, the world’s most popular virtual currency trading platform, is also renowned for having some of the industry’s lowest trading costs. It has a huge number of well-known cryptocurrencies.

Cryptocurrencies Accepted

Uniswap, UNUS SED LEO, USD Coin, Wrapped Bitcoin, Aave, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Dai, Dogecoin, EOS, Ethereum, Ethereum Classic, Filecoin, Internet Computer, Litecoin, Polkadot, Polygon, Solana, Stellar Lumens, Tether, Uniswap, UNUS SED LEO, USD Coin, Wrapped Bitcoin

Gemini

Description

Gemini is another significant participant in the Crypto Exchange market. Users may buy a wide range of virtual currencies on the web or via the mobile app.

Cryptocurrencies Accepted

1Inch, Aave, Alchemix, Amp, Ankr, Balancer, Bancor, BarnBridge, Basic Attention Token, Bitcoin, Bitcoin Cash, Chainlink, Compound, Cryptex, Curve, Dai, Decentraland, Dogecoin, Enjin, Ethereum, Fantom, Filecoin, Gemini Dollar, Injective, Kyber Network, Litecoin, LivePeer, Loopring, Maker, Mirror, Orchid,

Kraken

Description

Kraken, one of the biggest cryptocurrency trading platforms in Canada and abroad, provides an amazing variety of 81 cryptocurrencies to buy and sell (at the time of writing).

Cryptocurrencies Accepted

Aave, Aavegotchi, Algorand, Ankr, Aragon, Augur, Augur v2, Axie Infinity Shards, Balancer, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bancor, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Chiliz, Compound, Cosmos, Covalent, Curve DAO Token, Dai, Dash, Decentraland, Dogecoin, Energy Web Token, Enjin, Enzyme Finance, EOS, Ethereum, Ethereum 2, Ethereum Classic, Filecoin, Flow, Gnosis, ICON, Kava, Keep Network, Kyber Network, Kusama, Lisk, Litecoin, LivePeer, Lum tBTC, Tether USD, Tezos, The Graph, TRON, Uniswap, USD Coin, Waves, Yearn Finance, Zcash, Siacoin, Solana, Storj, Sushi, Synthetix, tBTC, Tether USD, Tezos, The Graph, TRON, Uniswap, USD Coin, Waves, Yearn Finance, Zcash

Robinhood

Description

This website allows you to trade full-fledged commodities, although only a few cryptos are accessible. Most users consider it the simplest app to deposit, withdraw, buy, sell, and trade Crypto on if you just want to deal with big currencies.

Cryptocurrencies Accepted

Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin are some of the most popular cryptocurrencies.

Binance

Description

Binance’s terms of service were recently changed. The service is not available to residents of Ontario. Other Canadian provinces/territories are not allowed to use a Visa credit or debit card to deposit or withdraw funds. Payments may be made through SWIFT bank transfer by eligible Canadians.

Supported

Crypto

Binance is renowned for having a large number of tradable cryptos, with over 500 to choose from. I’m not going to mention them all. You can check what’s available for yourself right here.

Platforms for Crypto Trading that aren’t Available in Canada

Due to their prominence in other nations, the following is a short list of Crypto exchanges you may have heard about. These sites, on the other hand, do not or no longer support Canadian accounts.

ATM for Bitcoins

Whether you believe it or not, there are a plethora of ATM machines and teller machines all across Canada that allow you to purchase and sell Bitcoin (and other Cryptocurrency). You just need a Bitcoin wallet to keep your money safe. You may buy Bitcoin and other Cryptos straight from the kiosk using your debit or credit card (depending on your bank), then finalize the transaction by scanning the QR code for your wallet (from your phone).

Bitcoin ATMs are not to be confused with conventional bank network ATMs. The first is only for cryptocurrency trading, while the second is for depositing and withdrawing Canadian Dollars. Because Crypto ATMs are a specialized ATM, transaction costs are typically 6-8 percent more than the prevailing market rate.

It shouldn’t be too difficult to locate a Bitcoin ATM. Canada has the highest per capita number of Bitcoin ATMs in the world. There are 1,621 of them scattered throughout the Great White North at the time of writing, with the greatest number in each province’s main cities. To locate the closest Bitcoin ATM, we suggest using Coin ATM Radar.

Location for Retail

Crypto may be purchased in person at a retail store. It negates the point of “moving digital” figuratively, but well, to each their own. You may prefer to pay in cash or lack access to a secure internet connection. There are actual Bitcoin brokerages and international exchanges that trade in virtual money, whatever the situation may be.

You may purchase or sell Bitcoin via MyBTC.ca at any Canada Post location. Cash, credit/debit cards, bank transfer, Interac, and Flexepin vouchers are all accepted as payment methods. Netcoins is a cryptocurrency exchange that operates in over 170,000 retail locations across the globe. In Canada, a company called Betcoiniacs runs a network of Bitcoin ATMs. In the greater Vancouver region, they presently have approximately 30 teller machines, with more in Calgary and Montreal.

P2P (Peer-to-Peer) Trading

Peer-to-peer trading is a kind of online trading in which two people exchange Crypto directly without the involvement or supervision of a third party. Although the transaction is conducted via an exchange provider, no help or customer support is provided.

There are a number of free P2P Crypto markets where you may directly trade, but be wary of fraudsters. Paxful allows users to trade almost anything, even gift cards, which may arrive empty. Seller reputation ratings are available on LocalBitcoins.com and Quebex.com, so you know who you’re working with.

Scams are very common in this industry, as I previously said. Do your homework, use escrow services if they’re accessible, and never make a transaction you’re not certain about.

Obtainable Over the Counter (OTC)

A P2P crypto transaction is similar to an OTC crypto trade, except that there is no exchange provider involved. The transaction is entirely between the two people. This technique should only be used when you know and trust the individual with whom you’re dealing.

The overwhelming majority of OTC transactions take place between brokers who are helping high-profile customers. Because the transactions are secret, they aren’t always recorded on a ledger, making them ideal for private transactions. Another advantage of this trading technique is that it allows for bigger transactions, such as those involving tens of thousands of dollars or more, to be completed without “slippage.”

According to Investopedia, slippage is defined as:

“…the difference between a trade’s anticipated price and the price at which it’s completed. Slippage may happen…[and] when a big order is completed but not enough volume is available at the selected price to maintain the existing bid/ask spread.”

What Is a Bitcoin Wallet and How Do I Make One?

You’ll need your own digital wallet to store your coins if you wish to utilize any of the aforementioned alternatives that don’t come with a built-in wallet (basically anything other than a Crypto exchange service).

For a full step-by-step instruction, please see the tutorial below.

For the year 2021, the best casino for Canadians is

Customize-Your-Wallet-with-Fun-Personalized-Debit-Card-Stickers Our editorial choice for safe Canadian gambling is Royal Vegas. Currently, they accept a wide variety of Canadian deposit methods, including prepaid gift cards, eCheck, instadebit, and visa/mastercard. That, and a world-class gaming experience with a plethora of table games, a wide range of options, and even live dealers. The company has been in operation for a decade.

Visit http://RoyalVegas.com for more information. 

How do you buy a bitcoin? If you’re Canadian, you’ll have to find a bank or credit union that will allow you to take a selfie of your ID, send them some KYC information and accept your Canadian banking credentials in order to complete a transaction.. Read more about what banks allow you to buy cryptocurrency canada (2021) and let us know what you think.

Frequently Asked Questions

What Canadian banks allow Crypto purchases?

Some Canadian banks and trust companies allow clients to purchase cryptocurrencies with Canadian dollars. For example, Bank of Montreal, Bank of Nova Scotia, Credit Union, and TD Bank Canada. Detailed information on banks and trust companies can be found below. Bank of Montreal The Bank of Montreal allows clients to make cryptocurrency purchases via Interac e-Transfers as long as the client has an active bank account with the Bank of Montreal. The maximum amount that can be purchased is $250,000 per day and $500,000 per month. Bank of Nova Scotia The Bank of Nova Scotia allows cryptocurrency and cash deposits and withdrawals on accounts and cards but no cash purchases. They allow a maximum amount of $50,000 per day and no place in between. Credit Union The Credit Union allows cryptocurrency purchases with Canadian dollars. They are also a cash-back credit union, which means monies deposited can be redeemed in the form of cash from over 600 different merchants across Canada. The maximum amount that can be purchased at any point in time is $10,000 per day. TD Bank Canada TD Bank Canada allows cryptocurrency purchases as long as they are purchased with Canadian dollars in a cash-loaded Interac e-Transfer or a debit card purchase. So for example, if you purchase BTC with your Debit card, it can be sent via direct bank transfer, but BTC cannot be purchased with a Credit card. The maximum amount that is allowed to be purchased per day is $25,000. HSBC Bank Canada The bank does not currently provide services related to alternative currency transactions like Bitcoin or Ethereum, but they did mention that they are in the process, according to an email from customer service in November 2017. Ontario Northland Credit Union The Credit Union currently does not allow digital currency purchases or cryptocurrency trading. The transfer limits vary depending on the individual credit union.

Do Canadian banks accept Cryptocurrency?

Page 1 U.S. banks accept American money in exchange for Bitcoin, so it can be hard to spend your cryptocurrencies on anything at home. But Canada…accepts Canadian money too, so you might be able to find an exchange on your college campus, or you could look up an ATM for Bitcoin or Ethereum. That’s about all across North and […] The Fisks explore Bitcoin, Ethereum, and other cryptocurrencies Bitcoin Can Rise to $100,000 Before Crisis Mid-2023, Says Craig Wright Bitcoin Adoption Set for Milestone Both Inside and Outside the U.S. Canada to join cryptocurrency mix as Bank of Canada officially allocates $170M 0 The Fisks explore Bitcoin, Ethereum, and other cryptocurrencies Canadian banks may be open to cryptocurrency Toronto cryptocurrency exchange CoinSquare receives funding THe StudentHouse video. Aerin Flower – Bitcoin Splits A CoinStore invest. Bevearrid 10% of UK Financial Institutions Could Support Bitcoin – Bitcoin News The Fisks explore Bitcoin, Ethereum, and other cryptocurrencies Avocados Learning Cryptocurrency Online Digital Currencies and Investments What would you do with $500 if you won a jackpot? 11 Bitcoin can reach $100,000 in 10-25 years – When will Bitcoin crash or rise? 0 Which Countries Accept Cryptocurrencies? Think anyone in Finland or Jordan accepts Bitcoin? Think again. A growing number of businesses, financial institutions, and universities everywhere are making headway in the world of cryptocurrency. Here are a few countries to keep on the radar. More and more

Which banks allow Crypto purchases?

No banks currently allow cryptocurrency purchases. Various laws restrict banks from doing so. Our mobile app allows people to trade Bitcoin & Litecoin. What are your views on CFDs & its relevance to the mass crypto trading market? CFDs are not relevant to the mass crypto trading market. Most traders are looking for more fundamental & demanding investments in crypto. Contrary to popular belief, do decentralized exchanges have any benefits over traditional centralized ones? No. Which cryptocurrency exchanges and wallets are reliable? WietseWind, Coinbase, Binance, etc.

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