Which Canadian Banks Allow Cryptocurrency? (May 2022)

March 14, 2022
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Some banks are putting up roadblocks that prevent Canadians from buying digital currencies, even though crypto transactions are becoming increasingly common and it is now easier to purchase crypto than ever. In this post, we’ll be covering which Canadian banks allow cryptocurrency so that you can make an informed decision on which bank is right for you.

Regardless of the bank you choose, you’ll need to pair your bank account with a reliable and effective cryptocurrency exchange to buy, sell, and trade any crypto tokens. For this purpose, we recommend you use Bitbuy, mainly due to its security, ease of use, and the fact it has some of the lowest trading fees across crypto exchanges in Canada.

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5 Canadian Banks That Allow Cryptocurrency

1. Tangerine

Tangerine is a popular Canadian online bank that was established by Scotiabank in 2014. It’s one of the few online banks that hasn’t strayed far from the brick & mortar bank norm, mainly because it has ties with Scotiabank.

Despite that, however, Tangerine is one of the few Canadian banks that have embraced cryptocurrency. It currently allows you to make crypto purchases through Interac e-Transfers, and it has additional features such as real-time spending notifications and sub-savings accounts called goals, which make saving for a particular goal easier.

Features

  • Allows you to make crypto purchases through Interac e-Transfers

Cost

  • Interac e-Transfer fee: Free

Best For

People looking for an intuitive online bank.

2. Toronto Dominion (TD)

The Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services corporation formed on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869.

The bank has its headquarters in Toronto, Ontario, and it is commonly referred to as TD and operates as the TD Bank Group.

Features

  • Allows you to make digital currency purchases through Interac e-Transfers, wire transfers, debit and credit card

Cost

  • Monthly fee: CAD 10.95
  • Interac e-Transfer fee: Free
  • Transactions included per month: 25
  • Additional transaction fee: CAD 1.25 per transaction

Best For

People looking for a very crypto-friendly Canadian bank.

3. Royal Bank of Canada (RBC)

national bank

The Royal Bank of Canada (RBC) is a Canadian multinational financial services corporation founded in 1864 in Halifax, Nova Scotia. The company’s headquarters are located in Toronto, Ontario, with additional offices in Montreal, Quebec.

The Royal Bank of Canada is the largest bank in the country by market capitalization and serves over 16 million customers and has 86,000+ employees worldwide. RBC was added to the Financial Stability Board’s list of global systemically important banks in November 2017.

Features

  • Allows you to make crypto purchases through debit cards and Interac e-Transfers

Cost

  • Interac e-Transfer fee: CAD 1.00
  • Debit card fee: Free

Best For

People looking for a bank with a proven track record.

4. Bank of Nova Scotia (Scotiabank)

Scotiabank is a Canadian multinational banking and financial services business headquartered in Toronto, Ontario. One of Canada’s “Big Five” banks, it is the third-largest Canadian bank both by deposits and by market capitalization.

It serves more than 25 million consumers across the world and offers personal and commercial banking, wealth management, corporate and investment banking.

Features

  • Allows you to make crypto purchases through debit cards, wire transfers and Interac e-Transfers

Cost

  • Interac e-Transfer fee: CAD 2.00
  • Debit card fee: Free
  • Wire transfer fee: CAD 15.00

Best For

People looking for a bank with a proven track record.

5. Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) is a multinational banking and financial services business headquartered in Toronto, Ontario. The bank is located on Commerce Court in the city’s Financial District, and it’s one of the two original Big Five banks that have been founded in Toronto.

The Canadian Imperial Bank of Commerce was formed on June 1, 1961, by the merger of the Canadian Bank of Commerce (which had been founded in 1867) and the Imperial Bank of Canada (which had been founded in 1873).

Features

  • Allows you to make crypto purchases through a debit card

Cost

  • Debit card fee: Free (2.5% administration fee for foreign transactions)

Best For

People looking for a bank with a proven track record.

Best Crypto Exchanges To Pair Canadian Banks With

To buy cryptocurrencies, you’ll need to use a trustworthy crypto exchange. Here are some of the top crypto exchanges you can use in Canada:

1. CoinSmart

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

CoinSmart is, without a doubt, the best crypto platform in Canada in 2022.

For starters, CoinSmart’s trading fees are an incredibly low 0.2%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking for low fees and the best overall trading experience.

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Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Bitbuy is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like CoinSmart, Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It’s a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it’s a highly safe and secure exchange that offers deep liquidity for all order sizes.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

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Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid crypto exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either Bitbuy or CoinSmart instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

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Extremely secure, 10x leverage

In Summary

Some financial institutions are placing roadblocks in the path to buying cryptocurrency, which is becoming increasingly popular and is now easier to acquire than ever before. However, you can use any of the alternatives we’ve covered above to purchase cryptocurrencies without much hassle.

To buy, sell, or trade any crypto tokens, you’ll need to link your bank account to a trustworthy and effective cryptocurrency exchange, regardless of the bank you choose to use. For this reason, we recommend Bitbuy for its security, simplicity of use, and the fact it has some of the lowest trading fees across crypto exchanges in Canada.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5