5 Most Crypto-Friendly Banks In Canada (Sep 2022)

August 14, 2022
Blog

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 using CoinSmart, as its one of the best Canadian exchanges currently available. With its security, ease of use, and the fact it has some of the lowest trading fees across all Canadian crypto exchanges, it's hard not to recommend it.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

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 purchase Bitcoin and other cryptocurrencies through Interac e-Transfers.
  • Top-notch security features.
  • Real-time spending notifications (known as goals).
  • Sub-savings bank accounts.

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.

It's one of the best Canadian banks allowing crypto, mainly because it supports a wide array of methods for buying Bitcoin and other cryptocurrencies, including Interac e-Transfer, credit/debit cards, and bank wire transfers as well. Additionally, they constantly keep their policies in check in order to ensure that your funds, fiat or crypto, are always safe.

Features

  • Allows you to make digital currency purchases through Interac e-Transfers, wire transfers, debit and credit card.
  • Has top-notch security features.

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.

Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Withdraw your money at any time (and keep the $50).

Click below to claim your $50 bonus today. Offer ends September 31, 2022.
CLAIM MY $50 BONUS
Offer ends September 31, 2022.

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.

This Canadian bank will allow you to buy crypto using Interac e-Transfers and debit cards, but you won't be able to purchase crypto through wire transfers or credit cards, which is unfortunate.

Features

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

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.

It'll allow you to buy crypto using a debit card, Interac e-Transfer and bank transfer, but you'll need to meet a few prerequisites before you're allowed to do so. Additionally, you might have your crypto transactions blocked if you're trying to fund a non-Canadian crypto exchange account.

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).

The bank will only allow you to make crypto purchases with a debit card, but Interac-e Transfers and bank wire transfers may be two methods coming up in the near future. You might want to be careful when using this bank for crypto-related transactions, however, as some could be blocked if they don't pass an official party verification.

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.

What To Look For In Canadian Banks That Allow Crypto

When looking for the best bank in Canada that also allows cryptocurrency transactions, you'll need to evaluate a fair amount of features that some of these institutions can offer. Here are some of the characteristics you can consider:

  • Security: This is one of the most important aspects to consider when choosing a Canadian bank, and it's especially important whenever you're looking for a crypto-friendly Canadian bank. When considering the security and safety of your bank, consider whether or not it has ever been hacked, or how it keeps your funds safe.
  • Fiat To Crypto Support: An additional thing to consider is whether or not you can use crypto directly for paying bills. Ideally, you should look for a bank that allows you to do this, as it makes things so much easier.
  • Fees: Another important aspect to consider is how much you'll have to pay for conducting transactions in your Canadian bank, especially if the bank allows you to pay bills with cryptocurrency. If part of your investment returns will be lost just because of the bank you chose to use, then what's the point of having an account with it?
  • Supported Cryptocurrencies: One more thing to consider is whether or not the Canadian bank of your choice has support for the crypto you're interested in. Most Canadian banks accept Bitcoin, but of course, Bitcoin isn't the only cryptocurrency out there: the more cryptocurrencies a bank supports, the better.

Best Crypto Exchanges To Pair Canadian Banks With

To buy cryptocurrencies like Bitcoin in Canada, you'll need to use one of the many crypto trading platforms available to Canadians. Here are some of the top crypto exchanges you can use in Canada:

1. CoinSmart – $50 Signup Bonus

Best Overall

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

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart has the lowest trading fees in Canada at just 0.2%. It supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they're a highly secure exchange. They maintain a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

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 live chat and 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 to trade with low trading fees.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

2. Bitbuy — $50 Signup Bonus

$50 Signup Bonus

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

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 also low, ranging from 0% – 1.5% depending on how much you trade. They offer excellent customer support available 24/7, and user accounts are verified instantly.

To date, Bitbuy has processed more than $4 billion in trades across its 400,000+ 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 on all order sizes.

I've personally used Bitbuy for over a year, so I've seen them consistently improve their platform over time. For example, Bitbuy recently removed its fees on deposits and withdrawals, making the overall trading experience significantly cheaper for users. Those fees were Bitbuy's main drawback before, but now I'm very confident calling it the best crypto exchange in Canada.

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 exchange that offers the lowest fees in Canada, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Low trading fees (0% – 1.5%)
  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • Excellent customer support via live chat and email
  • 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%
  • INTERAC Deposits/Withdrawals: Free
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 bonus when you deposit $250 using this link.

Best For

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

CLAIM MY $50 BONUS
Offer ends soon.

3. VirgoCX – $30 Signup Bonus

Best For Fringe Coins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

Based in Toronto, VirgoCX is another one of the best Canadian crypto exchanges. Its users appreciate that it offers 50+ cryptocurrencies, one of the widest selections of any exchange on this list. 

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

Features

  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: Around 1%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking to buy altcoins before everyone else.

CLAIM MY $30 BONUS
Free account, instant verification

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 CoinSmart for its security, simplicity of use, and the fact it has some of the lowest trading fees across crypto exchanges in Canada.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.
Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Trade with low fees and withdraw your money at any time.

Click below to claim your $50 bonus today. Offer ends October 1, 2022.
CLAIM MY $50 BONUS
Offer ends October 1, 2022.