Some banks are putting up roadblocks that prevent Canadians from buying and selling digital currencies, even though crypto transactions are becoming increasingly common, and it is now easier than ever to purchase crypto. That's why it's important to choose a bank that supports crypto and has no history of shutting down accounts due to cryptocurrency activity.
Regardless of the bank you choose, though, you'll need to pair your account with a reliable cryptocurrency exchange for buying and selling cryptocurrencies. CoinSmart is our #1-ranked exchange, and with its current $50 signup bonus available until June 7, 2023, we can't recommend CoinSmart highly enough.
6 Canadian Banks That Allow Cryptocurrency
1. KOHO

KOHO is a Canadian online bank that was launched in 2017. It provides one of the best banking experiences through its highly-rated mobile app, and it offers competitive interest rates. Additionally, they have a very attractive cashback program where you can earn up to 5% cash back on every purchase. It also offers free unlimited electronic transactions and there are no monthly fees for the basic account; with the premium account, you get discounts on foreign transactions and some extra perks.
KOHO is a federally chartered bank in Canada and a member of the Canada Deposit Insurance Corporation (CDIC). It is a completely digital bank with no physical location, and it is available in all provinces.
Features
- Use your account to purchase crypto on sites like Coinsmart, Coinbase, and Binance
- 0.50% cash back on all purchases (up to 5% at select stores).
- 1.20% interest on all your balance.
- Early Payroll (up to 3 days early)
- Unlimited free Interac e-Transfers and online transactions.
- Joint savings accounts.
Cost
- No minimum balance.
- Monthly fee: Free (or $9 for the premium account)
- Foreign ATM fees: 1.5% + $3
Best For
People looking for a very flexible banking option.
2. 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.
3. 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.
4. Royal Bank of Canada (RBC)

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.
5. 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.
6. 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. While platforms like Shakepay, Newton and Wealthsimple Crypto are popular and offer good trading platforms, they're either expensive or they have bad customer service, which is why choosing the right exchange is so important.
Here are some of the top crypto exchanges you can use in Canada:
1. CoinSmart – $50 Signup Bonus
Best In Canada |
Trading fees: 0.2% (Medium) |
★★★★★ Rated 4.9/5 |
CoinSmart 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.
CoinSmart maintains a 95% cold storage policy, and as a publicly-traded company, its financials are audited by a third-party firm at least once per year.
If you're looking for a great all-around crypto trading platform, CoinSmart is an excellent choice.
Features
- Very low spreads on trades
- 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: 1.5%
- 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.
2. VirgoCX – $20 Signup Bonus
#2 In Canada |
Trading Fees: 0% |
★★★★★ Rated 4.7/5 |
VirgoCX offers 50+ cryptocurrencies, charges zero trading fees, and only charges spread between 0.5% – 0.95%, making it a cost-effective exchange.
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.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the dozens of assets VirgoCX supports.
If maximizing your investment potential is important to you, VirgoCX is a great choice.
Features
- Lowest fees in all of Canada
- 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: 0.5% – 0.95%
Signup Bonus
$20 when you fund your account with $100 or more using this link.
Best For
Investors looking for the lowest fees in Canada.
3. ZenGo – Most Secure
Good All-Around |
Account Opening: Free |
★★★★ Rated 4.4/5 |
ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.
ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.
ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.
Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.
Features
- Supports 75+ crypto assets
- 24/7 customer support
- Extremely well-rated mobile app (4.7/5 on the App Store)
- Face scanning technology for even greater security
- Up to 8% APY in crypto savings
- Cancel or speed up your sent transactions with one tap
- Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)
Cost
- Account Opening: Free
Best For
Crypto investors looking for the most secure trading experience + low fees.
SECURE MY CRYPTO FOR FREE
Sign up by June 7, 2023.In Summary
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. That's why it's important to choose a bank that supports crypto and has no history of shutting down accounts due to cryptocurrency activity.
Regardless of the bank you choose, though, you'll need to pair your account with a reliable cryptocurrency exchange for buying and selling cryptocurrencies. CoinSmart is our #1-ranked exchange, and with its current $50 signup bonus available until June 7, 2023, we can't recommend CoinSmart highly enough.