6 Most Crypto-Friendly Banks In Canada + $50 Bonus

January 16, 2024
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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. Kraken is our #1-ranked exchange, and with its current $10 signup bonus available until June 20, 2024, we can't recommend Kraken 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)

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.

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. Kraken – Best In Canada & Lowest Fees

Best In Canada
Kraken

Total Fees: ~0.16%
Security: Best in class
Customer Support: Excellent

By far the lowest fees in Canada.

★★★★★

Rated 4.9/5

Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.

For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.

Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.

If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.

Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.

Features

  • Extremely low trading commissions (0.16%)
  • Extremely low spreads (0.0003%)
  • Trade 100+ cryptocurrencies
  • Stake 100+ cryptocurrencies
  • Simple, intuitive user interface
  • Kraken Crypto Watch allows you to keep track of the crypto market
  • NFT trading inside the Kraken app
  • 24/7 customer support via phone, email and live chat
  • Plenty of free educational resources available to users
  • 95% cold storage policy
  • Regulated by FINTRAC

Cost

  • Trading Fees: 0.16% (spot trades cost 0.26%)
  • Spreads: 0.0003%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: $10 CAD

Best For

Canadian cryptocurrency investors looking to trade with the industry's lowest fees.

2. Bitbuy – $50 Signup Bonus

Strong Security
Bitbuy

Trading fees: 2% (High)
Security: 99% cold storage
Signup bonus: $50

Higher fees, strong security.

★★★★

Rated 4.2/5

Bitbuy is a decent backup option for Canadians in need of a crypto exchange.

Bitbuy user accounts are verified instantly, but its customer support has degraded over time, and trading fees are quite high at 2%, more than 10x that of Kraken.

To date, Bitbuy has processed more than $4 billion in trades across its 450,000+ 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 change their platform over time. For example, Bitbuy recently removed its fees on deposits, making the overall trading experience less expensive for users. However, they increased their trading fees to 2% around the same time, negating most or all of those cost savings.

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 great customer service and a slick mobile app, open a Bitbuy account today.

Features

  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • 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: 2%
  • INTERAC Deposits: Free
  • INTERAC Withdrawals: 1.5%
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1.5%
  • Credit Card Transactions: 6.25%

Signup Bonus

$50 bonus when you deposit $250 using the link below

Best For

Investors looking for a smooth trading experience (though be aware of high fees).

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. Kraken is our #1-ranked exchange, and with its current $10 signup bonus available until June 20, 2024, we can't recommend Kraken highly enough.

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