Is CIBC Bank Crypto-Friendly?
Yes, CIBC Bank is a crypto-friendly bank in Canada. This means that customers are allowed to withdraw Canadian Dollars (CAD) into a regulated trading platform that is based in the country. We recommend staying clear from off-shore exchanges like Binance or Bybit, which all banks in Canada are not friendly toward.
How to Buy Bitcoin and Crypto with CIBC
As outline above - the best way to buy Cryptocurrencies with CIBC Bank is through a FINTRAC registered broker. We recommend Bitbuy as the largest and most trusted exchange in Canada that offers secure CAD deposits to trade a wide variety of crypto assets on their licensed trading platform.
You can get started with Bitbuy from RBC in 4 simple steps:
- Sign up to Bitbuy with your email address and complete the verification requirements.
- Connect your CIBC Bank account and select 'Interac e-Transfer' as your deposit method to transfer Canadian Dollars (CAD).
- Input the amount of CAD you want to deposit and finalise the transaction. The funds will arrive in your account in under 1 minute.
- The final step is to find the crypto you want to buy on the platform and execute your trade.
What are the fees to invest in Crypto?
The fees to deposit and withdraw CAD from Bitbuy are completely free from CIBC Bank when using Interac e-Transfer as your method. With respect to trading fees, they offer the most competitive rates in the country starting at just 0.1% per trade.
About CIBC Bank
CIBC Bank is one of Canada’s leading providers of banking services, with a wide range of products and services designed to meet the financial needs of Canadians. With more than 11 million clients across the country and around the world, CIBC offers a full suite of personal and business banking services through its network of branches, automated banking machines, telephone, internet banking and mobile solutions.
CIBC provides in-depth advice, competitive rates and best-in-class service to help clients manage their day-to-day finances and achieve their long-term financial goals. The bank also offers a range of wealth management solutions for Canadians seeking to build and preserve their wealth for future generations.
As one of Canada’s largest banks, CIBC is committed to helping their clients and communities succeed. They are dedicated to making a meaningful difference in the lives of their customers, employees and communities through investments in financial literacy, volunteerism and philanthropy. With strong ties to the community and its commitment to responsible stewardship of resources, CIBC is well-positioned to help Canadians realize their financial dreams.
CIBC Bank is a great option for Canadians looking to invest in cryptocurrencies. With their fast and free deposits via Interac e-Transfer, they offer one of the most affordable ways to transfer CAD into exchanges to buy and sell crypto assets in the country. We recommend Bitbuy as our top choice for Canadian investors looking to access the crypto markets with CIBC Bank.