Can I Buy Bitcoin with CIBC?

CIBC currently does not offer direct cryptocurrency trading services. However, customers can still enter the crypto market by transferring Canadian Dollars (CAD) from their bank accounts to digital asset platforms in Canada approved by the Financial Transactions and Reports Analysis Centre (FINTRAC).

Funding your account on a FINTRAC-regulated exchange is generally simple, with options including Interac e-Transfers, debit card transactions, or bank wire transfers, ensuring compliant crypto investing.

How to Buy Crypto with CIBC

CIBC account holders looking to purchase cryptocurrencies can transfer money to reputable crypto exchanges licensed by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

Kraken, a trusted crypto exchange registered as a Money Services Business (MSB No. M19343731) with FINTRAC, enables straightforward CAD deposits using methods such as Interac e-Transfers, debit cards, or bank wire transfers directly from your CIBC account.

Follow these easy steps to purchase cryptocurrency with CIBC using Kraken:

1. Create Account: Head over to Kraken’s official website, set up your account, and complete the necessary identity checks by providing basic KYC details.
2. Deposit Funds: Navigate to the funding page, pick your preferred payment option, and send CAD from your CIBC bank account into your Kraken wallet.
3. Choose Your Crypto: Browse the wide selection of 460+ cryptocurrencies Kraken offers, then decide which digital currency aligns best with your investment goals.
4. Confirm Your Purchase: Input the CAD amount you’d like to convert into crypto, double-check your trade information carefully, and finalize the transaction. 

CIBC Cryptocurrency Policy

CIBC does not currently offer cryptocurrency trading or custody services directly through its banking platforms. Instead, clients can participate in the crypto market by transferring CAD from their accounts to external digital asset exchanges regulated by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

Generally, CIBC processes transfers to FINTRAC-approved crypto exchanges smoothly. However, to maintain security and comply with regulatory obligations, the bank may occasionally restrict transactions flagged as high-risk or suspicious. 

Alternative Crypto Exchanges for CIBC Customers

In addition to Kraken, CIBC customers have access to various reputable FinCEN-regulated cryptocurrency exchanges to choose from:

• Bitbuy: Bitbuy is a popular Canadian platform that accepts CAD deposits directly from CIBC accounts through Interac e-Transfers and wire transfers. Investors can choose from over 150 crypto assets and benefit from competitive fees starting from 0.2%.
• Uphold: Uphold provides CAD deposit options from CIBC, including debit card payments and bank wire transfers. This exchange lists more than 250 cryptocurrencies with fees that typically fall within the range of 0.8% to 1.2% per transaction.
• Coinbase: Coinbase enables straightforward funding from CIBC accounts via Interac e-Transfers, wire transfers, or debit cards. It offers extensive market access with over 250 cryptocurrencies available for trading with fees averaging 0.2% per transaction.

CIBC customers should thoroughly evaluate each exchange based on factors such as asset availability, fee transparency, ease of deposits, and robust security standards before initiating their cryptocurrency investments.

About CIBC

Canadian Imperial Bank of Commerce (CIBC) is a major Canadian financial institution with roots dating back to the founding of the Canadian Bank of Commerce in 1867 and its merger with the Imperial Bank of Canada in 1961—the largest bank merger in Canadian history. 

Headquartered at its newly built CIBC Square in Toronto, the bank serves over 11 million clients across personal and business banking, wealth management, capital markets, and U.S. banking under CIBC Bank USA, supporting nearly 48,000 employees.

Final Thoughts

For CIBC customers exploring cryptocurrency investments, the key to a smooth experience is selecting FINTRAC-regulated platforms like Kraken, Bitbuy, or Coinbase. 

While CIBC doesn't yet offer direct crypto services, it provides reliable pathways to fund your investments securely. To maximize your success, always prioritize platforms with transparent fees, strong security records, and simple funding methods.