How to Buy Crypto with RBC Bank

Summary: RBC account holders have a straightforward pathway to invest in cryptocurrencies through Canadian exchanges that comply with regulatory standards, namely FINTRAC. 

Kraken stands out as a recommended platform due to its strict compliance with FINTRAC. It supports fast CAD deposits through Interac e-Transfers and card transfers, provides access to over 200 cryptocurrencies, and offers industry-leading fees, making it a top choice for investors.

Can I Buy Crypto with RBC Bank?

Yes, RBC Bank account holders can invest in cryptocurrencies by using Canadian crypto exchanges that adhere to regulatory standards. To start, you'll need to sign up with a crypto exchange that accepts deposits from major banks, including the Royal Bank of Canada, and supports transactions in Canadian Dollars. It's vital to choose an exchange that is compliant with FINTRAC to ensure your transactions are secure and meet regulatory requirements.

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How to Buy Crypto with Royal Bank of Canada

For RBC account holders interested in entering the digital currency market, choosing a trading platform that is audited and regulated is paramount. Our analysis points to Kraken as a prominent option in Canada, fully compliant with the Canada Financial Transactions and Reports Analysis Centre (FINTRAC). It is well-regarded for its fast CAD deposit options (e.g. Interac e-Transfer), selection of over 200 cryptocurrencies and staking features.

To start trading on Kraken with your RBC account, here’s an easy-to-follow guide:

1. Signing Up: Visit Kraken’s website and sign up by completing the identity verification process.
2. Adding Funds: In the Kraken dashboard, navigate to the 'Funding' tab and select Canadian Dollar (CAD) as your currency of choice.
3. RBC Transfer: Initiate the transfer from your RBC Bank account. This can be done through e-Transfer, a bank transfer, or by using an RBC credit or debit card.
4. Purchasing Crypto: Once your Kraken account is funded, choose the cryptocurrency you want to buy and finalize your purchase.

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What are the Fees?

The costs of purchasing Bitcoin or other digital currencies using RBC Bank depend on the selected exchange platform. Generally, these expenses include fees for depositing funds and withdrawing money, the difference between buying and selling prices (spread), and the fees for completing transactions.

For those in Canada, Kraken distinguishes itself by providing RBC Bank customers with free and instant CAD deposits. It also charges industry-leading fees starting at just 0.16% per trade. This is quite competitive compared to other platforms like Coinbase, which may charge more than 1% in trading fees plus an additional 1% spread.

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Is RBC Bank Crypto-Friendly?

RBC Bank demonstrates a forward-thinking approach towards the digital asset ecosystem. It enables transactions with cryptocurrency exchanges registered with the Financial Transactions and Reports Analysis Centre (FINTRAC). This adherence to regulatory requirements is a testament to RBC’s commitment to facilitating a secure and compliant bridge between traditional banking and the realm of cryptocurrencies.

Registration with FINTRAC is a crucial step for exchanges operating in Canada, ensuring they meet Anti-Money Laundering and Anti Terrorism Financing (AML/ATF) laws. This regulatory framework offers RBC clients a layer of security, mitigating risks associated with fraud and money laundering.

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Bottom Line

RBC Bank facilitates a secure and straightforward entry into the cryptocurrency market for its account holders, with Kraken serving as a prime example of a compliant and user-friendly platform for Canadians. 

Ensuring exchanges are FINTRAC-registered not only aligns with anti-money laundering and anti-terrorism financing laws but also provides an added layer of security, making the journey into digital assets with RBC both accessible and compliant.