Can I Buy Digital Assets with RBC Bank?
The short answer is yes. You can buy cryptos with RBC Royal Bank, but you will need to create a digital asset exchange account and transfer CAD funds from your RBC bank account to the broker. This is because RBC Bank does not support the purchase or sale of cryptocurrencies themselves.
How to Buy Crypto with RBC Bank?
The best way to buy Bitcoin and crypto assets with RBC Bank is through a Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulated exchange. We recommend the Bitbuy exchange because they are licensed and are the most popular cryptocurrency platform in Canada to trade hundreds of different assets.
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 RBC 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.
Is RBC Bank Crypto Friendly?
The answer to this question is a resounding yes. RBC Bank is one of the most crypto-friendly banks in Canada and allows customers to open account at FINTRAC regulated exchanges to invest in the asset class. Customers can open accounts and deposit and withdraw funds using their debit cards, transfer money easily via email or Interac e-Transfer, and much more.
RBC Bank does not freeze or withhold customer funds when depositing into licensed venues like Bitbuy and others. The only time customers can have issues is if they try to use an off-shore and unlicensed platform like Binance or KuCoin.
What are the Fees to Consider?
The fees for buying crypto with RBC Bank will depend on the exchange you choose. Bitbuy is one of the most competitive exchanges in Canada and charges a flat trading fee that goes as low as 0.1% per trade depending on your trading volume. They also offer free and instant CAD deposits via Intrac e-Transfer.
About RBC Royal Bank of Canada
RBC Royal Bank of Canada is one of the largest financial institutions in North America, providing a wide range of banking and investment services to personal, business, corporate and institutional clients. With more than 1,200 branches across Canada and around the world, RBC Royal Bank offers customers convenient access to their financial accounts. The bank also provides online, mobile and telephone banking services, as well as a variety of credit cards, mortgages and other loan products.
The banks commitment to customers reaches beyond everyday banking needs: RBC supports community initiatives, sponsors sports teams and charities, and advocates for financial literacy. With a reputation for safety and reliability, RBC Royal Bank is dedicated to helping customers achieve financial success.
In conclusion, although RBC Royal Bank does not offer direct cryptocurrency services, Canadian investors can still invest in the asset class through licensed and regulated brokers like Bitbuy. Bitbuy is a trusted platform for Canadians as it offers a large variety of assets, low fees and instant CAD deposits via Interac e-Transfer. RBC Bank is also crypto-friendly and allows customers to easily transfer funds to these exchanges, making it easier for customers to invest in the growing digital asset market.