How to Buy Crypto with Scotiabank
As outlined above, the best way to buy digital assets with a Scotiabank account is through a regulated broker like Bitbuy. With this method, customers can deposit CAD via Interac e-Transfer, Bank Deposit, Credit Card or Debit Card to trade a wide variety of assets on a secure and trusted platform.
- Sign up to Bitbuy with your email address and complete the verification requirements.
- Connect your Scotiabank 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?
Bitbuy charges a 0.1% fee on all trades, making them one of the cheapest options available for Scotiabank customers in Canada. They also charge zero CAD deposit fees when depositing using the Interac e-Transfer method. Bank wire's can cost over $20 per deposit if you are transferring less than $1000 CAD in value.
Is Scotiabank Crypto-Friendly?
The short answer is yes, Scotiabank is crypto-friendly. The bank allows its customers to use cryptocurrency services such as buying and selling digital assets, as well as transferring digital funds. In addition, the bank does not restrict its customers from holding or trading digital currencies on Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulated platforms. As of now, however, Scotiabank does not offer any crypto-specific services or products.
That said, the bank has indicated that it is open to exploring potential blockchain applications and cryptocurrency initiatives in the future. Scotiabank has also made some investments into blockchain startups and companies that are actively working on digital currency solutions.
Scotiabank is a leading financial services provider in North America (Canada) and Latin America. With over $1 trillion in assets and more than 90,000 employees worldwide, it is committed to helping its customers achieve their financial goals. It offers a full range of banking products and services including credit cards, mortgages, business banking, commercial banking, investment banking, and wealth management. It also provides a wide range of insurance products including life insurance, health and disability insurance, automobile and property & casualty insurance.
Additionally, Scotiabank offers blue-chip corporate banking services in over 50 countries worldwide. With its international network of branches, subsidiaries and affiliates across North America and Latin America, Scotiabank is well-positioned to meet the financial needs of its customers and clients in all markets.
In conclusion, Scotiabank does not offer any direct crypto services, but customers can withdraw Canadian Dollars to invest in digital assets through FINTRAC licensed brokers like Bitbuy. Bitbuy is our top pick for Scotiabank customers, offering a secure and trusted platform to trade over 100 cryptocurrencies with low fees and instant CAD deposits.
Scotiabank is open to exploring blockchain and crypto initiatives, and has made investments in related startups. With the increasing popularity of cryptocurrencies, it's important for banks like Scotiabank to continue to adapt and offer innovative solutions for their customers' financial needs.