Can I Buy Bitcoin with Scotiabank?

‍Yes, Scotiabank customers can purchase Bitcoin through licensed cryptocurrency exchanges in Canada. While Scotiabank does not directly offer trading services, it permits users to transfer funds to platforms that adhere to Financial Transactions and Reports Analysis Centre (FINTRAC) regulations. Canadian investors can deposit CAD using Interac e-Transfers or wire transfers.

How to Buy Crypto with Scotiabank

Buying cryptocurrency with Scotiabank is secure when using exchanges that comply with Canadian regulations. Kraken is registered with FINTRAC under MSB registration no. M19343731. It supports over 250 digital assets for trading and staking. Kraken allows free CAD deposits from Scotiabank accounts through Interac e-Transfers, wire transfers, and debit cards.

Follow this guide to buy crypto with Scotiabank through Kraken:

1. Register: Visit the Kraken website and create a new account using your email address. Complete the identity verification process to comply with KYC regulations.
2. Connect Your Account: Initiate a transfer from your Scotiabank account. This can be done via Interac e-Transfer or wire transfer.
3. Choose Token: Once your funds are available, browse the wide selection of over 250 digital currencies.‍
4. Execute Transaction: After selecting the cryptocurrency you want to purchase, enter the amount of CAD you wish to invest. Carefully review the transaction details and confirm your purchase.

What are the Fees?

The expenses of acquiring cryptocurrencies vary depending on your selected digital asset exchange. Generally, these include deposit charges, withdrawal fees, spread costs, and transaction fees. Trading fees on most platforms typically range from 1% to 2%.

For Scotiabank customers seeking an affordable option, Kraken's trading fees start at a competitive rate of just 0.16%, significantly lower than many other exchanges like Coinbase. Additionally, Kraken offers free CAD deposit options such as Interac e-Transfers, making it an attractive choice for Canadian investors.

Is Scotiabank Crypto-Friendly?

Yes, Scotiabank is considered crypto-friendly and approves fund transfers to exchanges registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The bank facilitates these transactions while adhering to FINTRAC's regulations, ensuring a secure environment for crypto investments.

Scotiabank clients must stay updated on the bank's policies regarding cryptocurrency transactions as they are frequently updated. While the bank allows transfers to regulated digital asset exchanges, users cannot use their credit cards for crypto purchases.

About Scotiabank

Scotiabank, or The Bank of Nova Scotia, is one of Canada's top financial institutions, offering a wide range of services and products. These include the Scotia Momentum® Visa Infinite card, Scotiabank Gold American Express® card, and the Scotia iTRADE® platform for online investing. Scotiabank focuses on innovation and customer satisfaction, providing personalized banking solutions and strong digital banking options.

Bottom Line

In conclusion, Scotiabank customers can buy cryptocurrencies through regulated exchanges. Kraken is an excellent choice for Canadian investors as it provides free CAD deposits from Scotiabank accounts and cards. It has low fees, a multilingual interface available in English and French, over 250 digital assets to trade and is registered with FINTRAC.