.webp "How to Buy Crypto with RBC Bank (2024) (1)")
Can I Buy Bitcoin with RBC?
Yes, RBC customers can purchase Bitcoin through licensed cryptocurrency exchanges in Canada. Although the bank does not directly offer trading services, it allows users to transfer funds to platforms that comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. Canadian investors can deposit CAD using Interac e-Transfers or wire transfers.
How to Buy Crypto with Royal Bank of Canada
Investing in cryptocurrency with Royal Bank of Canada is secure when using exchanges that comply with FINTRAC regulations. We recommend using Kraken, a platform that supports over 250 digital assets for trading and staking purposes. Kraken offers free CAD deposits from RBC accounts and cards through Interac e-Transfers, wire transfers, and debit cards.
Follow this guide to buy crypto with RBC through Kraken:
- Register: Visit the Kraken website and create a new account using your email address. Complete the identity verification process to comply with KYC regulations.
- Connect Your Account: Initiate a transfer from your RBC account. This can be done via Interac e-Transfer or wire transfer.
- Choose Token: Once your funds are available, browse the wide selection of over 250 digital currencies.
- 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?
Understanding the fees associated with using a digital asset exchange is essential to avoid unexpected costs. These can include charges for depositing funds, executing trades, and withdrawing money. Trading fees vary depending on the platform and typically range from 1% to 2%.
For RBC customers looking for an affordable option, we recommend Kraken. Its 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 like Interac e-Transfers, making it an attractive choice for Canadian investors.
Is RBC Bank Crypto-Friendly?
Yes, RBC is considered crypto-friendly and supports 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 stringent regulations, ensuring a secure environment for crypto investments.
However, it's essential to note that RBC clients should stay updated on the bank's policies regarding cryptocurrency transactions. The bank does allow bank transfers to regulated digital asset exchanges but users cannot use their credit cards for crypto purchases.
About Royal Bank of Canada
The Royal Bank of Canada (RBC) is one of Canada's largest financial institutions, providing a wide range of services including personal and commercial banking, wealth management, insurance, and investments. Some of its products include the RBC Signature No Limit Banking account, RBC Direct Investing for self-directed investors, and the RBC Avion Visa Infinite credit card, known for its travel rewards.
Bottom Line
In conclusion, RBC allows customers to invest in digital assets securely through FINTRAC-regulated exchanges. The bank doesn't offer direct trading but it supports fund transfers to licensed platforms. Kraken offers competitive fees, over 250 cryptocurrencies for trading, local customer support and free CAD deposits, making it a good choice for Canadian investors.
