How To Buy Crypto with Bank of Montreal (BMO)
Quick Summary: Just like most banks in Canada, Bank of Montreal (BMO) doesn’t offer crypto trading on their platform. However, you can easily buy crypto with your bank account using a regulated Canadian cryptocurrency trading platform.
It’s just a matter of signing up, transferring funds, and then buying bitcoin or the cryptocurrency of your choice. We highly recommend Bitbuy as the exchange to use.
They’re registered with FINTRAC, have most of the popular cryptocurrencies, a great app, fantastic support, and even offer new users free $40 when you start trading!
Table of Contents
How to buy crypto or bitcoin with Bank of Montreal (BMO)
The process for buying crypto with Bank of Montreal (BMO) is very straightforward, there are only a few steps involved and you can use the same process with almost any other Canadian bank.
1. Choose a cryptocurrency exchange
While this guide will be using Bitbuy as the crypto trading platform to use, you can use any of the other crypto exchanges out there. Just make sure you can trust the platform, and if they’re in Canada, check if they’re registered with FINTRAC.
Other factors to consider when choosing a crypto trading platform is the ease of use, the customer support, and how transparent they are with their fees.
Let’s get started!
2. Sign up with the exchange
First, create an account on the platform. Next, go through the quick verification process so you can start trading.
3. Transfer funds
Before you buy any crypto, you’ll need funds in your account. Bitbuy supports Interac eTransfer and Bank Wire to transfer CAD from your bank account.
4. Buy crypto
Once the funds have arrived, find the cryptocurrency of your choice and hit that buy/trade button.
Now pat yourself on the back, you bought some crypto 🙂
More Info About Bank of Montreal (BMO)
The Bank of Montreal, a Canadian multinational financial services and investment bank, is located in Montreal.
Montreal Bank was established in 1817. The head office is still in Montreal. However, the operational headquarters and executive offices are located in Toronto, Ontario, since 1977. It is one of the Big Five Canadian banks and the fourth-largest by market capitalization and assets. It is most commonly known by the acronym BMO, which is also the stock symbol of the Toronto Stock Exchange as well as the New York Stock Exchange. It had assets under administration of CAD$634 trillion (AUA) in October 2021. The Bank Of Montreal swift code for the institution is 001.
John Richardson signed the Articles of Association on 23 June 1817 with eight merchants to create the Montreal Bank. It was established in a Montreal, Quebec rented house. It became Canada's oldest bank on the 3rd of November 1817. In 1822, the bank's name was changed to its current form. BMO's Institution number (or bank number), is 001. The bank is known in Canada as BMO Bank of Montreal. It has over 900 branches and serves more than seven million customers. It is known as BMO Financial Group in the United States. The bank has significant operations in Chicago and other parts of the country. BMO Harris Bank is also part of the BMO Financial Group. BMO Capital Markets, BMO's investment banking and corporate banking divisions, is the wealth management division. Forbes Global 2000 ranks the company at number 131.
Since 1829, the company has never missed a dividend payment. It continues to pay dividends through major crises like World War I, World War II and 2008 financial crisis. This makes the Bank of Montreal's history of dividend payments one of the longest in the globe.
Bank of Montreal announced the strategic acquisition of Bank of the West by BNP Paribas on December 12, 2021. It cost US$16.3 Billion.
BMO is a member and registered member of the Canadian Bankers Association, (CBA), which insures deposits at all chartered banks of Canada.
BMO Harris Bank (BMO’s US operations) has been registered as a member and member of Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. It is also a member:
Different events and institutions have had the Bank of Montreal as a sponsor. The Siminovitch Prize in Theatre is an annual $100,000 award that is given to a Canadian playwright, director, or designer. It was founded by the bank and is a major sponsor.
The bank sponsors sports teams. Since 2007, the bank has been a sponsor for the Toronto FC of Major League Soccer and its home stadium, BMO Field at Exhibition Place. BMO extended its agreement to the Toronto FC in 2010 through the 2016 season. BMO is also a sponsor for the CF Montreal. On 14 June 2011, they announced a five-year deal to become the lead sponsor and jersey sponsor.
BMO was the former sponsor of the Toronto Maple Leafs, and the Toronto Raptors from at least 2007 to 2011. IndyCar team Newman/Haas/Lanigan Racing was given a one-year sponsorship by BMO in July 2008. They will be appearing on the No. 06 car of Graham Rahal at the inaugural IRL sanctioned Canadian IndyCar Race at Edmonton. A number of sporting events and programs are sponsored by the Bank of Montreal. Bank of Montreal has been a sponsor of Skate Canada since 1997. It is also the title sponsor of BMO Financial Group Skate Canada Junior Nationals and BMO Financial Group Skate Canada Challenges. BMO Financial Group Skate Canada Sectionals and BMO Financial Group Skate Canada Synchronized Championships. It is also the CanSkate Learn-to-Skate Program's presenting sponsor. BMO Bank of Montreal was named the title sponsor of the Vancouver International Marathon Society's annual May marathon race in 2005. Current name of the Vancouver Marathon is "BMO Bank of Montreal Vancouver Marathon".