How To Buy Crypto with CIBC Bank
Quick Summary: Just like most banks in Canada, CIBC Bank doesn’t offer crypto trading on their platform. However, you can easily buy crypto with your bank account using a regulated Canadian crypto exchange.
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 CIBC Bank
The process for buying crypto with CIBC Bank 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 exchange to use, you can use any of the other cryptocurrency trading platforms 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 cryptocurrency exchange 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 cryptocurrency
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 CIBC Bank
Canadian Imperial Bank of Commerce, a multinational Canadian banking and financial services company, is headquartered in Toronto's Financial District. CIBC's institution number (or bank number), is 010 and its SWIFT Code is CIBCCATT. It is one of the two Big Five banks that was founded in Toronto. The other is the Toronto-Dominion Bank. Canadian Imperial Bank of Commerce was created by the merger of the Canadian Bank of Commerce, founded in 1867, and the Imperial Bank of Canada, established in 1873. This merger is the largest between chartered banks in Canadian History.
There are four business units within the bank: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S. Commercial Banking and Wealth Management; and Capital Markets. It also has international operations in the United States of America, Asia, Canada, and the United Kingdom. CIBC has more than 40,000 employees and serves over eleven million clients. Forbes Global 2000 ranks the company at number 172.
CIBC was a founding partner in the Toronto Blue Jays' baseball team. It served as the official bank of the club until it sold its ownership stake in 2000. CIBC also sponsored the 2015 Pan American Games 2015 Parapan American Games. It was the lead partner in these events. The official announcement of the partnership came on 27 October 2011 when CIBC announced its partnership with PANAM Toronto 2015 Organizing Committee.
CIBC has also partnered up with a variety of Canadian companies, including Petro-Canada. CIBC purchased the MasterCard co-branded Petro-Canada rewards card card in 2010 as part of its purchase from Citibank Canada. The card is still jointly market by the bank. From 1991 to 2014 CIBC was the main issuer of credit cards under Air Canada's loyalty program Aeroplan. The airline's loyalty program announced in 2009 that a new agreement would be made with Toronto-Dominion Bank, effective January 2014. This would end the relationship with CIBC. 2013 saw an agreement between CIBC and Toronto-Dominion Bank to allow CIBC half of Aeroplan customers to be retained and to continue issuing Aeroplan cards as a secondary issuer for TD.
CIBC is an industry partner of University of Waterloo Stratford Campus.
CIBC USA, the successor to Privatebank is a sponsor for Chicago Fire FC.