How To Buy Crypto with National Bank of Canada
Author: Marco Vela - Fact-checked ✓
Quick Summary: Just like most banks in Canada, National Bank of Canada doesn’t offer crypto trading on their platform. However, you can easily buy crypto with your bank account using a regulated Canadian cryptocurrency 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 National Bank of Canada
The process for buying crypto with National Bank of Canada 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 cryptocurrency exchange to use, you can use any of the other crypto 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 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 National Bank of Canada
The sixth-largest commercial bank in Canada is National Bank of Canada. It has branches across Canada and personal clients of 2.4 million. National Bank is Quebec's largest bank and second-largest financial institution, behind Desjardins credit union. National Bank's Institution number is 006 while its SWIFT code BNDCCAMMINT is.
Francophone businessmen from Quebec and Ontario wanted to create a bank in their area. They convinced the province legislature to approve the act which created the Banque Nationale, May 4, 1859. While some members of the anglophone bourgeoisie were able to participate in the bank's share capital; however, the majority of seats on the board of director were held by francophones. Ulric-Joseph Tessier was a lawyer and member of the Legislative Assembly and served as the bank's chairman.
The bank was unable to recover from the losses it sustained during the banking panics of 1873-1884, but it managed to survive and continue to operate. Banque Nationale was again under financial stress in the 1930s during the Great Depression. A merger with Banque d'Hochelaga was arranged by the provincial legislature to strengthen the bank. The bank merged was renamed "Banque Canadienne Nationale (BCN), (English, Canadian National Bank).
BCN and a few other banks launched Chargex in 1968. This was the first Canadian credit card.
The 1970s saw the rapid expansion of Quebec's rival Provincial Bank of Canada through several acquisitions. In 1970, it merged with the People's Bank, which was Toronto-based Unity Bank of Canada. In 1979, Laurentide Financial Corporation of Vancouver was acquired. While Provincial Bank and BCN continued expanding, a large portion of their operations remained concentrated in Quebec. These two banks merged under the new name of "National Bank of Canada" on November 1979. This was one of the most significant bank mergers at that time.
National Bank's network included 422 branches and 939 automatic teller machines across Canada as of October 31, 2019. It also has a network of representative offices, subsidiaries, and partnerships in other countries through which it serves Canadian clients and non-Canadian customers. It also owns ABA Bank Cambodia.
National Bank's business is centered in Quebec. However, it is expanding into other provinces. The bank's total revenue for the year ended October 31, 2017 was 59% from Quebec, 30% from other provincials, and 11% came from international operations.
National Bank placed third on Bloomberg's "The World's Strongest Banks" list in 2011. It was 41st in Go back Finance's 2018 list of the 50 most powerful banks.
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author Marco Vela
A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.