How To Buy Crypto with Royal Bank of Canada
Quick Summary: Just like most banks in Canada, Royal 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!
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How to buy crypto or bitcoin with Royal Bank of Canada
The process for buying crypto with Royal 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 crypto trading platform
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 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 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 Royal Bank of Canada
RBC Bank is the trading title of RBC Bank Georgia, N.A. The United States-based retail banking unit of Royal Bank of Canada (RBC), which is targeted at Canadian snowbirds, expatriates and frequent tourists, is RBC Bank. RBC Bank, despite its limited reach, is a federally chartered institution. Its trading name is "N.A." letters.
RBC Bank USA (formerly RBC Centura) was the original owner of the brand. It was formed in 2001 by RBC after it acquired Centura Bank, a Raleigh, North Carolina-based bank. RBC Bank USA's American banking division was sold to PNC Financial Services in 2012. RBC Bank's cross-border services for Canadians were transferred over to the newly formed RBC Bank (Georgia), N.A. subsidiary.
Centura Bank was formed when Peoples Bancorp and Planters Corp. merged in Rocky Mount, North Carolina on November 2, 1990. Royal Bank of Canada purchased Centura Banks in June 2001 and rebranded them under the RBC Centura brand. RBC Bank announced that the bank would cease using the name "Centura" in April 2008 and will operate the unit as RBC Bank. As of 2011, Rocky Mount had over 1000 employees working in areas such as mortgage processing and information technology.
RBC Centura bought Tucker Federal Bank parent company Eagle Bancshares, giving it a larger customer base in Atlanta after the 1998 acquisition of Security First Network Bank. The bank had one branch. Flag Bank was acquired by the bank, thereby increasing its presence in Georgia. RBC's Southeast expansion continued after it acquired 39 branches from Birmingham-based AmSouth Bank, which was headquartered in Alabama on March 9, 2007. RBC Centura did not previously have any locations in Alabama.
After the acquisition of Alabama National BanCorporation, RBC's presence in Alabama, Georgia and Florida grew significantly. RBC was approved by the United States on February 5, 2008. 51 branches were reopened as RBC Bank on April 14, 2008. All remaining branches were re-opened in June 2008. ANB was present in three states via eleven subsidiaries.
RBC's 2008 construction of the RBC Plaza (now PNC Plaza) was not the first significant move to make Raleigh, NC a more thriving community. RBC bought the naming rights to Raleigh Entertainment & Sports Arena in 2002. This arena is home to the Carolina Hurricanes and North Carolina State University basketball. With a 20-year lease, the arena was renamed RBC Center. The cost was $80 million. The NHL's Stanley Cup Finals were held at the RBC Center in June 2006. On June 19, 2006, Carolina Hurricanes beat the Edmonton Oilers to win the Stanley Cup.
PNC purchased the naming rights for RBC. The name was changed to PNC Arena in March 2012.
PNC bought RBC in 1995. It had a total workforce of 5,000, with 500 employees located in Raleigh.
RBC Centura participated in the November 2007 "Dunmore Homes” project in Sacramento, California. Construction was stopped on August 8, 2007 due to liquidity problems with the home builder. After being sold to a mortgage lender officer for $500, the company was quickly inducted into New York. In Manhattan, the company filed for bankruptcy. RBC Centura Bank, a major Dunmore Homes lender, learned about the sale details and filed a lawsuit on November 7. In a Fresno County lawsuit, the company claimed that the $500 sale of all assets was inadequate and was intended to "hinder delay and defraud creditors," including RBC.
Four Dunmore projects were funded by RBC, from Bakersfield to Yuba City. Dunmore Homes received a total loan of $105,000,000. According to an affidavit from Dunmore Homes, the owe $39 million. It has also secured claims against these projects as collateral. The company claims that the project's value is less than the loan balance. According to Dunmore Homes, 26 new-home communities are being financed by nine major lenders including RBC.
PNC Financial Services purchased RBC Bank USA from Royal Bank of Canada on June 19, 2011. The purchase price was $3.45 billion. RBC Bank was sold in March 2012. All RBC Bank branches were rebranded to PNC branches upon acquisition. The RBC Bank brand was then discontinued for US customers.
RBC Insurance, RBC Wealth Management, and RBC Investing remained RBC subsidiaries.
RBC eventually offered retail banking services to American customers after it acquired Los Angeles-based City National Bank. This was in 2015.