How To Buy Crypto with Scotiabank
Quick Summary: Just like most banks in Canada, Scotiabank 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 Scotiabank
The process for buying crypto with Scotiabank 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 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 Scotiabank
The Bank of Nova Scotia (French: Banque Scotia) is a Canadian multinational bank and financial services company. Its headquarters are in Toronto, Ontario. It is one of Canada's Big Five banks and the third-largest Canadian bank in terms of market capitalization and deposits. It has more than 25,000,000 customers worldwide and offers a variety of products and services, including personal and business banking, wealth management, corporate banking and investment banking. Scotiabank has more than 92,001 employees with assets totalling CA$1,136billion (according the 2020 annual report). Scotiabank trades on both the Toronto (TSX-BNS) and New York(NYSE: BNS). The institution number for Scotiabank is 002.
Scotiabank was established in Halifax, Nova Scotia in 1832. It was then headquartered in Halifax until it moved to Toronto in 1900. Scotiabank is known as Canada's most international bank due to its acquisitions in Latin America, the Caribbean and Europe. Scotiabank is a member and an accredited institution that participates in the London gold fix. This was done through ScotiaMocatta's precious metals division from 1997 to 2019.
Scotiabank's President and CEO is Brian J. Porter.
Scotiabank increased its stake at Grupo Financiero Inverlat, a Mexican bank, to 55 percent in 2000. Grupo Financiero Inverlat was then renamed after the Mexican bank.  Inverlat was later purchased by Scotabank in 2003. It took over all branches and established a strong presence throughout the country.
In 2002, Scotiabank closed its branches in Argentina (formerly Banco Quilmes), due to the severe currency crisis and sovereign default. The Chinese government granted the first license to a Canadian bank to trade in Chinese currency to Scotiabank's Guangzhou branch. Scotiabank bought a 24.98% stake in Thanachart Bank in 2007. This share was later increased to 49.99% by December 2014. Thanachart Bank now ranks 6th in Thailand (by assets), with more than 16,000 employees serving over 4 million customers through 680 branches across Thailand and 2,100 ATMs.
Scotiabank announced on July 14, 2015 that it would acquire Citigroup's commercial and retail banking operations in Panama, Costa Rica. The terms of the transaction weren't disclosed. The acquisition would see Scotiabank's client base grow from 137,000 to 387,000. It would also add 27 branches to the 51 existing branches in Central America.
Cedric Ritchie, Scotiabank's former President and CEO, died March 20, 2016. From 1972 to 1995, he was President of Scotiabank and the CEO and Chairman. His leadership saw Scotiabank expand into over 40 countries and grow to 33,000 employees.
Scotiabank purchased Montreal investment firm Jarislowsky Fraser in 2018. Also in 2018, Scotiabank completed the acquisition for C$2.9billion of a 68.19% share in BBVA Chile. In this merger, BBVA Chile became Scotiabank Chile. The Prosecutor of Costa Rica's Central American country raided Scotiabank's San Jose offices, Costa Rica on February 21st 2019. He claimed that the bank failed to provide information about accounts and deposits that could have been used by Alejandro Toledo (the former president of Peru) in money laundering. In June 2019, OFG Bancorp announced it would purchase all Scotiabank branches in Puerto Rico and the United States Virgin Islands territories. This was part of a $550M cash deal.
Scotiabank had its 2019 rebranding done. They changed their wordmark logo and introduced a new corporate font that was inspired by it. This font reduced the use of the S and globe monograms and increased the use of the abbreviated "Scotia"
Through the years, the bank has merged with many other Canadian financial institutions and bought several banks from overseas. Many of the banks have had their names changed, but a few still use their old names. Several branches of the National Trust and Montreal Trust have been rebranded as Scotiabank & Trust and they continue to be operated as such.
Scotiabank is a member and registered member of the Canadian Bankers Association. It is also a member the Global ATM Alliance. This joint venture of many major international banks allows customers to use their ATM cards and check cards at certain banks in the Global ATM Alliance without paying fees for international travel. Barclays (United Kingdom), Bank of America, United States), BNP Paribas(France and Ukraine via UkrSibbank), Deutsche Bank and Westpac (Australian and New Zealand).