How To Buy Crypto with Tangerine Bank
Author: Marco Vela - Fact-checked ✓
Quick Summary: Just like most banks in Canada, Tangerine 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 Tangerine Bank
The process for buying crypto with Tangerine 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 crypto exchange
While this guide will be using Bitbuy as the crypto trading platform 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 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 Tangerine Bank
Tangerine Bank, also known as Tangerine, is a Canadian bank that operates under the name Tangerine. It is a subsidiary to Scotiabank. The bank offers no-fee savings and chequing, guaranteed investment certificates (GICs), mortgages, and mutual funds through a subsidiary. Many investment and savings products can be registered under a Tax Free Savings Account (TFSA), Registered Retirement Savings Plan(RRSP), or Registered Retirement Income Funds (RRIF).
The bank was established by ING Group as ING Bank of Canada in April 1997 (operating under the name ING Direct). Scotiabank acquired it in November 2012. Scotiabank acquired the bank in November 2012. The new name was announced in November 2013. Tangerine branding was launched in April 2014.
Scotiabank now owns Tangerine, but Tangerine is still a legal entity. Tangerine has its unique Institution Number (614), and all accounts are under one transit number (00152).
ING Bank of Canada, the predecessor to Tangerine (using the tradename ING Direct), was established in April 1997. It offered savings accounts and telephone banking services. This was the first market to test ING Group's direct bank business model. The goal was to offer customers more favorable rates by avoiding the overhead of having branches. In ING Direct Canada TV commercials, Frederik deGroot, a Dutch actor, was the spokesperson for the company.
The bank also expanded its online banking capabilities to include mortgages, RRSPs and TFSAs as well as GICs, mutual funds, and no-fee chequing. ING Direct Canada had over 1.8million customers in November 2013 and employed nearly 1,000 people. It also held approximately $40 billion in total assets.
Scotiabank acquired ING Direct Canada from ING Group in November 2012. This deal was first announced August 2012 and is now worth CAD$3.1 billion. The terms of the deal required that the bank change its name to ING Direct prior May 2014.
On November 5, 2013, ING Direct Canada announced that it would change its name to Tangerine by early 2014. According to the bank, the name change is the result of a year-long consultation process that involved more than 10,000 people in qualitative as well as quantitative research.
Tangerine uses the 'Forward Banking" tagline, which was used by ING Direct Canada starting in 2012. Prior to 2012, ING Direct Canada used the tagline Save Your Money'. Waterstone Human Capital named Tangerine as one of Canada’s Top 10 Most Admired Corporate Cultures in 2015 on November 19, 2015.
Tangerine provides the same services as ING Direct Canada: savings accounts, chequing, mutual funds, mortgages, and chequing accounts. Tangerine's mutual fund (called 'portfolios") is based on an indexing strategy. Each track a weighted combination between three to four equity and/or bonds indices.
Tangerine introduced a Mastercard cashback credit card in 2016. This allows customers to get up to 2% cashback on certain purchases.
Customers can access Tangerine's banking application via iOS, Android and Blackberry. Wear OS and Apple Watch support was also available, but it was removed on February 29, 2020. By taking a photo, Tangerine customers can view their account balances, transactions, make transfers and find ABMs.
Tangerine customers can now use the ABMs of Scotiabank and other banks in the Global ATM Alliance free of charge, beginning in June 2014. Tangerine has withdrawn from The Exchange, its network of free-of-charge ABMs, effective September 28, 2014.
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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.