How to Buy Crypto with CIBC Bank

Can I Buy Bitcoin with CIBC?

‍Yes, CIBC customers can buy Bitcoin through licensed Canadian cryptocurrency exchanges. The bank does not provide direct crypto trading services within its interface but allows users to transfer funds to platformss that comply with Financial Transactions and Reports Analysis Centre (FINTRAC) regulations. Residents of Canada can deposit CAD using Interac e-Transfers or wire transfers.

‍

How to Buy Crypto with CIBC

CIBC customers can purchase cryptocurrency by using exchanges that comply with Canadian regulations. We recommend Kraken, which is registered with FINTRAC under MSB registration no. M19343731 and supports over 250 digital assets for trading and staking. Kraken allows free CAD deposits from CIBC accounts through Interac e-Transfers, wire transfers, and debit cards.

Follow this guide to buy crypto with CIBC through Kraken:

1. Create Account: Visit the Kraken website and create a new account using your email address. Complete the identity verification process to comply with KYC regulations.
2. Connect Bank: Initiate a transfer from your CIBC account. This can be done via Interac e-Transfer or wire transfer.
3. Find Crypto: Once your funds are available, browse the wide selection of over 250 digital currencies.‍
4. Execute Trade: After selecting the crypto you want to purchase, enter the amount of CAD you wish to invest. Carefully review the transaction details and confirm your purchase.

‍

What are the Fees?

The costs of purchasing digital currencies like Bitcoin can vary based on the crypto exchange you choose. Common fees include deposit charges, withdrawal fees, spread costs, and transaction fees. Most platforms have trading fees ranging from 1% to 2%.

For CIBC customers looking for an affordable option, Kraken offers competitive trading fees starting at just 0.16%, which is significantly lower than many other exchanges, such as Coinbase. Additionally, Kraken provides free CAD deposit options, including Interac e-Transfers, making it an appealing choice for Canadian investors.

‍

Is CIBC Crypto-Friendly?

Yes, CIBC is considered crypto-friendly and provides users with exposure to digital assets by offering crypto ETFs through its investment feature. The bank also approves CAD transfers to exchanges registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). 

CIBC clients should stay informed about the bank's policies regarding cryptocurrency transactions, as these can change over time. While CIBC allows transfers to regulated digital asset exchanges, it is important to note that users cannot use their credit cards for crypto purchases.

‍

About CIBC

CIBC, or the Canadian Imperial Bank of Commerce, is a top Canadian bank offering a wide range of financial services, including the CIBC Smart Account for everyday banking, the CIBC Aventura Visa Card for travel rewards, and the CIBC Investor's Edge for self-directed investing. Additionally, it provides financial advice and wealth management through its Imperial Service.

‍

Bottom Line

In conclusion, CIBC offers a secure way for customers to invest in digital currencies through regulated exchanges. Although it doesn't provide direct crypto trading services, it allows fund transfers to platforms. Kraken is compliant with FINTRAC regulations and known for its low fees, a wide range of cryptocurrencies and free CAD deposits. Users can also trade on both spot and futures markets with 5x leverage.