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Can I buy Crypto with Bank of Montreal (BMO)?
The Bank of Montreal does not directly facilitate the buying or selling of cryptocurrencies like Bitcoin or Ethereum through their online banking platform or bank branches.
That said, they do allow BMO customers to deposit Canadian Dollars (CAD) into regulated cryptocurrency exchanges in the country.
How to buy Crypto with a BMO account
The best way to buy cryptocurrency as a BMO bank account holder is through a FINTRAC regulated digital currency exchange that is based in Canada. We recommend Bitbuy who have the proper licensing and offer cheap and fast Canadian dollar deposits. Follow the guide below to get started.
- Sign up to Bitbuy Canada
- Deposit Canadian Dollars (CAD) via e-Transfer
- Find the Crypto you want to buy
- Input the CAD amount and select buy
Bank of Montreal Digital Asset Policy
The Bank of Montreal did place a ban on cryptocurrency purchases via debit card or credit card back in 2018. However, since then they have retracted that ban and currently have no adverse policies that would prohibit customers from trading cryptocurrencies from a BMO bank account.
Investors must be sure that they are depositing CAD into FINTRAC regulated exchanges like Bitbuy to avoid the potential of bank freezes however.