Summary: CIBC Bank and their broader suite of financial services do not offer clients the ability to trade cryptocurrencies in Canada.
CIBC account holders will need to sign up to a regulated cryptocurrency exchange like Uphold to deposit Canadian Dollars via Interac e-Transfer to buy digital assets securely.
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How to buy Crypto with CIBC Online Banking
The best exchange to deposit Canadian Dollars into from a CIBC account is Bitbuy. They offer instant and free Canadian dollar deposits via Interac e-Transfer and through other deposit methods. Their platform allows you to trade over 200 different cryptocurrencies, which includes Bitcoin, Ethereum, Solana, Dogecoin, Shiba and many others.
Below is a 4 step guide to getting started with CIBC.
- Sign up to Uphold Canada.
- Deposit your Canadian Dollars from your CIBC Online Banking account via INTERAC e-Transfer.
- Find the crypto you want to buy (over 200 on the Uphold platform).
- Input the CAD amount you want ot invest and execute your trade.
CIBC Bank Cryptocurrency Policy
The Canadian Imperial Bank of Commerce has not historically had any policies that prohibit their customers from trading digital assets. Clients can sign up to regulated cryptocurrency exchanges freely transact Canadian Dollars from their online banking account.
You can also read our guide on how to buy NFTs in Canada if you are interested getting into the metaverse aspect of Web3.
About CIBC Bank
CIBC Bank is one of the "Big Five" banks in Canada and offers a wide range of services for Canadians, including personal banking, business banking, and wealth management. CIBC Bank was founded in 1867 and is headquartered in Toronto, Ontario. CIBC Bank is regulated by the Canadian government and is a member of the Canadian Deposit Insurance Corporation (CDIC), which means that your deposits are protected up to $100,000.
Services offered by CIBC Bank include:
- Personal Banking: savings accounts, chequing accounts, credit cards, mortgages, loans, and lines of credit
- Business Banking: business savings accounts, chequing accounts, loans, and lines of credit
- Wealth Management: investment products and services, including mutual funds, stocks, and bonds
You can do your banking with CIBC Bank online, through their mobile app, or in person at one of their branches. Whether you're looking for a simple savings account or more complex wealth management services, CIBC Bank can meet your needs. Their wide range of products and services make them a popular choice for many Canadians.
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