How to Buy Crypto with EQ Bank

Can I Buy Bitcoin with EQ Bank?

Absolutely, as an EQ Bank customer, you can buy Bitcoin, along with other crypto assets, through approved cryptocurrency exchanges in Canada. These platforms are subject to regulation by the Canadian Securities Administrators (CSA) and FINTRAC, and allow you to transfer Canadian Dollars (CAD) from your EQ Bank account or card. Their adherence to rigorous regulatory standards ensures a safe and regulation-compliant platform.

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How to Buy Crypto with EQ Bank

Should you consider diversifying your portfolio with digital currencies using EQ Bank, we suggest selecting a reliable platform like Kraken. This platform is overseen by the CSA, providing easy and free-of-charge CAD deposits from your EQ Bank accounts. It offers various fund deposit avenues, including Interac e-Transfer, wire transfers, debit cards, and credit cards.

Here's an easy-to-follow guide to navigating you through the process:

1. Account Creation: Set up an account on Kraken and verify your identity. 
2. Currency Preference: Decide your preferred deposit currency (CAD, for instance) on the Kraken platform. 
3. Funds Transfer: Select your preferred payment method (Interac e-Transfer, wire transfer, or credit card) and authorize your deposit. 
4. Cryptocurrency Acquisition: The final step involves picking the cryptocurrency you desire to purchase and completing your transaction.

EQ Bank Cryptocurrency Policy

EQ Bank has adopted a forward-thinking approach to cryptocurrencies and enables customers to delve into digital assets via exchanges regulated by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC). However, the bank may freeze any transactions to unregulated platforms considered dangerous.

A prime example of such a platform is Kraken. It has earned a robust reputation in the Canadian financial ecosystem, renowned for its strict adherence to CSA regulations and its status as a registered Money Services Business (MSB) with FINTRAC under the registration number M19343731.

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What is EQ Bank?

EQ Bank is a relatively new player in the Canadian banking industry and launched in 2016. It is a subsidiary of Equitable Bank, and benefits from the financial stability and experience of one of Canada's largest independent Schedule 1 banks. It has quickly established itself as a leading provider of digital banking services, offering a range of high-interest savings products and no-fee checking accounts.

One of the key benefits of banking with EQ Bank is the peace of mind that comes from knowing that all deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. This means that in the unlikely event of the bank's insolvency, customers' deposits are fully protected up to a maximum of $100,000 per account. This guarantee provides customers with a layer of security and reassurance, making it a reliable choice.

Final Thoughts

To summarize, EQ Bank does not offer cryptocurrency investment services, but clients can invest in crypto through regulated digital asset exchanges. After conducting a comprehensive evaluation of top options, our team of experts identified Kraken as the best choice due to its reputation as Canada's most secure cryptocurrency trading platform.