Summary: Bank of Montreal enables its customers to invest in Bitcoin and other digital currencies via CSA-regulated exchanges that accept Canadian Dollar (CAD) deposits. However, it’s important to highlight that BMO does not offer direct cryptocurrency trading services through its online banking interface but approves transfers to secure and licensed trading platforms.

Our research suggests that Kraken is a preferred platform among BMO customers as it allows free and immediate CAD deposits. It supports the trading and staking of over 200 crypto assets in accordance with CSA regulations. Kraken is renowned for its user-friendly deposit methods, including Interac e-Transfer, bank transfers, credit cards, and more, all with competitive charges.

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Can I Buy Bitcoin with Bank of Montreal?

Yes, as a Bank of Montreal customer, you can securely purchase Bitcoin and other cryptocurrencies through authorized digital currency exchanges in Canada. These platforms operate under the regulatory supervision of the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), enabling you to make deposits in CAD from your BMO account or card.

How to Buy Crypto with Bank of Montreal

For BMO customers interested in cryptocurrency, we recommend using a reputable, regulated platform such as Kraken. The exchange is overseen by the CSA, offering instantaneous and zero-fee CAD deposits from your Bank of Montreal accounts. It facilitates the buying, selling, and staking of more than 200 different cryptocurrencies at favorable rates. Deposit methods include Interac e-Transfer, wire transfer, debit cards, credit cards, among others.

Below is a concise guide to assist you:

  1. Account Setup: Begin by setting up an account on Kraken and verify your identity.
  2. Choose Currency: Select your desired deposit currency (for instance, CAD) on the platform.
  3. Add Funds: Pick your preferred payment method (e.g., Interac e-Transfer, wire transfer, or credit card) and confirm your deposit.
  4. Cryptocurrency Purchase: Lastly, choose the cryptocurrency you wish to buy and finalize your trade.
How to Buy Crypto with Bank of Montreal.
How to Buy Crypto with Bank of Montreal.

Bank of Montreal Cryptocurrency Policy

Aiming to open the doors to the digital economy and safeguard client interests, the Bank of Montreal (BMO) has adopted an open-minded stance towards cryptocurrencies. Within this framework, BMO permits its customers to delve into the rapidly growing realm of digital assets through exchanges regulated by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC).

An excellent example of such an exchange is Kraken. Known for its strong adherence to CSA regulations and its registration as a Money Services Business (MSB) with FINTRAC in Canada under the registration number M19343731, Kraken enjoys a solid reputation.

‍Digital Asset Investing Fees

Grasping the fee structure for digital asset investments is key to maximizing your financial returns. Kraken offers cost-effective rates that can impact your total earnings. Below is a simple guide to the expenses associated with digital asset transactions:

  • Transaction Fees - Kraken uses a graduated fee schedule for trades, starting at 0.16% to initiate a trade and 0.26% to complete it. As you increase your trading volume, these fees decrease, enhancing your potential profits. 
  • Deposit Charges - Adding cryptocurrency to your account comes at no cost. However, if you're depositing fiat money, a small fee may apply. The fee varies depending on your chosen payment method, like credit cards or Interac e-Transfers
  • Costs for Withdrawals - The charges for taking out funds are competitive and differ based on the particular digital asset you're transferring. For instance, withdrawing Bitcoin will set you back 0.0005 BTC. 

Kraken's transaction fees are easy on the wallet and lessen as you expand your trading activities. The platform's deposit and withdrawal charges are also highly competitive, making it an attractive choice for investors aiming to improve their financial outcomes.

What is Bank of Montreal (BMO)?

Founded in 1817, the Bank of Montreal (BMO) is Canada's oldest bank, boasting a rich 200-year history. With a vast footprint spanning North America, Europe, and Asia, it offers various financial services. Known for its dedication to innovation and customer service, BMO serves personal and commercial banking clients, wealth management, and capital market sectors.

BMO's offerings range from everyday banking, such as checking and savings accounts, credit cards, and mortgages to investment and wealth management services. For corporations, it delivers customized financial advice, lending, treasury and payment solutions, and capital market expertise. True to its social responsibility pledge, BMO actively invests in sustainable practices and community development.

Bank of Montreal (BMO): Home Page.

Final Thoughts

To sum up, Bank of Montreal customers can explore the fascinating world of cryptocurrencies, including Bitcoin, thanks to CSA-regulated exchanges such as Kraken. While BMO does not directly offer cryptocurrency trading services, it supports transactions to exchanges accepting CAD deposits. Kraken is a favorite among BMO customers but also for its user-friendly features, zero-fee instant deposits, and broad selection of cryptocurrencies.