How to Buy Crypto with CIBC

Can I Buy Bitcoin with CIBC Bank?

Yes, CIBC customers can safely buy Bitcoin and other digital assets through regulated cryptocurrency exchanges in Canada. These platforms, regulated by the Canadian Securities Administrators (CSA) and Financial Transactions and Reports Analysis Centre (FINTRAC), allow you to deposit Canadian Dollars from your bank account or card. The stringent regulatory oversight these platforms operate under guarantees a secure and compliant environment for buying and trading digital currencies.

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How to Buy Crypto with CIBC

If you're contemplating investing in digital assets via CIBC, we suggest using a secure, regulated platform like Kraken. This exchange is overseen by the CSA, offering instant and free deposits in CAD through Interac e-Transfer, wire transfer, debit cards, and credit cards, among other options.. Kraken supports the buying, selling, and staking of more than 200 different cryptocurrencies at competitive rates.

Here's a simple guide to help you navigate the process:

1. Registration: Start by creating an account on Kraken and verifying your identity.
2. Select Currency: Choose your preferred deposit currency (CAD, for instance) on the Kraken platform. 
3. Deposit Funds: Select your desired payment method (for example, Interac e-Transfer, wire transfer, or credit card) and transfer funds from CIBC.
4. Buy Cryptocurrency: The final step is to select the cryptocurrency you want to acquire and execute your trade.

CIBC Cryptocurrency Policy

To enable access to the digital economy and protect client interests, the CIBC has embraced a progressive approach towards cryptocurrencies. The bank allows its customers to venture into the expanding universe of digital assets through exchanges under the regulatory oversight of the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC). Kraken is an excellent option as it is a registered Money Services Business (MSB) with FINTRAC under the registration number M19343731.

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Digital Asset Investing Fees

Understanding the costs involved in digital asset investing is crucial for optimizing your financial gains. Here's a straightforward breakdown of the costs typically found on crypto exchanges:

• Trading Costs: Kraken employs a tiered pricing structure for transaction fees, beginning at 0.16% for opening a trade and 0.26% for closing it. As your trading volume grows, these fees reduce, boosting your potential earnings. 
• Funding Fees: Depositing cryptocurrency into your Kraken account is free of charge. However, if you're adding traditional currency, a nominal fee might be incurred. This fee fluctuates based on your selected payment option, such as credit cards or Interac e-Transfers. 
• Withdrawal Expenses: The fees for removing funds are competitive and vary depending on the specific digital asset you're moving. For example, a Bitcoin withdrawal will cost you 0.0005 BTC. 

Kraken's trading fees are budget-friendly and the funding and withdrawal fees are also very competitive, making it a compelling option for investors looking to enhance their financial performance.

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What is CIBC?

The Canadian Imperial Bank of Commerce is one of Canada's leading financial institutions, with a rich history dating back to 1867. Emerging from the union of two banking powerhouses, the Canadian Bank of Commerce and the Imperial Bank of Canada. Headquartered in Toronto, Ontario, the bank offers a comprehensive range of financial services, including retail and business banking, wealth management, and capital markets activities. 

CIBC is known for its strong focus on customer service and innovation. With a global presence that extends to the United States, the Caribbean, Asia, and Europe, the bank has garnered a reputation for stability, reliability, and community engagement. Its commitment to ethical practices and corporate responsibility further solidifies its standing as a trusted name in the financial sector.

Final Thoughts

To conclude, CIBC clients can confidently step into cryptocurrencies by leveraging platforms like Kraken. Regulated by the CSA and FINTRAC, Kraken offers a secure and compliant environment, allowing free and instant CAD deposits and the opportunity to trade and stake over 200 different digital currencies. It is considered the country’s most secure platform and undergoes regular audits, showing that all assets are backed 1:1.