Summary: National Bank of Canada empowers its customers to engage in Bitcoin and digital currency trading by utilizing exchanges overseen by the Canadian Securities Administrators (CSA) that accept Canadian Dollar (CAD) deposits. NBC does not provide direct cryptocurrency trading services through its banking platform but approves transfers to regulated trading platforms.

Our assessment shows that Kraken is a popular choice among NBC clients due to its free and instant CAD deposits and low trading fees. The platform boasts over 200 crypto assets for trading and staking under the stringent guidelines of the CSA. Kraken supports multiple deposit methods such as Interac e-Transfer, bank transfers, and credit cards.

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Can I Buy Bitcoin with National Bank of Canada?

Yes, although NBC doesn't allow customers to purchase crypto directly on its platform it enables them to purchase digital currencies through reliable Canadian exchanges. To trade crypto assets, investors can deposit CAD from their National Bank of Canada accounts or cards to a trading platform licensed by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC).

How to Buy Crypto with National Bank of Canada

If you're considering investing in digital currencies via National Bank of Canada, we recommend using a reputable and regulated platform such as Kraken. This exchange is under the supervision of the CSA and facilitates quick, no-cost deposits in CAD from your National Bank accounts. It allows fund deposits through a variety of methods like Interac e-Transfer, wire transfers, debit cards, credit cards, and more.

Below is a straightforward guide to help you steer through the procedure:

  1. Account Setup: Establish an account on Kraken and confirm your identity. 
  2. Currency Selection: Determine your favored deposit currency (CAD, for example) on the Kraken platform. 
  3. Fund Deposit: Choose your desired payment method (like Interac e-Transfer, wire transfer, or credit card) and approve your deposit. 
  4. Cryptocurrency Purchase: The last step entails selecting the cryptocurrency you wish to procure and finalizing your transaction.
How to Buy Crypto with National Bank of Canada.
How to Buy Crypto with National Bank of Canada.

National Bank of Canada Cryptocurrency Policy

In the pursuit of opening doors to the digital economy while safeguarding client interests, NBC has adopted a progressive stance on cryptocurrencies. This commitment has led to the bank allowing customers to explore the world of digital assets through exchanges regulated by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC).

An exemplary embodiment of such a platform is Kraken. Within the Canadian financial landscape, Kraken has secured a solid reputation for its unwavering compliance with CSA regulations and its recognition as a registered Money Services Business (MSB) with FINTRAC under the registration number M19343731.

‍Digital Asset Investing Fees

Knowing the expenses tied to digital asset investment is key to maximizing your financial returns. Kraken offers cost-effective rates that can impact your total earnings. Below is a simple outline of the fees associated with digital asset transactions:

  • Transaction Fees - Kraken uses a scaled pricing model for trading costs, starting at 0.16% for initiating a trade and 0.26% for finalizing it. As you increase your trading activity, these fees decrease, enhancing your potential profits. 
  • Deposit Charges - Adding cryptocurrency to your Kraken account comes at no cost. However, if you're depositing conventional currency, a small fee may apply. This charge varies depending on your chosen payment method, like credit cards or Interac e-Transfers
  • Withdrawal Costs - 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 offers economical trading fees that lessen as your trading activity increases. The platform's deposit and withdrawal charges are also highly competitive, making it an attractive choice for investors aiming to optimize their financial results.

What is National Bank of Canada?

National Bank of Canada, established in 1859, is one of the country's largest financial institutions, with a strong presence in personal and commercial banking, wealth management, and capital markets. Headquartered in Montreal, Quebec, it serves a diverse clientele through an extensive network of branches, ATMs, and online services. As the sixth largest bank in Canada, it boasts robust financial performance with a market capitalization of over $30 billion and assets exceeding $350 billion.

In recent years, NBC has shown a keen interest in exploring new technologies and innovative solutions to enhance its services and improve customer experience. The bank has invested in various fintech startups and partnered with leading technology companies to develop new products and services. Additionally, National Bank of Canada has become known as a crypto-friendly bank with a supportive stance towards cryptocurrencies and blockchain technology.

National Bank of Canada: Home Page.
National Bank of Canada: Home Page.

Final Thoughts

To sum up, NBC customers can dive into cryptocurrency by utilizing digital asset trading platforms. Our team has identified Kraken as the best option for Candian investors as it is governed by the CSA and FINTRAC, and it presents a safe and regulated trading environment. Kraken provides prompt and free CAD deposits from the National Bank of Canada to buy, sell, and stake over 200 digital currencies.