Summary: The Royal Bank of Canada (RBC) doesn’t offer crypto trading directly. However, it allows customers to fund digital asset platforms that are regulated in Canada using CAD deposits. These include exchanges approved by the Canadian Securities Administrators (CSA) or FINTRAC.
Among the top choices, Kraken stands out for RBC users. It offers free CAD deposits via Interac e-Transfer, wire transfers, and cards, and supports over 200 cryptocurrencies for trading and staking. Kraken operates fully under CSA guidelines, making it a secure and efficient option for Canadian investors.
- Instant and free CAD deposits from RBC Bank via Interac e-Transfer, credit cards and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Founded in 2011 and trusted by over 9 million investors.
Kraken is a registered Money Services Business with FINTAC (MSB Registration No. M19343731).
Can I Buy Bitcoin with RBC?
Yes, RBC allows customers to fund accounts on licensed crypto platforms using Canadian Dollars. You can send money from your RBC bank account or debit card to regulated exchanges.
While RBC doesn't offer crypto services itself, it supports transfers to FINTRAC and CSA-compliant platforms, giving clients a secure and legal path to buy Bitcoin and other digital assets.
How to Buy Crypto with RBC Bank
The most reliable way to buy crypto with your RBC account is by using a regulated exchange that accepts Canadian Dollar (CAD) deposits, such as Kraken. It allows seamless CAD transfers via Interac e-Transfer, wire transfer, or credit/debit cards, and offers zero deposit fees for Canadian users.
Kraken supports over 200 digital currencies and complies with Canadian Securities Administrators (CSA) and FINTRAC regulations. It’s beginner-friendly but packed with advanced features for more experienced investors.
Here’s how to get started:
- Register: Create an account on Kraken and complete identity verification.
- Select CAD: Choose Canadian Dollars as your deposit currency.
- Deposit Funds: Pick a payment method (Interac, wire, or card) and fund your account.
- Buy Crypto: Choose the asset you want, enter the amount, and complete your purchase.
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RBC Cryptocurrency Policy
RBC doesn’t offer crypto trading but permits clients to transfer funds to exchanges regulated by the Canadian Securities Administrators (CSA). This gives customers a compliant and secure way to invest in digital assets.
One trusted option is Kraken. It operates under Canadian securities laws and is registered as a Money Services Business with FINTRAC (ID: M19343731), making it a secure platform for RBC users.
Digital Asset Investing Fees
Investing in crypto comes with fees that can affect your returns, so it’s important to understand them upfront. Here’s what RBC Bank users should expect when using platforms like Kraken:
- Deposit Fees: Free when funding with CAD via Interac e-Transfer or wire from RBC accounts. Other methods, like cards, may include small processing fees.
- Trading Fees: Kraken uses a tiered model starting at 0.16% for makers and 0.26% for takers. These rates drop as your trading volume increases.
- Withdrawal Costs: Fees vary by asset. For example, withdrawing Bitcoin typically costs 0.0005 BTC.
For RBC clients, Kraken offers strong value, with zero CAD deposit fees, low trading costs, and access to over 200 cryptocurrencies in a secure, CSA-compliant environment.
What is Royal Bank of Canada (RBC)?
Founded in 1864 in Halifax, Nova Scotia, the Royal Bank of Canada is the country’s largest bank by market capitalization and serves over 17 million clients worldwide. Its headquarters are in Toronto, with operations spanning across North America, Europe, and Asia.
RBC offers a full range of services, from personal banking to capital markets. While it doesn’t provide crypto services directly, it allows clients to move funds to regulated digital asset platforms, making it accessible for crypto investors in Canada.
Best Alternative Crypto Exchanges
If you're looking for more options beyond Kraken, here are a few trusted exchanges that work well with RBC transfers:
- Bitbuy: A FINTRAC-registered Canadian platform offering fast CAD deposits and a simple interface for beginners.
- CoinSmart: Supports Interac e-Transfers and credit card funding. It offers same-day verification and a wide range of crypto assets.
- Newton: Zero-fee trading with competitive spreads. It seamlessly integrates with RBC accounts for fast CAD transfers.
Each of these platforms is registered in Canada and supports direct funding from RBC, making them safe and accessible options for crypto investors.
Final Thoughts
RBC doesn’t offer direct crypto trading, but it supports transfers to regulated platforms like Kraken. This gives clients a secure way to access the crypto market.
With zero-fee CAD deposits, over 200 supported assets, and regular proof-of-reserve audits, Kraken stands out as the best option for RBC users looking to invest in digital currencies.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
