Summary: Simplii Financial empowers its clients to engage in digital currency trading through cryptocurrency exchanges licensed by the Canadian Securities Administrators (CSA) that accept Canadian Dollar (CAD) deposits. It's noteworthy to clarify that Simplii does not provide direct investment services via its banking platform but facilitates customers' transfers to exchanges.

We have analyzed Canada’s leading exchange and identified Kraken as the most suitable option for Simplii Financial customers since it provides free and immediate CAD deposits. The platform offers trading and staking services for over 200 crypto assets with competitively low fees. Kraken adheres stringently to the high standards set by the CSA and FINTRAC.

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Can I Buy Bitcoin with Simplii Financial?

Certainly, Simplii users can purchase Bitcoin and other cryptocurrencies via certified digital asset exchanges within Canada. It’s important to find a platform overseen by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC) to maintain regulatory compliance in the country. Adhering to stringent regulatory norms, these exchanges offer a safe and compliant environment to trade tokens.

How to Buy Crypto with Simplii Financial

If you're considering diversifying your investment portfolio by incorporating digital currencies through Simplii Financial, we recommend using a secure platform like Kraken. This exchange operates under the regulation of the CSA, offering straightforward and cost-free CAD deposits from Simplii Financial accounts. Various deposit options are available, including Interac e-Transfer, wire transfers, and debit and credit cards.

Below is a user-friendly guide to help Canadian investors with the process:

  1. Account Creation: Establish an account on Kraken and confirm your identity.
  2. Currency Selection: Define your desired deposit currency (e.g., CAD) on the Kraken platform.
  3. Transfer of Funds: Opt for your preferred payment method (Interac e-Transfer, wire transfer, or credit card), and authorize your deposit.
  4. Acquiring Cryptocurrency: Choose the cryptocurrency you want to buy and finalize your transaction.
How to Buy Crypto with Simplii Financial.
How to Buy Crypto with Simplii Financial.

Simplii Financial Cryptocurrency Policy

Simplii Financial has embraced an innovative strategy towards cryptocurrencies, offering clients the ability to venture into digital assets through exchanges overseen by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre (FINTRAC). However, it reserves the right to halt any transactions connected to unregulated platforms deemed risky.

A noteworthy instance of such a platform is Kraken. This exchange has acquired a substantial reputation within the Canadian financial landscape, distinguished for its rigorous commitment to CSA regulations and its recognition as a registered Money Services Business (MSB) with FINTRAC under the registration number M19343731.

‍Digital Asset Investing Fees

Being aware of the expenses associated with digital asset investments is key to maximizing your profits. Kraken offers cost-effective rates that can positively impact your overall returns. Here's a simple guide to the costs involved in trading digital currencies:

  • Transaction Fees - Kraken uses a tiered system for transaction fees, starting at 0.16% to initiate a trade and 0.26% to complete it. As you trade more, these fees go down, increasing your potential profits. 
  • Deposit Charges - Adding cryptocurrency to your account won't cost you anything. But if you're depositing traditional money, a small fee may apply. This fee can vary depending on your chosen payment method, like credit cards or Interac e-Transfers
  • Costs for Withdrawals - The charges for taking money out are competitive and differ based on the particular digital currency you're transferring. For instance, withdrawing Bitcoin will set you back 0.0005 BTC. 

Kraken's transaction fees are easy on the wallet and reduce as you ramp up your trading volume. The platform's rates for deposits and withdrawals are also highly competitive, making it an attractive choice for investors aiming to improve their financial outcomes.

What is Simplii Financial?

Simplii Financial is a Canadian digital bank that provides a wide range of financial services. The bank was established in 2017, and it is a subsidiary of the Canadian Imperial Bank of Commerce (CIBC). It aims to simplify banking for its customers by providing easy-to-use and intuitive digital banking services. The bank offers a range of products, including savings accounts, chequing accounts, credit cards, mortgages, and loans.

Simplii Financial places a strong emphasis on customer service, and it provides 24/7 support through phone, email, and chat. The bank's online and mobile platforms are user-friendly and feature-rich, allowing customers to manage their accounts and transactions with ease. It is committed to providing its client with a seamless and hassle-free banking experience, and it continually updates its services and features.

Simplii Financial: Home Page.
Simplii Financial: Home Page.

Final Thoughts

To summarize, Simplii Financial does not facilitate direct cryptocurrency transactions, but it has a positive stance toward digital currencies. Simplii Financial account holders can connect their accounts to trusted exchanges like Kraken, which holds a FINTRAC license. This enables users to deposit Canadian dollars and engage in hassle-free cryptocurrency trading in a secure and regulated environment.