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How to Buy Crypto with Bank of Montreal in Canada

Last updated on December 24, 2023

Quick Summary: While Bank of Montreal does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Canada cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Bank of Montreal Homepage

As mentioned in my quick summary, like most Canada banks, Bank of Montreal doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with BMO

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bank of Montreal.

Buy Crypto With Binance

About Bank of Montreal

The Bank of Montreal (BMO; French: Banque de Montreal) is an Canadian international investment bank and financial services provider.

The bank was established by the city of Montreal, Quebec, in 1817 under the name of Montreal Bank and, while its main office is still located in Montreal but its executive office and the headquarters have been at Toronto, Ontario since 1977. The bank is among the Big Five banks in Canada It is the third-largest bank in Canada in terms of market capitalization as well as assets, and also one of the eight biggest institutions within North America and the top 50 banks in the world.

It is most commonly referred to as the ticker symbol BMO (pronounced”‘bi:moU’) that is found that is found on the Toronto Stock Exchange and the New York Stock Exchange. In October 2021, the bank was awash with CA$634 billion of assets that were under management (AUA). This is the Bank of Montreal swift code is BOFMCAM2 and the number of the institution is 001.

As of December 20, 2021 BMO has agreed to purchase Bank of the West from BNP Paribas. BMO plans to then combine Bank of the West with BMO Harris Bank, which could at the very least increase BMO’s presence throughout the United States.

On July 20, 2022 BMO said it will purchase the Calgary-based Radicle Group Inc., the most prominent advisor to companies in the field of sustainability and measuring carbon emissions. This comes in order to satisfy the growing demand from its customers for guidance on how to manage a global energy change.