• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with Bank of Nova Scotia in Canada

How to Buy Crypto with Bank of Nova Scotia in Canada

Last updated on January 8, 2024

Quick Summary: While Bank of Nova Scotia 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 Nova Scotia Homepage

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

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

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Scotiabank

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

1. Pick a cryptocurrency exchange

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 Nova Scotia.

Buy Crypto With Binance

About Bank of Nova Scotia

The Bank of Nova Scotia (French: Banque de Nouvelle-Ecosse) is a bank that operates under the name Scotiabank (French: Banque Scotia) is a Canadian multinational financial services firm headquartered within Toronto, Ontario. It is one of the Big Five banks, it is the third-largest Canadian bank in terms of deposits as well as market capitalization.

It has around 25 million of its customers across the globe, and offers various services and products, including commercial and personal banking as well as wealth management, investment banking and corporate banking. With more than 92,001 employees and assets totalling 1,136 billion dollars (according to the 2020 annual report), Scotiabank trades on the Toronto (TSX BNS) and New York (NYSE: BNS) exchanges. Its Scotiabank swift number has the code NOSCCATT and the institution’s number is 0002.

Scotiabank was established around 1832, located in Halifax, Nova Scotia, which was the location of its headquarters until its move to Toronto in the year 1900. Scotiabank is billed as “Canada’s most international bank” because of its acquisitions mostly within Latin America and the Caribbean and in Europe and regions of Asia. Scotiabank is an active participant in the London Bullion Market Association and one of the fifteen institutions accredited who are part of the London fixation of gold. From 1997 until 2019 it was managed by the division of precious metals ScotiaMocatta.

The bank has merged with a number of others Canadian financial institutions over the years, and also bought other banks from overseas. Many have changed names following their acquisition, however certain branches continue to use their old names. Many branches of those of the previous Montreal Trust and National Trust were changed to Scotiabank & Trust, and remain in operation as these.