• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with Canadian Imperial Bank of Commerce in Canada

How to Buy Crypto with Canadian Imperial Bank of Commerce in Canada

Last updated on January 5, 2024

Quick Summary: While Canadian Imperial Bank of Commerce 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.

Canadian Imperial Bank of Commerce Homepage

As mentioned in my quick summary, like most Canada banks, Canadian Imperial Bank of Commerce doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto 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.

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 CIBC

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

1. Pick a crypto 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 Canadian Imperial Bank of Commerce.

Buy Crypto With Binance

About Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce (CIBC; French: Banque canadienne imperiale de commerce) is an Canadian multinational financial and banking services company headquartered in CIBC Square, located in the Financial District of Toronto, Ontario.

It is the Canadian Imperial Bank of Commerce has been established in 1961 through the amalgamation of the Canadian Bank of Commerce (founded in the year 1867) as well as the Imperial Bank of Canada (founded in 1873) and was the biggest union of chartered banking institutions in Canadian history. It is among two “Big Five” banks founded in Toronto and the other is Toronto-Dominion Bank. Toronto-Dominion Bank.

The bank operates four business units that are strategic to its operations: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management along with Capital Markets. It operates internationally across four countries: the United States, the Caribbean, Asia, and United Kingdom. In the world, CIBC serves more than 11 million customers and employs over 40,000. It is ranked as number 172 on the Forbes Global 2000 listing.

In February of 2010, CIBC was one of the few chartered banks in Canada to offer an online banking iPhone App. It had more than 100,000 downloads less than a month after its launch, and more than one million user logins through CIBC Mobile Banking since its launch.

A few months later the bank announced that it had was signing a contract to acquire the CA$2.1-billion credit portfolio of the Citigroup’s Citibank Canadian MasterCard Business. In October of that calendar year CIBC made it clear that it would be the first institution in Canada to offer the Visa-branded international debit card.