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How to Buy Crypto with Canadian Tire Bank in Canada

Last updated on November 12, 2023

Quick Summary: While Canadian Tire Bank 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 Tire Bank Homepage

As mentioned in my quick summary, like most Canada banks, Canadian Tire Bank 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.

There are a large number of cryptocurrency exchanges that you can use 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 CTFS

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

1. Pick a crypto 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 cryptocurrency

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 Tire Bank.

Buy Crypto With Binance

About Canadian Tire Bank

Canadian Tire Services Ltd. (CTSL) operating under the name Canadian Tire Bank (French: Banque Canadian Tire), is the financial service subsidiary to the Canadian Tire retail chain. The bank is located at Oakville, Ontario, and is also operating within St. Catharines and Welland (which are located in Ontario). Between 1968 until the year 2016 (with the branding being maintained up to the year 2018), Canadian Tire Services Ltd. was named Canadian Tire Financial Services Ltd. (CTFS or CTFSL).

The year was 1968 when Canadian Tire purchased Midland Shoppers Credit Limited which was an unassuming company that was founded in the year 1961 to offer third-party credit processing to local merchants within the Niagara Region. After the purchase the company was changed to “Canadian Tire Acceptance Limited (CTAL)” and later “Canadian Tire Financial Services Limited”.

Canadian Tire Bank (CTB) is an a Schedule 1 (domestic deposit-taking) bank, which is a part of the Bank Act, was founded in 2003. The bank acquired financial services previously offered by CTFS. Alongside MasterCard credit cards, Canadian Tire Bank also created high-interest savings accounts as well as tax-free savings accounts and GIC products.

in 2014, Scotiabank entered into a contract to purchase 20% of Canadian Tire’s financial service business including Canadian Tire Bank, for 500 million dollars in cash as in a alliance between the two companies . Scotiabank was also able to buy 30 percent more (or return its 20% stake to Canadian Tire its 20% stake) at the time of fair market value in the next 10 years.