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How to Buy Crypto with Canadian Western Bank in Canada

Last updated on November 12, 2023

Quick Summary: While Canadian Western 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 Western Bank Homepage

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

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 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 Western Bank.

Buy Crypto With Binance

About Canadian Western Bank

Canadian Western Bank (CWB; French: Banque canadienne de l’Ouest) and also known under the name CWB Financial Group is a Canadian bank with its headquarters within Edmonton, Alberta. The bank has clients within Western Canada and in other provinces.

The CWB Financial Group is made of 10 banks loan, wealth, and trust businesses. Its loan book is nearly equal throughout BC, Alberta and Ontario. In line with its plans to expand, CWB has opened a branch in Mississauga, Ontario, just to the west of Toronto.

Canadian Western Bank was formed as a result of the merger in 1988 of two banks which were: The Bank of Alberta (founded 1984) along with the Western & Pacific Bank of Canada (founded in 1982). It was led by Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet.

It was in 1993 that it bought Western Canadian branches of Metropolitan Trust. Then, in 1994 Canadian Western Bank and North West Trust Company merged into Canadian Western Bank. It was established in 1996. purchased BC Bancorp (chartered in 1967) as well as the Aetna Trust Company which was changed to Canadian Western Trust Company. The company was formed in the year 2001. purchased its Kelowna as well as the Regina locations of Laurentian Bank of Canada.