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How to Buy Crypto with Canara Bank in India

Last updated on December 27, 2023

Quick Summary: While Canara 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 India 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.

Canara Bank Homepage

As mentioned in my quick summary, like most India banks, Canara 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.

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 Canara Bank

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 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 Canara Bank.

Buy Crypto With Binance

About Canara Bank

Canara Bank is an Indian public sector bank that is under the direction and ownership of the Ministry of Finance, Government of India. The bank was founded in 1906 in Mangalore in the name of Ammembal Subba Rao Pai, the bank also has branches at London, Dubai and New York.

Ammembal Subba Pai an philanthropist, founded the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.

The first acquisition of Canara Bank was in the year 1961 when it bought Bank of Kerala. It was established in September 1944, and at the date of its acquisition on 20 May 1961, there were three branches. The other bank that Canara Bank acquired was Seasia Midland Bank (Alleppey), founded on July 26, 1930, with seven branches prior to its acquisition.

Canara Bank established its international division in. The year 1983 was the time Canara Bank opened its first overseas branch, a branch located in London. The following year, Canara Bank established a subsidiary in Hong Kong, Indo Hong Kong International Finance. In 2008-2009, Canara Bank opened its third foreign subsidiary with an office in Shanghai. Then, Canara Bank established a branch of Leicester and Bahrain and also converted their Hong Kong subsidiary into a branch.