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How to Buy Crypto with CIBC Bank USA in United States

Last updated on November 12, 2023

Quick Summary: While CIBC Bank USA 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 United States cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

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.

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CIBC Bank USA Homepage

As mentioned in my quick summary, like most United States banks, CIBC Bank USA doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency 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 eToro 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 cryptocurrency exchange

As mentioned above, I’ll be using eToro 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 eToro

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 eToro 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 CIBC Bank USA.

Buy Crypto With eToro

About CIBC Bank USA

CIBC Bank USA is an American commercial bank that is headquartered within Chicago, Illinois. It was founded in 1989 in 1989 as The PrivateBank and Trust Company (doing business under the name The PrivateBank), a subsidiary of PrivateBancorp Inc., the firm became a part to the Canadian-based Canadian Imperial Bank of Commerce (CIBC) following a $5 billion deal in the month of June. This acquisition is the Canadian bank’s second official entrance into the American investment and retail banking market. CIBC Bank is one of the largest banks across the United States

PrivateBancorp was formed into Delaware in 1989. The company established the first branch in Chicago in the year 1991. The discussions between PrivateBancorp along with CIBC executives about an acquisition started in 2013, and the CIBC acquisition being concluded in June 2017. The subsidiary adopted the CIBC branding in September 2017.

CIBC Bank USA It is CIBC’s 2nd foray to its entry into the American commercial bank market. Its earlier unsuccessful businesses, CIBC National Bank and Amicus Federal Savings Bank were created in 2000 in order to provide bank services that were co-branded for supermarket chains. Both were placed into voluntary liquidation in the year 2003. PrivateBancorp was the most significant acquisition. PrivateBancorp deal was among the biggest in the history of CIBC.