How to Buy Crypto with EQ Bank in Canada

Last updated on November 12, 2023

Quick Summary: While EQ 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.

EQ Bank Homepage

As mentioned in my quick summary, like most Canada banks, EQ Bank 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 crypto 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 EQ Bank

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 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 EQ Bank.

Buy Crypto With Binance

About EQ Bank

Equitable Bank is a Canadian bank that provides primarily commercial and residential real estate loan services and also personal banking via the direct bank label EQ Bank. The bank was established in the year 1970 under the name The Equitable Trust Company and was transformed into it’s Schedule I Bank offering savings products in 2013. By 2022, it was Canada’s seventh-largest bank having more than 35 billion of assets under management as of 2020. As of September , 2020 Equitable Bank had more than $16 billion of deposits. Equitable Bank is a member of the Canada Deposit Insurance Corporation.

Equitable Bank provides mortgages, commercial lending services , and deposits services. Its headquarters are in Toronto with branches located in Calgary, Halifax, Montreal and Vancouver. Equitable Bank is one of nine Schedule I banks listed on the Toronto Stock Exchange; it is listed by Equitable Group, its parent company. Equitable Group

The main product that is offered through EQ Bank is the Savings Plus Account that is an interest-free and low-cost savings account. The bank initially attracted customers with a interest rate of 3.0 percent. The rate was cut by April 18 one month later, to 2.25 percentage.

The rate was cut further to 2.0 percent on August 25 in 2016. In May 2017, the rate was increased to 2.3 percent. From January through March of 2020, it was at 2.45 percent before it was reduced to 2.0 percent due to the reduction of rates of Bank of Canada interest rates due to the economic effects of the COVID-19 epidemic. In August of 2020 rates were cut further to 1.7 percent, the reason remaining the same: COVID-19’s effect on the business. In July 2021 Savings Plus Account Savings Plus Account had a lower amount of interest at 1.25 percent.