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How to Buy Crypto with General Bank of Canada

Last updated on November 12, 2023

Quick Summary: While General Bank of Canada 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.

General Bank of Canada Homepage

As mentioned in my quick summary, like most Canada banks, General Bank of Canada 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 crypto 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 General Bank Of Canada

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

1. Pick a cryptocurrency 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 General Bank of Canada.

Buy Crypto With Binance

About General Bank of Canada

General Bank of Canada is a Schedule 1 Chartered bank headquartered in Edmonton, Alberta. Their aim is to help their clients achieve their goals through providing innovative and competitively priced loan and deposit products , and the highest level of service within the industry. They’ve been operating since.

Their origins go in Porcupine Plain, Saskatchewan, which is where their founder Donald H. Wheaton Sr. worked in the general store in town. Along with three of his partners the businessman became a partner of a smaller General Motors dealership in town. The three partners quickly realized that the automobile business wasn’t their thing, so Don Sr. became the sole proprietor. In the year 1961, a huge dealership located in Edmonton was available, as General Motors offered him the possibility of taking it over. With his wife and children, Don moved to Edmonton and assumed the business that would later eventually become Don Wheaton Chevrolet Oldsmobile.

In the late 1980s, General Bank of Canada’s founder and his family saw an the opportunity to provide finance and insurance to customers who purchased cars through dealerships. They began with creditor life insurance and disability insurance. Later, they added extended warranties.

The next expansion area was banking. General Bank of Canada was established in the year 2005. With just three employees the bank made its debut auto loan the month of July. The company today has more than 50 people, which includes sales personnel all over the country. They have helped more than 120,000 Canadians with their car loan needs. Since the past few years, they have expanded into new business areas which include commercial lending and aviation financing.