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How to Buy Crypto with HomeEquity Bank in Canada

Last updated on November 12, 2023

Quick Summary: While HomeEquity 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.

HomeEquity Bank Homepage

As mentioned in my quick summary, like most Canada banks, HomeEquity 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.

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 Home Equity 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 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 HomeEquity Bank.

Buy Crypto With Binance

About HomeEquity Bank

HomeEquity Bank is a Schedule 1 Canadian Chartered Bank, established in 1986 under the Canadian Home Income Plan Corporation. HomeEquity Bank is the first Canadian bank to provide reverse mortgages Canadian homeowners who are 55 or over. It is owned by the private equity firm Birch Hill Equity Partners.

HomeEquity Bank originated $767 million reverse mortgages in 2018, which was up 26% more than the prior year. Alongside the CHIP reverse mortgage, HomeEquity Bank also offers the Income Advantage loan, the CHIPMax and GICs.

The Canadian Home Income Plan Corporation was established in 1986 by Vancouver in the year 1986 by William Turner. In 2001 The Canadian Home Income Plan was expanded by offering its services in Ontario and Alberta then being followed by the rest the Canadian provinces.

The firm (then was known as HomEquity Bank) became chartered and on the 13th of October 2009, the company was formally recognized as a scheduled one bank in Canada.

The year 2012 saw Birch Hill Equity Partners bought all the shares remaining in the company.

The year 2013 was the first time HomEquity Bank launched a product called Income Advantage, which aims to provide a stable stream of income in retirement. In 2014, Home Equity Bank’s initial product, known as the Canadian Home Income Plan, was rebranded as the CHIP Reverse Mortgage.

HomEquity offered significantly higher interest rates for reverse mortgages than the other banks charged for traditional fixed-term mortgages. because of the undetermined timeframe for repayment and the possibility of a home’s value declining over the course of the loan as well as the lack any competition within the field of reverse mortgages in Canada following the fact that its sole rival Seniors Money Canada stopped offering new loans.

In the year 2018 HomeEquity Bank launched a corporate redesign and changed the name of its business from HomEquity Bank into HomeEquity Bank, redesigning its logo, and adopting the catchy slogan “There’s no retirement like home’.