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How to Buy Crypto with Motus Bank in Canada

Last updated on November 12, 2023

Quick Summary: While Motus 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.

Motus Bank Homepage

As mentioned in my quick summary, like most Canada banks, Motus Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto exchange and comes with regulations and extra work for the banks.

There are a large number of crypto exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Motusbank

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 Motus Bank.

Buy Crypto With Binance

About Motus Bank

Motusbank is the brand name employed to describe Motus Bank, a federally chartered online-only bank in Canada that is owned and managed through Meridian Credit Union. The announcement came after the credit union acquired Roynat’s auto lease company from Scotiabank.

On October 3, 2018, Motus Bank was incorporated by federal letters patent under the Bank Act. On February 11, 2019 Motus Bank officially became an official member of Canadian Deposit Insurance Corporation.The bank is completely digital, and therefore does not have physical branches. 2 April 2019 was the day that Motus Bank launched across Canada however the majority of its mortgage loans were located in Alberta. At the time of its launch the bank had CAD53 million in capital.

Its parent firm, Meridian It is third-largest bank in Canada and the biggest institution in Ontario with over 365,000 members, with assets under management of $28.5 billion. Meridian provides banking and wealth management, as well as credit services and products through 15 branches and 89 branches. commercial business centres.

Desjardins Credit Union (the Ontario affiliate of the Desjardins Group) and Meridian’s membership voted in favor of merging on the 1st of June 2011. In 2012, all of the branches that were previously Desjardins branch locations in Ontario were renamed Meridian branches.

In April 2016, Meridian has completed the acquisition of Scotiabank and the acquisition of Roynat Lease Finance, a provider of leases of commercial machinery. Roynat Lease Finance will operate under the name of Meridian OneCap Credit Corp. A wholly owned company to Meridian Credit Union.

On February 21, 2017 Meridian announced and unveiled an entirely new collection of Visa credit cards, which is a step towards MasterCard.

On 19 November 2019, Meridian won “Best Credit Union” at the 5th Annual Canadian FinTech & AI Awards.