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How to Buy Crypto with Royal Bank of Canada

Last updated on January 13, 2024

Quick Summary: While Royal 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.

Royal Bank of Canada Homepage

As mentioned in my quick summary, like most Canada banks, Royal Bank of Canada 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.

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 RBC

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 Royal Bank of Canada.

Buy Crypto With Binance

About Royal Bank of Canada

Royal Bank of Canada is an Canadian international financial service firm and the biggest bank in Canada in terms of market capitalization.

The bank provides services to more than 17 million customers and has over 89,000 employees around the world. Established in 1864, at Halifax, Nova Scotia, it has a Corporate headquarters located in Toronto as well as its main office is in Montreal. The number of RBC’s institution is 003. In November of 2017, RBC was added to the Financial Stability Board’s list globally important banks that are systemically important.

In Canada the bank’s commercial and personal banking operations are known with the name RBC Royal Bank in English and RBC Banque Royale in French and provides services to approximately 10 million customers through its 1,209 branches. RBC Bank is a US bank subsidiary that previously operated four39 branches in six states of the Southeastern United States, but currently, it only provides cross-border banking services to Canadian travelers and foreigners.

The bank’s subsidiary US company City National Bank operates 79 branches in the 11 US states. RBC additionally has 127 branches spread across 17 countries within the Caribbean and serves more than 16 million customers.

RBC Capital Markets is RBC’s worldwide corporate and investment banking subsidiary. Meanwhile, the brokerage company for investment is known by the name of RBC Dominion Securities. The investment banking services are provided by RBC Bank and the focus is on middle market customers.

The year 2011 was the most successful for RBC. RBC is the most valuable Canadian firm in terms of market capitalization as well as revenue. RBC was ranked 50th on 2013. Forbes Global 2000 listing. RBC operates in Canada as well as 36 other countries. It has CA$1.01 trillion in assets under management as of 2021.