If you are looking to buy some bitcoins or any other cryptocurrency and use your RBC Bank account to directly pay for it, then that’s currently not possible. This is also true for the RBC Direct Investing app, as it doesn’t allow Canadians to trade or invest in Bitcoin or other cryptocurrencies.
However, you can buy bitcoin using an exchange that you can connect with your RBC Bank account, deposit money from the bank to the exchange, and then buy cryptocurrencies. For this, we recommend Bitbuy. It is the leading and most trusted exchange in Canada.
The quick order processing and low trade fees of Bitbuy have made it the top choice of every Canuck. Plus, the deposits are instant when transferring from your RBC Bank Account using Interac e-Transfer.
Here’s an Overview of BitBuy:
Launched in 2019 in Canada by Adam Goldman, Bitbuy is a fairly new crypto exchange, but its low fees, better liquidity, and connectivity with banks like TD and RBC have made it incredibly popular.
The platform currently supports some of the most popular cryptocurrencies, including EOS, Stellar, Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, and more. This makes it easier for Canadians to buy or trade more coins than just being limited to Bitcoin.
- Deposit Methods: Bank Wire, Interac e-Transfer, and more
- Trading Fees: Ranges from 0.1% to 0.5%
- Fiat Currencies: CAD
- Cryptocurrencies: Bitcoin, Litecoin, Ethereum, Dogecoin, Ripple, and more
Buying Bitcoin With RBC Bank Account in Canada:
The process for purchasing bitcoin or any altcoin, for that matter, is straightforward and incredibly fast with Bitbuy. And not just in Canada, but traders around the world rely on exchanges like Bitbuy to purchase cryptocurrency. Here’s how to buy bitcoin using RBC Bank with Bitbuy.
- Create your account on Bitbuy
- Get maximum security for your Bitbuy account using 2 FA (this is important if you want to make sure no one can access your account except you)
- Once you join Bitbuy, verify the account details you provided during the sign-up, like your name and address, depending on whether you used personal or company credentials. Also, the verification document requirements will vary if you are signing up from the U.S instead of Canada.
- Deposit your Canadian Dollars into the Bitbuy account through the RBC Bank Account
- Now go to the ‘Trade’ section of the Bitbuy dashboard and select Bitcoin
- Enter the BTC amount you want to purchase in exchange for CADs
- Review the order to make sure all the details are entered correctly, and then hit the ‘Buy’ button to execute the order
That’s pretty much it. See how fast and easy it is to buy bitcoin from Bitbuy using your RBC Bank account in Canada.
