How to buy crypto at RBC bank? Buying bitcoin in 4 steps
Want to buy Bitcoin & other crypto with your account at RBC Bank? In this article, you will read how to buy crypto with your bank account at Royal Bank Canada within 5 steps.
How to buy crypto at Royal Bank Canada?
Step 1: open an account with a crypto exchange
It is not possible to buy Bitcoin & other crypto directly at RBC Bank. However, you can link your RBC Bank account to a reliable crypto exchange. The overview below shows you directly which crypto exchanges you can join:
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You can use an exchange to buy and store cryptocurrencies. However, it may be safer to store your crypto within an external wallet. That way, you maintain full control over your cryptocurrencies.
Step 2: verify account
Before you can invest in crypto with real money, you need to verify your account first. You can verify your account by uploading a copy of your passport and proof of your address.
Step 3: deposit money from your RBC Bank account
After your account is verified, you can deposit money directly from your RBC account. Please note that with some crypto exchanges, you will pay additional transaction fees for exchanging your own currency to the crypto exchange’s currency.
Step 4: buy crypto at RBC Bank
After funds are in your account, you can immediately buy crypto using your account with RBC Bank. Within the platform, navigate to the cryptocurrency you want to buy and enter the amount you want to invest. Then by pressing buy, you will send the order directly to the crypto exchange.
It is advisable to carefully research the crypto you want to invest in. You can invest in hundreds of different crypto’s, but only a handful of them have a large market capitalisation. Altcoins (crypto currencies that are not Bitcoin) often have even higher volatility, so the risks are also higher.
What are crypto currencies?
Royal Bank Canada has written a comprehensive analysis on cryptocurrencies. Simply put, crypto-currencies are digital currencies that you can use either as an investment or a means of payment. The bank itself is more enthusiastic about the blockchain that about cryptos themselves. Blockchain is the technology behind crypto and enables decentralised payments to be made.
Cryptos have several advantages over traditional fiat. For instance, transactions can be carried out anonymously and without the intervention of a third party. It is also possible to transfer amounts to other countries quickly and at low transaction costs.
There are also drawbacks to the decentralised nature of crypto. For instance, the government cannot intervene in case of abuses and users are more vulnerable to hacks. Moreover, volatility means that your crypto can suddenly lose most of its value.
Analyst Mitch Steves still sees a bright future for crypto over the long term. He expects crypto to be worth $10 trillion dollars in the future. However, it is difficult to determine which crypto will contribute the most to this high market capitalisation.
What is RBC Bank’s policy on crypto?
RBC Bank is not against crypto and account holders can therefore buy Bitcoin from a reliable crypto exchange without any problems. However, it is important to use reliable crypto exchanges: this is safer and prevents your account from being blocked.
About RBC Bank
The Royal Bank of Canada (RBC) or in French Banque Royale du Canada is Canada’s largest customer with 17 million customers. RBC is headquartered in Montreal. In English, the bank is also referred to as RBC Royal Bank and in French as RBC Banque Royale.
The bank operates on a small scale in America under the name City National Bank. RBC operates in 36 different countries.
Can you buy Bitcoin at RBC?
You can still buy Bitcoin and other crypto from the Royal Bank of Canada without any problems with a workaround. By opening an account with a crypto exchange, you can simply use the money in your bank account to buy your favourite crypto. In the beginning of the article, you can read how to buy crypto directly with your RBC account in 4 steps. However, never forget; investing in crypto is risky.