Can you buy Bitcoin & other crypto at Tangerine Bank?
At the time of writing, it is not possible to buy crypto from Tangerine Bank. However, by connecting your bank account at Tangerine Bank to a crypto exchange, you can still buy crypto without any problems. In this article, I explain how to buy crypto with your account at Tangerine Bank within a few steps.
How to buy crypto at Tangerine Bank?
Step 1: open account at crypto exchange
Before you can buy crypto with Tangerine Bank, you first need an account with a crypto exchange. A crypto exchange is a party that brings together the supply and demand for crypto. In the overview below, you can immediately see which crypto exchanges you can open an account with:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Tangerine bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: deposit money from your Tangerine Bank account
Before you can deposit money from your Tangerine Bank account to the crypto exchange, you must first verify your account. With most crypto exchanges, you verify your account by uploading a header of your passport and address.
After your account is fully verified, you can immediately deposit money into your crypto exchange account. Keep in mind that international transactions can sometimes take several days for the money to arrive. If you want to actively trade in the markets, it is advisable to deposit sufficient funds in your crypto exchange account.
Step 3: buy crypto with Tangerine Bank
Within the crypto platform, you can choose between dozens to hundreds of different crypto currencies. Each crypto coin has its own development team and plan for the future. You can read through the crypto coin’s white paper to get a better idea of its potential.
When you are sure you want to buy a particular crypto, you can send an order directly to the crypto exchange. Within the order screen, enter the amount you want to invest and press buy to send the order directly to the exchange. It may then take a few seconds to minutes for the order to be executed.
Investing or speculating in crypto?
The Tangerine Bank website has a more comprehensive explanation of crypto. Within the explanation, the difference between investing and speculating is highlighted.
With investing you normally focus on the long-term in order to receive a stable return. According to the article’s author, investing in Bitcoin is actually not possible, as crypto currencies are too volatile. However, if you buy a share of a company that creates economic value with activities on the blockchain, you can still invest.
In many cases, investing in cryptocurrencies falls under speculation: you then actively trade crypto coins to make a short-term profit. If you opt for speculation, it is important to fully understand the risks of crypto currencies. Bitcoin, for instance, can easily lose $1,000 in value within a few minutes. Therefore, only invest in crypto with money you can really afford to lose.
Does Tangerine Bank allow crypto investments?
Tangerine Bank does not have a policy that excludes crypto investments. Therefore, you can buy crypto with your Tangerine account from a reliable crypto exchange without any problems. Beware of unreliable or unregistered exchanges, though, as Tangerine bank might block your account for using those.
What is the Tangerine Bank?
Tangerine Bank (operating as Tangerine) is a Canadian bank that is part of Scotiabank. The bank was founded in 1997 by ING Bank (operating as ING Direct in Canada). Since 2012, ING Direct has been bought by Scotiabank, which Tangerine Bank is now fully part of.
Can you buy Bitcoin at Tangerine Bank?
It is currently not possible to buy Bitcoin & other crypto at Tangerine Bank. I also could not find any information on whether the bank is planning on offering crypto trading in the future. Therefore, if you want to buy crypto from Tangerine Bank, you will have to open an account with a crypto exchange. At the beginning of this article, you can immediately see a list of crypto exchanges you can go to.