How to buy crypto or Bitcoin with Scotiabank?
Many account holders at Scotiabank think it is not possible to buy crypto. However, nothing could be further from the truth: by following the steps in this article, you will be buying crypto with your account at Scotiabank in no time.
How to buy crypto at Scotiabank?
Step 1: open a crypto exchange account
When you want to buy crypto with your Scotiabank account, you first need an account with a crypto exchange. A crypto exchange is a party that allows you to exchange fiat for crypto. In the overview below, you can immediately see which crypto exchanges you can open an account with:
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Step 2: verify account & deposit money
Before you can deposit money from your Scotiabank account, you must first verify your account. Most crypto exchanges require you to complete the following steps to do this:
- Upload a copy of your passport
- Upload proof of your address
- Answer questions about your experience with crypto
- Answer questions about your financial situation
After your account is verified, you can directly deposit funds from your Scotiabank to your crypto exchange account. Please note that processing the transaction may take some time.
Step 3: buy crypto with Scotiabank
Now navigate within the crypto platform to the crypto you want to buy. Most people invest in Bitcoin, but you can choose from hundreds of other crypto currencies.
Within the order screen, you enter the amount you want to invest. You can also choose to use a limit order: with a limit order, you set the maximum price you want to pay for the crypto in question.
When you are satisfied with the order, you can send it directly to the crypto exchange. It can sometimes take a few seconds to minutes for it to be fully executed. You can then sell your crypto again at any time and have your funds deposited into your account at Scotiabank.
What is Scotiabank’s stance on crypto?
Scotiabank does not have a strong opinion on crypto. However, you can read an informative article about digital currencies in general on the bank‘s website.
At least in practice, Scotiabank does not seem to be anti-crypto. In fact, as an account holder, you can buy Bitcoin and other crypto without any problems. However, it is advisable to use a reliable crypto exchange: that way, you reduce the chances of losing money.
Buy crypto safely with Scotiabank
- Research: do research on the crypto currency you want to invest in.
- Beware: be vigilant of various crypto scams.
- Secure: secure your crypto exchange with a strong password & 2FA.
- Secret: don‘t tell anyone about your crypto coin investments.
About Bank of Nova Scotia (Scotiabank)
Scotiabank (in French Banque Scotia), is a Canadian multinational bank headquartered in Toronto. Scotiabank is part of the five largest banks in Canada and has more than 25 million customers worldwide.
Scoatiabank was founded in 1832 in Halifax. The bank is known as Canada’s most international bank. The bank makes acquisitions mainly in Latin America and the Caribbean, which means it also serves many customers abroad.
Can you buy Bitcoin at Scotiabank?
It is not possible to buy Bitcoin, Ethereum or other crypto at Scotiabank at the time of writing. The bank is also not planning to offer crypto services in the near future. However, by opening an account with a reliable crypto exchange, you can still invest in the most popular cryptocurrencies without any problems.