Buying bitcoin & other crypto with TD Ameritade & TD Bank
It is currently not possible to buy crypto directly with TD Bank, TD EasyWeb and TD Ameritade. By following the steps in this article, you can still buy Bitcoin & other crypto with your Toronto-Dominion bank account.
How to buy crypto with TD Ameritade?
Step 1: register with a crypto exchange
A crypto exchange is a company that allows private investors to buy Bitcoin & other crypto via the internet. The overview below shows you directly which crypto exchanges you can go to:
| Brokers | Information | Register |
|---|---|---|
 | Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with TD Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. |
When opening a crypto exchange account, always check if the party is trustworthy. In the past, untrustworthy parties have stolen large amounts of crypto from users.
Step 2: verify account & deposit money with TD Bank
Before you can deposit money using your TD Bank account, you must first verify your account. Crypto exchanges nowadays have to verify the identity of their customers. By uploading a copy of your passport and a copy of your address, the exchange can instantly check that you are opening an account under your own name.
After your account is opened, you can deposit money directly using your TD Bank account. It can sometimes take a few working days for the money to arrive in your account.
Step 3: buy crypto with TD Bank
At most crypto exchanges, you can trade in dozens or even hundreds of different cryptocurrencies. The best-known crypto currencies are Bitcoin and Ethereum, but this does not mean they are necessarily the best investment. It can therefore be interesting to compare different crypto currencies.
When you are sure which crypto you want to buy, you can place an order. You do this by selecting the crypto you want to invest in within the platform. Then, within the order screen, enter the amount you want to invest and press the buy button. It can sometimes take a few seconds before the order is actually opened.
After you open your position, you will see in real-time how your investment increases or decreases in value. When you have had enough of your position, you can sell it and have the money deposited directly into your TD Bank account.
How to invest directly in crypto with TD Ameritade
Although it is not possible to buy Bitcoin directly with TD Ameritade, you can invest in crypto in other ways at Toronto-Dominion bank:
- OTC Trust: a trust allows you to invest in a combination of crypto at once. Be aware that trusts can charge high administrator fees.
- ETF: A crypto ETF allows you to invest in a fund that trades in Bitcoin future contracts. This is an indirect way you can invest in crypto.
- Crypto futures: if your TD Ameritade account allows crypto trading, you can also trade them within your account.
- Crypto shares: you can also trade crypto indirectly by buying shares of crypto companies. A good example of a listed crypto company is Coinbase.
Personally, I am not a big fan of indirect investing in Bitcoin & other crypto. You have less control over your investment this way and you often pay higher fees. If you find it too complicated to use a crypto exchange, these options within TD Ameritade can still help.
TD Bank’s stance on crypto & about the bank
TD Bank has no strong views on crypto, but simply allows transactions to reliable crypto exchanges. If you transfer money to a reliable exchange, you will not be affected. It may be wise to choose a crypto exchange that supports Canadian dollars: that way, you won’t have to pay conversion fees.
Toronto-Dominion Bank (Banque Toronto-Dominion) is part of the TD Bank Group based in Toronto. Popularly called TD, the bank was founded in 1955 by merging the Bank of Toronto and Dominion Bank.
TD Bank is one of the top 10 banks in North America and ranked 23e among the largest banks in the world in 2021. With nearly 90,000 employees and 26 million customers worldwide, TD is a big bank you can’t ignore.
Can you buy Bitcoin at TD Bank?
It is not possible to buy Bitcoin directly from TD Bank. However, by opening an account with TD Ameritade, you can invest in Bitcoin indirectly. For example, you can buy crypto ETFs or trusts with your investment account. However, if you want to buy crypto directly with TD Bank, you need to open an account with a reliable crypto exchange.
Auteur
Over Alex Mostert
Already in 2015 I bought my first Bitcoins for roughly $300, only to sell them shortly after for $900. At the time I thought I benefited from the deal of the century, but I, of course, had no idea Bitcoin would become as popular as it is today. On this website, I want to teach everybody how to buy Bitcoin through their bank.
