How to Buy Crypto with RBC

Can I Buy Bitcoin with RBC? 

Yes, RBC clients can buy Bitcoin and other cryptocurrencies through reputable digital asset exchanges in Canada, which operate under the oversight of the Canadian Securities Administrators (CSA). These platforms enable direct transfers of Canadian Dollars from RBC accounts or cards. As these exchanges operate under stringent regulatory control, they provide a secure and compliant environment for buying and trading digital currencies.

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How to Buy Crypto with RBC Bank

If you're considering investing in digital currencies through RBC Bank, we recommend utilizing a renowned, regulated exchange like Kraken. This platform, overseen by the CSA, allows instant and free CAD deposits from your RBC accounts. With Kraken, you can buy, sell, and stake over 200 cryptocurrencies at competitive prices. Deposits can be made via Interac e-Transfer, wire transfer, debit cards, credit cards, and more.

Below is a step-by-step guide to assist you in the process:

1. Registration: Start by setting up an account on Kraken. Complete the necessary verification process for individuals or businesses.
2. Choose Your Currency: Select your desired deposit currency on the Kraken platform (CAD, among others). 
3. Deposit Funds: Choose your preferred payment method (e.g., Interac e-Transfer, wire transfer, or credit card) and finalize your deposit. 
4. Acquire Cryptocurrency: The last step involves picking the cryptocurrency you wish to purchase and making your trade.

RBC Cryptocurrency Policy 

In its commitment to embrace emerging financial trends while safeguarding customer interests, Royal Bank of Canada has adopted a forward-thinking stance on cryptocurrencies. To facilitate this, it permits its clients use exchanges that are regulated by the Financial Transactions and Reports Analysis Centre (FINTRAC) or the Canadian Securities Administrators (CSA). A prime example of such a platform is Kraken, abiding by CSA guidelines and maintaining its status as a registered Money Services Business (MSB) with FINTRAC under the registration number M19343731.

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Digital Asset Investing Fees

Understanding the fees associated with digital asset investing is essential for maximizing your financial returns. Kraken has cost-effective rates that can impact your total earnings:

• Transaction Fees: Kraken uses a graduated fee model for trading costs, starting at 0.16% for making an order and 0.26% for fulfilling it. As you trade more, these fees decrease, enhancing your potential income. 
• Deposit Fees: Adding cryptocurrency to your Kraken account comes at no cost. But if you're depositing traditional currency, a small fee may apply. The fee varies depending on your chosen payment method, like credit cards or Interac e-Transfers. 
• Withdrawal Costs: The charges for taking out funds are competitive and differ based on the specific digital asset you're transferring. For instance, withdrawing Bitcoin will set you back 0.0005 BTC. 

Kraken offers economical trading fees that lessen as your trading activity increases. The platform's deposit and withdrawal fees are also highly competitive, making it an attractive choice for investors aiming for optimal financial results.

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What is Royal Bank of Canada (RBC)?

RBC Bank, also known as Royal Bank of Canada, is one of the largest and most prominent financial institutions in Canada, with a strong global presence. Founded in 1864 in Halifax, Nova Scotia, the bank offers a comprehensive range of services, including personal and commercial banking, wealth management, and investment solutions. 

Headquartered in Toronto, RBC Bank has a vast network of branches and ATMs across Canada and operates in 36 other countries. Known for its commitment to innovation and customer service, the bank has received numerous awards and accolades for its digital banking platforms and corporate responsibility initiatives. The bank continues to invest in technology and community programs, solidifying its reputation as a trusted and reliable financial partner.

Final Thoughts

In conclusion, the Royal Bank of Canada (RBC) enables its clients to invest in Bitcoin and other digital currencies through regulated exchanges. Kraken is a top choice for RBC clients due to its no-fee CAD deposits, expansive cryptocurrency selection, and instant deposit capabilities. It is also the only trading platform in the country to provide regularly audited proof of reserves, proving they hold all assets 1:1.