How to Buy Bitcoin & Crypto with Bank of Montreal

Can I Buy Bitcoin with Bank of Montreal?

Yes, as a Bank of Montreal customer, you can securely buy Bitcoin and other cryptocurrencies through regulated exchanges in Canada. These platforms are supervised by the Canadian Securities Administrators (CSA) and FINTRAC, ensuring a compliant and secure environment for your transactions.

You can deposit Canadian Dollars (CAD) from your BMO account or card to fund your crypto investments. Always use a regulated exchange to ensure your transactions are secure and in line with Canadian regulations.

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How to Buy Crypto with Bank of Montreal

BMO customers looking to invest in cryptocurrency should use a regulated platform like Kraken. Kraken is supervised by the CSA and allows free, instant CAD deposits from Bank of Montreal accounts, providing access to over 200 cryptocurrencies at competitive rates.

Kraken supports a variety of payment methods, including Interac e-Transfer, wire transfer, debit and credit cards, offering flexible options for funding your account.

Here’s a simple guide to help BMO customers get started with digital assets:

1. Account Setup: Sign up on Kraken and complete the identity verification process.
2. Choose Currency: Select your preferred deposit currency (e.g., CAD).
3. Add Funds: Choose your payment method (e.g., Interac e-Transfer or credit card) and confirm the deposit.
4. Buy Crypto: Pick your desired cryptocurrency and complete your purchase.

Bank of Montreal Cryptocurrency Policy

Bank of Montreal (BMO) has adopted a forward-thinking approach to cryptocurrencies while prioritizing client security. BMO allows customers to invest in digital assets through platforms regulated by the Canadian Securities Administrators (CSA) and FINTRAC.

Kraken, our recommended platform, is registered as a Money Services Business (MSB) with FINTRAC (registration number M19343731). This ensures that BMO customers can securely engage with the digital economy through a regulated exchange.

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‍Digital Asset Investing Fees

If you’re using your BMO account to get into crypto, understanding the fee structure is key. It helps you make better choices and avoid unnecessary costs as you trade.

• Trading Fees: Kraken uses a volume-based system. Trades start at 0.16% for placing an order and 0.26% for filling it. The more you trade, the lower your rates go, which is great if you’re planning to stay active.
• Deposit Costs: Sending crypto to Kraken is free. If you’re adding Canadian dollars through Interac e-Transfer or card payments, you might see a small processing fee depending on the method.
• Withdrawals: Fees depend on what you're withdrawing. For Bitcoin, expect a flat fee of about 0.0005 BTC, which is pretty standard compared to other platforms.

For BMO users, Kraken offers a strong balance of low fees, solid security, and support for CAD, making it a smart option whether you’re just starting or trading regularly.

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What is Bank of Montreal (BMO)?

Founded in 1817, the Bank of Montreal (BMO) is Canada’s oldest bank, with over 200 years of history. It has a significant presence in North America, Europe, and Asia, offering a wide range of financial services.

BMO provides personal banking, including checking and savings accounts, credit cards, mortgages, and wealth management services. For businesses, it offers tailored financial advice, lending solutions, and expertise in capital markets.

BMO has also recognized the growing importance of digital currencies and allows its customers to engage in crypto investments through regulated exchanges. While BMO doesn’t offer direct crypto trading, it facilitates secure transfers to exchanges, ensuring customers can access the digital economy safely.

Dedicated to social responsibility, BMO invests in sustainable practices and community development, reflecting its commitment to both innovation and customer service.

Best Alternatives to Kraken for BMO Users

Kraken is a solid choice for BMO users, but if you want to explore a few other trusted crypto platforms, here are some reliable options to consider.

• Gemini: A secure and regulated exchange, Gemini offers a wide selection of cryptocurrencies for buying, selling, and storing. It supports CAD deposits through bank transfers and is known for its strong security measures, making it a reliable alternative for BMO users.
• Binance: As one of the largest crypto exchanges globally, Binance offers low trading fees and a wide variety of digital assets. It supports CAD deposits via wire transfers, providing BMO users with a competitive alternative for crypto trading.
• Bitstamp: Bitstamp is a well-established exchange offering competitive fees and a simple interface. It supports CAD deposits and complies with Canadian regulations, making it a good option for BMO customers seeking an alternative to Kraken.

Each of these platforms works well with BMO and offers a different style of trading, whether you’re looking for simplicity, advanced features, or just another path into crypto that feels right for you.

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Final Thoughts

Bank of Montreal customers can easily explore cryptocurrency investments through CSA-regulated exchanges like Kraken. Although BMO doesn’t offer direct crypto trading, it supports transactions to exchanges that accept Canadian Dollar (CAD) deposits, providing a secure gateway to the digital economy.

Kraken stands out as a favorite among BMO users due to its user-friendly interface and seamless integration with CAD. With features like zero-fee instant deposits, it makes it easy for customers to fund their accounts quickly without incurring additional costs.

While BMO doesn’t facilitate crypto trading directly, its support for secure, regulated platforms like Kraken ensures that users can invest in Bitcoin and other digital assets with confidence. Kraken’s broad range of cryptocurrencies and simple deposit methods make it a top choice for those looking to dive into the world of crypto.