How to Buy Bitcoin & Crypto with Tangerine Bank

Can I Buy Bitcoin with Tangerine Bank?

Yes. While Tangerine Bank doesn’t offer direct cryptocurrency trading, you can buy Bitcoin through a FINTRAC-registered exchange. These platforms, regulated by the Canadian Securities Administrators (CSA) and FINTRAC, ensure that all crypto transactions comply with Canadian financial laws.

By using a trusted, regulated exchange, you can securely invest in Bitcoin while staying within the legal framework that protects your investments.

‍

How to Buy Crypto with Tangerine Bank

Tangerine Bank customers can buy Bitcoin and other digital assets safely by using a FINTRAC-registered exchange like Kraken. Kraken supports free CAD deposits from your Tangerine account and complies with Canadian financial regulations, ensuring secure and trustworthy transactions.

Here’s the safest way to get started:

• Create an Account: Sign up on Kraken and complete the necessary ID verification.
• Deposit CAD: Use Interac e-Transfer, wire transfer, or credit/debit card to fund your account.
• Fund Your Account: Transfer money directly from your Tangerine Bank account.
• Buy Crypto: Choose your cryptocurrency, enter the amount, and confirm your trade.

By using a regulated platform like Kraken, you can confidently enter the crypto market, knowing your transactions are secure and compliant with Canadian laws.

Tangerine Bank Cryptocurrency Policy

Tangerine Bank has taken a cautious approach to cryptocurrency transactions, particularly restricting Interac e-Transfers to exchanges, which some users on Reddit have reported as being blocked due to high-risk concerns. This aligns with their strategy to manage risk and protect customers.

Industry analysis from sources like hardbacon.ca suggests that Tangerine may limit or block certain crypto-related transactions to comply with regulatory requirements. These actions are part of the bank's efforts to ensure safe and secure transactions within the evolving financial landscape.

However, Tangerine customers can still fund their Kraken accounts via wire transfers, a method that complies with financial regulations. This ensures secure, regulated crypto purchases, but customers should always check the latest Tangerine policies to stay informed and compliant.

‍

Digital Asset Investing Fees

If you’re using Tangerine Bank to fund your crypto account, here’s what you need to know about the fees and restrictions:

• Transaction Fees: Kraken follows a tiered pricing model, starting at 0.16% for initiating a trade and 0.26% for completing it. As your trading volume increases, these fees decrease.
• Deposit Charges: Depositing funds into Kraken from Tangerine Bank is free using wire transfers. However, Tangerine restricts some payment methods, such as Interac e-Transfers, which may be blocked due to the bank's crypto-related transaction policies. Be mindful of these restrictions when transferring funds.
• Withdrawal Costs: Kraken’s withdrawal fees vary depending on the digital asset being transferred. For example, withdrawing Bitcoin costs 0.0005 BTC. It’s important to check Kraken’s withdrawal fees for each asset type.
• Holding Periods: Tangerine Bank may impose holds on certain deposits, especially if they are considered high-risk or if the transaction requires additional verification. This can delay the availability of funds for trading, so plan accordingly.

Kraken’s competitive fees, along with Tangerine’s low-cost wire transfer option and regulatory-compliant practices, make it a solid choice for Tangerine customers looking to invest in crypto.

‍

About Tangerine Bank

Tangerine Bank, previously ING Direct Canada, is a Canadian online bank and a subsidiary of Scotiabank. It offers a variety of financial products, including savings and chequing accounts, mortgages, and investment options.

Tangerine focuses on providing no-fee banking and convenient digital services, making it accessible to a wide range of Canadian customers. Its online platform ensures easy access to banking with an emphasis on simplicity and user-friendliness.

While Tangerine does not offer direct cryptocurrency trading, it allows users to fund regulated exchanges like Kraken through wire transfers. This ensures customers can securely invest in digital assets while complying with Canadian financial regulations.

Best Alternative Crypto Exchanges for Tangerine Bank Users

If you use Tangerine for everyday banking and want to branch into crypto, you’re not limited to just one exchange. A few well-known platforms support CAD deposits and work smoothly with Tangerine transfers.

• Binance: Perfect if you're after variety and flexibility. From big-name coins to niche tokens, it's packed with choices. Plus, CAD support and low trading fees make it a practical pick for both casual and frequent traders.
• Gemini: More about peace of mind. It’s a clean, well-regulated platform that puts security front and center. If you’re newer to crypto or just want something steady, this might feel like the safest place to start.
• Bitstamp: Keeps things classic. It’s been around for years and focuses on doing the basics well: fair fees, CAD compatibility, and a simple layout that won’t overwhelm you.

Each of these exchanges offers secure, regulated environments for crypto trading, ensuring compliance with Canadian financial regulations.

‍

Final Thoughts

Tangerine Bank doesn’t block all crypto transactions, but it restricts certain methods, particularly Interac e-Transfers to exchanges. To buy Bitcoin, use a regulated platform like Kraken, which complies with Canadian financial standards.

If needed, consider wire transfers as an alternative to Interac e-Transfers for funding your exchange account. Always review Tangerine’s latest policies to stay updated on any changes.

Using a regulated exchange ensures your transactions are secure and compliant with Canadian regulations, providing peace of mind for your crypto investments.