Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

CIBC offers its customers a gateway to the burgeoning field of digital assets by partnering with established exchanges, highlighting the bank's commitment to providing secure banking solutions in a rapidly evolving global financial landscape.

For CIBC customers interested in navigating the cryptocurrency market, Kraken is the recommended platform. Kraken is celebrated for its robust security measures and transparent operations, offering a vast selection of over 200 cryptocurrencies along with quick CAD funding options.

Kraken Canada
Kraken Canada

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.5

Supported Assets

200+ Cryptocurrencies

Trading Fees

0.16% Maker Fees & 0.26% Taker Fees

Can I Invest in Crypto with CIBC?

CIBC makes the transition into the digital currency world straightforward by supporting seamless fund transfers to recognized trading platforms, presenting a secure channel for customer investments.

However, it's crucial to note that CIBC does not directly offer cryptocurrency wallet services. For effective safeguarding and management of digital asses, it's advisable to engage with a Canadian exchange that complies with local financial regulations.

How to Buy Crypto with CIBC

CIBC simplifies the cryptocurrency purchase process by allowing transfers to authorized exchanges, thus ensuring the protection of your investments. Kraken, with its strong emphasis on regulatory compliance and advanced security features, stands as the prime choice for CIBC clients. To commence purchasing cryptocurrencies via CIBC, follow these steps:

  1. Register on Kraken and complete the identity verification process.
  2. Navigate to the 'Funding' tab on Kraken, select your preferred payment method, and initiate a transfer from your CIBC account.
  3. Search for the cryptocurrency you wish to buy and select the 'Trade' option.
  4. Enter the amount you wish to invest and finalize the transaction by clicking on 'Buy'.

Does CIBC Block Crypto Transactions?

No, CIBC does not block transfers to regulated exchanges. The bank adopts a progressive stance towards cryptocurrency exchanges, facilitating transactions with globally recognized platforms without impediments.

This policy reflects the bank's dedication to preserving the integrity and security of cryptocurrency transactions, allowing its customers to engage with exchanges that meet the stringent KYC and AML standards enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Digital Asset Investing Fees

Diving into cryptocurrency trading on platforms like Kraken comes with fees vital for their functioning. It's crucial for investors to understand these charges to navigate their investment strategies effectively. Here's a breakdown of Kraken's fees:

  • Funding Your Account: Adding money to your Kraken account might involve certain fees, although Kraken aims to keep these low. Depositing crypto or CAD is usually free. However, using Interac e-transfers incurs a 0.5% fee, and cash deposits are subject to a 0.25% fee plus $1.25 CAD.
  • Withdrawing Money: Fees for cryptocurrency withdrawals are set to cover the blockchain transaction costs, whereas Canadian dollar withdrawal fees can differ. For example, Interac e-transfers are charged at 10 CAD, SWIFT transfers at 13 CAD, EFT withdrawals at 0.35%, and wire transfers come at no cost.
  • Transaction Costs: Kraken applies a fee to each trade, calculated as a percentage of the transaction amount. These fees depend on various elements, such as your level of trading activity, account tier, and whether your trade contributes to or takes market liquidity. The starting fees are 0.16% for makers and 0.26% for takers.

For traders moving large volumes, Kraken offers fee discounts, which can be reduced to as low as 0% for trading volumes exceeding $10 million per month.

Closing Thoughts

CIBC's compliance with international financial norms and its association with esteemed platforms like Kraken provide a reliable avenue for individuals keen on exploring the digital asset market. Although CIBC does not directly partake in cryptocurrency trading, it enables secure transfers to regulated exchanges, ensuring a smooth and safe investment experience for its clients.

Author

Elena Boyaci is the proactive editor-in-chief of StacksOnChain, bringing her extensive journalism experience to the forefront. She spearheads a committed team, focusing on providing prompt and comprehensible updates on crypto and finance.

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