Summary : Simplii Financial's online banking platform does not offer its customers any products or services for investing in cryptocurrencies. This means transferring Canadian dollars (CAD) from your account to a licensed crypto broker in Canada.
If you want to get in quickly, we recommend the Uphold exchange. Uphold offers secure CAD deposits through Simplii online banking to buy and sell over 200 cryptocurrencies without fees. Their platform also offers crypto staking with interest of up to 25% APY on 30 different coins.
Trade more than 200 cryptocurrencies with Canadian dollars (CAD). Bet on crypto and earn up to 25% APY on your assets. Trade crypto, stocks, ETFs and metals with no fees on a regulated platform.
How to buy bitcoin or crypto with Simplii Financial
As mentioned earlier, the easiest way to invest in digital assets with an account at Simplii Bank in Canada is through the Uphold platform. It offers instant deposits via Interac e-Transfer, debit card or credit card to trade 200 of the most popular cryptocurrencies with no trading fees and tight spreads.
With our simple guide, you can get started in minutes:
- Sign up with the Uphold exchange.
- Deposit CAD through Simplii Online Banking using a bank transfer, debit card, credit card, Google Pay or Apple Pay.
- Find the cryptocurrency you want to buy on the platform.
- Enter the CAD amount you want to buy and execute the trade.
Is Simplii Financial crypto-friendly?
Yes, Simplii Financial is a crypto-friendly bank because it allows its customers to deposit funds on regulated exchanges to buy and sell digital assets. This shows that the company supports the growing digital economy and offers its customers a way to participate in it.
In addition, Simplii Financial has partnered with BitPay to accept Bitcoin as a payment method for products and services. This partnership allows customers to pay with bitcoin for things like online shopping, travel and more. Overall, Simplii is a crypto-friendly bank that supports the digital economy.
Can I use digital assets with Simplii Bank?
No, at the moment you cannot create digital assets at Simplii Bank. However, you can deposit your cryptocurrencies with a licensed exchange like Uphold and earn interest of up to 25% per year on your holdings.
About Simplii Financial
Simplii Financial is a Canadian direct banking brand owned by Canadian Imperial Bank of Commerce (CIBC). It offers fee-free checking and savings accounts, guaranteed investment certificates, personal loans and mortgages. Customers can access their accounts online or via mobile apps.
Simplii's online banking platform was launched in November 2017 as a direct banking brand of CIBC after President's Choice Financial exited CIBC.
Simplii offers a fee-free checking account with unlimited transactions, free electronic Interac transfers and free withdrawals from CIBC ATMs. It also offers a fee-free savings account with a competitive interest rate and no minimum balance requirement.
Simplii Financial products are available exclusively online and via mobile apps. Customers can open an account in minutes, and there are no monthly fees. The bank is a good choice for Canadians looking for a simple bank account with no hidden fees. Accounts are easy to open and use, and there are no monthly fees. Customers can access their accounts 24/7 through online banking or mobile apps.