How to Start Trading in Canada: A Beginner’s Guide to Crypto and Traditional Markets

Starting to trade in Canada means navigating two distinct but increasingly interconnected markets: cryptocurrency exchanges and traditional stock markets. Canadian traders benefit from clear regulatory frameworks, access to major global platforms, and a range of beginner-friendly tools. Whether you’re interested in the 24/7 volatility of crypto futures or the long-term growth potential of equities on the Toronto Stock Exchange (TSX), understanding the fundamentals of account setup, compliance requirements, and risk management is essential. Both markets require identity verification, capital allocation decisions, and a realistic assessment of your risk tolerance. The Canadian Securities Administrators (CSA) and provincial regulators oversee traditional markets, while crypto platforms must comply with anti-money laundering (AML) and know-your-customer (KYC) rules enforced by FINTRAC. This guide provides actionable steps for beginners to enter both markets responsibly, with a focus on platform selection, regulatory awareness, and practical trading strategies.

Key Takeaway: Starting to trade in Canada involves choosing between or combining crypto and traditional markets based on your risk tolerance and goals. Beginners must open accounts on compliant platforms, complete identity verification, understand tax obligations, and implement risk management strategies such as position sizing and stop-loss orders. Regulatory compliance is mandatory for both markets, and successful trading requires discipline, ongoing education, and a clear strategy aligned with your financial situation.

What are the first steps to start trading in Canada?

The first step to start trading in Canada is selecting a platform that matches your market preference and regulatory status. For traditional markets, platforms like Wealthsimple Trade, Questrade, and TD Direct Investing offer access to Canadian and U.S. equities, ETFs, and options. These platforms are registered with provincial securities commissions and provide investor protection through the Canadian Investor Protection Fund (CIPF). For cryptocurrency, platforms such as Bitbuy, Coinsquare, and international exchanges like Binance (available to Canadian residents with restrictions) offer spot trading, staking, and in some cases derivatives. All Canadian crypto platforms must register with FINTRAC and implement KYC procedures.

After selecting a platform, you must complete the account registration process. This involves providing government-issued identification (passport or driver’s license), proof of address (utility bill or bank statement), and in some cases, employment or income information. Crypto platforms typically require additional verification steps, including selfie verification and source-of-funds declarations for larger deposits. Traditional brokerage accounts may require you to specify your investment knowledge, risk tolerance, and trading objectives, which determine your access to margin trading or options.

Once your account is verified, you need to fund it. Traditional brokerages accept electronic funds transfers (EFT), wire transfers, and in some cases cheque deposits. Crypto platforms accept EFT, Interac e-Transfer, wire transfers, and occasionally credit card purchases (though fees are higher). Funding timelines vary: EFT typically takes 1-3 business days for traditional accounts and 1-2 business days for crypto platforms. Some platforms offer instant funding for smaller amounts via Interac e-Transfer.

Setting up a trading account

Account setup requires careful attention to platform fees, funding methods, and available assets. For traditional markets, compare commission structures: some platforms charge per-trade fees (typically $4.95 to $9.99 per trade), while others like Wealthsimple Trade offer commission-free trading for Canadian securities but charge a 1.5% currency conversion fee for U.S. stocks. For crypto, compare maker-taker fees (typically 0.1% to 0.5%), withdrawal fees, and spread markups on instant purchases.

Security features are critical. Enable two-factor authentication (2FA) immediately after account creation. For crypto accounts, consider using hardware security keys or authenticator apps rather than SMS-based 2FA, which is vulnerable to SIM-swapping attacks. For traditional accounts, review account insurance limits and understand that CIPF coverage protects up to $1 million per account category in case of brokerage insolvency, but does not protect against market losses.

Document your account setup process, including verification dates, initial deposit amounts, and any promotional offers or fee waivers. This documentation is essential for tax reporting and helps you track your cost basis from the start.

Understanding market basics

Traditional markets in Canada operate on defined schedules. The TSX trades from 9:30 AM to 4:00 PM Eastern Time on weekdays, with pre-market and after-hours sessions available on some platforms. U.S. markets (NYSE, NASDAQ) follow the same core hours. Market orders execute immediately at current prices, while limit orders execute only at your specified price or better. Stop-loss orders trigger market or limit orders when an asset reaches a specified price, helping manage downside risk.

Cryptocurrency markets operate 24/7/365, with no trading halts or circuit breakers on most exchanges. This continuous operation creates opportunities for round-the-clock trading but also means price gaps and volatility can occur at any time. Crypto order types mirror traditional markets (market, limit, stop-loss, stop-limit), but execution speed and liquidity vary significantly across trading pairs and platforms. Major pairs like BTC/CAD or ETH/CAD typically offer tight spreads and deep liquidity, while smaller altcoins may have wide spreads and lower volume.

Understanding order books, bid-ask spreads, and trading volume is essential for both markets. The bid-ask spread represents the difference between the highest price a buyer will pay (bid) and the lowest price a seller will accept (ask). Tighter spreads indicate higher liquidity and lower trading costs. Volume indicates market activity: higher volume generally means better price discovery and easier execution of larger orders without significant price impact.

How do I choose between crypto and traditional markets?

Choosing between crypto and traditional markets depends on your investment timeline, risk tolerance, capital allocation strategy, and interest in specific asset classes. Both markets offer opportunities for growth, income, and diversification, but they differ fundamentally in volatility, regulation, trading mechanics, and historical performance patterns.

Crypto market overview

Cryptocurrency markets are characterized by high volatility, 24/7 trading, and rapid innovation cycles. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have experienced annual price swings exceeding 50% in both directions, creating opportunities for significant gains but also substantial losses. As of 2026-09-19, the crypto market remains accessible to Canadian traders through multiple regulated and international platforms, with spot trading, futures, perpetual swaps, and staking available depending on the platform.

Crypto trading offers several advantages for beginners willing to accept higher risk. Entry barriers are low: many platforms allow trading with as little as $10 to $50, and fractional ownership means you can buy portions of expensive assets like Bitcoin. Liquidity is generally high for major cryptocurrencies, and the absence of traditional market hours means you can respond to news and price movements immediately. Crypto markets also offer exposure to emerging sectors like decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain infrastructure projects.

However, crypto markets carry distinct risks. Regulatory uncertainty remains a concern, though Canada has established clearer rules than many jurisdictions. Security risks include exchange hacks, phishing attacks, and loss of private keys if you self-custody assets. Market manipulation, pump-and-dump schemes, and low-liquidity altcoins pose additional dangers for inexperienced traders. Crypto gains are taxable in Canada as either business income or capital gains depending on your trading frequency and intent, requiring careful record-keeping.

Traditional market overview

Traditional markets offer access to established companies, diversified ETFs, bonds, and other securities with decades of historical data and regulatory oversight. The TSX provides exposure to Canadian sectors including financials, energy, materials, and technology, while U.S. exchanges offer access to global tech giants, consumer brands, and industrial leaders. Traditional markets generally exhibit lower volatility than crypto, with annual returns for broad equity indices historically averaging 7-10% over long periods, though past performance does not guarantee future results.

Traditional trading suits investors seeking long-term wealth accumulation, dividend income, and portfolio diversification. Registered accounts like Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) offer tax advantages for Canadian residents, allowing tax-free or tax-deferred growth depending on the account type. Traditional markets also provide access to bonds, preferred shares, and other fixed-income securities that offer more predictable returns with lower volatility.

Risks in traditional markets include company-specific risks (bankruptcy, earnings misses, management changes), sector risks (regulatory changes, commodity price swings), and systemic risks (recessions, interest rate changes, geopolitical events). Leverage through margin trading amplifies both gains and losses, and options trading introduces complexity and time decay that can result in total loss of premium paid.

Decision-making factors

The following table compares key characteristics of crypto and traditional markets to help you make an informed decision:

Many Canadian traders choose to allocate capital to both markets, using traditional investments for core long-term holdings and crypto for higher-risk, higher-potential-return opportunities. A common beginner strategy is to allocate 80-90% to traditional diversified ETFs or blue-chip stocks and 10-20% to major cryptocurrencies, adjusting based on risk tolerance and market conditions. This approach provides exposure to crypto’s growth potential while maintaining stability through traditional holdings.

What regulations should I be aware of when trading crypto in Canada?

Canadian cryptocurrency regulation has evolved significantly since 2020, establishing clear compliance requirements for platforms and traders. Understanding these regulations helps you choose legitimate platforms, fulfill tax obligations, and avoid legal issues.

Canadian crypto regulations overview

Crypto trading platforms operating in Canada must register with FINTRAC as money services businesses (MSBs) and comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). This requires platforms to implement KYC procedures, verify customer identities, monitor transactions for suspicious activity, and report large transactions or suspicious activities to FINTRAC. According to FINTRAC’s official guidance, platforms must verify your identity using government-issued documents and maintain records of your transactions.

Provincial securities regulators have also asserted jurisdiction over certain crypto activities. Platforms offering derivatives, margin trading, or securities-like tokens may need to register with provincial securities commissions or operate under exemptions. The Canadian Securities Administrators (CSA) issued guidance in 2021 clarifying that many crypto trading platforms operate as securities dealers or marketplaces, requiring registration or exemptive relief. Several major platforms including Binance have restricted services to Canadian residents or exited the market due to regulatory requirements.

For traders, the primary regulatory obligation is identity verification. You must provide accurate information during account setup and respond to additional verification requests from platforms. Failing to complete KYC may result in account restrictions, withdrawal delays, or account closure. Platforms may also request source-of-funds documentation for large deposits, particularly if your transaction patterns change significantly.

Tax implications

Cryptocurrency is treated as a commodity by the Canada Revenue Agency (CRA), not as legal currency. This means every crypto transaction has tax implications. When you sell, trade, or use cryptocurrency, you trigger a taxable event. The CRA distinguishes between two types of crypto income:

Capital gains treatment applies when you buy and hold crypto as an investment. When you sell, 50% of your gain (or loss) is included in your taxable income. For example, if you bought 1 BTC for $30,000 CAD and sold it for $50,000 CAD, your capital gain is $20,000, and you include $10,000 in taxable income. Capital losses can offset capital gains and be carried back three years or forward indefinitely.

Business income treatment applies when you trade crypto frequently, with the intention of profiting from short-term price movements. If the CRA determines you’re operating a business, 100% of your net profit is taxable as business income, but you can also deduct business expenses like platform fees, data subscriptions, and home office costs. The CRA considers factors like trading frequency, time spent, specialized knowledge, and financing arrangements when determining if your activity constitutes a business.

You must track the adjusted cost base (ACB) for each cryptocurrency you own. When you buy crypto in multiple transactions, your ACB is the weighted average cost. When you sell a portion, you calculate the gain or loss based on the ACB at that time. Crypto-to-crypto trades (e.g., selling ETH to buy BTC) are taxable events, not like-kind exchanges. Mining, staking rewards, airdrops, and hard fork proceeds are generally taxable as income at fair market value when received.

According to the CRA’s crypto guidance, you must keep detailed records of all transactions, including dates, amounts, values in CAD at transaction time, wallet addresses, and transaction purposes. Many traders use crypto tax software like Koinly or CoinTracking to automate record-keeping and generate tax reports. Failing to report crypto income can result in penalties, interest charges, and potential prosecution for tax evasion.

Choosing compliant platforms

Selecting a FINTRAC-registered platform reduces regulatory risk and provides recourse if issues arise. As of 2026-09-19, major compliant Canadian platforms include Bitbuy, Coinsquare, NDAX, and Shakepay. These platforms have implemented robust KYC procedures, maintain segregated customer funds, and provide Canadian dollar deposit and withdrawal options through established banking relationships.

International platforms like Binance, Kraken, and OKX are accessible to Canadian residents but may have restricted features or require additional verification. Some platforms have exited the Canadian market or limited services due to regulatory requirements. Before depositing funds, verify that the platform is registered with FINTRAC by checking the MSB registry on the FINTRAC website. Be cautious of platforms that don’t require identity verification, offer unrealistic returns, or lack transparent fee structures—these are red flags for potential scams or unregistered operations.

For traditional markets, ensure your brokerage is a member of the Investment Industry Regulatory Organization of Canada (IIROC) or the Mutual Fund Dealers Association of Canada (MFDA), and that your account is protected by CIPF. This protection covers up to $1 million per account category if the brokerage becomes insolvent, though it does not protect against investment losses.

What platforms are best for beginners in Canada?

Choosing the right platform depends on whether you’re trading crypto, traditional securities, or both, as well as your priorities regarding fees, user interface, asset selection, and customer support. The following sections highlight beginner-friendly options for each market as of 2026-09-19.

Top crypto platforms

Canadian crypto traders have several regulated options offering different features and fee structures:

Bitbuy is often recommended for Canadian beginners due to its simple interface, CAD trading pairs, and Interac e-Transfer support for instant funding. The platform offers both a simplified “Express Trade” option with fixed spreads and a “Pro Trade” order book for lower fees. Bitbuy provides staking for select cryptocurrencies, allowing you to earn passive income on holdings.

Shakepay is the simplest option, focusing exclusively on Bitcoin and ETH with a mobile-first design. The platform offers a “Shakingsats” rewards program where users earn small amounts of Bitcoin daily by shaking their phones. However, the limited asset selection means you’ll need another platform to trade altcoins.

For traders interested in derivatives, OneBullEx offers crypto futures trading with AI-driven execution tools, though futures trading involves significant liquidation risk and is suitable only for traders who understand leverage mechanics and risk management.

Top traditional trading platforms

Canadian traditional market platforms offer varying fee structures, account types, and asset access:

Wealthsimple Trade is the most beginner-friendly option for Canadian stock investors, offering commission-free trading on TSX and U.S. exchanges (with a 1.5% currency conversion fee for USD transactions). The platform’s simple mobile interface, fractional share purchases, and automatic tax-form generation make it ideal for new investors building long-term portfolios in registered accounts.

Questrade offers a middle ground between simplicity and advanced features. The platform charges $4.95 to $9.95 per trade but allows free purchases of ETFs, making it cost-effective for investors building diversified portfolios through regular contributions. Questrade provides access to options trading, margin accounts, and advanced order types for more experienced users.

Interactive Brokers offers the lowest per-share costs and access to global markets, but its complex interface and account minimums make it more suitable for traders with some experience. The platform is ideal for those who want to trade international securities, use advanced order types, or access futures and forex markets.

How can I manage risks when trading?

Risk management is the foundation of sustainable trading success. Without proper risk controls, even profitable strategies can result in significant losses due to a single bad trade or unexpected market event. Effective risk management involves position sizing, stop-loss placement, diversification, emotional discipline, and continuous strategy evaluation.

Risk management basics

Position sizing determines how much capital you allocate to each trade. A common rule for beginners is the 1-2% rule: never risk more than 1-2% of your total trading capital on a single position. For example, with a $10,000 account, you should risk no more than $100-$200 per trade. This means if you enter a trade with a stop-loss that would result in a $100 loss if triggered, your position size is correct. Position sizing prevents a single losing trade or short series of losses from significantly depleting your capital.

Stop-loss orders automatically exit a position when price reaches a specified level, limiting losses on trades that move against you. Place stop-losses based on technical levels (support/resistance, moving averages, volatility measures) rather than arbitrary percentages. For example, if you buy a stock at $50 and identify support at $48, place your stop-loss slightly below $48 (e.g., $47.80) to account for temporary price wicks. Avoid placing stops at obvious round numbers where many other traders likely have orders, as these levels often trigger before reversals.

Diversification reduces concentration risk by spreading capital across multiple assets, sectors, or strategies. In traditional markets, diversification might mean holding stocks across different sectors (technology, healthcare, energy) and asset classes (stocks, bonds, REITs). In crypto, diversification could mean holding Bitcoin for stability, Ethereum for smart contract exposure, and smaller positions in promising altcoins. However, excessive diversification dilutes returns and makes portfolio management difficult. For beginners, 5-10 positions is often sufficient.

Leverage amplifies both gains and losses. While leverage can increase returns, it also increases liquidation risk in futures markets and margin call risk in traditional margin accounts. Beginners should avoid leverage until they have consistent profitability trading with cash only. If you do use leverage, start with minimal amounts (2x or less) and never use leverage that could result in losses exceeding your initial capital.

Emotional discipline prevents common psychological mistakes like revenge trading (increasing position size after losses), fear of missing out (FOMO buying at tops), and holding losing positions hoping for recovery. Establish clear rules for entries, exits, and position sizing before placing trades, and follow those rules regardless of emotions. Keep a trading journal documenting your trades, rationale, and emotional state to identify patterns and improve decision-making.

Developing a trading strategy

A trading strategy is a systematic approach to identifying opportunities, entering positions, managing risk, and taking profits. Beginners should start with simple, rule-based strategies and avoid complex systems until they understand market mechanics. The following steps outline how to develop and test a basic strategy:

Step 1: Define your trading style and timeframe. Day trading involves opening and closing positions within the same day, requiring significant time, attention, and fast decision-making. Swing trading holds positions for days to weeks, capturing medium-term price movements with less time commitment. Position trading holds for months to years, focusing on long-term trends and fundamentals. Beginners often find swing trading or position trading more manageable than day trading.

Step 2: Choose indicators and entry criteria. Technical indicators like moving averages, RSI, MACD, and Bollinger Bands help identify trends, momentum, and potential reversal points. For example, a simple trend-following strategy might buy when price crosses above the 50-day moving average and sell when it crosses below. Fundamental analysis for traditional stocks involves evaluating financial statements, earnings growth, and valuation metrics. For crypto, fundamental analysis includes evaluating technology, adoption metrics, developer activity, and tokenomics.

Step 3: Define risk parameters. Establish maximum risk per trade (1-2% of capital), maximum portfolio risk (total open positions should not exceed 10-20% risk), and stop-loss placement rules. Determine profit targets based on risk-reward ratios: a minimum 2:1 reward-to-risk ratio means your profit target should be at least twice your stop-loss distance. For example, if you risk $100 per trade, your profit target should be at least $200.

Step 4: Backtest your strategy. Before risking real capital, test your strategy on historical data to evaluate performance. Many platforms offer paper trading or demo accounts for testing without financial risk. Track metrics like win rate (percentage of profitable trades), average win/loss size, maximum drawdown (largest peak-to-trough decline), and risk-adjusted returns. A strategy with a 40% win rate can be profitable if average wins are more than 2x larger than average losses.

Step 5: Start small and scale gradually. Begin with small position sizes, even smaller than your calculated risk limit, to build confidence and refine execution. As you gain experience and your strategy proves profitable over at least 30-50 trades, gradually increase position sizes toward your target risk level. Never increase position sizes after losses in an attempt to recover faster—this is a common path to account depletion.

Step 6: Review and adapt. Markets change, and strategies that worked previously may become less effective. Review your trading journal monthly to identify patterns, mistakes, and areas for improvement. Adjust your strategy based on changing market conditions, but avoid over-optimizing based on short-term results. Consistency and discipline matter more than perfect timing.

How OneBullEx Users Can Understand Risk and Execution in Futures Trading

For traders interested in crypto futures, OneBullEx provides AI-driven execution tools and educational resources focused on risk management and transparent order matching. Futures trading involves leverage, which amplifies both gains and losses and introduces liquidation risk when positions move against you. Understanding margin requirements, funding rates, and liquidation mechanisms is essential before trading futures.

OneBullEx’s platform emphasizes position sizing calculators, real-time risk metrics, and automated stop-loss features to help traders manage leverage responsibly. The 300 SPARTANS community offers peer discussion and strategy sharing, while OneALPHA provides AI-powered market analysis to help identify potential setups. However, futures trading remains high-risk, and beginners should gain experience with spot trading and risk management before exploring leveraged products.

When evaluating any futures platform, review the fee structure (maker-taker fees, funding rates, withdrawal fees), liquidation engine transparency, insurance fund mechanisms, and available order types. Test the platform with minimal capital before committing larger amounts, and never trade with leverage you cannot afford to lose.

Key Takeaways

Starting to trade in Canada requires understanding both market mechanics and regulatory requirements. For traditional markets, choose IIROC-member brokerages offering CIPF protection and access to registered accounts like TFSA and RRSP for tax advantages. For crypto, select FINTRAC-registered platforms with transparent fees, strong security, and CAD funding options. Complete KYC verification, enable 2FA, and start with small positions to build experience.

Diversification across assets and markets reduces risk, but avoid over-diversification that makes portfolio management difficult. Implement strict risk management through position sizing (1-2% risk per trade), stop-loss orders, and emotional discipline. Track all transactions for tax purposes, understanding that crypto trades trigger taxable events and require detailed record-keeping.

Develop a clear trading strategy with defined entry, exit, and risk parameters before placing trades. Backtest strategies on historical data or paper trading accounts before risking real capital. Start small, scale gradually as you gain experience, and review performance regularly to identify areas for improvement. Trading success comes from consistency, discipline, and continuous learning, not from chasing quick profits or following hype.

FAQ

What is the minimum amount needed to start trading in Canada?

For traditional markets, you can start with as little as $0 on platforms like Wealthsimple Trade that offer fractional shares, though most brokerages recommend at least $1,000 to build a diversified portfolio. For crypto, many platforms allow trading with $10-$50 minimums, but starting with at least $500-$1,000 provides more flexibility for proper position sizing and diversification. Remember that trading costs (commissions, spreads, currency conversion fees) can significantly impact small accounts, so factor these into your minimum capital calculation.

Are crypto trading profits taxable in Canada?

Yes, all crypto trading profits are taxable in Canada. The CRA treats cryptocurrency as a commodity, meaning every sale, trade, or use triggers a taxable event. Profits are taxed as either capital gains (50% inclusion rate if you’re investing) or business income (100% inclusion rate if you’re trading frequently). You must track the adjusted cost base for each cryptocurrency, report all transactions, and maintain detailed records including dates, amounts, CAD values at transaction time, and transaction purposes. Failing to report crypto income can result in penalties, interest, and potential prosecution.

Can I trade both crypto and traditional markets on the same platform?

Some platforms offer both crypto and traditional securities, but most specialize in one market. Wealthsimple Trade offers commission-free stock trading plus a limited selection of cryptocurrencies through a separate Wealthsimple Crypto feature. However, for serious crypto trading, dedicated platforms like Bitbuy or Coinsquare offer better asset selection, lower fees, and more advanced features. Most Canadian traders use separate platforms for each market: one for traditional securities in registered accounts (TFSA, RRSP) and another for crypto spot or derivatives trading.

Is trading in Canada safe for beginners?

Trading in Canada is relatively safe from a regulatory perspective due to strong oversight by provincial securities commissions, FINTRAC, and investor protection programs like CIPF. However, trading itself carries financial risk, and beginners can lose significant capital through poor risk management, emotional decision-making, or lack of knowledge. To trade safely, start with small amounts, use only regulated platforms, implement strict risk management, avoid leverage until experienced, and never invest more than you can afford to lose. Scams exist in both markets, so verify platform registration, avoid offers promising guaranteed returns, and be cautious of unsolicited investment advice.

What are the common mistakes new traders make?

New traders commonly make several costly mistakes: risking too much capital per trade (exceeding 1-2% risk limits), trading without a clear strategy or plan, letting emotions drive decisions (revenge trading, FOMO buying), failing to use stop-losses or moving them to avoid losses, over-leveraging in futures or margin accounts, and neglecting tax obligations. Other mistakes include chasing hot tips without research, trading too frequently and racking up fees, failing to diversify, and giving up after initial losses instead of learning from mistakes. Avoiding these mistakes requires education, discipline, a written trading plan, and realistic expectations about returns and learning timelines.

How long does it take to become a profitable trader?

Becoming consistently profitable typically takes 1-3 years of active learning, practice, and strategy refinement. Most beginners lose money initially as they learn market mechanics, develop emotional discipline, and find strategies that match their personality and schedule. Focus on education and skill development rather than immediate profits. Start with paper trading or small positions, keep detailed records, review trades regularly, and gradually increase position sizes only after demonstrating consistent profitability over at least 50-100 trades. Many successful traders emphasize that trading is a marathon, not a sprint, and that protecting capital while learning is more important than maximizing early returns.

Cryptocurrency prices are highly volatile. This article is for educational purposes only and does not constitute financial, investment, legal, or tax advice. Always do your own research and consider your financial situation and risk tolerance before making any decision. Futures trading involves liquidation risk and may result in significant or total loss of margin. Trading in both crypto and traditional markets carries risk of capital loss. The platforms and strategies mentioned reflect available information as of 2026-09-19 and availability may vary by region. Tax treatment of crypto varies by individual circumstances and you should consult a tax professional for personalized advice. Regulatory requirements and platform registrations may change. Always verify current platform status with FINTRAC, provincial regulators, or IIROC before opening accounts or depositing funds.