How to Buy Crypto with Macquarie Bank

Summary: Macquarie Bank does not provide a cryptocurrency investing feature through its online banking services. It does facilitate bank transfers to digital asset exchanges registered the AUSTRAC. Finding a platform that accepts deposits in AUD is recommended for avoiding conversion costs.

For Macquarie clients looking to get investment exposure to crypto assets, eToro is a recommended choice. Registered with AUSTRAC, eToro supports fast AUD deposits through bank transfer and credit or debit cards. The platform supports over 4,500 digital currencies, commodities, stocks and ETFs to buy and trade.

Can I Buy Crypto with Macquarie Bank?

Yes, Macquarie clients can invest in cryptocurrencies like Bitcoin through regulated Australian exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). By following this method, users can ensure regulatory compliance in the country and the security of their funds. To clarify, the bank does not directly facilitate the investing process through its interface but allows transfers to approved external platforms.

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How to Buy Crypto with Macquarie

Macquarie customers should use eToro for investing in cryptocurrency for its compliance with AUSTRAC. The platform accepts deposits in Australian dollars through local bank transfers, debit cards, credit cards and e-wallet payment methods. eToro provides access to a portfolio of over 4,500 assets, including digital currencies, stocks, and ETFs.

Invest in digital assets with Macquarie Bank by following these steps:

1. Account Setup: Register for an account on eToro. Complete the verification steps to ensure your account is secure and verified.
2. Funding Your Account: Go to the 'Deposit' section, which is typically in the lower left area of the screen.
3. Choose Payment Method: Select 'AUD' as your currency and transfer funds from your Macquarie account.‍
4. Buying Cryptocurrency: After your funds are deposited, use the search feature to locate and purchase your desired cryptocurrency.

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What are the Fees?

When exploring cryptocurrency investments, understanding the associated costs is recommended to avoid any unexpected charges. Most exchanges typically apply a fee for depositing or withdrawing funds, trading assets, and most include a spread, the difference between buying and selling prices.

For Macquarie clients, several platforms have competitive fee structures but eToro provides the lowest costs with free Australian Dollar (AUD) deposits through bank transfers or PayID. eToro is offers a variable spread of about 1% on cryptocurrency trades. This rate is advantageous, especially when contrasted with platforms like CoinSpot, known for its higher spreads exceeding 2%.

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Is Macquarie Bank Crypto-Friendly?

Macquarie Bank is a progressive bank and is supportive of its customers interest in digital assets and allows users to freely send and receive funds from licensed cryptocurrency exchanges. It approves all transactions to platforms registered with the Australian financial authorities like the Australian Transaction Reports and Analysis Centre (AUSTRAC), but it may freeze transfers to unregulated exchanges.

This allows Macquarie clients to venture into digital assets within a controlled and safe framework. By adhering to the stringent regulations set by AUSTRAC, the bank offers a secure path for customers keen on integrating cryptocurrencies into their investment portfolios, ensuring adherence to financial regulatory standards in Australia.

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Bottom Line

In conclusion, Macquarie does not offer direct cryptocurrency investing services through its bank but facilitates transfers to licensed exchanges like eToro. The platform is registered with AUSTRAC and provides a regulated and secure environment to invest in over 4,500 assets with competitive fees. eToro supports almost instant deposits in AUD and has a quick sign-up process, allowing users to access digital currencies within minutes of creating an account.