How to Buy Crypto with UBank

Summary: UBank does not directly support cryptocurrency transactions through its mobile app or online platform. For now, the bank’s clients can delve into digital asset investment by transferring AUD from their UBank accounts or cards to a digital asset exchange. We recommend using one that is regulated by the Australian Securities and Investments Commission (ASIC) for compliance with Australian regulations.

For UBank customers interested in venturing into digital currencies, eToro is the preferred platform. Fully compliant with AUSTRAC regulations, eToro ensures a secure and regulated environment for transactions. Its users can efficiently deposit AUD into their accounts using bank or debit card transfers. Once deposited, investors will have access to an expansive selection of over 4,500 cryptocurrencies, stocks, and ETFs.

Can I Buy Crypto with UBank?

Absolutely, UBank provides its account holders with opportunities to explore cryptocurrency investments, focusing on major tokens like Bitcoin, Ethereum, and Arbitrum. The bank enables the seamless transfer of funds to recognised Australian cryptocurrency exchanges, adhering to the guidelines set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). UBank offers various convenient methods for depositing AUD, including bank transfers, BPay, and direct debit options.

‍

How to Buy Crypto with UBank

UBank customers looking to invest in cryptocurrencies can turn to eToro, a platform recognised for its compliance with AUSTRAC standards and its broad array of investment options. eToro facilitates effortless transfers of Australian Dollars from UBank accounts, accommodating various payment methods, including bank transfers and debit or credit cards. Offering over 4,500 assets, such as digital currencies, stocks, and ETFs, it caters to a wide spectrum of investment strategies.

Here's how to begin investing in digital assets with UBank:

1. Account Setup: Create your eToro account and follow through with the required verification procedures.
2. Fund Addition: Go to the 'Deposit' area, typically found in the bottom left section of the user interface, to add funds to your account.
3. Choice of Currency and Payment Method: Select 'AUD' as your preferred currency and choose a payment method linked to your UBank account.
4. Crypto Investment: Once your funds are deposited, utilise the intuitive search feature to locate and invest in your chosen cryptocurrency.

‍

What are the Fees?

Engaging in Bitcoin and other digital currencies via UBank necessitates knowledge of the fees charged by various trading platforms. These expenses often encompass fees for depositing and withdrawing money, transaction fees, and the spread, which is the difference between the purchase and sale prices.

Many investors gravitate towards eToro for its advantageous fee structure and straightforward process for depositing Australian Dollars. eToro generally applies a spread of approximately 1% on crypto trades, which is a more appealing rate compared to other exchanges like CoinSpot, where spreads may exceed 2%. As such, eToro is recognised as an economically sound choice for cryptocurrency investments.

‍

Is UBank Crypto-Friendly?

‍UBank shows a forward-thinking attitude towards cryptocurrency by supporting customer involvement in digital currencies. The bank offers diverse funding methods, including bank transfers and debit cards, for transactions with investment platforms. Importantly, it collaborates with platforms that adhere to Australian financial regulations and are compliant with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This policy allows UBank clients to venture into digital asset investments in a secure, regulated setting. By following AUSTRAC's stringent guidelines, UBank offers a dependable route for those looking to diversify their investment portfolios with digital currencies, while ensuring compliance with essential financial regulatory norms.

‍

Bottom Line

To conclude, investing in cryptocurrency is straightforward and secure, thanks to UBank's crypto-friendly policies. Clients can transact efficiently using an ASIC-regulated platform like eToro, featuring a user-friendly interface, a wide range of assets, and a competitive fee structure. Registering with a reliable platform, making secure deposits, and understanding the associated costs are essential steps to a seamless crypto investment journey.