Summary: POLi payments can be used to purchase cryptocurrencies like Bitcoin and Ethereum on Australian exchanges that comply with AUSTRAC regulations. One recommended platform is eToro, which offers over 3,000 assets and accepts POLi-facilitated Bank Transfers, among other payment methods.
Fees associated with these purchases can vary, but eToro stands out with low fee AUD deposits, zero commissions and tight spreads. Their platform also offers multiple asset classes, which means you can trade cryptocurrencies, stocks, ETFs, commodities and more all-in one place.
Can you Buy Crypto with POLi?
Yes, buying Bitcoin, Ethereum, stablecoins, and other digital assets is feasible via POLi payments. You can initiate an instant Australian Dollar payment via POLi from your bank account to an Australian cryptocurrency exchange. It's important to highlight that POLi itself doesn't directly facilitate crypto trading, it merely acts as a payment method. Hence, it's recommended to select a crypto exchange regulated by AUSTRAC and adhering to Australian legalities and norms for your transactions.
How to Buy Bitcoin and Crypto with POLi
The most secure and economical way to obtain cryptocurrencies like Bitcoin through POLi is via a digital asset exchange that complies with AUSTRAC regulations. One suggested and trusted platform is eToro, an Australia-based multi-asset trading platform offering access to over 3,000 cryptocurrencies, stocks, ETFs, and more. This exchange accepts a variety of payment methods including Bank Transfers facilitated by POLi, Credit Card, Debit Card, PayPal, and others.
Here's an easy guide to help you commence your crypto journey in no time:
- Open a free account on eToro and complete the verification process.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Tap 'AUD' and select POLi as your preferred payment method.
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
The expenses associated with purchasing Bitcoin and other cryptocurrencies through POLi may vary based on the chosen crypto exchange. Important charges to be aware of include deposit fees, withdrawal costs, spread rates, and trading fees.
We suggest eToro as the most economical choice for users transacting via POLi, providing free AUD deposits and low-commission trading. The primary expense when acquiring cryptocurrencies on eToro is a 1% spread fee, proving more cost-effective compared to other platforms like CoinSpot or SwyftX, known for levying fees exceeding 2%.
Is POLi Payments Crypto-Friendly?
POLi has demonstrated support for users' cryptocurrency pursuits by facilitating transactions with approved trading platforms compliant with the Australian Transaction Reports and Analysis Centre (AUSTRAC) guidelines. This arrangement lets users send AUD from their bank accounts via POLi to platforms conforming to national regulations, devised to counteract financial crimes like fraud and money laundering.
However, it's essential to note that POLi imposes a $10k daily deposit limit, which users should keep in mind when planning their crypto investments.
In conclusion, POLi provides a convenient way for Australians to purchase Bitcoin, Ethereum, and other digital assets by facilitating instant transactions from their bank accounts to regulated crypto exchanges. While POLi doesn't facilitate crypto trading itself, it makes crypto purchases more accessible by partnering with AUSTRAC-compliant platforms such as eToro.
Users should consider eToro for its diverse asset offerings, user-friendly interface, and cost-effective fees, including a 1% spread fee. Bear in mind, however, that POLi imposes a daily deposit limit of $10k, which may affect your investment strategy. Always ensure to transact on regulated platforms for a safe and secure crypto experience.