Summary: Bendigo Bank customers have the ability to engage in cryptocurrency investing on Australian platforms that abide by AUSTRAC regulations. A recommended platform is eToro, which offers a broad selection of over 3,000 assets and accepts bank transfers from Bendigo amongst other payment methods.
The cost structure can fluctuate, but eToro distinguishes itself with its no-charge AUD deposits, reasonable commissions, and competitive spreads. The eToro platform also offers diverse asset classes, allowing Bendigo customers to trade not just cryptocurrencies, but also stocks, ETFs, commodities, and more on one unified platform.
Can you Buy Crypto with Bendigo Bank?
Yes, it is possible to purchase Bitcoin, Ethereum, among other cryptocurrencies via Bendigo Bank. The bank allows you to execute transactions in Australian Dollars from your Bendigo Bank account to a cryptocurrency trading platform within Australia, supervised by AUSTRAC and ASIC. Acceptable payment options consist of bank transfers, credit or debit cards, POLi, and PayID. It is advisable, for the sake of safe custody, to opt for a compliant exchange that is consistent with the Australian legal and regulatory structure.
How to Buy Bitcoin and Crypto with Bendigo Bank
A recommended approach to purchase cryptocurrencies like Bitcoin using Bendigo Bank is via a crypto exchange that adheres to AUSTRAC guidelines. A notable option is eToro, a comprehensive Australian trading platform which offers a vast array of over 3,000 assets including cryptocurrencies, stocks, and more. eToro provides numerous deposit alternatives, encompassing Bank Transfer, Credit Card, Debit Card, POLi and more.
Here's a straightforward four-step process to guide your initiation:
- Create a free account on eToro and complete the onboarding process.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Tap 'AUD' and your payment method, then send funds from Bendigo Bank.
- Complete the deposit and open the search bar to buy your desired token.
What are the Fees?
The costs associated with acquiring Bitcoin and other digital currencies through a Bendigo Bank account may vary, contingent on the chosen cryptocurrency exchange. Crucial charges to consider consist of deposit costs, withdrawal fees, spread expenses, and trading fees.
We advocate for eToro as the most cost-effective solution for Bendigo Bank users, providing low-free AUD deposits and competitive commission trading. The main cost when buying cryptocurrencies on eToro is a 1% spread fee, which is more affordable in comparison to other platforms like SwyftX, notorious for imposing fees greater than 2%.
Is Bendigo Bank Crypto-Friendly?
Bendigo Bank encourages customer interaction with cryptocurrencies by permitting transactions with sanctioned trading platforms that adhere to AUSTRAC's regulations. This enables Bendigo Bank customers to transfer AUD from their accounts to these compliant platforms, ensuring compliance with national rules fighting against financial crimes.
As a result, Bendigo Bank customers can confidently invest in cryptocurrencies, knowing that their investments are secure and fulfil all legal requirements.
In conclusion, Bendigo Bank offers its customers an accessible route to purchasing cryptocurrencies like Bitcoin and Ethereum. The bank supports transfers in Australian Dollars to approved, AUSTRAC-compliant cryptocurrency exchanges. One such exchange is eToro, which not only follows Australian legal guidelines but also provides a vast selection of assets and competitive fees.
This arrangement makes Bendigo Bank a reliable and cost-effective conduit for investing in the thriving world of cryptocurrencies, while ensuring adherence to Australian laws and regulations against financial crimes.