How to Buy Crypto with CommBank

Summary: CommBank doesn't directly facilitate cryptocurrency purchases but enables transfers to registered cryptocurrency exchanges adhering to AUSTRAC's financial guidelines. This policy allows investors to deposit AUD to exchanges with convenient funding methods like bank transfers, PayID, debit cards and more.

For customers interested in investing in cryptocurrencies, eToro is a recommended platform that aligns with stringent regulatory standards. It offers fast AUD deposits and a portfolio of over 4,500 assets, including cryptocurrencies, stocks, and ETFs, catering to various investment strategies.

Can I Buy Crypto with CommBank?

Yes, Commonwealth Bank offers its customers avenues to explore cryptocurrency markets, including prominent assets like Bitcoin, Ethereum and Solana. CommBank facilitates the transfer of funds to recognised cryptocurrency trading platforms in Australia, complying with the Australian Transaction Reports and Analysis Centre's (AUSTRAC) financial regulations. For customers interested in crypto investments, CommBank provides easy-to-use deposit methods for Australian Dollars, such as bank transfers, POLi, PayID, and debit card transactions.

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How to Buy Crypto with Commonwealth Bank

For CommBank customers interested in exploring digital currencies, eToro is a viable platform that adheres to AUSTRAC's strict regulatory standards. eToro facilitates easy AUD deposits from CBA accounts, accepting bank transfers as well as debit and credit card payments. With an offering of over 4,500 assets, including a diverse range of cryptocurrencies, Bitcoin ETFs, stocks, and traditional ETFs, eToro caters to a variety of investment strategies.

Starting with eToro involves a few steps:

1. Account Creation: Begin by setting up your eToro account. This will include filling out necessary information and completing verification.
2. Depositing Funds: Head over to the 'Deposit' option within eToro, usually found on the lower left side of the screen, and proceed to add funds to your account.
3. Selection of Currency and Deposit Method: Choose 'AUD' as your preferred currency and select a suitable deposit method linked to your CBA account.‍
4. Investing in Cryptocurrency: After you deposit your funds, use eToro’s intuitive search function to locate and invest in the cryptocurrency of your choice.

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What are the Fees?

When using the Commonwealth Bank to explore Bitcoin and other cryptocurrencies, it's essential to be aware of fees associated with external platforms. These fees usually cover deposits and withdrawals, transaction costs, and the spread, which is the price difference between buying and selling.

For those considering cryptocurrency investments, eToro is a popular choice due to its competitive fees and support for AUD deposits. On eToro, the spread for cryptocurrency trades is around 1%, which is lower compared to other platforms like CoinSpot, where the spread can exceed 2%. This makes eToro a cost-effective choice for cryptocurrency trading, as it offers transparent and affordable investment opportunities.

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Is CommBank Crypto-Friendly?

CommBank adopts a cautious approach towards cryptocurrencies, enabling customers to use payment methods like debit cards and bank transfers for investing in digital assets through AUSTRAC-compliant platforms. This approach ensures a secure environment for clients interested in adding cryptocurrencies to their investment portfolios.

CommBank has introduced restrictions to enhance security against fraud associated with cryptocurrency transactions. The bank now limits the transfer amount to accounts or merchants linked with cryptocurrency exchanges to $10,000 per month across all customer accounts. 

While the bank restricts transfers to exchanges, it doesn't limit withdrawals from them to a CommBank account, although exchanges may have their own restrictions. This move highlights CommBank's effort to protect its clients while adapting to the increased adoption of digital assets.

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Bottom Line

The Commonwealth Bank's approach to cryptocurrency investment presents a practical gateway for its customers to engage with digital currencies like Bitcoin, Ethereum, and Solana. By partnering with trusted trading platforms such as eToro, which adheres to AUSTRAC's stringent guidelines, CommBank ensures a secure and regulated environment for customers to invest in cryptocurrencies.