Summary: CommBank doesn't directly support crypto trading on Netbank or CommSec. However, Aussies can invest in digital assets through an AUSTRAC and ASIC-licensed third-party exchange by transferring AUD from their CommBank account.
After evaluating numerous regulated exchanges, eToro emerged as the best choice for CommBank customers. It's secure, ASIC-licensed, allows quick, cost-effective AUD deposits from CommBank, and lets users trade over 70 crypto assets and 3,000+ other financial instruments with competitive fees.
Can you Buy Crypto with CommBank?
Yes, you can buy Bitcoin and cryptocurrencies using Commonwealth Bank accounts, debit cards or credit cards. To do this, investors will need to register with a crypto exchange in Australia that operates under Australian regulations and accepts AUD deposits via bank transfer, PayID, POLi and other methods. Since CommBank doesn't facilitate crypto transactions directly, selecting an Australian Securities and Investments Commission (ASIC)-regulated exchange is essential for ensuring a secure and trustworthy trading environment.
How to Buy Bitcoin and Crypto with CommBank
The most secure and user-friendly method to buy Bitcoin and other cryptocurrencies using a Commonwealth Bank account is via a regulated exchange. This approach allows users to safely deposit AUD from their CommBank account or card. We recommend eToro for its compatibility with CommBank, stringent regulatory compliance, selection of over 3,000 assets and competitive transaction fees.
Here is a simple 4 step guide to getting started:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select 'AUD' and your payment method (e.g Bank Transfer) and complete your transfer from CommBank.
- Complete the deposit and use the funds credited to your account to invest in crypto.
What are the Fees?
When buying cryptocurrency using a CommBank transfer in Australia, fees may differ based on the chosen exchange platform. Typically, investing costs include transaction fees, deposit fees, and withdrawal fees, which can vary according to the platform and specific cryptocurrency.
We suggest eToro, as they provide free deposits via CommBank transfers, commission-free trading, and competitive spreads (1%) for trading crypto assets. This fee structure is more cost-effective compared to popular alternatives like CoinSpot, which usually charges a 1% fee in addition to a 1.5%-2% spread.
Is Commonwealth Bank Crypto-Friendly?
While CommBank does not currently offer direct cryptocurrency trading services on its online banking platform, it does not outright prohibit its customers from engaging in crypto-related transactions. Clients can invest in digital currencies through a secure and compliant third-party exchange that is licensed by ASIC and AUSTRAC. By using such a platform, CommBank account holders can transfer AUD to purchase and trade crypto assets.
CommBank has also been actively exploring adding digital asset support to their Netbank App, however, have recently put a pause on it due to market volatility.
In conclusion, buying cryptocurrencies like Bitcoin or Ethereum using CommBank is straightforward and feasible, although the bank does not directly facilitate these transactions. Instead, customers can utilise crypto exchanges that accept AUD deposits, such as the ASIC-regulated eToro, to securely purchase and trade digital assets. Be aware of various transaction fees which may apply, depending on the chosen platform.
Although CommBank doesn't currently support direct crypto trading, it does not deter customers from making crypto transactions via secure, third-party exchanges. While the bank has put a hold on introducing digital asset support on their Netbank App, it maintains an open stance towards the digital asset ecosystem.