Can you Buy Crypto with CommBank?
Yes, CommBank customers can invest in digital currencies via a secure and compliant platform. By choosing a reliable, AUSTRAC & ASIC-regulated crypto exchange in Australia, CommBank account holders can transfer AUD to purchase crypto assets. We recommend opting for a platform that adheres to Australian Securities & Investments Commission regulations to guarantee the security of your investments.
How to Buy Bitcoin and Crypto with CommBank
As outlined above, the safest and easiest way to invest in Bitcoin and cryptocurrencies with a Commonwealth Bank account is with a regulated exchange. With this method, investors can instantly deposit AUD via bank transfer, PayID, Osko, debit card, credit card and other methods to buy and sell digital assets.
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 the Australian Securities & Investments Commission (ASIC). 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, while CommBank does not provide direct cryptocurrency trading services, it allows customers to invest in digital assets through secure and compliant third-party exchanges, such as eToro. Australian clients can transfer AUD from their CommBank accounts to purchase and trade crypto assets on these platforms. By choosing a reliable, AUSTRAC & ASIC-regulated exchange, CommBank account holders can safeguard their investments while enjoying competitive fees and a wide range of trading options.