Summary: Macquarie Bank clients can engage in cryptocurrency trading, including Bitcoin and Ethereum, on Australian platforms that comply with AUSTRAC regulations. A favoured platform for this purpose is eToro, boasting an extensive range of over 3,000 assets and supporting bank transfers from Macquarie among other payment methods.
The fees for these transactions can vary, yet eToro stands out with its low-cost AUD deposits, no commissions, and competitive spreads. eToro also diversifies its offerings across various asset classes, enabling Macquarie clients to trade not just crypto, but also stocks, ETFs, commodities, and more under one platform.
Can you Buy Crypto with Macquarie Bank?
Yes, buying Bitcoin, Ethereum, stablecoins, and more is feasible with Macquarie Bank. This involves an Australian Dollar (AUD) transfer from your Macquarie account to a regulated crypto exchange in Australia. Payment methods include bank transfers, cards, POLi, and PayID. Remember, Macquarie Bank doesn't handle crypto transactions directly, so investors will need to join an AUSTRAC-regulated exchange.
How to Buy Bitcoin and Crypto with Macquarie Bank
For acquiring digital currencies like Bitcoin using Macquarie Bank, the ideal route is through an AUSTRAC-compliant digital asset exchange. A top-rated and trusted platform is eToro, an Australian multi-asset trading platform offering access to more than 3,000 cryptocurrencies, stocks, ETFs, and more. The exchange accommodates various deposit methods including Bank Transfer, Credit Card, Debit Card, POLi, PayPal, and others.
Here is a simple guide to kick-start your crypto journey efficiently:
- Create an account on eToro and complete the sign-up process.
- Tap 'Deposit Funds’, pick a method, and send AUD from ANZ Bank.
- Head to the search bar, find your desired token, and click 'Trade'.
- Enter the amount you want to invest and tap the 'Open Trade' button.
What are the Fees?
The fees associated with buying Bitcoin and other digital currencies via a Macquarie Bank account can differ depending on the selected crypto exchange. Crucial charges to keep in mind comprise deposit fees, withdrawal fees, spread charges, and trading fees.
We recommend eToro as a cost-effective option for Macquarie Bank clients, offering free AUD deposits and low commission trading. The primary cost when purchasing cryptocurrencies on eToro is a 1% spread fee, which is more affordable compared to other platforms like CoinSpot and SwyftX, known to levy fees exceeding 2%.
Is Macquarie Bank Crypto-Friendly?
Macquarie Bank has shown its endorsement for customers' participation in cryptocurrency by allowing transactions with authorized external trading platforms that conform to the Australian Transaction Reports and Analysis Centre (AUSTRAC) guidelines. This arrangement enables Macquarie Bank clients to transfer AUD from their accounts to platforms complying with national regulations designed to fight financial crimes such as fraud and money laundering.
Therefore, Macquarie Bank customers can confidently engage in cryptocurrency investments, assured that their investments are safeguarded and fully in compliance with all pertinent legal prerequisites.
In conclusion, Macquarie Bank supports customers in buying cryptocurrencies like Bitcoin and Ethereum through authorized, AUSTRAC-compliant exchanges, such as eToro. While Macquarie Bank doesn't directly deal with cryptocurrencies, it offers a secure gateway for AUD transfers to these digital asset platforms.
Users should note that fees vary across platforms, with eToro recommended for its cost-effective 1% spread fee. Therefore, Macquarie Bank provides an accessible and legal route for its customers to invest in the growing digital asset market.