How to Buy Bitcoin and Crypto with NAB

The best and most affordable way to invest in Cryptocurrencies like Bitcoin with NAB is through CoinSpot. The exchange allows NAB customers to deposit AUD via multiple payment methods including POLi, Osko, PayID, BPAY, Bank Transfer, Credit/Debit Card, and Cash to buy and sell hundreds of tokens.

Follow this quick and easy guide to get started.

1. ‍Create a free account on CoinSpot and complete the verification requirements.
2. Tap ‘Deposit Funds’, select a method, and send AUD to CoinSpot from NAB.
3. Head to the 'Markets' or 'Buy/Sell' tab and find the token you want to buy.
4. Input the amount of AUD you wish to invest and click the 'Buy' button.

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NAB Cryptocurrency Policy

NAB is the most Crypto-friendly bank in Australia and is the first major traditional financial institution in the country to offer its own stablecoin called AUDN. The bank plans to roll this token out in mid-2023, allowing its users to settle transactions on the blockchain, rather than needing to use AUD to pay for transactions. The AUDN token will be fully backed 1:1 with the AUD held in NABs reserves.

As NAB has a positive stance on Cryptocurrencies and blockchain technology, it allows its customers to freely buy and sell digital assets with their NAB accounts or cards. The only condition is that they must use an AUSTRAC-licensed and regulated exchange like CoinSpot.

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About National Australia Bank (NAB)

The National Australia Bank (NAB) is one of the largest financial institutions in Australia, with a history dating back to 1858. It is one of the Big Four banks in Australia and has the second-largest market cap. NAB offers a range of financial products and services to its customers, including personal and business banking, wealth management, insurance, and investment services.

The bank is committed to innovation and has implemented several initiatives to enhance its customer experiences, such as its award-winning mobile banking app and online banking platform. It also provides a range of digital tools to help customers manage their finances, including budgeting and savings calculators, loan calculators, and financial planning resources.

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Crypto Investing Fees

The fees to invest in Cryptocurrencies will vary depending on what platform you use, which payment method you fund your account with, and the trading type you use to buy a token. On CoinSpot, the fees to buy a token can be as little as 0.1% of your total transaction amount. This is because the exchange offers multiple free AUD deposits and low trading fees from just 0.1%.

We compared CoinSpots fees with other popular Aussie exchanges like SwyftX and Digital Surge and found their fees to be significantly cheaper. Other exchanges charge up to 2% in trading fees and do not support any free AUD deposit methods. In addition to the high trading fees, they also charge a spread of 1% - 2%.

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Bottom Line

To summarise, NAB does not offer a Cryptoc-investing feature, and the only secure way for its clients to purchase Crypto is by going through an AUSTRAC-licensed digital asset exchange. Our expert team has analyzed several Australian trading platforms and recommends CoinSpot as the best option for NAB customers. It offers a wide range of Cryptocurrencies that can be bought with competitively low fees.