Buy Crypto with NAB
Learn how to utilise your NAB account for purchasing cryptocurrencies. A simple, secure pathway to digital assets via regulated platforms.
Summary: NAB Bank does not directly support cryptocurrency trading via their mobile or online banking platforms. Nevertheless, NAB customers can invest in digital currencies by transferring Australian Dollars (AUD) from their NAB Bank accounts to a cryptocurrency exchange regulated by AUSTRAC and ASIC.
After evaluating numerous compliant exchanges, eToro is the premier option for NAB Bank customers. It's a secure platform licensed by ASIC, facilitates rapid and economical AUD deposits from NAB Bank, and allows users to trade an assortment of over 70 crypto assets, alongside more than 3,000 other financial instruments, all at competitive fees.
Can I Buy Crypto with NAB Bank?
Yes, it is possible to buy Bitcoin, Ethereum and other cryptocurrencies using your NAB Bank account, debit card, or credit card. To do this, clients must register with a regulated exchange in Australia that supports deposits in AUD via banking transfers, PayID, POLi, and other methods. Given that NAB does not directly manage cryptocurrency transactions, it's important to select an exchange that is licensed by the Australian Securities and Investments Commission (ASIC) to guarantee a secure and dependable trading environment.
How to Buy Bitcoin and Crypto with NAB
The safest and most direct method to buy Bitcoin and other digital currencies with a NAB Bank account is by using a regulated exchange. This approach lets customers securely deposit AUD from their NAB Bank account or card. We recommend eToro for its seamless integration with NAB Bank offering instant AUD deposits, strict adherence to regulatory standards, a range of over 3,000 assets, and industry-leading transaction fees.
Below is a simple 4-step guide to get you started:
- Visit eToro, sign up and complete your verification.
- Select the 'Deposit Funds' button, located at the lower-left corner of your screen.
- Select 'AUD' and your preferred payment method (for example, Bank Transfer), then execute your transfer from NAB Bank.
- Upon completion of the deposit, find your asset and execute your trade.
What are the Fees?
The charges associated with purchasing cryptocurrency via a NAB Bank transfer in Australia can vary based on the chosen exchange platform. Generally, the expenses tied to investing encompass transaction fees, deposit fees, and withdrawal fees, which can vary according to the platform and specific digital currency.
We suggest eToro due to its affordable fee structure. It provides free deposits via NAB Bank transfers (with a small conversion fee to USD), commission-free trading, and competitive spreads (1%) for trading crypto assets. This fee arrangement is typically more economical than other popular options such as CoinSpot, which usually imposes a 1% fee plus a spread of 1.5%-2%.
Is NAB Crypto-Friendly?
Absolutely, NAB Bank is a crypto-accommodative Australian financial institution, permitting its clients to conduct transactions with a variety of digital currencies, including Bitcoin, Ethereum, Solana, and several stablecoins. Furthermore, they also support other activities, such as crypto staking, providing customers the opportunity to earn returns on their digital holdings.
However, as of 18 July 2023, NAB Bank has implemented additional protections to curb scams by limiting transactions to high-risk cryptocurrency exchanges. This action was taken in response to the escalating number of cryptocurrency scams affecting their customers, with Australians losing over $221 million to these frauds last year. As a result, certain transactions to off-shore exchanges will be declined, but withdrawals remain possible. Customers will be notified in their NAB app or Internet Banking if a transaction is declined.
Bottom Line
In conclusion, NAB Bank is a crypto-friendly bank, allowing customers to buy Bitcoin, Ethereum, and other cryptocurrencies via a regulated exchange. eToro is a recommended platform, offering seamless integration with NAB Bank, a range of over 3,000 assets, competitive fees, and strict adherence to regulatory standards.
However, customers should note that as of July 2023, NAB Bank has implemented safeguards to limit transactions to high-risk cryptocurrency exchanges, aiming to prevent scams. It's critical to utilize a regulated, secure, and trustworthy exchange platform to ensure a safe and successful cryptocurrency trading experience.
.webp)
.webp)