How to Buy Crypto with UBank

Can I Buy Bitcoin with UBank?

Yes, UBank customers can transfer funds to Australian cryptocurrency exchanges to purchase and trade assets like Bitcoin. To ensure regulatory compliance, it is essential to use an investment platform registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank supports AUD deposits through various methods, including bank transfers, debit or credit cards and e-wallet methods like PayID.

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How to Buy Crypto with UBank

‍For UBank customers interested in purchasing digital assets, CoinSpot is a recommended platform, boasting over 2.5 million users nationwide. This exchange offers access to more than 450 digital assets for trading and staking. It supports free AUD deposits through various methods, including bank transfers, PayID, BPAY, credit cards, debit cards, and cash through BluShyft.

Ubank clients can begin their cryptocurrency investment journey with these steps:

1. Open Account: Sign up for a free account on CoinSpot and complete the verification process.
2. Deposit Funds: Navigate to the 'Deposit Funds' section in your CoinSpot dashboard.
3. Send Funds: Select 'AUD' and transfer funds from your UBank account.
4. Execute Trade: Once your deposit is confirmed, visit the 'Buy/Sell' section to purchase your chosen cryptocurrency.

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What are the Fees?

When using a digital asset exchange, several types of costs may apply, including deposit and withdrawal charges, transaction fees, and the spread, which is the difference between buying and selling prices.

UBank customers should consider CoinSpot due to its competitive fee structure and free PayID deposits. However, transferring AUD via a debit or credit card may incur fees of up to 2%. CoinSpot has variable trading fees between 0.1% - 1% depending on the purchase method.

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Is UBank Crypto-Friendly?

‍UBank has a progressive attitude towards cryptocurrency by supporting customer involvement in digital currencies. The bank offers diverse funding methods, including bank transfers and debit cards, for transactions with platforms compliant with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This policy allows UBank clients to venture into digital asset investments in a secure, regulated setting. By following AUSTRAC's stringent guidelines, the bank offers a safe way for those looking to diversify their investment portfolios with digital currencies, while ensuring compliance with financial standards.

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About UBank

‍UBank, a division of National Australia Bank (NAB), is a digital bank offering a range of financial products designed for simplicity and ease of use. Its offerings include the UHomeLoan for competitive home loan rates, the USpend transaction account for everyday banking, and the USave savings account with attractive interest rates. 

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Bottom Line

UBank makes it easy for customers to invest in cryptocurrencies by offering easy fund transfers to AUSTRAC-registered exchanges like CoinSpot. With free AUD deposits, competitive fees, and support for over 450 digital assets, UBank clients can confidently start their crypto investment journey. Additional features include staking services, an NFT marketplace and Bundles.