Summary: Up Bank does not directly facilitate cryptocurrency trading through their mobile or online banking app. However, Up customers can invest in digital assets by moving Australian Dollars (AUD) from their Up Bank accounts to an AUSTRAC and ASIC-licensed third-party cryptocurrency exchange.
Upon comparing numerous regulated exchanges, eToro stands out as the top choice for Up Bank customers. It's a secure platform that's licensed by ASIC, provides swift and cost-effective AUD deposits from Up Bank, and enables users to trade a selection of more than 70 crypto assets, in addition to over 3,000 other financial instruments, all with competitive fees.
Can You Buy Crypto with Up Bank?
Yes, you can purchase Bitcoin and other cryptocurrencies with your Up Bank account, debit card, or credit card. To facilitate this, customers must sign up with a cryptocurrency exchange in Australia that complies with Australian regulations and supports deposits in AUD through bank transfers, PayID, POLi, among others. As Up Bank does not directly handle cryptocurrency transactions, it's crucial to choose an exchange regulated by the Australian Securities and Investments Commission (ASIC) to ensure a safe and reliable trading platform.
How to Buy Bitcoin and Crypto with Up Bank
The most secure and straightforward way to purchase Bitcoin and other cryptocurrencies with an Up Bank account involves using a regulated exchange. This strategy allows users to deposit AUD safely from their Up Bank account or card. We recommend eToro for its compatibility with Up Bank, strict regulatory compliance, a selection of over 3,000 assets, and competitive transaction fees.
Here's an easy 4-step guide to begin:
- Visit eToro and sign up, ensuring to verify your identity.
- Click on the 'Deposit Funds' button, typically found on the bottom left of your screen.
- Choose 'AUD' and your preferred payment method (for example, Bank Transfer), then complete your transfer from Up Bank.
- Once the deposit is complete, use the credited funds to invest in crypto.
What are the Fees?
The fees associated with buying cryptocurrency through an Up Bank transfer in Australia can vary based on the selected exchange platform. Typically, the costs involved in investing include transaction fees, deposit fees, and withdrawal fees, all of which can fluctuate depending on the platform and specific cryptocurrency.
We recommend eToro due to its cost-effective fee structure. It offers free deposits via Up Bank transfers, commission-free trading, and competitive spreads (1%) for trading crypto assets. This fee structure stands out as more affordable when compared to popular alternatives such as CoinSpot, which typically charges a 1% fee plus a spread of 1.5%-2%.
Is Up Crypto-Friendly?
Yes, Up Bank is a cryptocurrency-friendly Australian bank that allows its customers to transact with various cryptocurrencies, encompassing Bitcoin, Ethereum, Solana, and numerous stablecoins. Beyond this, they even support various activities within the digital asset space such as crypto staking, letting customers generate returns on their digital assets.
Up Bank facilitates these operations through exchanges that are certified by regulatory authorities like the Australian Securities and Investments Commission (ASIC). This guarantees that Up Bank's customers only engage with platforms that strictly adhere to stringent Australian regulations, thereby mitigating financial malpractices, including money laundering and other illegal actions.
In conclusion, Up Bank provides its customers with a secure gateway to the world of digital assets through third-party, ASIC-regulated exchanges, notably eToro. This platform offers a wide variety of financial instruments, swift AUD transfers, and competitive fees.
To that end, despite not facilitating direct cryptocurrency transactions, Up Bank enables its customers to safely invest and explore opportunities in the digital asset market, thanks to its compliance with Australian regulations and crypto-friendly approach.