Buying bitcoin & other crypto with Bank Australia
Want to invest in crypto using your bank account with Bank Australia? In this quick guide, you will read how to buy Bitcoin & other crypto at Bank Australia.
Tutorial: buying crypto with Bank Australia
Step 1: open an account with a crypto exchange
It is not possible to buy crypto directly from your Bank Australia account. By opening an account with a crypto exchange, you can still buy Bitcoin with your Bank Australia account without any problems. The table below shows you directly which providers you can go to:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Bank Australia after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Step 2: verify account & deposit funds with Bank Australia
In Australia, crypto exchanges must verify the identity of their users. That way, criminal activity and money laundering can be curbed. In any case, you will have to upload a copy of your passport and proof of your address. Some crypto exchanges do allow you to try out the possibilities right away with a free demo.
After your account is verified, you can transfer funds directly from your Bank Australia account. It is important that your Bank Australia account and crypto account are in the same name.
Step 3: buy crypto with Bank Australia
Now navigate within the crypto platform to the crypto you want to buy. The most popular crypto is Bitcoin, but it can certainly be interesting to explore other crypto currencies as well.
Then, within the platform, press the buy button to open the order screen. Within the order screen, you can then enter the amount you want to buy crypto for. You can then send the order directly to the market and before you know it, the crypto has been purchased for you.
What is Bank Australia’s stance on crypto?
Bank Australia has a positive stance on crypto: you can just use your account to buy and sell Bitcoin at an exchange.
Banks have to crack down harder and harder on illegal activities. It is therefore advisable to use a reliable & registered exchange. That way, you avoid Bank Australia blocking your account and making further enquiries.
About Bank Australia
Bank Australia is wholly customer-owned. Founded in 1957, the bank was then called CSIRO. After more da 70 successful mergers, the bank was renamed Members & Education Credit Union in 2003 followed by Bankmecu in 2001 and Bank Australia in 2015.
The bank plans to operate completely climate neutral by 2035. Bank Australia also donates 4% of its profits to charities, making the bank a good choice for conscious consumers.
Can you buy Bitcoin at Bank Australia?
It is not possible to buy Bitcoin directly from Bank Australia and it is expected to be a long time before this is possible. Fortunately, you can buy crypto like Bitcoin & Ethereum using your bank account with a workaround. Follow the steps in this guide to buy your favourite crypto directly from Bank Australia.
Over Alex Mostert
Already in 2015 I bought my first Bitcoins for roughly $300, only to sell them shortly after for $900. At the time I thought I benefited from the deal of the century, but I, of course, had no idea Bitcoin would become as popular as it is today. On this website, I want to teach everybody how to buy Bitcoin through their bank.