Tutorial: how to buy Bitcoin & other crypto at Bankwest
This guide will tell you how to buy Bitcoin & other crypto using your Bankwest account within minutes.
How to buy crypto at Bankwest?
Step 1: open an account with a crypto exchange
A crypto exchange is a company that allows you to buy and sell crypto. Creating a (demo) account with a crypto exchange is usually free, but to invest with real money, you obviously have to deposit money. See directly which parties you can join:
| Brokers | Information | Register |
|---|---|---|
 | Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with bankwest after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. |
Step 2: verify account and deposit money at Bankwest
Before you can get started trading crypto, you must first verify your account. You do this at most exchanges by uploading a copy of your passport and proof of your address.
After your account is verified, you can immediately deposit funds into your Bankwest account. Keep in mind that deposit processing time varies from one crypto exchange to another.
Step 3: buy crypto at Bankwest
After the money arrives, you can immediately buy crypto wth your account. To do this, navigate to the crypto you want to buy and enter the amount you want to invest. You can also invest with small amount since cryptocurrencies are divisible into smaller quantities. After you send the order, it may take a few seconds for it to be executed.
If you want to buy Bitcoin at a certain price, you can also use a limit order. With a limit order, you set a price at which you want to buy the crypto. Only once the price is reached will the position open automatically. This way, you can actively trade crypto and establish a smart strategy.
You can sell your crypto again at any time and have the money returned to your Bankwest account.
Is Bankwest pro crypto?
Bankwest blocks credit card transactions to crypto exchanges. By choosing a crypto exchange where you can also trade stocks, for example, you can bypass this blockage. In general, Bankwest will not block your account when you trade crypto and you withdraw those funds to your bank account. Still, Bankwest is clearly not very keen on crypto: as a result, it will take some time before you can buy Bitcoin and other crypto from the bank.
What is Bitcoin?
Before buying crypto, it is important to understand what Bitcoin is. Bitcoin is a digital, decentralised currency that operates on the blockchain. This decentralised system ensures that every transaction is processed and stored by thousands of computer systems linked together. This allows you to conduct transactions without any government or bank influence.
What is Bankwest?
Bankwest is an Australian bank based in Perth. In 2008, the bank was sold to Commonwealth Bank of Australia for $2.1 billion, but still operates under the Bankwest name. The bank has branches in Adelaide, Brisbane, Canberra, Melbourne and Sydney.
Can you buy Bitcoin at Bankwest?
It is not possible to buy Bitcoin or other crypto at Bankwest. The bank is afraid that crypto will have a negative impact on its customers and has therefore deliberately chosen not to offer crypto. However, you can buy crypto like Bitcoin and Ethereum with your Bankwest account by opening an account with a reliable crypto exchange. When buying crypto, don’t forget to do enough research: that way, you will avoid a crypto fiasco.
