Buying crypto (Bitcoin) with Teachers Mutual Bank (2023)

In this short guide, I discuss how to buy popular crypto like Bitcoin & Ethereum using your bank account at Teachers Mutual Bank.

How to buy crypto at Teachers Mutual Bank?

Step 1: sign up with a crypto exchange

Before you can get started with crypto at Teachers Mutual Bank, you first need an account with a crypto exchange. Crypto exchanges allow you to buy and sell Bitcoin and other crypto currencies. In the overview below, you can immediately see which parties you can join:

eToro buy cryptoTrade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Teachers Mutual bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

Take enough time to select a crypto exchange. After all, when you open a bank account, you also want to be 100% sure that the company is a good fit for you.

Step 2: complete registration

At some crypto exchanges, you can always try out the possibilities with a free demo. However, this is not the case with all providers.

When you want to invest in crypto with real money, you must first verify your account. You do this by uploading a copy of your passport and proof of your address.

It is also advisable to spend time securing your account: enable 2FA and choose a hard-to-guess password.

Step 3: deposit money with Teachers Mutual Bank

After your account is approved, you can directly transfer funds from your account at Teachers Mutual Bank to the crypto platform. Please note that it may take some time for the money to appear in your crypto account.

Step 4: buy crypto at Teachers Mutual Bank

Within the crypto exchange, navigate directly to the crypto you want to buy. This could be Bitcoin, but also, for example, Ethereum or one of hundreds of other cryptocurrencies.

Within the order screen, you can then enter the amount you want to invest. Press the buy button to buy the cryptocurrency on the exchange. Because crypto prices are volatile, sometimes you will pay a little less or more than the price indicated on the order screen.

Buy bitcoin Teachers Mutual Bank

What does Teachers Mutual Bank think about crypto?

The news revealed that Teachers Mutual Bank is blocking loans to buy crypto. Personally, I think this is a good move: borrowing money to invest is never a wise thing to do.

However, when you want to buy crypto with your own money, Teachers Mutual Bank won’t mind. You own your money 100%, which means you can buy Bitcoin & other crypto without any problems. By doing this at a reliable crypto exchange, you reduce the chances of experiencing problems.

What is Teachers Mutual Bank?

Personally, I find Australian Teachers Mutual Bank an interesting bank. At the time of writing, the bank has 200,000 members and manages $8 billion in assets. Teachers in retirement and their family members can become members of the bank.

All members of the bank own an equal share within the organisation. Profits are shared among members by offering lower fees and higher interest rates than other commercial parties.

The bank’s leadership has always been decentralised, as its teaching members work across the country. This character obviously fits well with the decentralised nature of crypto; so it would be great if the bank chooses to start offering crypto products.

Can you buy Bitcoin at Teachers Mutual Bank?

It is not possible to buy Bitcoin or other crypto at Teachers Mutual Bank. The bank does not seem to be interested in offering crypto trading. However, by linking your bank account to a crypto exchange, you can still buy Bitcoin from Teachers Mutual Bank without any problems. Remember to do plenty of research; that way, you reduce the chances of a crypto fiasco!


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