How to buy Bitcoin & other crypto at Westpac (2023)?
Unfortunately, it is not yet possible to buy Bitcoin with your Westpac bank account. However, by linking your Westpac account to a reliable crypto exchange, you can still buy crypto without any problems. In this article, I will show you directly how to buy crypto with your Westpac bank account.
How to buy crypto with your Westpac account?
Step 1: open an account with a crypto exchange
A crypto exchange is a company that brings together the supply and demand for crypto. As an individual, you can use a crypto exchange to invest in your favourite crypto. In the overview below, you can immediately see which parties you can turn to:[table “9” not found /]
Registering an account often only takes a few minutes. Moreover, with many providers, you can try out crypto trading completely free of charge with a demo.
Step 2: deposit money into your account
Before you can buy crypto with your Westpac bank account, you must first deposit funds. This can be done at most exchanges directly from your Westpac bank account. It is important that your bank account is in the same name as your account with the crypto exchange. Moreover, make sure your account is fully verified: you do this by uploading a copy of your passport, among other things.
Step 3: buy crypto with your Westpac account
Next, take your time to select a crypto you want to invest in. Keep in mind that cryptos are volatile and you can lose a lot of money. Therefore, only invest in cryptos with money you can really afford to lose.
Then navigate to the crypto you want to buy (e.g. Bitcoin) and enter the amount you want to invest. Personally, I like to use dollar cost averaging here: you then invest a fixed amount at different times. That way, you invest in crypto at both low and high prices.
What is Westpac’s policy towards crypto?
Westpac is interested in the latest crypto developments: they specifically sought employees with crypto knowledge. Major banks in Australia are noticing that many of their customers are interested in crypto and are trying to capitalise on this. Still, it is currently not yet possible to buy Bitcoin directly with your Westpac account. Fortunately, until this is possible, you can buy crypto without any problems by linking your Westpac account to a crypto exchange.
Westpac Banking Corporation or Westpac for short is an Australian multinational bank headquartered in Sydney. The bank was founded as early as 1817, but has only been known by its current name since 1982. Westpac is one of Australia’s oldest banks and serves a total of more than 14 million customers worldwide.
Bitcoin halving and the effect on price
Before you invest in crypto at Westpac, it is important to understand the price curve of crypto. The Bitcoin halving is an important concept here; to ensure that the number of Bitcoin remains in balance, it becomes increasingly difficult to mine new Bitcoin through.
In the past, you could see that Bitcoin halving therefore had a strong impact on the price. Every time this happened, you could see the price rise the year after. The next Bitcoin halving is scheduled for 2024. Do you think it will be wise to buy Bitcoin & other crypto? If so, luckily you now know how to do so with your Westpac bank account!
Can you buy Bitcoin with your Westpac bank account?
With a workaround, you can buy Bitcoin & other crypto with your Westpac bank account without any problems. It will be some time before you can buy crypto directly with your bank account, but there are plenty of crypto exchanges you can go to. Always do plenty of research, chances are; you won’t be the first Westpac customer to make money with their crypto investments.