How to buy crypto at Commonwealth Bank?
Wondering how to buy crypto like Bitcoin and Ethereum with your account at Commonwealth or CommBank? Keep reading; with these three steps, you can instantly buy your favourite crypto with your account at CommBank!
How to buy crypto with CommBank?
Step 1: open an account with a crypto exchange
CommBank does not always allow transactions to crypto exchanges. However, by opening an account with a reliable exchange, it is still possible to invest in Bitcoin directly with your CommBank account. You can do this with the following parties, among others:
[table “9” not found /]After you have opened an account, you still need to activate it. For this, it is important to go through the activation steps. Most exchanges will ask you to upload a copy of your passport. In many cases, you also need to attach proof of your address.
Step 2: deposit money from your CommBank account
You can deposit money with your CommBank account or CommBank credit card without any problems at exchanges that offer crypto as well as, for instance, shares. Pay attention to the transaction fees here: when you exchange Australian dollars for US dollars, for instance, you often pay conversion fees for this. It may take several days before the deposit is actually processed on your account.
Step 3: buy crypto with your CommBank account
Once the money has arrived in your account, you can immediately buy your first crypto. To do this, navigate within the trading platform to the crypto you want to buy. Within the order screen, you can then enter the amount for which you want to buy the crypto in question: this could be, for instance, $10 but also $10,000.
After you send the order to the exchange, it may take a few minutes before it is actually executed. You will then see in real time how your crypto investment is doing. Do you want to sell the crypto you bought? You can do this using the same order screen. After that you can send the money back to your account at Commonwealth Bank.
What is Commonwealth Bank’s stance on crypto?
Back in 2021, the CBA announced that it wanted to add crypto to its platform. Indeed, many of the bank’s customers are interested in buying and selling crypto. Later, the bank decided to wait to roll out this option, as there is still a lot of uncertainty regarding regulations.
The Commonwealth Bank is certainly relatively positive towards crypto compared to many other traditional banks. I would therefore not be surprised if the CBA is one of the first parties in the future to offer crypto as a trading option.
Until then, you can simply trade crypto with your Commonwealth Bank account at reliable exchanges. When you select a regulated crypto exchange, you reduce the chances of problems with deposits and withdrawals.
Smarter crypto investing at the CBA
- Invest only with money you can afford to lose with risky crypto investments.
- Study the market before investing in crypto.
- Be vigilant for scams.
- Apply a strategy: decide when to buy and sell.
- Switch off emotions as much as possible.
About CommBank
The Commonwealth Bank of Australia (CBA) or CommBank is an Australian multinational bank operating in Australia, New Zealand and the United States, among other countries. The CBA is the largest company listed on Australia’s stock exchange and is part of the big four, which are the largest Australian banking companies.
CommBank is headquartered in Sydney. Despite being the largest bank, CBA is not free of scandals. In 2018, the bank was in the news negatively because of a negative culture; fraud and money laundering occurred, for example.
Can you buy Bitcoin with your CommBank credit card?
You cannot buy Bitcoin or other crypto directly with your CBA card or account. However, CommBank has been positive about crypto and the bank therefore does not block investments in crypto. At the top of the article, you can immediately see which parties you can turn to for an investment in crypto.
