How to buy Cryptocurrency on CommSec (2022)

Summary: The CommSec trading application does not yet offer cryptocurrency services for investors. Despite their recent announcement of a crypto trading platform, it is not expected to be released until Q4 2022.

Tom Bennington
Updated: 7 January, 2021
Buy Crypto CommSec

Can you buy Cryptocurrency on CommSec?

Cryptocurrency trading is not yet available on the CommSec or CommBank app.

The crypto trading application announced by the Commonwealth Bank is expected to be released sometime at the end of 2022.

We would recommend that users avoid trading digital assets via CommBank due to their high fees, which they have stated will be a whopping 2% per transaction.

How to buy Crypto with a CommBank account

If you want to buy cryptocurrencies like Bitcoin, Ethereum and Solana for low fees we recommend using a local specialist crypto brokerage platform like CoinSpot.

Their platform offers fees starting as low as 0.1% and even allow users to stake cryptocurrencies to earn yields of up to 15% APY. You can follow the guide below to get started.

  1. Sign up to the CoinSpot platform
  2. Connect your Commonwealth Bank account (as shown below)
  3. Transfer AUD from your CommBank account via PayID/Osko, POLi or Bank Transfer
  4. Find the cryptocurrency you want to buy
  5. Enter the AUD amount and select buy

POLi Commonwealth Bank deposit option

Is CoinSpot Safe?

CoinSpot is the oldest and most popular exchange in Australia boasting over 2 million users. Their platform is safe and battle tested having been founded in 2013 with no hacks or data breaches. You can learn more about CoinSpot in our extended review.

Commonwealth Bank has no issues with users depositing or withdrawing Australian Dollars (AUD) from CoinSpot, meaning you do not have to worry about potential bank freezes like with other less-safe exchanges.