Exchange Comparison

Buy Crypto CommSec and CommBank

Summary: CommSec and CommBank do not offer Cryptocurrency trading. The only way to buy Crypto via CommBank or Netbank is by depositing AUD into a licensed digital currency exchange like CoinSpot.

Verified Author

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 or early 2023.

We would recommend that users avoid trading Cryptocurrency with CommBank due to their high fees at 2% per trade. Local specialist exchanges like CoinSpot start at 0.1% per trade, making them 20x cheaper in comparison.

Table of Contents

How to buy Crypto with CommBank

The easiest way to buy cryptocurrencies or Bitcoin with CommBank is through a licensed and regulated digital asset exchange in Australia. We recommend CoinSpot for Commonwealth Bank users because they offer fast & free PayID AUD deposits.

Their platform also lets you buy and stake cryptocurrencies to earn up to 70% APY in passive interest.You can follow the guide below to buy digital assets from your CommBank account.

  • Step 1: Sign up to the CoinSpot trading platform and verify your Personal, Business, Company, SMSF or Trust account.
  • Step 2: Select the 'Deposit Funds' button and select from any of the available deposit methods. CommBank account holders can use PayID, Bank Transfer or POLi to buy Crypto.
CommBank to CoinSpot Deposit
  • Step 3: Once the AUD lands in your account, find the cryptocurrency you want to buy.
  • Step 4: Input the AUD amount and execute your trade.
Buy Ethereum CommBank

Once your trade is finalised, the cryptocurrency will be held in your CoinSpot managed wallet. This is a safe method for you to store your digital assets.

Commonwealth Bank Crypto Policy

CommBank does not have any policies that would limit their customers from buying or selling digital assets. They are very forward thinking when it comes to the cryptocurrency ecosystem, which means their clients are safe to deposit funds into licensed exchanges.

CommBank and CommSec are also leading the way with respect to innovation around the intersection of traditional banking and cryptocurrencies. They are leading a variety of exciting initiatives that aim to better integrate digital assets into traditional finance within Australia's private banking system.

Is CoinSpot safe?

CoinSpot is the oldest and most popular exchange in Australia boasting over 2 million users. Their platform is the safest to buy Crypto in Australia, 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.

Buy Crypto with CommBank Account

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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