Guides

Buy Crypto Westpac Bank

Quick-Take: The only way to buy Cryptocurrency with a Westpac Bank Online account is by depositing AUD into a trusted cryptocurrency exchange like CoinSpot.

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Westpac Bank does not yet offer any native support for their customers to buy or sell Bitcoin, Ethereum Solana and other digital assets.This includes the Westpac Share Trading app that does not have a cryptocurrency wallet.

Westpac has not made any announcements outlining future plans to support crypto trading features natively within their app. However their is mounting pressure since CommBank announced a plan to release a trading app by the end of 2022.

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How to buy Crypto with a Westpac account

If you are looking for the fastest, cheapest and safest way to buy Bitcoin and cryptocurrency from a Westpac account, look no further than CoinSpot. They allow instant and free AUD deposits from Westpac Bank accounts to trade over 350 cryptos.

Follow this simple guide to get started:

  1. Sign up to CoinSpot
  2. Find your unique Deposit Details (as shown below)
  3. Transfer AUD from your Wesptac Bank account via PayID/Osko, POLi or Bank Transfer
  4. Find the cryptocurrency you want to buy
  5. Enter the AUD amount and select buy
Deposit Details are hidden by red box (personal information)

Is Westpac Banning Crypto Users?

In 2017 during the first major retail bull-run, Westpac was notorious for banning customer accounts that were found to be depositing into crypto exchanges. Since then they have drastically changed their stance and formally allow customers to deposit AUD into trusted and regulated exchanges in Australia.

This is why it is important you stick to on-shore exchanges like CoinSpot, and avoid off-shore platforms like Binance or Huobi.

About Westpac Bank

Westpac Bank is one of the oldest and most well-known banks in Australia. It offers a wide range of services for Australians, including savings and investment accounts, personal loans, and credit cards. Westpac Bank is safe and regulated by the Australian Prudential Regulatory Authority (APRA).

Westpac Bank

When you open a Westpac bank account, you'll be able to take advantage of their many features and benefits. For example, their savings accounts offer competitive interest rates and they have a number of different options to suit your needs. Their personal loans come with low interest rates and flexible repayment options. And their credit cards offer a range of rewards and perks.

If you're looking for a safe and reliable bank with a long history in Australia, then Westpac Bank is a great option. They offer a wide range of products and services to suit your needs, and their team is always on hand to help with any questions you might have.

Visit CoinSpot

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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