How Tos

How to Buy Bitcoin and Crypto with AMP Bank

Summary: This guide shows AMP Bank account holders how to buy cryptocurrencies like Bitcoin and Ethereum in Australia. The best way to invest in cryptocurrencies with your AMP Bank account is through CoinSpot.

By 
Jennifer Leong
 on  
June 13, 2022
Verified Author

If you are looking to invest in cryptocurrencies directly on the AMP banking platform you are out of luck. Not to worry, there are secure alternative options to you buying cryptocurrencies with your AMP bank account. Simply go through a secure and regulated cryptocurrency exchange like CoinSpot. 

CoinSpot is Australia's most secure and trusted cryptocurrency investing platform and has 10% of Australia's population using the exchange. The platform offers cryptocurrency trading for over 350 tokens and cryptocurrency staking on over 30 tokens. To learn more about CoinSpot, you can read our CoinSpot Review page. 

CoinSpot Home Page

Table of Contents

How and Where to Buy Crypto with AMP Online Bank

Investing in cryptocurrencies with an AMP Bank account is now easier than ever when going through the CoinSpot cryptocurrency exchange. When purchasing cryptocurrencies you can do so via POLi, PayID, Osko, BPAY and Cash. In the below example we use Osko as the deposit method but you can also apply any of the above-mentioned methods to these steps. 

Follow the below steps to get started.

  1. Sign up to CoinSpot and complete verification
  2. Hover over the account symbol in the top right hand corner and select ‘Deposit AUD’
  3. Click ‘Direct Deposit’ and copy CoinSpots bank details into your AMP Banking app 
  4. Send the funds to your CoinSpot account and it should reflect immediately
Deposit Funds page CoinSpot
  1. Go to the ‘Buy/Sell’ tab, find the cryptocurrency you want to buy and press ‘Buy’
Buy/Sell page on CoinSpot
  1. Enter the amount of AUD you want to spend and press ‘Buy’
Buy Bitcoin on CoinSpot
Buy Bitcoin on CoinSpot

AMP Bank Cryptocurrency Policy

There is nothing stated in AMP Banks policies that prohibit its customers from investing in digital assets like cryptocurrencies. You can safely transfer funds from your AMP Bank account to CoinSpot with no issues. No reports have made in regards to funds being frozen when sending to a cryptocurrency exchange like CoinSpot. 

Buying Crypto Fees: AMP Bank

When investing in cryptocurrencies it's important to consider the fees that are involved. There are generally two fees when purchasing tokens through an exchange, the deposit fee and the trading fee. On CoinSpot, most of the deposit methods are free and will not incur any costs, the trading fees start from 0.1% which is significantly lower than other Australian exchanges like SwyftX who charge 0.6%.

Visit CoinSpot

Author Bio

Jennifer just finished her Masters in Finance and is leading our team on the traditional banking & fintech research and content.

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