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