How to Buy Crypto with AMP Bank
For AMP Bank patrons looking for a straightforward and secure avenue to venture into Bitcoin or other digital assets, it's advisable to set up an account with an AUSTRAC-registered cryptocurrency exchange. These platforms assure a protected trading experience, facilitating AUD transfers directly from AMP Bank accounts and supporting deposits using both debit and credit cards.
AMP Bank clients can adhere to the steps below to navigate eToro, a notable platform known for its swift deposits through various methods such as bank transfer, card, POLi, PayPal, Skrill, and Neteller, among others:
- Register for a complimentary eToro account and complete the identity verification process.
- Select the 'Deposit Funds' option, typically located towards the lower left of your interface.
- Choose 'AUD' as your preferred currency, select a suitable payment mode, and initiate a transfer from your AMP Bank account.
- Once your deposit gets verified, navigate to the search option and proceed to buy your chosen cryptocurrency.
Fees to Buy Crypto
When contemplating delving into cryptocurrencies via a digital currency exchange in Australia, understanding the associated costs is crucial. Typically, these platforms have fees for adding funds, carrying out transactions, and withdrawing money. Nevertheless, for AMP Bank clients, there's the advantage of free deposits when using eToro. eToro only imposes a trading fee, currently set at 1%, every time a cryptocurrency is purchased or sold.
Does AMP Bank Allow Crypto Purchases?
Absolutely, AMP Bank allows customers to invest in crypto by approving transfers to recognised digital asset exchanges sanctioned by AUSTRAC. In saying that, AMP Bank may impose restrictions on dealings linked with non-compliant platforms like KuCoin that bypass regulatory standards. Therefore, we recommend choosing a trading platform endorsed by AUSTRAC or ASIC for a smooth and safe investment journey.
About AMP Bank
AMP Bank (formerly known as the Australian Mutual Provident Society) is a financial services company in Australia that was founded in 1849 and is headquartered in Sydney. It is one of the oldest and largest financial institutions in Australia. The company provides a range of financial services, including superannuation (retirement savings), insurance, investments, and banking.
The bank has a strong focus on sustainability and has set a goal to achieve net-zero carbon emissions by 2050. The company has also implemented a range of initiatives to promote diversity and inclusion within its workforce and has established a Reconciliation Action Plan to support Indigenous Australians.
To wrap up, AMP Bank clients are not afforded the option to directly purchase, sell, or hold cryptocurrency within the platform. However, they have the capability to send and receive money from accredited digital asset exchanges. After reviewing various options, we identified eToro as the top option for AMP Bank customers, given its free AUD deposits and the opportunity to trade more than 3000 assets.