Exchange Review

How to Buy Bitcoin and Crypto with ubank

Summary: ubank is Australia's largest online bank but unfortunately does not offer cryptocurrency investing services. To buy cryptocurrencies in Australia you will need to use a regulated and licensed cryptocurrency exchange like CoinSpot.

Timothy Wilson
August 13, 2022

Ubank was founded in 2006 by two Australian entrepreneurs, Tony Bloom and Andrew Ford. The company has its headquarters in Sydney, Australia. It is an online bank that offers a range of banking products and services to customers in Australia. Ubank provides personal banking, business banking, and wealth management products and services.

It offers a wide range of banking products and services to its customers, including savings accounts, transaction accounts, term deposits, home loans, personal loans, credit cards, and more. And a range of digital banking products and services, such as mobile banking and online banking.

ubank Home Page

Table of Contents

ubank Cryptocurrency Policy

Similar to most Australian banks, ubank regrettably does not provide cryptocurrency investing features on its platform. ubank is yet to officially announce its stance on cryptocurrencies but do not prohibit its users from investing in digital assets.

ubank has nothing stated in its policies that would prohibit users from sending funds to cryptocurrency exchanges. There have been no reports of funds being frozen when transferring to cryptocurrency investing platforms like CoinSpot.

How to Buy Crypto with a ubank account

Below we show investors how to buy Bitcoin with a ubank account via Direct Deposit/Osko, but you can also deposit via PayID, POLi, BPAY and cash deposit. Follow the steps to get started

  1. Sign up to CoinSpot and complete verification
  2. Click ‘Deposit Funds’ and select Direct Deposit
Deposit Funds on CoinSpot with ubank
  1. Copy the Unique Direct Deposit Details into your ubank app, send the funds you want to invest
  2. Your funds will arrive immediately, once they have go to the ‘Buy/Sell’ tab
  3. Search for Bitcoin (or any token), enter the amount you want to invest and select ‘Buy’
Buy Bitcoin (BTC) on CoinSpot with ubank
Buy Bitcoin (BTC) On CoinSpot with ubank

About ubank App

Ubank is a digital banking app that offers a simple and convenient way to manage your finances. The app provides a range of features including budgeting, money management, payments and transfers. Ubank also offers a range of other services such as merchant services, loyalty programs and cashback offers. The app is available for both iPhone and Android devices. It is free to download from the App Store or Google Play.

ubank iPhone App Screenshot
ubank iPhone App Screenshot

Buying Crypto Fees with ubank

Generally when you buy cryptocurrencies on any exchange you will need to pay two fees, the deposit fee and the trading fee. On CoinSpot the fees vary depending on what deposit method and trading tool you use. Refer to the below list for a breakdown of CoinSpots fees.


  • PayID, POLi, Direct Deposit/Osko - Free and instant deposit
  • BPAY - 0.9% and takes from 0 - 2 business days to deposit
  • Cash Deposit - 2.5% and instant deposit

Trading (Buy/Sell) Crypto

  • Instant Buy - 1%
  • Market Buy - 0.1%

If you would like to learn more about the CoinSpot exchange and its fee schedule you can visit our CoinSpot Review.

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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