How to Buy Crypto with CommBank
For CommBank clients curious about Bitcoin or other digital tokens, their crypto adventure begins by signing up on a crypto exchange endorsed by AUSTRAC. These platforms facilitate CommBank transfers and debit or credit card deposits, assuring secure and lawful transactions. For Australian crypto-enthusiasts, eToro is an excellent option to explore.
Below is an easy-to-follow 4-step guide on how to use eToro, a platform that efficiently accepts AUD deposits from CommBank and offers a wide range of over 3,000 tradeable assets.
- Register on eToro without incurring any charges and go through all necessary verification steps.
- Click the 'Deposit Funds' button, which can be found at the bottom left of your screen.
- Choose 'AUD' as your currency, select a suitable payment method, and transfer funds from your CommBank account.
- After successfully depositing, navigate to your desired cryptocurrency and proceed to purchase it.
Fees to Buy Crypto
It can be expensive to invest in cryptocurrencies, depending on what Australian digital asset exchange you use. However, eToro has some of the lowest fees available, offering free AUD deposits and a low 1% fee everytime you buy or sell an asset. The only additional cost is the withdrawal fee which is a flat $5 for every transaction. There are no additional or hidden fees on the exchange.
Does CommBank Allow Crypto Purchases?
CommBank does not have any policies that would limit its customers from buying or selling digital assets. They are very forward-thinking regarding the cryptocurrency ecosystem, meaning their clients can safely deposit funds into exchanges licensed by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
CommBank and CommSec are also leading the way for innovation around the intersection of traditional banking and cryptocurrencies. They are leading exciting initiatives to better integrate digital assets into traditional finance within Australia's private banking system.
About Commonwealth Bank
Commonwealth is Australia's largest bank, with over 16 million customers nationwide. CommBank offers a variety of banking products and services, including savings accounts, credit cards, loans, and insurance. It has been consistently ranked as the top bank in Australia for customer satisfaction and overall market share.
Commonwealth Bank (ASX: CBA) is one of the largest companies on the Australian Stock Exchange (ASX) and is currently valued at over $170 billion in market capitalisation. If you are interested in investing in CBA, in addition to cryptocurrencies, you can do so directly through eToro, as it offers direct shares into CommBank.
To recap, after evaluating the leading cryptocurrency exchanges in Australia, our specialists have determined that eToro is the best option for Commonwealth Bank clients. We selected this platform due to its exceptional security and the ability to provide CommBank customers with free and instant AUD deposits to trade over 3,000 assets with low fees. To learn more about this exchange, visit our detailed eToro Review.