How to Buy Crypto with Macquarie Bank
If you're a client of Macquarie Bank and have an interest in obtaining Bitcoin or other digital currencies, it is necessary to create an account with a cryptocurrency exchange that is registered with AUSTRAC. These platforms provide a safe trading environment by allowing transfers from Macquarie Bank accounts and deposits through debit or credit cards.
Here's a simple 4-step guide on using eToro, a platform recognised for its quick, cost-effective AUD deposits from Macquarie and offering over 3,000 various tradeable assets.
- Register for a complimentary eToro account and go through the verification process.
- Navigate to the 'Deposit Funds' option located at the bottom left corner of your screen.
- Select 'AUD' as your currency, choose a suitable payment method, and initiate a transfer from your Macquarie Bank account.
- After your funds have been successfully transferred, you can search for and purchase your preferred cryptocurrency.
Fees to Buy Crypto
When investing in cryptocurrency through a digital currency trading platform in Australia, there are a couple of fees you should be aware of. Most exchanges charge a deposit, trading, and withdrawal fee, but eToro provides free deposits, meaning there is no charge to transfer AUD from Macquarie Bank. The only costs is a 1% fee which is applied every time you buy or sell a crypto, and the withdrawal fee, which is capped at $5 per transaction.
Does Macquarie Bank Allow Crypto Purchases?
Absolutely, Macquarie Bank provides its clients with the ability to move Australian dollars to and from digital asset exchanges approved by the Australian Transaction Reports and Analysis Centre. However, it is worth noting that Macquarie Bank may restrict transactions associated with exchanges like Gate.io that lack compliance. As such, we recommend choosing a digital asset platform regulated by the AUSTRAC.
About Macquarie Bank
Macquarie Bank, headquartered in Sydney, is a globally leading provider of banking, financial, advisory, investment, and fund management services. Established in 1969, it has been at the forefront of Australian financial services, delivering innovative and customized solutions to its clientele worldwide. The bank has a substantial presence in 31 markets globally, including the United States, the UK, and Asia.
Macquarie Bank's business units comprise Macquarie Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital. Its asset management division is among the world's largest infrastructure asset managers. The bank's commitment to delivering exceptional services is evident in its continuous pursuit of digital innovations to enhance customer experiences.
To recap, after evaluating the top cryptocurrency exchanges available to Macquarie customers, we found that eToro is the best choice. Our team selected eToro as it is widely regarded as the most secure trading platform in Australia and is registered with AUSTRAC and ASIC. It has operated since 2007 and has never been subject to a cyber attack, proving it is battle-tested and highly secure.