Can I buy cryptocurrencies on Stake Invest?
No, as at the time of writing, Stake Invest does not offer a cryptocurrency investing feature. Although, it has announced that the feature will be live in late 2022, and Stake has already created a page on its platform addressing FAQs. The FAQs include when the feature will be live, what cryptocurrencies will be featured and more.
In the mean time, we recommend using the CoinSpot platform to buy cryptocurrencies in Australia. It is Australia's largest cryptocurrency exchange with 2M registered Aussie investors. It is also the only high-security exchange and has been awarded the ISO27001 Standard Security Certificate. To learn more about CoinSpot, you can visit our CoinSpot Review.
How to buy Crypto with a Stake Invest Alternative
The best way to buy cryptocurrencies in Australia is through the CoinSpot exchange. In this method, we use PayID as the deposit method but you may also choose POLi, BPAY, Osko, Bank Transfer and cash as your payment method. Follow the steps below to get started.
- Sign up to CoinSpot and complete your verification.
- Tap ‘Deposit Funds’ and select ‘PayID’.
- Open your banking app and input CoinSpots PayID deposit address ‘firstname.lastname@example.org’ and copy your unique reference number.
- The funds will immediately arrive in your CoinSpot account, go to the ‘Markets’ tab and select the pair you want to trade, we will use ‘BTC/AUD’ as an example. Meaning we will buy Bitcoin with AUD. If you cant find the asset you want to invest in, go to the ‘Buy/Sell’ tab and instantly buy it through there.
- Enter the amount of AUD you want to invest and select ‘Buy BTC’.
Buying Cryptocurrency Fees
The process of buying cryptocurrencies can be expensive depending on where you purchase them from. For example, on the second largest cryptocurrency exchange globally, Coinbase it can cost up to 4% to deposit funds on the platform and 4.5% to trade (buy/sell) crypto.
However, CoinSpot offers the lowest fees available in Australia. PayID, Osko, Bank Transfer and POLi deposits are completely free and BPAY is a low 0.9% fee. And the trading fees are an unbeatable 0.1% for Market Buy and 1% for Instant Buy. These fees are significantly lower than the industry average and why we recommend using CoinSpot.
About Stake Invest
Stake Invest is a reputable investment platform that offers a wide range of features and services to its users. The platform is easy to use and is suitable for both experienced investors and those who are new to the world of investing. The company is also regulated by the Australian Securities and Investments Commission (ASIC).