Summary: In this guide, we show Australian investors the best way to buy cryptocurrencies with a St.George bank account. Get started today and invest in cryptocurrencies such as Bitcoin, Ethereum, Tether, Solana and more.
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Unfortunately, most major Australian banks do not provide users with the option to buy cryptocurrencies directly on the banking platform. This is because the licensing required to operate a cryptocurrency exchange is difficult to acquire and is different to traditional banking. Not to worry, there are safe alternative options to investing in cryptocurrencies with a St.George bank account.
To buy cryptos such as Bitcoin and Ethereum, you will need to go through a secure, regulated and licensed cryptocurrency exchange like CoinSpot. CoinSpot is Australia's largest and most secure cryptocurrency exchange. It has the largest user base in Australia with an impressive 2 million users which is 10% of Australia's population.
Buying cryptocurrencies through CoinSpot is a short and simple process and takes around 5 minutes to complete. In the below example we will show investors how to buy cryptocurrencies via Osko (Direct Deposit) but you can also use the following deposit methods: POLi, PayID, BPAY & Cash Deposit.
Step One: Sign up to CoinSpot and complete the verification process
Step Two: Click the account button in the top right-hand corner and select ‘Deposit AUD’
Step Three: Select ‘Direct Deposit’ and copy CoinSpots bank details into your St.George Online Banking App and send the desired amount to your CoinSpot account
Step Four: Go to the ‘Buy/Sell’ tab and find the cryptocurrency you want to purchase and press ‘Buy *insert token*’, enter the amount you want to buy and click ‘Buy’
St.George Bank Cryptocurrency Policy
The St.George Bank does not have anything stated in its policies that would prohibit its users from investing in cryptocurrencies. This means that St.George account holders should not be concerned when transferring funds from their banks to CoinSpot. There have been no reports of St.George users' funds being frozen when sent to a cryptocurrency exchange.
Buying Cryptocurrency Fees: St George Bank
When investing in cryptocurrencies there are typically two fees you will need to pay. The deposit fee and the trading fee, the deposit fee is the fee you are charged when you deposit AUD onto an exchange and the trading fee is the fee that an exchange takes when you execute a trade (buy crypto).
However, CoinSpot does not charge its users to deposit funds onto the exchange and their trading fees start from as little as 0.1%. CoinSpot has the lowest fees out of any Australian based exchange. If you are interested in learning more about CoinSpot you can visit our CoinSpot Review page.