How Tos

Buying Bitcoin and Crypto with Bankwest Online

Summary: Bankwest is the largest bank in Western Australia and falls underneath the Commonwealth Bank brand. This guide shows Australian investors how to buy Bitcoin and other cryptos with a Bankwest account.

James O'Connell
June 14, 2022
Verified Author

Bankwest is one of Australia's leading banks, providing a range of products and services to millions of customers across the country. As such, it's no surprise that the bank has a policy in place regarding the purchase of cryptocurrencies. In short, Bankwest does not currently allow its customers to purchase cryptocurrencies directly on its banking platform. 

This is due to the fact that Bankwest has not acquired the appropriate licensing to sell and buy cryptocurrencies on its platform. However, there are alternative methods to buying crypto with a Bankwest account. You simply need to link your Bankwest account to a regulated and licensed cryptocurrency exchange.

Table of Contents

Where to Buy Bitcoin and Crypto with Bankwest

If you're looking to purchase cryptocurrencies with a Bankwest bank account, you have come to the right place. There are a number of reputable cryptocurrency exchanges that allow you to buy cryptocurrencies with Australian dollars. We recommend using CoinSpot as it has the largest selection of cryptocurrencies out of any Australian-based exchange and offers the lowest fees. 

CoinSpot’s fees vary between 0.1% - 1% depending on what trading method you use. For Instant Buy the fees start from 1% and for Market Buy the fees start from as low as 0.1%. In addition to low trading fees, the exchange does not charge deposit or withdrawal fees. Users can also access a whole cluster of features including an NFT marketplace and cryptocurrency staking.

To learn more about the cryptocurrency exchange CoinSpot, you can read our comprehensive CoinSpot Review where we highlight the platforms features, assets, fees, security and customer support. 

CoinSpot NFT Marketplace
CoinSpot's NFT Marketplace

How to Buy Bitcoin and Crypto with a Bankwest Account

There are multiple deposit methods to choose from when using the CoinSpot exchange. In this example we show users how to deposit AUD using Osko but you can also user POLi, PayID, Cash Deposit & BPAY. Follow the below steps to get started.

Step One: Sign up to CoinSpot and complete the onboarding process

Step Two: Hover over the account symbol in the top right-hand corner and select ‘Deposit AUD’

Step Three: Select ‘Direct Deposit’ and copy CoinSpots bank details into your Bankwest app 

Step Four: Send the funds to your CoinSpot account and it will reflect in your account immediately

Deposit Funds Page via Osko Oon CoinSpot

Step Five: Go to the ‘Buy/Sell’ tab, find the cryptocurrency you want to buy and press ‘Buy’

Buy/Sell Cryptocurrencies page on CoinSpot

Step Six: Enter the amount of AUD you want to invest and press ‘Buy’

Buying Bitcoin with AUD on CoinSpot
Buying Bitcoin with AUD on CoinSpot

Bankwest Buying Bitcoin & Crypto Fees

When purchasing cryptocurrencies on a cryptocurrency exchange like CoinSpot, it's important to remember the fees that are involved. CoinSpot only charges a trading fee for its users but most exchanges will charge a deposit fee and a trading fee. Deposit fees can vary between 1% - 4% of your investment. Trading fees can get as high as 5% of your trade (when using an exchange like Coinbase). 

About Bankwest Online Bank

Bankwest is a bank based in Australia and was founded in 1895. It offers banking services to both individuals and businesses and has a total of over 700 branches across Australia. Bankwest also offers online banking and mobile banking services. The bank is a subsidiary of the Commonwealth Bank of Australia and has its headquarters in Perth, Western Australia.

It provides a range of products and services including savings and transaction accounts, personal loans, home loans, credit cards, business banking products, insurance products such as home and contents insurance, car and life insurance. The bank has been awarded a number of accolades including being named Best Regional Bank in Australia by Canstar for five consecutive years from 2013 to 2017. In 2018, the bank was also named Best Value Home Loan Provider by Canstar.

Visit CoinSpot

Author Bio

James O'Connell has been writing about traditional markets for over 5 years. He pivoted to writing about digital assets after learning about lending protocols like AAVE and Compound.

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