How to Buy Crypto with Bankwest
Bankwest customers seeking a safe and uncomplicated path to investing in Bitcoin or other digital currencies should consider creating an account with a cryptocurrency exchange registered with AUSTRAC. These platforms provide a secure trading environment by enabling AUD transfers from Bankwest accounts and allowing deposits via debit or credit cards.
Bankwest customers can follow this guide for using eToro, a platform recognized for fast deposits via bank transfer, card, POLi, PayPal, Skrill, Neteller and more:
- Sign up for a free eToro account and finalize the verification process.
- Locate and click on the 'Deposit Funds' button, usually found in the bottom left corner of your screen.
- Set 'AUD' as your currency, pick a payment method, and initiate a transfer from your Bankwest account.
- After your deposit has been successfully confirmed, head to the search bar and purchase your desired cryptocurrency.
Fees to Buy Crypto
If you're thinking about venturing into the crypto world through a digital currency exchange in Australia, it's vital to consider the related expenses. These platforms generally impose charges for depositing money, executing trades, and processing withdrawals. However, Bankwest customers experience get free deposits when utilising eToro. The only cost eToro charges is the trading charge, which stands at 1% whenever a crypto is bought or sold.
Does Bankwest Allow Crypto Purchases?
Certainly, Bankwest offers its customers the flexibility to transfer Australian Dollars to approved digital cryptocurrency exchanges accredited by AUSTRAC. However, Bankwest might set limits on transactions connected with unregulated platforms such as KuCoin that don't adhere to compliance requirements. Hence, we suggest opting for a trading platform that is regulated by AUSTRAC for seamless and secure investing experience.
About Bankwest
Bankwest was founded in 1895 as the Agricultural Bank of Western Australia to support the state's agricultural sector. Over time, it has transformed to cater to the broader financial needs of individuals and businesses. In 2008, Bankwest became a Commonwealth Bank of Australia (CBA) subsidiary, further strengthening its position in the market.
Also known as the Bank of Western Australia, it is a leading financial institution with a longstanding reputation for offering diverse financial products and services to customers in Australia. Bankwest has evolved into a dynamic banking and financial services provider with a strong focus on innovation, customer service, and community engagement.
Conclusion
To recap, Bankwest customers cannot directly buy, sell, or store cryptocurrency on the platform. However, they can transfer and receive funds from regulated and licensed digital asset exchanges. We found that eToro is the best option for Bankwest clients as it offers free and instant AUD deposits to buy and sell over 3000 assets in an AUSTRAC-licensed environment.
