Exchange Review

How to Buy Crypto and Bitcoin with Bank Transfer & Osko

Summary: This guide shows Australian investors how they can purchase cryptocurrencies with the funds in their bank accounts. To buy cryptocurrencies you will need to go through a secure, regulated and licensed cryptocurrency exchange like CoinSpot.

By 
Timothy Wilson
 on  
August 13, 2022

Using bank transfer/Osko as a payment to buy cryptocurrencies is one of the most popular deposit methods as it is generally free and instant. Sending funds via bank transfer only takes a few seconds to complete and you will be able to use your AUD on the exchange immediately.

Osko is a platform that sends money between participating banks and exchanges fast within online banking. It provides instant and free deposits on selected cryptocurrency exchanges.

Table of Contents

Where to buy Bitcoin and Crypto by Bank Transfer?

We recommend using CoinSpot, it is Australia’s largest and most trusted cryptocurrency investing platform. When you send AUD via bank transfer on CoinSpot there is no deposit fee and the funds will arrive instantly in your CoinSpot account. Most exchanges will charge a fee to send funds via bank transfer and can take up to 7 business days to arrive in your account.

The CoinSpot exchange has over 2 million Australian investors which is 10% of the entire population. In addition to buying cryptocurrencies on CoinSpot, you can also stake cryptocurrencies and invest in ETFs & NFTs.  If you’re interested in learning how to stake cryptocurrencies on CoinSpot, you can visit our How to Stake Crypto on CoinSpot page.

CoinSpot Home Page
CoinSpot Home Page

How to buy Crypto and Bitcoin via Bank Transfer & Osko in Australia

The fastest and most affordable way to buy Bitcoin and other cryptocurrencies via bank transfer in Australia is through CoinSpot. Follow the below steps to get started:

  1. Sign up to CoinSpot and verify your identity
  2. Select ‘Deposit Funds’ and click ‘Direct Deposit’
  3. Copy in your “Unique Direct Deposit Details” in your banking app and send AUD to your CoinSpot account
Deposit Funds Page on CoinSpot
  1. Go to the ‘Buy/Sell’ tab and search for Bitcoin (or whatever crypto you want to buy)
  2. Enter the amount of AUD you want to invest and tap ‘Buy’
Buy Bitcoin (BTC) on CoinSpot
Buy Bitcoin (BTC) on CoinSpot

Buying Cryptocurrency Fees: Deposit & Trading

When buying cryptocurrencies on any exchange there will generally be two fees you’ll have to pay, the deposit & trading fee. On CoinSpot you do not have to pay any deposit fee when you use the bank transfer method. As for trading fees, the instant buy fee is 1% on CoinSpot, but you can also purchase crypto via the market buy feature which only incurs a 0.1% fee, the lowest trading fee available in Australia.

To buy crypto like Bitcoin with market buy, simply select ‘Markets’, find the crypto you want to buy and enter the amount of AUD or the token amount you want to buy and select ‘Buy’.

Buy Bitcoin (BTC) via Market Buy on CoinSpot
Buy Bitcoin (BTC) via Market Buy on CoinSpot

Is it safe and legal to buy cryptocurrencies in Australia?

Yes, Australia has incorporated cryptocurrencies more than most countries and is considered “crypto-friendly”. Even major Australian banks like Commbank offer cryptocurrency investing services on their banking platform. There are regulations and licences in place to sell digital assets in Australia, and CoinSpot is considered the only high-security cryptocurrency exchange.

About CoinSpot

CoinSpot is the safest and most secure cryptocurrency platform in Australia and the only one to have completed the SCI Qual International security audit and obtained the ISO27001 standard security certificate. On CoinSpot, you can buy and stake cryptocurrencies, invest in Bundles (Crypto ETFs) and invest in the most popular NFTs like Bored Ape Yacht Club and Doodles.

To read more about CoinSpot and its many features and assets, you can visit our CoinSpot Review.

Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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