Can you Buy Crypto with Bankwest?
Bankwest clients interested in diving into cryptocurrency trading must use a cryptocurrency investing platform in Australia that adheres to ASIC guidelines. You can swiftly and conveniently acquire digital currencies by transferring Australian Dollars (AUD) from your Bankwest account or card. Selecting an exchange overseen by Australia's Securities and Investments Commission (ASIC) guarantees the application of Australian financial regulations and the security of the trading platform.
How to Buy Crypto with Bankwest
Bankwest clients can acquire digital assets by using the most secure and trusted cryptocurrency exchange in Australia, eToro. The platform offers instant AUD deposits to Bankwest customers through multiple payment methods such as POLi, Bank Transfer, Credit Card, Debit Card, PayPal, Skrill, and Neteller.
Trade over 3000 assets on eToro with Bankwest through this easy guide:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer AUD from Bankwest.
- Go to the search bar, locate the desired token, and click 'Trade'.
- Enter the amount you wish to purchase and click 'Open Trade'.
Bankwest Cryptocurrency Policy
Bankwest recognises the growing demand for digital currencies and provides a seamless experience for its customers looking to invest in cryptos such as Bitcoin. It permits its clients to send and receive Australian dollars from AUSTRAC-registered digital asset exchanges. However, it does not allow transfers to unregulated platforms like KuCoin or Bitmex.
Deposit and Trading Fees
Venturing into the realm of digital assets with Bankwest? Here are some likely costs to be aware of:
- Transfer Charges: Unlike many cryptocurrency exchanges that waive deposit fees, Bankwest might impose charges for transfers to cryptocurrency trading platforms. Transactions executed via Bankwest’s Credit Card may attract a fee, potentially up to 2%.
- Trading Fees: Most cryptocurrency investment platforms apply a spread incorporated in each transaction. The spread often varies depending on the specific digital asset and the platform, generally around 1%.
Remember that fees can differ between platforms. We highly recommend a comprehensive review of the fees related to your preferred investment platform and Bankwest.
The Bottom Line
To sum up, Aussies cannot invest in cryptocurrency directly through Bankwest by transferring AUD from the bank to a secure and ASIC-regulated digital asset exchange. eToro is the best platform for Bankwest customers because of its broad asset offerings, 24/7 customer assistance, low trading fees, and regulatory compliance in Australia. Additionally, eToro's community features offer a distinctive social trading experience that enables users to interact with other traders, exchange ideas, and benefit from each other's insights.