How to buy Bitcoin with Bankwest

Can I buy Bitcoin on Bankwest?

Unfortunately similar to most major Australian banks, Bankwest users cannot invest in Bitcoin directly on their banking platform. This is because cryptocurrency has different regulations and licensing to traditional finance and most banks have not acquired the appropriate licenses to sell cryptocurrencies.

Not to worry, there are many safe alternatives to using traditional banking such as centralised cryptocurrency exchanges. The most secure and trusted cryptocurrency exchange in Australia is CoinSpot.

Bankwest have not publicly announced their stance on cryptocurrencies but do not any policies that would prohibit any of their users from trading any form of digital asset. Bankwest account holders can feel secure when using cryptocurrency exchanges as there have been no reports of users funds being frozen when transferring to a safe, regulated cryptocurrency exchange like CoinSpot.

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How and Where to buy Bitcoin with Bankwest account

The best way to buy Bitcoin and other cryptocurrencies is by going through CoinSpot. They are the most secure cryptocurrency exchange in Australia with over 350 cryptocurrencies to trade and stake.

Follow the guide below to get started.

1. Sign up to CoinSpot
2. Complete your verification and press 'Deposit AUD' in the dropdown menu
3. Select Direct Deposit (OSKO) and copy/paste the details into your Bankwest app
4. Send the amount of AUD you wish to invest and the amount will reflect at the top of the screen under 'Account Funds' within minutes

Is CoinSpot safe and secure?

Absolutely, CoinSpot is by far the best and most secure cryptocurrency investing platform in Australia. They are the only exchange to have been awarded the ISO 27001 standard security certification by undergoing a SCI Qual International security audit. This audit determined that CoinSpot’s information security management systems are highly secure, eliminating unauthorised access, modification or use for malicious intent.

Bitcoin Deposit & Trading Fees

When investing in Bitcoin or any cryptocurrencies on an exchange, there are two fees investors need to consider.

• Deposit Fee - This fee is charged when you deposit AUD onto the exchange
• Trading Fee - This is the fee you will incur when trading your AUD for Bitcoin/Crypto

These fees are applicable for most exchanges, however when depositing Australian Dollars from your Bankwest account to your CoinSpot account, it is completely free. Most exchanges will charge a small fee to deposit funds onto their platform, CoinSpot is one of the few that doesn't.

Additional to this, CoinSpot has the lowest trading fees out of any cryptocurrency investing platform in Australia. Users incur a competitively low 0.1% in trading fees when using their Market Buy feature. Most cryptocurrency exchanges charge anywhere between 0.5% - 1% for this feature.

For a comprehensive review of CoinSpot and their staking, NFT marketplaces, bundles and more, please visit our CoinSpot Review page.