How to buy Crypto or Bitcoin with Bankwest

Can I buy Crypto or Bitcoin on Bankwest?

Unfortunately, Bankwest users cannot invest in Bitcoin directly on its 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. Bankwest have not publicly announced its stance on crypto, but have nothing stated in its policies that would prohibit its users from investing in digital assets.

Not to worry, there are safe, alternative ways to buy crypto like cryptocurrency exchanges. The most secure and trusted cryptocurrency exchange in Australia is CoinSpot. If you would like to learn more about CoinSpot and its fees, assets, security and features, we recommend visiting our CoinSpot Review.

How to buy Bitcoin or Crypto with Bankwest account

If you want to buy Bitcoin and other cryptocurrencies with a Bankwest account, you have come to the right place. The best way to buy crypto 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 and complete the onboarding process
2. Select 'Deposit AUD' under the CoinSpot logo
3. Select Direct Deposit (Osko) as your deposit method and copy your Unique Direct Deposit 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

Once your funds have arrived, you can buy Bitcoin and any cryptocurrency instantly by going to the 'Buy/Sell' tab and searching for the crypto you want then selecting 'Buy'.

Is CoinSpot Safe and Secure?

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 determines if CoinSpot’s information security management systems are highly secure, and eliminating unauthorised access, modification or use for malicious intent.

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Bitcoin Deposit & Trading Fees

When investing in Bitcoin or any cryptocurrencies on an exchange, there are generally two fees involved:

• 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 to most crypto exchanges, however CoinSpot does not charge any deposit fees to Bankwest members. 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 CoinSpots Market Buy feature. Most cryptocurrency exchanges charge anywhere between 0.5% - 1% for this feature.