Summary: CommBank and CommSec have halted their plans to launch an in-app Crypto Trading service in May due to uncertainty in the market.
This means that investors can only buy Crypto through CommBank by depositing AUD into an AUSTRAC licensed cryptocurrency exchange. We recommend CoinSpot because they offer instant AUD CommBank deposits to trade over 350 different cryptocurrencies with low fees.
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Can I buy Bitcoin on CommSec or CommBank?
You cannot buy Bitcoin or Cryptocurrency with CommBank or CommSec because they do not offer any digital asset trading services on their online banking platform or at a bank branch. They Commonwealth Bank did announce plans in 2021 to launch crypto trading services, but recently halted production because of market turmoil and calls for regulation.
How to buy Crypto with a CommBank Account
The easiest way to buy Bitcoin or cryptocurrency using your CommBank account is by signing up to a licensed and regulated AUSTRAC cryptocurrency exchange. We recommend CoinSpot as the gold-standard Australian exchange that accepts deposits from Commonwealth Bank via Bank Transfer, POLi or PayID.
You can follow this simple guide to buy Bitcoin with CoinSpot from CommBank.
Step One: Sign up to CoinSpot Australia and verify your identity. You can register as a Personal, Company, SMSF or Family Trust account.
Step Two: Select the 'Deposit Funds' button once your account is verified. You can now choose between depositing AUD with PayID or Direct Deposit (Bank Transfer) from your CommBank account. We recommend PayID because it is instant & free from Commonwealth Bank accounts.
Step Three: Once the AUD hits your account, select the 'BUY/SELL' button in the navigation to find the cryptocurrency you want to buy. You can select from over 350 different cryptocurrencies on the CoinSpot platform.
Step Four: Input the AUD amount of the token you want to buy (eg. Avalanche AVAX) and execute your order. Once you complete your trade, your tokens will be found on your CoinSpot managed wallet where you can securely store them.
Commonwealth Bank Cryptocurrency Fees
The Commonwealth Bank has not released any details about how expensive the fees and charges will be to transact cryptocurrency on their platform. Many experts in the space are speculating that the fees will be quite high given the convenience of being able to buy or sell directly through your bank account with CommBank.
For this reason, we recommend that keen and advanced investors check out some Australian cryptocurrency exchanges to get better trade execution and pricing.
Is CommBank Crypto-Friendly?
Commonwealth Bank are the most crypto-friendly financial institution in Australia, and are leading the way for blockchain adoption in the country. The CommBank Crypto Exchange is expected to launch by the end of 2022 and will be a first in Australian banking.
Further - CommBank does not have any adverse banking policies that would prohibit its customers from depositing or withdraw fiat from licensed digital asset exchanges. This ultimately means that you are safe to transact with regulated crypto exchanges without having to worry about the potential of a bank account freeze.