Is there a CommBank Crypto App?
The Commonwealth Bank announced plans to offer a crypto service for CommBank & CommSec customers through a strategic partnership with Gemini and Chainalysis. However, the bank later paused the rollout of their app based crypto exchange due to market turmoil and pending further regulatory clarity from the Reserve Bank of Australia (RBA).
It is unknown whether CBA will continue development of the Crypto App, or if it will ever be released to the public. This means investors will need to use a licensed & regulated crypto trading platform in Australia to invest in the asset class.
How to buy Crypto with CommBank Netbank
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 best overall Australian exchange that accepts deposits from Commonwealth Bank and Netbank via Bank Transfer, PayID, Debit Card, Credit Card or POLi.
You can follow this simple guide to buy crypto assetswith CoinSpot from CommBank:
- Sign up to CoinSpot Australia and verify your identity. You can register as a Personal, Company, SMSF or Family Trust account.
- 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 and Netbank accounts.
- Once the AUD hits your account, select the 'BUY/SELL' button in the navigation to find the cryptocurrency you want to buy.
- Input the AUD amount of the token you want to buy (eg. Avalanche AVAX) and execute your order.
What are the fees to invest in Digital Assets?
The main fees to consider when buying digital assets from an exchange are the AUD deposit fees, trading fees and the price spread.
Deposit fees from Commonwealth Bank to Australian exchanges are usually free when using the PayID or Osko method. When it comes to fees, CoinSpot Australia is the lowest cost option in Australia with 0.1% trading fees for market buys.
Is CommBank Crypto-Friendly?
The Commonwealth Bank are the most crypto-friendly financial institution in Australia, and are leading the way for blockchain adoption in the country. CBA are the main partner of the Reserve Bank of Australia in the production of a Central Bank Digital Currency (CBDC) - highlighting they are the country's most progressive digital bank.
When it comes to customers trading Crypto, CommBank freely allows customers to buy and sell digital assets from AUSTRAC-licensed exchanges in Australia. This means you can safely deposit and withdraw AUD from your bank account to a digital asset exchange to invest in the asset class.
About Commonwealth Bank
The Commonwealth Bank of Australia (CBA) is a multinational bank and financial services company based in Australia. It is one of the "big four" banks in Australia, along with the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and the Westpac Banking Corporation. The CBA was founded in 1911 and has grown to become one of the largest banks in the country, with a market capitalisation of over AUD 100 billion (as of 2021).
The CBA offers a range of financial products and services to individuals, businesses, and institutions, including banking, lending, insurance, investment, and wealth management. It has a network of branches and ATMs throughout Australia and also offers online and mobile banking services. In addition to its domestic operations, the CBA has a significant international presence, with operations in Asia, the Pacific, and the United Kingdom.
In conclusion, the Commonwealth Bank of Australia and its brokerage platform CommSec have temporarily halted their plans to launch an in-app cryptocurrency trading service due to market uncertainty. Until further notice, investors must use a licensed and regulated AUSTRAC cryptocurrency exchange to buy crypto assets.
We recommend CoinSpot for its low fees, wide range of cryptocurrencies, and the ability to instantly deposit AUD from CommBank and Netbank. CommBank remains crypto-friendly, allowing customers to buy and sell digital assets from AUSTRAC-licensed exchanges. Despite the pause in the crypto app development, the Commonwealth Bank remains a leading financial institution in Australia and a major partner in the development of a Central Bank Digital Currency.