Summary: Due to market instability, CommBank has paused its plans to introduce an in-app Crypto Trading service through Netbank. Consequently, investors can only purchase Crypto through CommBank by depositing AUD into a cryptocurrency exchange licensed by AUSTRAC.
Our recommendation is CoinSpot, as the exchange provides free and immediate AUD CommBank deposits to buy and sell over 380 cryptocurrencies. The platform offers the lowest trading fees in Australia at 0.1% and charges zero fees to deposit or withdraw funds, making it the most cost-effective way to invest in digital assets.
Best Crypto Exchange for CommBank
Platform Highlights
- Instant and free AUD deposits via CommBank Netbank transfers.
- 370+ Cryptocurrencies to trade starting at 0.1% fees.
- NFT Marketplace, Crypto Staking, Crypto ETFs and more.
Can I buy Bitcoin with CommBank?
CommBank doesn't provide the means for direct cryptocurrency investing on its platform. Australian investors need to register with an AUSTRAC-registered cryptocurrency platform in Australia to safely purchase, sell, and store cryptocurrency. Following this, they can deposit AUD from their bank account or card to participate in buying, selling, or staking cryptocurrencies for significant returns.
How to Buy Bitcoin or Crypto with CommBank
The most straightforward method to purchase Bitcoin or other cryptocurrencies using your CommBank account involves signing up with an AUSTRAC-licensed and regulated cryptocurrency exchange. CoinSpot is the best option due to its free AUD deposits from Commonwealth Bank and Netbank via Bank Transfer, PayID, Osko, Cash, Debit Card, Credit Card, or POLi.
Follow this guide to purchase crypto assets with CoinSpot from CommBank:
- Create a free account on CoinSpot and complete the verification requirements.
- Click 'Deposit Funds', select a method and transfer money from CommBank.
- Go to the 'Buy/Sell' tab, find the token you want and click 'Buy'.
- Input the AUD amount to invest and execute the trade.
.webp)
Is CommBank Crypto-Friendly?
CBA is recognised as the most crypto-friendly bank in Australia and is spearheading the country's blockchain adoption. CBA's partnership with the Reserve Bank of Australia in creating a Central Bank Digital Currency (CBDC) underscores its status as the nation's most forward-thinking digital bank. It also supports customers in trading crypto by permitting the buying and selling of digital assets via AUSTRAC-licensed exchanges.
What is the Commonwealth Bank?
The Commonwealth Bank of Australia is a global banking and financial services company headquartered in Australia. It ranks among Australia's "big four" banks, alongside the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and Westpac Banking Corporation. Established in 1911, the CBA has developed into one of the country's largest banks, boasting a market capitalisation exceeding AUD 100 billion.
CBA extends various financial products and services to individuals, corporations, and institutions, encompassing banking, loans, insurance, investments, and wealth management. It operates a vast network of branches and ATMs across Australia and provides digital services through online and mobile banking. Beyond its domestic operations, CBA has also established operations in Asia, the Pacific, and the UK.
Final Thoughts
In summary, due to market volatility, the Commonwealth Bank of Australia (CBA) has temporarily suspended its plans to introduce an in-app cryptocurrency trading service. Until further developments, investors must use an AUSTRAC-licensed cryptocurrency exchange. The best exchange for CBA customers is CoinSpot, thanks to its low fees, extensive crypto options, and free AUD deposits.
