What is ME Bank
ME Bank is a digital customer-owned bank in Australia founded in 1994. What this means is that ME Bank doesn't have shareholders like the big banks do. Which in turn allows the bank to focus on its customers. ME Bank is a member of the Customer Owned Banking Association. It's based in Melbourne but is an online digital bank and does not have any branches.
Although it's a digital bank, it doesn't offer any investing features on its platform. However, ME Bank users can buy cryptos through a secure online cryptocurrency exchange. We recommend using eToro Australia as it is a highly secure platform that is regulated by ASIC under number 491139. It operates under eToro AUS Capital Limited (ABN 66 612 791 803).
How to buy Bitcoin with ME Bank
The best way to purchase Bitcoin with ME Bank is by going through the eToro Australia platform. eToro users can deposit AUD from ME Bank to the platform via Bank Transfer, POLi, Credit/Debit Card, PayPal, Skrill & Neteller. Follow the below steps to begin investing in Bitcoin with an ME Bank account.
- Sign Up: Create an account on eToro Australia and verify your identity.
- Deposit AUD: Tap 'Deposit Funds' and send funds from ME Bank.
- Find Token: Search for 'Bitcoin' in the search bar and tap 'Trade'.
- Buy Crypto: Input the amount you want to buy and click 'Open Trade'.
Can I legally buy cryptocurrencies in Australia?
Yes, it is completely legal and cryptocurrencies are treated as fiat currencies in Australia, so you need to pay taxes on your crypto profits. There is no risk in purchasing cryptocurrencies, as long as you use a regulated and licensed cryptocurrency exchange like eToro Australia. eToro has been operating over 15 years and has never been subjected to any cyber attack.
Is it expensive to buy crypto in Australia?
In can be expensive depending on what cryptocurrency investing platform you use to purchase tokens,. On eToro, AUD deposits are completely free and withdrawals are a flat $5AUD for every withdrawal to your ME Bank account. However, there is a 1% fee on every crypto trade you make. Refer to eToros Fees Schedule for a full breakdown of its pricing.