How to buy Crypto with AMP Bank

Can I buy Crypto and Bitcoin with AMP Bank?

Technically no, you can not buy Bitcoin or any cryptocurrency directly on AMP's banking platform. You can however connect your bank account to a cryptocurrency exchange and deposit AUD directly from your account to their platform. We recommend using a centralised cryptocurrency exchange as they are regulated and properly licensed to buy/sell cryptocurrencies in Australia.

CoinSpot is Australia's most secure and trusted centralised cryptocurrency exchange, they offer free AUD deposit for AMP Bank holders and support over 350 cryptocurrencies. They provide 24/7 customer support and have many exciting features on their platform such as an NFT marketplace and crypto staking.

‍

How and Where to buy Crypto with AMP Bank

Follow the guide below to start investing in cryptocurrencies.

1. Sign up to CoinSpot
2. Complete your verification and press 'Deposit AUD' in the dropdown menu
3. Select Direct Deposit (OSKO) and copy/paste the details into your AMP Bank 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'

Crypto Investing Fees

When investing in cryptocurrencies through a cryptocurrency exchange, there are two fees users need to consider.

• 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 for most exchanges, however it is free to deposit on for AMP Bank account holders. Most major Australian exchanges will charge a small fee to deposit funds onto their platform, CoinSpot is one of the few that do not.

Additional to this, CoinSpot has the lowest trading fees out of any Australian cryptocurrency exchange. They offer a competitively low 0.1% fee when using their Market Buy feature. Most cryptocurrency exchanges will typically charge anywhere between 0.5% - 1% in trading fees.

For a comprehensive review of CoinSpot and their features, please visit our CoinSpot Review page.

AMP Bank Cryptocurrency Policy

AMP have not publicly stated what their stance on cryptocurrency is yet. There is nothing in their policies that prohibit their account holders from investing in cryptocurrencies. There have been no reports of AMP Bank account holders funds being frozen.