What is the Great Southern Bank
Great Southern Bank is the largest customer-owned bank in Australia. It is based in Brisbane, Queensland and services over 420,000 Australians. It offers a full range of banking products and services to both retail and business customers. Great Southern Bank has a strong focus on customer service and providing a great experience for its customers.
Unfortunately it doesn't offer the option to invest in any form of asset on its platform. To buy cryptocurrencies with the funds in your Great Southern Bank account, simply transfer money to a secure crypto exchange like eToro. eToro is the safest online investing and trading platform globally and is regulated and licensed to operate in Australia by ASIC.
How to buy Bitcoin with Great Southern Bank
In this guide, we show Aussies how to invest in cryptocurrencies like Bitcoin with a Great Southern Bank account. This method shows Great Southern Bank users how to buy Bitcoin through eToro. Follow the below steps to get started.
- Create an account on eToro and complete verification.
- Click 'Deposit Funds', pick a method and fund your account.
- Search for 'Bitcoin' in the search bar and select 'Trade'.
- Input the amount you want to invest and tap 'Set Order'.
What are the fees involved in buying Crypto?
When you use the eToro platform there is only two sets of fees you need to consider. Deposits are free for Great Southern Bank account holders and all withdrawals are subject to a $5AUD fee. The only other fee you need to pay is the trading fee, which is 1% every time you buy or sell cryptocurrencies. For a full breakdown of eToros pricing, you can visit Fees Schedule.
Is it legal to buy cryptocurrencies in Australia?
Yes, you can legally buy crypto in Australia. The Australian Securities and Investments Commission (ASIC) has released guidance stating that cryptocurrency investments are legal in the country. However, you should be aware of the risks involved in investing in cryptocurrency, as well as the regulatory landscape.
Cryptocurrency exchanges operating in Australia must hold an Australian financial services (AFS) license from ASIC. Exchanges must also comply with anti-money laundering and counter-terrorism financing (AML/CTF) obligations. Investors should be aware that there is no government protection if an exchange fails or is hacked.