How to Buy Crypto with Great Southern Bank

How to buy Bitcoin with Great Southern Bank

The best and easiest way to invest in Cryptocurrencies like Bitcoin with a Great Southern Bank account is through CoinSpot. The CoinSpot exchange accepts AUD deposits from Great Southern Bank via Bank Transfer, Credit/Debit Card, PayID, Osko, POLi, BPAY or Cash.

Follow this step-by-step guide to get started.

1. Create a free account on CoinSpot and complete the verification process.
2. Click 'Deposit Funds', select a method, and transfer money from Great Southern Bank.
3. Go to the 'Markets' tab, find Bitcoin, and tap 'View BTC/AUD Market'.
4. Input the amount of AUD you want to invest in Bitcoin and select the 'Buy BTC' button.‍

What are the fees involved in buying Crypto?

Luckily for Great Southern Bank customers, CoinSpot offers the lowest fees out of any Cryptocurrency exchange in Australia. First of all, they offer free AUD deposits via Direct Deposit (Osko), PayID, and POLi. The other payment methods incur a small fee between 0.9% - 2.5%. As for the trading (buy/sell) fee, market buy purchases are a low 0.1% and instant buy is 1% of the total transaction amount.

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‍Is it legal to buy Cryptocurrencies in Australia?

Yes, you can legally buy and sell 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.

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About Great Southern Bank

Great Southern Bank is a financial institution in Australia that provides a range of banking and financial services. The bank was established in 1946 and was formerly known as CUA (Credit Union Australia). The bank serves over 550,000 customers across Australia and offers a variety of products, including transaction accounts, savings accounts, credit cards, personal loans, home loans, and insurance products.

Great Southern is a customer-owned bank, meaning that it is owned by its customers and operates on a not-for-profit basis. This allows the bank to provide competitive rates and fees, as any profits are reinvested back into the bank for the benefit of its customers. It operates online and through its branch network, which is located across major cities in Australia.

Final Thoughts

In conclusion, Great Southern Bank does not offer any investment services through its platform, but it is possible to trade Cryptocurrencies through a regulated digital asset exchange in Australia. Our team recommends CoinSpot as it offers free AUD deposits and the lowest trading fees in the country to buy over 370 Cryptocurrencies and stake over 20.