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How to Buy Crypto with NAB Bank

How to Buy Crypto with NAB Bank

Alysha Jane
Fact Checked
Jan 14, 2023

Summary: NAB Bank and NAB Trade both do not offer services for their customers to buy or sell Bitcoin & cryptocurrency directly through their online banking platform. This means that customers will need to deposit AUD from their NAB account to an AUSTRAC-licensed exchange in Australia to buy and sell digital assets.

Our top pick for Australian investors is CoinSpot, which is the largest exchange in the country that offers instant AUD deposits to trade over 370 countries. Their platform is licensed and regulated in Australia and is one of the only exchanges with an audited proof-of-reserves highlighting customer funds are always held 1:1.

Table of Contents

Best Crypto Exchange for NAB Bank

Platform Highlights

  • Instant and Free AUD deposits from NAB Bank via multiple payment methods.
  • 370+ Cryptocurrencies, Crypto Staking, Crypto ETFs, NFT Marketplace & more features.
  • Licensed and Regulated by ASIC & AUSTRAC with Audited Proof-of-Reserves of customer funds.

Can I buy Crypto with NAB Bank or NAB Trade?

NAB Bank and NAB Trade do not support the option to buy cryptocurrency directly on their online banking platforms. Most major Australian banks are yet to implement this, but some like CommSec have recently announced plans to launch the crypto-investing feature in the near future.

Nevertheless, there are many alternative and secure options for NAB Bank account holders to invest in cryptocurrencies. Simply link your NAB Bank account with a secure, licensed cryptocurrency exchange like CoinSpot.

How to buy Bitcoin or Crypto with NAB Bank

As mentioned above, the easiest and safest way to buy Bitcoin or Crypto with a NAB Bank account is with CoinSpot. Their platform offers instant Australian Dollar (AUD) deposits from NAB to buy and sell over 370 cryptocurrencies and a wide variety of NFTs through their NFT Marketplace (integration with OpenSea).

The CoinSpot exchange is licensed and regulated by ASIC and AUSTRAC and are the first Australian Crypto Platform to complate a full External Statutory Financial Audity to show full proof-of-reserves. You can get started with their trusted broker in 4 simple steps:

  1. Sign up to the CoinSpot Australia platform.
  2. Deposit Australian Dollars (AUD) from NAB Bank via Bank Transfer, Debit Card, Credit Card, POLi, PayID and other methods.
  3. Find the cryptocurrency on the exchange you want to buy (pick from over 370 assets).
  4. Input the AUD amount you want to buy and execute the trade.
Deposit Funds from NAB Bank.

NAB Bank Crypto Policy

NAB (National Australia Bank) does not have any policies that prohibit their users from trading any form of digital asset or cryptocurrency. NAB bank account holders should not be concerned when investing in cryptocurrencies. NAB account holders transactions will not be stopped or frozen when sending to CoinSpot or other licensed platforms because they are crypto-friendly.

About NAB Bank

National Australia Bank (NAB) is one of the four largest banks in Australia. The other three are Westpac Banking Corporation, Commonwealth Bank of Australia (CBA), and Australia and New Zealand Banking Group (ANZ). NAB was founded in 1858 and is headquartered in Melbourne, Victoria. It has over 12 million clients and more than 35,000 employees. NAB operates in Australia, New Zealand, Asia, the United Kingdom, and the United States.

NAB has a long history in Australia dating back to 1858 when the National Bank of Australasia was established. NAB was created through a merger between the National Bank of Australasia and the Commercial Banking Company of Sydney in 1982.

NAB Bank and NAB Trade
NAB Bank: One of Australia's Big Four Banks.

About NAB Trade

NAB Trade is an online trading platform from National Australia Bank (NAB). NAB offers a range of products and services for its clients, including banking, insurance, investments, superannuation, and more. NAB Trade provides clients with access to a range of markets, including the ASX, Nasdaq, NYSE, and OTC markets. Clients can trade a variety of financial instruments, including stocks, options, futures, ETFs, and forex. NAB Trade also offers an extensive research library, market commentary, and educational resources.

NAB Trade Mobile app.

Deposit & Trading Fees

When investing in cryptocurrencies, there are two fees investors need to consider when depositing via NAB Bank.

  • Deposit Fee - This fee is charged when you deposit AUD into the exchange
  • Trading Fee - This is the fee you will incur when trading your AUD for cryptocurrency

However when depositing Australian Dollars from your NAB Bank account to your CoinSpot account, it is completely free. To make it better, CoinSpot also has fees starting at 0.1% on trades for majors like Bitcoin and Ethereum - making them one of the cheapest platforms in the country. For a comprehensive review of CoinSpot, please visit our CoinSpot Review page.

Final Thoughts

CoinSpot is the most trusted and secure way to buy, sell, trade and store cryptocurrencies in Australia. Their platform offers instant AUD deposits from NAB Bank so you can start investing quickly and easily. CoinSpot also has some of the lowest fees in the country with trades starting at just 0.1%.

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Alysha Jane

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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