Summary: Bankwest empowers its customers to engage with Bitcoin and other cryptocurrencies by sanctioning transactions to and from ASIC-regulated platforms. It's crucial to clarify that it does not directly facilitate trading through its banking system but rather assists clients by approving transfers to accredited digital asset exchanges overseen by AUSTRAC.

After comprehensive research of top exchanges, our experts suggest that eToro is the most appropriate choice for Bankwest customers. eToro features an expansive selection of over 3,000 digital assets, stocks, ETFs, indices, and commodities for trading. The platform accommodates AUD deposits through a variety of methods, including bank transfers, POLi and credit cards.

Table of Contents

Can I Buy Bitcoin with Bankwest? 

Yes, Bankwest customers can purchase and trade digital assets such as Bitcoin and Ethereum through reputable Australian cryptocurrency exchanges. It's crucial to select an investment platform that is overseen by the Australian Securities and Investments Commission (ASIC) to guarantee adherence to regulations and the safety of your assets. We advise choosing an exchange that allows for AUD deposits to avoid any currency conversion fees.

How to Buy Crypto with Bankwest

Bankwest customers can securely acquire Bitcoin, Ethereum, and a variety of other digital assets via trustworthy exchanges. After our comprehensive evaluation, we found that eToro is the top choice due to its adherence to ASIC regulations and its wide range of available assets. The platform allows for immediate AUD deposits through multiple avenues, such as bank transfers, credit cards, POLi, and debit cards.

To kick off your investment journey, adhere to these four straightforward steps:

  1. Create an Account: Register for an eToro account and go through the required identity verification steps.
  2. Choose Currency: After clicking the "Deposit Funds" option, pick "AUD" as your preferred currency for the deposit.
  3. Transfer Funds: Pick a payment method that suits you and move funds from your Bankwest account.
  4. Make Your Purchase: Utilise the search function to find the cryptocurrency you're interested in, and then complete your purchase.
How to Buy Crypto with Bankwest.
How to Buy Crypto with Bankwest.

Bankwest Cryptocurrency Policy

Bankwest encourages financial innovation while strictly adhering to all relevant legal standards. The bank allows its customers to investigate opportunities in digital currencies through platforms regulated by the Australian Securities and Investments Commission (ASIC)

In accordance with this, we recommend looking into eToro Australia Pty Ltd, a trading platform that is fully licensed by ASIC under the AFSL 491139. The official headquarters of eToro is located at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia.

‍Digital Asset Investing Fees

If you're considering investing or trading in digital assets, it's crucial to understand the different fees you might encounter. Here's a straightforward rundown of common charges on trading platforms:

  • Transaction Fees: When you buy or sell an asset, platforms like eToro usually charge around 1% for cryptocurrency trades.
  • Funding Fees: The cost to deposit money into your account can vary based on your payment method. Bank transfers and PayID are often the least expensive options, while using a debit or credit card may incur fees exceeding 2%.
  • Withdrawal Charges: The expense of taking your money out depends on the specific cryptocurrency. For example, most platforms charge a fixed fee of 0.0005 BTC for Bitcoin withdrawals.

eToro is regulated by the ASIC and overseen by AUSTRAC, providing a wide range of cryptocurrencies at competitive rates. This makes it a trustworthy option for those who bank with Bankwest.

What is Bankwest?

Bankwest, a renowned Australian bank established in 1895, is a subsidiary of the Commonwealth Bank of Australia. The bank boasts a customer base exceeding 1.6 million and is available in every Australian state, barring Victoria and Tasmania. Its services have earned it numerous accolades, such as Canstar's 'Bank of the Year' award in 2015 and 2016 and the 'Best Regional Bank' title from Mozo Experts Choice Awards in 2017.

With an extensive network of over 700 branches countrywide, Bankwest provides a comprehensive range of banking services. These include personal, business, and corporate banking and various products to meet its customers' needs. Customers have options from savings and transaction accounts, home and personal loans, to credit cards, among others. 

Bankwest: Home Page.
Bankwest: Home Page.

Final Thoughts

To sum up, Bankwest offers a supportive environment for its customers interested in cryptocurrency trading. While the bank itself doesn't directly facilitate trading, it does allow for seamless transfers to ASIC-regulated platforms like eToro. Our in-depth analysis points to eToro as the most suitable platform for Bankwest customers, given its wide range of assets and multiple AUD deposit options. 

For those new to the crypto space, it's essential to be aware of the various fees involved in trading digital assets. eToro stands out as an affordable and trustworthy option, regulated by both ASIC and AUSTRAC. Combine this with Bankwest's long-standing reputation and extensive service offerings, clients have a reliable pathway to explore the exciting world of digital assets.