Summary: Bankwest is a prominent financial institution that supports its customers in purchasing digital assets. The bank facilitates transfers from its client accounts to external, regulated exchanges compliant with the Australian Securities and Investments Commission (ASIC). This strategic approach allows users to confidently engage in trading a variety of cryptocurrencies like Bitcoin.
Following a comprehensive research of top exchanges, our experts suggest eToro as the best choice for Bankwest customers. It is approved by ASIC and offers a streamlined process for depositing AUD, along with an extensive portfolio of over 4,500 assets at low fees. eToro also enhances the investment experience with features like demo accounts for beginners, staking options, and copy trading services, making it an appealing platform for a diverse range of investors in Australia.
- Regulated by the Australian Securities and Investments Commission (ASIC).
- Buy, sell and trade over 4,500 Cryptocurrencies, Stocks, ETFs and more.
- Fast AUD deposits from Bankwest via POLi, bank transfer and debit card.
Your capital is at risk. AFSL 491139. See eToro PDS and TMD.
Can I Buy Bitcoin with Bankwest?
Yes, Bankwest account holders can conveniently purchase Bitcoin and other digital assets by using reputable cryptocurrency exchanges in Australia. While the bank doesn’t provide these services directly, it enables secure and compliant fund transfers to registered platforms. It's crucial to select an exchange overseen by the Australian Securities and Investments Commission (ASIC) to guarantee adherence to regulations and the safety of your assets.
How to Buy Crypto with Bankwest
Bankwest customers can securely buy Ethereum, Arbitrum and a variety of other digital assets through licensed cryptocurrency exchanges. After our in-depth analysis, we found that eToro is the top choice for Australian users due to its adherence to ASIC regulations and its wide range of available assets, including tokens, commodities, ETFs, and stocks. In addition, the platform allows for immediate AUD deposits through multiple methods, including bank transfers, credit cards, POLi, PayPal, and debit cards.
To start trading crypto, you can follow these four simple steps:
- Sign Up: Register for an eToro account and go through the required identity verification steps.
- Choose Currency: Click the ‘Deposit Funds’ option, and pick ‘AUD’ to avoid conversion fees.
- Transfer Funds: Select a payment method that suits you and move funds from your Bankwest account.
- Make Your Purchase: Utilise the search function to find the cryptocurrency you're interested in, and then complete your investment.
Bankwest Cryptocurrency Policy
Bankwest is actively embracing the world of digital currencies by guiding its customers to safely trade crypto assets in line with the Australian Securities and Investments Commission (ASIC) rules. In accordance with this, we suggest using eToro Australia Pty Ltd, which you can find at Level 3, 60 Castlereagh Street in Sydney. eToro has a solid reputation and is regulated by ASIC under the licence number AFSL 491139, ensuring a secure and trusted platform for trading.
Digital Asset Investment Fees
Beginning your journey with digital currency investments requires an understanding of the various fees involved. Being aware of these costs can lead to more informed decisions and improved trading results. Let's explore the typical charges you might come across when using an exchanges:
- Funding Fees: Depositing funds from your bank to a trading platform incurs expenses that depend on the payment method you choose. For example, bank transfers or PayID are generally more affordable compared to instant methods like credit or debit cards.
- Trading Fees: The cost of purchasing or selling digital assets varies across different platforms. eToro typically charges about 1% per transaction, which is often lower compared to many of its rivals.
- Withdrawal Fees: Taking out your funds from the exchange comes with charges that differ depending on the digital currency. For instance, the rate for Bitcoin is commonly around 0.0005 BTC, but this can change for other tokens.
Our team suggests using eToro as it provides significantly lower fees than its competitors like Coinbase, which can charge up to 4% in trading costs.
What is Bankwest?
Bankwest, officially known as Bank of Western Australia, is an established financial institution based in Perth, Western Australia. Founded in 1895, it has evolved into a significant player in the national banking sector, offering a diverse range of products and services. These include personal and business solutions like savings and checking accounts, home and personal loans, and corporate finance.
The bank has a strong presence both online and through its extensive branch network across the country. It is also recognised for its innovative technologies and commitment to providing convenient and efficient user experiences. Bankwest is a subsidiary of the Commonwealth Bank of Australia, one of the country's largest banks. This enables it to combine local expertise with the resources of a major company, thereby catering to the needs of a wide range of customers.
Final Thoughts
To summarise, Bankwest offers a supportive environment for its customers interested in cryptocurrencies. The recommended choice is eToro, given its wide range of assets and multiple AUD deposit options. Additionally, it enriches the investment journey with distinctive features like its user-friendly interface, practice accounts for beginners, and sophisticated copy trading services.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
