Summary: Bendigo Bank supports its customers to delve into Bitcoin and other digital currencies by approving transactions going to and coming from ASIC-regulated platforms. It's important to understand the bank does not directly enable crypto trading via its online banking system but aids clients by allowing transfers to authorised exchanges supervised by AUSTRAC.
After an exhaustive review of top exchanges, our experts have concluded that eToro is the most fitting option for Bendigo Bank customers. eToro boasts a diverse portfolio of over 3,000 tokens, stocks, ETFs, indices, and commodities available for trading. In compliance with ASIC rules, the platform allows AUD deposits through multiple methods, including bank transfers and POLi.
- Regulated by the Australian Securities and Investments Commission (ASIC).
- Buy, sell and trade over 3,000 Cryptocurrencies, Stocks, ETFs and more.
- Instant AUD deposits from Bendigo Bank via POLi, bank transfer and credit card.
Your capital is at risk. AFSL 491139. See eToro PDS and TMD.
Can I Buy Bitcoin with Bendigo Bank?
Yes, Bendigo Bank customers can buy and trade coins like Bitcoin and Solana through trusted Australian digital currency exchanges. It's essential to opt for a cryptocurrency investing platform supervised by the Australian Securities and Investments Commission (ASIC) to ensure regulatory compliance and asset security. We recommend using one that accepts AUD deposits to avoid paying conversion fees.
How to Buy Crypto with Bendigo Bank
If you're a Bendigo Bank customer curious about stepping into the cryptocurrency space, you're well-positioned to do so. You can safely buy Solana, Tether, and many other digital currencies through reputable exchanges. Based on our thorough analysis, eToro was identified as the best option due to its compliance with ASIC licensing and its broad asset selection. It offers instant AUD deposits via several methods, including bank transfers, credit cards, and debit cards.
To begin your investment adventure, follow these four simple steps:
- Create an Account: Sign up for an eToro account and complete the necessary identity verification procedures.
- Choose Currency: After pressing the "Deposit Funds" button, select "AUD" as your currency for deposit.
- Transfer Funds: Select a payment method that works for you and transfer money from your Bendigo Bank account.
- Make Your Purchase: Use the search feature to locate the cryptocurrency you want to invest in, and then finalise your buy.
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Bendigo Bank Cryptocurrency Policy
Bendigo Bank fosters financial creativity but remains committed to following all applicable legal guidelines. The bank permits its customers to explore investments in digital currencies via exchanges regulated by the Australian Securities and Investments Commission (ASIC).
In line with this, we suggest considering eToro Australia Pty Ltd, a trading platform fully accredited by ASIC under the AFSL 491139. The registered office of eToro is at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia.
Digital Asset Investing Fees
When you're looking to invest or trade in digital assets, knowing the types of fees you could face is essential. Here's a simplified guide to the common fees you'll find on trading platforms:
- Trade Charges: These are the costs associated with buying and selling an asset and eToro typically charges around 1% for cryptocurrency trading.
- Deposit Costs: The fee for putting money into your account can change depending on how you choose to pay. Bank transfers and PayID are generally the most affordable methods, whereas using a debit or credit card could result in fees higher than 2%.
- Withdrawal Fees: The cost to withdraw your funds can vary depending on the token in question. On most platforms, withdrawing Bitcoin will typically set you back a fixed fee of 0.0005 BTC.
eToro is supervised by the ASIC and monitored by AUSTRAC, offering a broad selection of coins and competitive pricing. This makes it a reliable choice for those with Bendigo Bank accounts.
What is Bendigo Bank?
Founded in 1858, Bendigo Bank is a banking and financial services company in Australia. It currently serves over 9 million customers through its extensive network of 350 physical branches and over 1,200 ATMs nationwide. The bank provides a comprehensive range of financial products and services, including but not limited to home loans, personal loans, credit cards, investment options, savings accounts, and insurance.
In addition to its traditional banking offerings, the bank provides digital banking capabilities via the Bendigo Bank App. This application enables customers to handle their finances conveniently while on the move. It allows for direct payment of bills from user accounts and the establishment of automatic payments for routine expenses such as utilities or rent.
Final Thoughts
To recap, Bendigo Bank is taking a progressive approach by allowing its customers to engage with the world of digital currencies. While the bank itself doesn't facilitate cryptocurrency trading, it does enable transactions to and from exchanges regulated by the Australian Securities and Investments Commission (ASIC). This opens up a secure pathway for customers interested in diversifying their portfolios with assets like USDC and BNB Coin.
Our in-depth analysis points to eToro as the most suitable platform for Bendigo Bank customers. eToro not only complies with ASIC regulations but also offers a wide range of assets to trade, from cryptos to stocks, commodities, indices, forex, and ETFs. The platform is user-friendly and supports multiple methods for AUD deposits, making it both convenient and affordable for Australian investors.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
