Summary: ME Bank assists its customers in buying digital currencies by facilitating fund transfers to ASIC-regulated platforms. To clarify, the bank does not offer cryptocurrency trading services directly through its banking services. Instead, it aids customers by approving deposits to accredited exchanges overseen by the relevant regulators in Australia.

Following a review by our team of experts, we recommend eToro as the most fitting platform for ME Bank customers. eToro boasts a comprehensive portfolio of over 3,000 digital assets, stocks, ETFs, indices, and commodities available for trading at competitive fees. The exchange accepts AUD deposits through bank transfers and debit cards and is registered with AUSTRAC.

Table of Contents

Can I Buy Bitcoin with ME Bank?

Yes, ME Bank customers can buy and trade digital currencies like Bitcoin and Ethereum via trustworthy cryptocurrency exchanges in Australia. It's crucial to select a platform regulated by the Australian Securities and Investments Commission (ASIC) to ensure both legal compliance and the security of your funds. Once you've deposited your AUD, you have the flexibility to convert it for a variety of cryptocurrencies, such as Litecoin or Ripple.

How to Buy Crypto with ME Bank

ME Bank customers can safely purchase Bitcoin, Ethereum, and a range of other digital assets through reputable exchanges. After an exhaustive review, we endorse eToro as the premier option due to its compliance with ASIC guidelines and its extensive array of assets. The platform accommodates swift AUD deposits via various methods, including bank transfers and debit cards. To jumpstart your investment journey, follow these four simple steps:

  1. Create an Account: Sign up for an eToro account and complete the necessary identity verification procedures.
  2. Select Currency: After hitting the "Deposit Funds" button, choose "AUD" as your desired currency for the deposit.
  3. Transfer Funds: Identify a payment method that works for you and initiate a transfer from your ME Bank account.
  4. Execute Your Purchase: Use the search feature to locate the cryptocurrency you wish to buy and finalise your purchase.
How to Buy Crypto with ME Bank.
How to Buy Crypto with ME Bank.

ME Bank Cryptocurrency Policy

ME Bank is dedicated to fostering financial innovation, all while rigorously complying with applicable legal standards. The bank enables its customers to explore the digital currency sphere via exchanges regulated by the Australian Securities and Investments Commission. We suggest considering eToro Australia Pty Ltd as a trading platform as it holds a license under the AFSL 491139. The main office of eToro can be found at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia.

Digital Asset Investing Fees

If you're thinking about stepping into the cryptocurrency world, it's essential to be aware of the various fees you could face. Here's a simple guide to typical costs on trading platforms:

  • Trade Fees: When you purchase or sell a digital asset, platforms such as eToro generally levy a fee of about 1% for each coin transaction.
  • Deposit Fees: The expense of adding funds to your account can differ depending on your chosen payment method. Bank transfers and PayID usually offer the most affordable solutions, while using a debit or credit card may incur fees exceeding 2%.
  • Withdrawal Fees: The cost of removing your funds varies depending on the token. For instance, most platforms typically impose a set fee of 0.0005 BTC for Bitcoin withdrawals.

Regulated by ASIC and monitored by AUSTRAC, eToro provides a broad selection of cryptocurrencies at competitive pricing, making it a reliable choice for ME Bank customers.

What is ME Bank?

ME Bank, also known as Members Equity Bank, is an Australian-based direct bank established in 1994. It is wholly owned by industry super funds, a unique characteristic that differentiates it from traditional banks. With no branch network, ME Bank delivers its services via online and mobile banking platforms, offering products including transaction accounts, home loans, credit cards, term deposits, and personal loans. 

The bank operates under the principles of fairness and simplicity, striving to provide its customers with straightforward financial products that help them get ahead. ME Bank continues to innovate to provide the best digital banking experience for its customers.

ME Bank: Home Page.
ME Bank: Home Page.

Final Thoughts

To conclude, ME Bank serves as a bridge for its customers to interested in buying digital currencies, facilitating secure fund transfers to ASIC-regulated platforms like eToro. We recommend eToro as it offers a wide range of digital assets to trade with competitive fees. The platform is not only compliant with Australian regulations but also offers multiple methods for AUD deposits, making it a convenient option.