Summary: UBank supports its customers in their dealings with Bitcoin and other digital currencies by authorising transactions to and from ASIC-regulated platforms. It's important to highlight that the bank doesn't directly handle cryptocurrency trading within its own banking services. Instead, it aids customers by approving transfers to verified exchanges that fall under AUSTRAC oversight. 

After an in-depth review of leading exchanges, our experts conclude that eToro is the most suitable option for UBank customers. eToro boasts a broad range of over 3,000 digital assets, stocks, ETFs, indices, and commodities available for trading. The platform also accepts AUD deposits through multiple channels, including bank transfers and credit cards.

Table of Contents

Can I Buy Bitcoin with UBank?

‍Yes, UBank customers have the ability to buy and trade tokens like Bitcoin and Ethereum via trustworthy digital currency exchanges in Australia. It's essential to pick a platform regulated by the Australian Securities and Investments Commission (ASIC) to ensure compliance with laws and the security of your investments. Once your AUD has been deposited, it can be converted for a variety of coins like Solana or Tether.

How to Buy Crypto with UBank

UBank customers can safely buy Bitcoin, Ethereum, and various other digital currencies through reputable exchanges. Based on our thorough assessment, we conclude that eToro is the prime option due to its compliance with ASIC guidelines and its extensive selection of assets. The platform facilitates prompt AUD deposits via several methods, including bank transfers and credit cards. 

To initiate 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: Select a payment method that works for you and send money from your UBank account. 
  4. Execute Your Purchase: Use the search feature to locate the cryptocurrency you wish to buy, and then finalise your purchase.
How to Buy Crypto with UBank.
How to Buy Crypto with UBank.

UBank Cryptocurrency Policy

UBank fosters financial innovation and rigorously complies with all applicable legal requirements. The bank permits its customers to explore possibilities in digital currencies via platforms that are regulated by the Australian Securities and Investments Commission (ASIC). We suggest considering eToro Australia Pty Ltd, a trading platform that holds a full ASIC license under the AFSL 491139. The main office of eToro is situated at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia.

‍Digital Asset Investing Fees

When you're thinking about investing or trading in cryptocurrencies, it's essential to be aware of the various fees you could face. Here's a simple guide to typical costs on trading platforms:

  • Trading Fees: When you purchase or sell a digital asset, platforms such as eToro generally levy a fee of about 1% for coins like USDC.
  • Deposit Fees: The price for adding funds to your account can differ depending on how you choose to pay. Bank transfers and PayID usually offer the most affordable rates, while debit or credit card payments may come with fees above 2%.
  • Withdrawal Fees: The cost to remove your funds varies by the particular cryptocurrency. For instance, most platforms have a set fee of 0.0005 BTC for withdrawing Bitcoin.

eToro is supervised by the ASIC and monitored by AUSTRAC, offering a broad selection of cryptocurrencies at competitive prices. This makes it a reliable choice for those who have accounts with UBank.

What is UBank?

UBank, a direct bank division of National Australia Bank (NAB), was founded in 2008 and offers digital-only banking services to customers, eliminating the need for physical branches. With a significant presence in the Australian financial sector, the application provides various products, including home loans, savings accounts, and term deposits. 

Its digital banking platform ensures seamless account management with features like personal finance management tools, live customer service, and high-grade security measures. UBank has earned recognition for its innovative and customer focused services, consistently striving to enhance the digital banking experience for its users. 

UBank: Home Page.
UBank: Home Page.

Final Thoughts

To recap, UBank stands as a facilitator for its customers, enabling them to venture into the world of cryptocurrencies by providing a secure gateway for transactions to ASIC-regulated platforms. Our comprehensive review points to eToro as the top choice for UBank customers, given its selection of assets and compliance with Australian regulations. It has a seamless experience, accepting AUD deposits through various methods and offering competitive fees.