Skip to content

How to Buy Crypto with Bankwest [2024]

How to Buy Crypto with Bankwest [2023] | Step-by-Step Guide
Diana Paluteder

Summary: If you want to buy crypto with Bankwest, we suggest using a regulated multi-asset investment platform. After analyzing more than ten popular trading platforms, we found eToro to be the best choice, as it offers low fees, a wide selection of digital assets, and is trusted by over 30 million users. Moreover, eToro is regulated by the Australian Securities and Investments Commission (ASIC), which makes it a safe and cost-effective option.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Can you buy crypto with Bankwest? 

You can buy crypto with Bankwest, but you need to link your bank account to a licensed cryptocurrency exchange, as Bankwest does not offer cryptocurrency trading services directly via its platform.

How to buy crypto with Bankwest?

The best way to buy crypto with a Bankwest account in Australia is through an AUSTRAC (Australian Transaction Reports and Analysis Centre)-registered and ASIC (Australian Securities and Investments Commission)-regulated broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Bankwest: Step-by-Step

You can get started in minutes with four simple steps:

  • Step 1: Create an account on eToro and complete your verification (personal or company);
  • Step 2: Enter the AUD amount you want to deposit on the eToro platform;
  • Step 3: Connect your Bankwest account to deposit your selected fiat currency;
  • Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
How to Buy Crypto with Bankwest: eToro banner.
Crypto on eToro. Source: eToro.com

About Bankwest

Bankwest is an Australian full-service bank headquartered in Perth that has operated as a subsidiary of the Commonwealth Bank of Australia since 2008. It offers various banking and lending options to both individuals and businesses. 

How to Buy Crypto with Bankwest: Homepage screenshot.
Bankwest’s homepage. Source: Bankwest.com.au

Bankwest crypto policy

Since 2018 a ban on Bankwest clients using their credit cards for buying cryptocurrencies has been in effect due to the unregulated and volatile nature of the market. That said, Bankwest customers should be able to invest in crypto through regulated exchanges that offer digital assets with their Bankwest debit cards.

Furthermore, Bankwest’s website has conducted and published multiple research news articles, one in 2021 and the other in 2022, offering insights into the Australian crypto market for digital asset fraud statistics and stating their active concern about the emerging asset class:

“Data collected by Bankwest’s Scams and Fraud team showed scammers targeted $16,677,648 of customer funds in the 12 months from September 2020 to September 2021, with the team managing to save about half that total.

How to buy crypto safely

When purchasing cryptocurrency in Australia, investors should consider these precautions:

  • Select a licensed exchange: Confirm that the exchange is registered with AUSTRAC and has robust security protocols;
  • Enhance account security: Implement two-factor authentication and establish a strong, unique password;
  • Conduct research: Gain a thorough understanding of the crypto assets you’re considering for investment;
  • Utilize reliable wallets: Employ secure crypto wallets for your digital currency, with hardware wallets recommended for larger amounts.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs: 

Can you buy crypto with Bankwest?

While Bankwest doesn’t offer crypto trading directly through its own platform, customers can transfer funds to regulated crypto brokers to buy digital assets.

How to buy crypto with Bankwest?

You can buy crypto with Bankwest by transferring funds to a licensed third-party cryptocurrency platform.

What crypto exchanges does Bankwest allow?

Bankwest customers can buy crypto through licensed exchanges that offer digital assets.

What is Bankwest’s crypto policy?

Bankwest’s crypto policy allows its customers to transfer funds to regulated exchanges to buy cryptocurrencies. However, Bankwest has barred its clients from using their credit cards to purchase digital currencies. 

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related guides

Contents