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

Summary: Bankwest doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, Bankwest customers can connect their banking accounts to a licensed cryptocurrency broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH). 

In short, to buy crypto with Bankwest, investors in Australia will need to sign up with a regulated crypto exchange like eToro and deposit AUD from their Bankwest account.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

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Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

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 mentioned above, this is because Bankwest does not offer the buying and selling of cryptocurrency directly through its platform.

How to buy crypto with Bankwest?

The best way to buy Bitcoin or any other cryptocurrency 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.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts

Get Started

Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

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. 

Services offered by Bankwest include: 

• Personal banking: Checking accounts, savings accounts, mortgages, credit cards, loans, term deposits, educational resources on saving and banking;
• Business banking: Business checking and saving accounts, loans, credit cards, and payment solutions. 

Bankwest’s 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, customers should be able to invest in crypto through regulated exchanges that offer digital assets with their Bankwest debit cards.

How to buy crypto safely

Because cryptocurrency space is speculative and inclined to turbulent fluctuations in price, they are considered a much riskier investment than traditional asset classes such as stocks or bonds. In addition, the space is teeming with scammers, taking down both seasoned and novice investors.

Furthermore, although cryptocurrency broker-dealers in Australia are required to register with AUSTRAC, ensuring anti-money laundering (AML) and counter-terrorism financing (CTF) procedures are in place, digital assets themselves are not regulated in Australia.

Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money:

• Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are; 
• Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
• Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
• Secure your account: Use two-factor authentication and a strong password to protect your account;
• Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
• Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
• Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in. 

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

FAQs about how to buy crypto with Bankwest: