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

Summary:  Commonwealth Bank of Australia (CBA), or CommBank, doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, CommBank 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 CommBank, investors in Australia will need to sign up with a regulated crypto exchange like eToro and deposit AUD from their CommBank account.

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Intermediate Traders and Investors

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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 CommBank? 

You can buy crypto with CommBank, but you need to connect to a licensed cryptocurrency exchange. As mentioned above, this is because CBA does not offer the buying and selling of cryptocurrency directly through its online banking platform.

How to buy crypto with CommBank?

The best way to buy Bitcoin or any other cryptocurrency with a CommBank 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 CommBank: 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 CommBank 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 CommBank

Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with operations across New Zealand, Asia, the US, and the UK. CommBank is one of the Big Four banks in Australia, boasting an extensive network of 807 branches and 2,095 ATMs. It provides a broad range of financial services, including retail, business, and institutional banking, as well as asset management, pension schemes (superannuation), insurance, investment, and brokerage services. 

Services offered by CommBank include: 

• Personal banking: Checking accounts, savings accounts, mortgages, home refinancing, overdrafts, loans, car/health/life/travel insurance;
• Business banking: Business checking accounts, credit cards, loans, business banking support, e-commerce support, merchant solutions;
• Wealth management: Financial advice, superannuation savings accounts, share investing, property investing.

CommBank’s crypto policy

CommBank is a crypto-friendly bank. In fact, they were the first Australian bank to publicly announce in November 2021 that they were working on integrating crypto trading into their mobile app. Unfortunately, the rollout of the Commbank crypto app was scrapped in May 2022 amid upheaval and uncertainty in the digital asset market. Nevertheless, the chief executive of the bank, Matt Comyn, has insisted on their interest in the space, saying: 

“We want to continue to play a leading role in providing input into that and shaping the most appropriate regulatory outcome,” he said. “Our intention still, at this stage, is to restart the pilot, but there are still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.”

So, while CommBank doesn’t provide access to crypto directly from its platform, customers can trade digital assets by linking their banking accounts to regulated crypto exchanges.

How to buy crypto safely

The value of cryptocurrency experiences frequent and dramatic fluctuations, making it a much riskier investment than traditional asset classes such as stocks or bonds. In addition, the crypto space is teeming with scams and cybercrime, putting both seasoned and novice investors at risk.

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 CommBank: