How to Buy Crypto with CommBank [2024]

Summary: To buy crypto with CommBank, we suggest using a reputable multi-asset investment platform eToro. After testing more than ten popular trading platforms, we found eToro to be the best choice for CommBank customers, as it offers low fees and a wide selection of assets, making 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. Other fees apply. For more information, visit etoro.com/trading/fees.

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

• eToro USA is registered with FINRA for securities trading.

30+ million Users

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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 CommBank? 

You can buy crypto with a CBA bank account, but you need to connect to a licensed cryptocurrency exchange as CommBank does not offer cryptocurrency trading services directly through its online banking platform.

How to buy crypto with CommBank?

The best way to buy Bitcoin or any other cryptocurrency with a renowned 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.

Disclaimer: eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Crypto assets are unregulated and highly speculative. There is no consumer protection. You risk losing all of your capital. Refer to eToro’s Terms and Conditions. See full disclaimer.

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 more than 800 branches and over 2,000 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. 

CommBank crypto policy

CommBank is among of the most crypto-friendly banks in Australia. 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 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 customers don’t have access to digital currencies directly from its platform, customers can trade digital assets by linking their banking accounts to regulated crypto exchanges.

How to buy crypto safely

Cryptocurrency investing, marked by its high volatility and susceptibility to scams and cybercrime, poses a greater risk than traditional assets such as stocks and bonds. Plus, despite broker-dealers in Australia being regulated by AUSTRAC for anti-money laundering and counter-terrorism financing, cryptocurrencies themselves are not regulated, which adds another layer of risk.

Despite these risks, there are precautionary measures you can take to navigate the cryptocurrency market more safely, including:

• 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;
• Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record;
• 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. 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 in the beginning. 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: