How to Buy Crypto with St. George Bank [2023]

Summary: Unfortunately, St. George Bank doesn’t offer cryptocurrency trading services. Hence, its customers can’t buy digital assets directly on its platform. However, investors in Australia are free to use their St. George banking accounts to transfer funds to third-party crypto brokers. To buy crypto with St. George Bank, we suggest using a regulated multi-asset investment platform eToro. 

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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 St. George Bank? 

You can buy crypto with St. George Bank, but you need to link your bank account to a licensed cryptocurrency exchange. As mentioned above, this is because St. George does not offer the buying and selling of cryptocurrency directly through its platform.

How to buy crypto with St. George Bank?

The best way to buy Bitcoin or any other cryptocurrency with a St. George Bank 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.

eToro 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 St. George Bank: 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 St. George Bank 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.

About St. George Bank

St. George Bank is an Australian bank that operates as a subsidiary of Westpac. On the 1st of December 2008, St. George became part of the Westpac Group, now around 30% of the merged entity. The bank offers an extensive range of retail and business banking services, primarily in New South Wales, but with growing representation across several industry and business segments in Queensland, Western Australia, and Victoria. 

Services offered by St. George Bank include: 

• Personal banking: Checking accounts, savings accounts, term deposits, home and personal loans, credit cards, home/car/travel insurance;
• Business banking: Business checking and savings accounts, credit cards, loans, lines of credit, business insurance, overdrafts, as well as payment solutions;
• Wealth management: Investing tools and education, superannuation and pension products, share trading, margin loans, and managed portfolios. 

St. George Bank’s crypto policy

St. George Bank Bank does not offer any cryptocurrency investing services through its platform. Nevertheless, St. George crypto users can connect their banking accounts to regulated crypto exchanges if they wish to trade digital assets.

In December 2022, St. George Bank released a report on cryptocurrencies, highlighting that in their current state, digital currencies can’t offer an adequate alternative to fiat currencies just yet. However, the St. George crypto report does mention its future possibilities in case the innovation and advancements continue, which could lead to increased adoption of cryptocurrencies and its underlying blockchain technology.

How to buy crypto safely

Over time, the investment community has moved from rejecting cryptocurrencies altogether to slowly considering their potential uses. However, though the cryptocurrency market has soared in popularity, it remains highly volatile. 

Fortunately, there are protective measures you can abide by to ensure you’re being careful when buying crypto. For starters, you can:

• 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 crypto wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet;
• 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. 

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