Summary: ASB Bank doesn’t provide its clients with an option to engage in crypto transactions directly through its banking services. Nevertheless, you can still deposit your New Zealand dollars (NZD) to a licensed and regulated trading platform and invest in popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
For those seeking a convenient and efficient way to begin trading crypto with an ASB Bank account, we suggest considering Interactive Brokers (IBKR).
Best Platform for Worldwide Stock Trading & Investing
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Highly trusted multi-asset broker with clients in over 200 countries
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Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)
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Low commissions starting at $0 with no platform fees or account minimums
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Easily fund your account and trade assets in 26 currencies
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IBKR pays up to 4.58% interest on cash balances of $10k or more
Can you buy crypto with ASB Bank?
You can’t directly purchase cryptocurrencies through ASB Bank, as it doesn’t offer such services through its online platform. Still, that doesn’t mean that it’s impossible to start trading digital assets with your account. To do so, you can use one of many third-party exchange platforms, with one of the best being IBKR.
How to buy crypto with ASB Bank?
The best way to buy crypto with ASB Bank is through a broker like Interactive Brokers, which is a widely trusted multi-asset investing platform where you can trade and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Additional features let clients hold NZD and cryptocurrencies in their cryptocurrency trading account, trade cryptocurrencies 24/7, place non-marketable limit orders, and withdraw cryptocurrency assets from your Paxos or Zero Hash account to an external wallet.
How to buy crypto with ASB Bank: Step-by-step process
Starting crypto trading with ASB Bank and Interactive Brokers is a straightforward process that can be accomplished by following these four simple steps:
- Register an account on Interactive Brokers and complete the necessary verification process, whether it is for personal or company use;
- Specify the desired amount of NZD you intend to deposit into your IBKR account;
- Link your ASB Bank account and IBKR and deposit funds into your newly-made account;
- Locate the specific cryptocurrency you wish to purchase, and execute the trade to finalize the transaction successfully.
Disclaimer: Crypto assets are unregulated and highly speculative. There is no consumer protection. You risk losing all of your capital. Refer to our Terms and Conditions. See full disclaimer.
Best Platform for Worldwide Stock Trading & Investing
-
Highly trusted multi-asset broker with clients in over 200 countries
-
Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)
-
Low commissions starting at $0 with no platform fees or account minimums
-
Easily fund your account and trade assets in 26 currencies
-
IBKR pays up to 4.58% interest on cash balances of $10k or more
About ASB Bank
ASB Bank is one of the leading financial institutions in New Zealand. It’s known for its comprehensive range of banking services, catering to individuals, businesses, and corporate clients by providing them with different solutions for their financial needs.
The bank offers various personal banking services, including:
- Transactional accounts;
- Savings accounts;
- Term deposits;
- Mortgage and lending solutions.
ASB Bank also provides online and mobile banking platforms for convenient account access and seamless transactions.
For businesses, ASB Bank offers specialized services such as:
- Business accounts;
- Payment solutions;
- Merchant services;
- Trade finance.
ASB Bank further extends its support to corporate clients with comprehensive offerings in cash management, foreign exchange, treasury, and capital markets. All these services make it one of the most influential banking institutions in New Zealand.
ASB Bank’s crypto policy
ASB Bank’s crypto policy is straightforward—it currently doesn’t support the buying or selling of cryptocurrencies through its platforms. However, their clients can still hold crypto acquired through other means.
This sets ASB Bank apart from most other banks, both in New Zealand and other countries, all while the Kiwi government considers cryptocurrency industry regulation, potentially influencing other banks in both New Zealand and Australia.
Investing in cryptocurrencies
Investing in cryptocurrencies carries inherent risks, but it can also yield significant financial gains based on individual risk tolerance and goals. Therefore, if you acknowledge and accept the risks involved, consider the following factors:
- Potential high returns: Crypto trading has demonstrated the potential for substantial profits within a short timeframe, attracting investors during market growth;
- Decentralization and innovation: Cryptocurrencies are based on decentralized blockchain technology, fostering innovation across industries and supporting the development of transformative applications;
- Accessibility and liquidity: Digital assets offer enhanced accessibility and can be traded 24/7, providing liquidity for easy conversion into other currencies.
Crypto prices today
It’s no secret that cryptocurrencies are volatile, resulting in price fluctuations over time. As such, they can offer both lucrative opportunities and pose risks as investment assets. Nevertheless, here on our website, you can check out the latest price movements of various cryptocurrencies, as they are subject to frequent changes.
How to buy crypto safely
Investing in cryptocurrencies still raises uncertainties for many individuals due to the dynamic nature of the market. Unfortunately, its relative newness and susceptibility to volatility make it an attractive target for cybercriminals and scammers. So, to ensure a secure cryptocurrency purchase, it’s essential to keep the following tips in mind:
- Choose a reputable exchange: Thoroughly research and select a trusted cryptocurrency exchange platform known for its robust security measures;
- Set up a secure wallet: Hardware wallets provide an additional layer of security by storing private keys offline, safeguarding them from potential online threats;
- Conduct thorough research: Before investing in any particular cryptocurrency, engage in comprehensive research, understanding its market trends;
- Beware of phishing attempts: Verify website URLs, use strong passwords, and never share private keys or personal information with unauthorized individuals;
- Start small: Begin by investing a modest amount to familiarize yourself with the cryptocurrency and the investment process. Then, as you gain experience and confidence, you can gradually increase your investment.
The bottom line
Buying crypto with ASB Bank involves selecting a trusted exchange like IBKR, linking your ASB account for transfers, and following the mentioned process in this guide to complete your purchase.
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 ASB Bank
How to buy crypto with ASB Bank?
To buy crypto with an ASB Bank account, you’ll first need to register on one of many reputable crypto exchange platforms, with our recommendation being Interactive Brokers.
Can you buy crypto with ASB Bank?
What is ASB Bank’s crypto policy?
ASB Bank doesn’t support the buying or selling of cryptocurrencies through its services. However, their clients can still hold crypto acquired through other means.
Are there any fees when buying crypto with ASB Bank?
Yes, while ASB Bank itself may not charge fees for bank transfers, the cryptocurrency exchange you decide to use will likely apply transaction and conversion fees, so it’s important to review their fee structure beforehand.
Best Platform for Worldwide Stock Trading & Investing
-
Highly trusted multi-asset broker with clients in over 200 countries
-
Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)
-
Low commissions starting at $0 with no platform fees or account minimums
-
Easily fund your account and trade assets in 26 currencies
-
IBKR pays up to 4.58% interest on cash balances of $10k or more
