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How to Buy Crypto with Bankwest in Australia

Last updated on November 12, 2023

Quick Summary: While Bankwest does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Australia cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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Bankwest Homepage

As mentioned in my quick summary, like most Australia banks, Bankwest doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Bankwest

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bankwest.

Buy Crypto With eToro

About Bankwest

Bankwest is an Australian full-service banking institution based within Perth, Western Australia. The bank was purchased in the month of October in October 2008 to Commonwealth Bank of Australia for A$2.1 billion. It is an arm of the parent company.

Bankwest used to have branches with branches in Adelaide, Brisbane, Canberra, Melbourne and Sydney.

In 1895 in 1895, The Government of Western Australia established the Agricultural Bank of Western Australia as a rural loan lender to help support the state’s agriculture industries. In spite of its name it was technically not a bankin the sense that it was not able to collect deposits from the general public, its obligations were government bonds. It was a state-owned institution which lent only to farmers.

in 2003 Bankwest has announced that it would acquire API Finance in 2003 from Australian Pharmaceutical Industries Ltd (API) for $300 million in line with its sector expansion strategy for specialisation in the business banking sector.

In late the year 2006 Bankwest declared that it was going to be removing their iconic tower, and instead constructing an entirely new structure located at Raine Square.

Bankwest offers a variety of banking services, including loans (home credit, car loans personal loans) as well as credit card transaction and accounts for savings.

In 2007 Bankwest created its Bankwest Regular Saver account for customers.

In 2012, Bankwest introduced their Student Edge debit card, which is linked to their Student account.

In 2016 Bankwest ended their share trading platforms, and all Bankwest shares trading accounts online were shut down on May 31, 2016.

On February 20, 2022 Bankwest declared that it was going to discontinue offering products and services, and then transfer existing business customers into Commonwealth Bank.