• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with Commonwealth Bank in Australia

How to Buy Crypto with Commonwealth Bank in Australia

Last updated on January 7, 2024

Quick Summary: While Commonwealth Bank 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.

5/5

11,029 5-star reviews on Trustpilot

Commonwealth Bank Homepage

As mentioned in my quick summary, like most Australia banks, Commonwealth Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency 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 Commonwealth Bank

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

1. Pick a crypto trading platform

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 Commonwealth Bank.

Buy Crypto With eToro

About Commonwealth Bank

The Commonwealth Bank of Australia (CBA) also known as CommBank is an Australian multinational bank, with operations all over New Zealand, Asia, the United States and the United Kingdom. It offers a range of financial services such as commercial, retail and institutional banking as well as superannuation, funds management as well as insurance, investment as well as broking and investment services.

It is the Commonwealth Bank is the largest Australian listed company listed on the Australian Securities Exchange in August 2015. Its brands include Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure).

In 1911, the Commonwealth Bank was established in 1911 by the Australian Government and completely privatised in 1996, Commonwealth Bank is one of the “big four” Australian banks together with National Australia Bank (NAB), ANZ and Westpac. It was registered as a member of the Australian Stock Exchange on 12 September 1991.

The Commonwealth Bank is Australia’s largest retail bank, and provides customers with many services and products that include credit cards, loans transactions and savings accounts. It is the biggest branch as well as an ATM network. It also provides assistance for those who are who are planning to move to Australia.

The Commonwealth Bank offers online banking services via NetBank. NetBank lets customers transfer funds and manage accounts, as well as access liabilities and assets, as well as monitor savings and savings goals. NetBank is also available as an app for mobile devices that is available for iOS as well as Android.