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How to Buy Crypto with Westpac in Australia

Last updated on January 1, 2024

Quick Summary: While Westpac 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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Westpac Homepage

As mentioned in my quick summary, like most Australia banks, Westpac 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 Westpac

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

1. Pick a crypto 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 Westpac.

Buy Crypto With eToro

About Westpac

Westpac Banking Corporation is also commonly referred to as Westpac is an Australian multinational financial and banking services company with its headquarters at Westpac Place situated in Sydney, New South Wales.

Westpac Institutional Bank (WIB) provides a variety of financial products to corporate, commercial, institutional and public customers.

WIB is a special industry relationships and product teams with an in-depth understanding of the areas of transactional banks, finance and capital markets, capital margin lending, broking , and alternative investment options.

Westpac is an associate of the Global ATM Alliance, a joint venture among several of the largest international banks that permits customers of the banks to utilize an ATM/check at any other bank that is part of the Global ATM Alliance with no costs when traveling abroad. Other banks that are part of the alliance include Allied Irish Banks (Ireland), Barclays (in the UK, Spain and parts of Africa), Bank of America (US), BNP Paribas (France), Ukrsibbank (Ukraine), Deutsche Bank (in Germany, Spain, Italy, Poland), and Scotiabank (in Canada, Chile, Mexico among many other countries).

Customers are supported by operations through operations Australia, New Zealand, the US as well as the UK and Asian centres.

In 2021 Westpac is serving 14 million clients across the globe and employs nearly 40,000.