Quick summary: Even though CommBank doesn’t offer cryptocurrency trading (yet), buying crypto using your CommBank account is very straightforward.

We recommend using eToro to buy crypto, they’ve been around for a long time, they’re trusted and have over 50 cryptocurrencies to choose from.

Buy Crypto with eToro

CommBank

To explain further, the reason CommBank (and most other banks in Australia) doesn’t offer cryptocurrency or bitcoin through its own cryptocurrency trading platform, is partially because of the extra regulations and requirements that come with setting up a cryptocurrency trading platform.

Once banks see the potential upside of offering digital assets like crypto, we might see them starting to offer those services.

For now, though, we’ll have to do it using third-party crypto trading platforms. Luckily for us, Australia has a good amount of trusted and AUSTRAC regulated trading platforms we can use.

How to buy crypto or bitcoin with CommBank

  1. Choose a cryptocurrency trading platform
  2. Sign up with the cryptocurrency trading platform
  3. Fund your account with AUD, or another cryptocurrency
  4. Buy crypto

1. Choose a cryptocurrency trading platform

There are a few good options to choose from when it comes to cryptocurrency trading platforms for Australian traders.

As mentioned before, for this guide we’ll be using eToro as they have most of the popular cryptocurrencies available, have competitive fees, and offer something called social investing or copy trading, which is quite unique in the space.

This feature enables traders to copy or match the moves of other popular traders on the platforms, it’s pretty impressive.

2. Sign up with the cryptocurrency trading platform

Let’s start with just signing up with eToro.

Sign up with eToro

The sign-up process is very easy, as is the verification that needs to be completed afterwards so you can get started.

3. Funding your eToro account

Next is funding your account. You have several options when it comes to depositing AUD into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.

Calculate how much you’d need depending on which crypto and how much you’re buying, choose a deposit method, and transfer the funds.

4. Buy cryptocurrency

Once the funds have landed in your account, it’s as simple as going to their Markets section, searching for the cryptocurrency you’re looking for, and buying it.

Congratulations, now you know how to buy bitcoin or crypto with CommBank.

Get Started with eToro

Frequently Asked Questions

Can I buy crypto with my debit card?

Yes, most crypto trading platforms in Australia allow you to buy cryptocurrency with your debit card.

Where can I buy crypto in Australia?

There are multiple Australian cryptocurrency trading platforms where you can buy crypto. While this guide uses eToro, other popular exchanges include Swyftx, Coinspot, and Binance.

How can I buy Bitcoin in Australia?

You can buy Bitcoin using a crypto trading platform like eToro, Swyftx, Binance, or Coinspot. We also have this guide on how to purchase bitcoin in Australia.

More info about CommBank

The Commonwealth Bank of Australia (CBA) or CommBank is an Australian multinational bank that has branches in New Zealand, Asia and the United States. It offers a range of financial services, including superannuation, investments, broking, and retail banking.

As of August 2015, the Commonwealth Bank was the largest Australian listed company on Australian Securities Exchange. It has brands such as Bankwest, Colonial First State Investments and ASB Bank (New Zealand), Commonwealth Securities, CommSec, and Commonwealth Insurance (CommInsure).

The Commonwealth Savings Bank of Australia and Commonwealth Trading Bank were its former parts.

The Commonwealth Bank was established in 1911 by the Australian Government. It was privatized in 1996 and is now one of the "big 4" Australian banks. In 1991, the bank was listed on Australia's Stock Exchange.

The Commonwealth Bank Act 1911 was passed by the Andrew Fisher Labor Government to establish the Commonwealth Bank of Australia. It took effect 22 December 1911. The bank had both general and savings business, which was a rare feat at the time. It was also the first Australian bank to receive a federal guarantee. King O'Malley (an American-Australian Labor politician) was the bank's first and most insistent proponent. Sir Denison Miller was its first Governor.

On 15 July 1912, the bank opened its first branch at Melbourne. The bank traded through post offices agencies as part of an agreement it made with Australia Post. It took over the State Savings Bank of Tasmania in 1912. By 1913, it had six branches across all six states.

Related:

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.