Quick summary: Even though Westpac doesn’t offer cryptocurrency trading (yet), buying crypto using your Westpac 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.
To explain further, the reason Westpac (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 crypto exchange.
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 manage using third-party cryptocurrency exchanges. 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 Westpac
- Choose a cryptocurrency trading platform
- Sign up with the crypto exchange
- Fund your account with AUD, or another cryptocurrency
- Buy cryptocurrency
1. Choose a crypto exchange
There are a few good options to choose from when it comes to crypto 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 crypto exchange
Let’s start with just signing up with eToro.
The sign-up process is very easy and quick, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your 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 crypto you’re looking for, and buying it.
Congratulations, now you know how to buy bitcoin or crypto with Westpac.
Frequently Asked Questions
Can I buy crypto with my debit card?
Yes, most crypto trading platforms in Australia allow you to purchase crypto with your debit card.
Where can I buy crypto in Australia?
How can I buy Bitcoin in Australia?
You can buy Bitcoin using a crypto exchange like eToro, Swyftx, Binance, or Coinspot. We also have this useful guide on buying Bitcoin .
More info about Westpac
Westpac Banking Corporation is known as Westpac and is a bank and financial service provider in Australia. Its headquarters are located in Sydney, Australia.
It was established in 1817 as The Bank of New South Wales. In 1982, it purchased the Commercial Bank of Australia. It is Australia's oldest and largest banking institution and one of Australia's four "big banks". Its name is a combination of "Western" & "Pacific".
Westpac currently has almost 40,000 employees and 14 million customers as of March 2018.
The Bank of New South Wales (BNSW), which was established in Sydney in 1817, was Australia's first bank. Edward Smith Hall served as its first secretary and cashier. BNSW first opened branches in Australia and Oceania in the 19th century and early 20th centuries: in Moreton Bay (Brisbane), 1851, in Victoria in 1851, in South Australia 1877; South Australia 1877; Western Australia 1883; Fiji 1901; Papua New Guinea 1910; Tasmania 1910.
Westpac Institutional Bank (WIB), offers a wide range of financial services for commercial, corporate, institutional, and government customers.
WIB is a network of dedicated industry relationships and product teams that provide expert knowledge in financial and debt capital markets, transactional banking, financial and margin lending, broking, and other investment options.
Support is available in Australia, New Zealand and the UK for customers.
Westpac is a member the Global ATM Alliance. This joint venture of many major international banks allows customers to use their ATM card, or check card at another bank in the Global ATM Alliance without paying fees for international travel. Other participating banks include Allied Irish Banks, Barclays (in Ireland), Barclays, in the UK, Spain, and parts of Africa), Bank of America, BNP Paribas, France, Ukrsibbank, Ukraine, Deutsche Bank (in Germany), Spain, Italy and Poland), and Scotiabank, among others, (in Canada and Mexico).
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.
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