Summary: Westpac acknowledges the growing relevance of cryptocurrency in today's financial sector. While not handling digital asset transactions directly, the bank mediates efficient fund transfers to registered exchanges, adhering to the guidelines of the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC). This enables its customers to actively participate in trading major tokens.
Our comprehensive review highlights eToro as the ideal platform for Westpac customers. We chose it because of its efficient AUD deposit process, its diverse offering of over 4,500 financial instruments, and its low fees. eToro’s seamless interface and global community of more than 30 million users make it an excellent choice for beginners. As a bonus, its clients enjoy valuable extras like demo accounts and staking services.
- Regulated by the Australian Securities and Investments Commission (ASIC).
- Buy, sell and trade over 4,500 Cryptocurrencies, Stocks, ETFs and more.
- Fast AUD deposits from Westpac via POLi, bank transfer and debit card.
Your capital is at risk. AFSL 491139. See eToro PDS and TMD.
Can I Buy Bitcoin with Westpac?
Absolutely, Westpac clients have the opportunity to exchange funds for a variety of cryptocurrencies, including Bitcoin, Solana, BNB, and others. The bank acts as an intermediary and works with digital asset exchanges in Australia overseen by the Australian Securities and Investments Commission, thereby ensuring adherence to national financial standards. This approach makes it simple for customers to deposit AUD and diversify their investment portfolios.
How to Buy Crypto with Westpac
Westpac clients can invest in cryptocurrencies through registered digital asset trading platforms. Based on our research, eToro is the most suitable choice for Australian users, aligning with ASIC regulations and offering an extensive selection of over 4,500 financial instruments, including cryptocurrencies, ETFs, commodities, and stocks. It facilitates an effortless AUD deposit process with multiple payment methods, including POLi, debit and credit cards, and PayPal.
Here’s a simple guide to get you started in the world of crypto trading:
- Sign Up: Register on eToro and complete the identity verification process.
- Select a Currency: Click on ‘Deposit Funds’ and then ‘AUD’ to avoid conversion fees.
- Deposit Funds: Select your preferred payment method and transfer Australian Dollars from your Westpac account.
- Conclude the Investment: Use eToro’s platform to find and purchase your chosen digital asset.
Westpac Cryptocurrency Policy
Westpac is one of the banks that keeps an open mind toward cryptocurrencies. It partners with exchanges adhering to the Australian Securities and Investments Commission standards to facilitate easy access to the digital asset market. Our top recommendation is eToro Australia Pty Ltd, which is regulated under ASIC licence AFSL 491139 and known for its secure trading environment. eToro is located at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia.
Digital Asset Investment Fees
Being familiar with the expenses tied to crypto trading is essential for smart investing and creating a profitable strategy. Let's examine the common charges you might encounter when using digital asset exchanges:
- Funding Costs: You can expect to pay a commission when you add money to your account, which varies by your chosen payment method. For instance, using bank transfers or PayID usually incurs lower fees than faster methods like credit/debit cards.
- Transaction Charges: The cost of purchasing or selling coins differs among exchanges. For example, eToro generally has a fee of around 1% per trade. Others, like Coinbase, can have rates as high as 4%.
- Withdrawal Expenses: The cost to take out your funds differs based on the type of cryptocurrency. For example, withdrawing Bitcoin might result in a charge of approximately 0.0005 BTC, though this can change for other tokens.
Westpac customers can benefit from using eToro, offering a major selection of over 4,500 assets, including a variety of digital currencies, stocks, ETFs, and commodities. The platform is also known for its competitive pricing and robust security, further enhancing its attractiveness to investors.
What is Westpac?
Westpac is an Australian bank and financial services provider headquartered in Sydney. It was established in 1817 as the Bank of New South Wales, and later transformed into Westpac Banking Corporation in 1982. Today, it provides a range of products and services, including personal, business, corporate, and institutional banking, as well as wealth management.
The bank has consistently prioritised innovation and sustainable business practices, integrating advanced technology to enhance customer experience and financial operations. It is one of the oldest and largest banks in Australia, but it also has a significant international footprint, especially in the Asia-Pacific region, the United States, and the United Kingdom.
Final Thoughts
To conclude, Westpac is actively facilitating its customers' entry into the evolving world of cryptocurrency. By streamlining secure fund transfers to approved digital asset exchanges and adhering to stringent regulatory standards set by ASIC and AUSTRAC, the bank ensures a safe and effective trading environment. Our experts chose eToro as the optimal platform for Australian clients due to its compliance with ASIC guidelines, ease of use, and efficient AUD deposit mechanisms. Furthermore, its broad range of assets, competitive pricing, and valuable features make it an excellent choice for both new and seasoned investors.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
