Recommended Alternative for buying bitcoin in Australia is: Swyftx
For those looking to jump into the cryptocurrency boom, you’ll likely be looking for any avenues to invest.
However, when it comes to getting into Bitcoin and other Crypto with CommSec you’re going to be all out of luck. As of writing, CommSec doesn’t currently support crypto and digital asset-buying, and so you’re going to need to consider heading to a dedicated currency exchange for this.
In short, Australia’s Commonwealth Bank does not yet allow any customers to buy cryptocurrency whether Bitcoin, Ripple, Ethereum or anything else out there through their specialised CommSec app.
That in mind, we suggest you head to a platform such as CoinSpot.
Buying Cryptocurrency or Bitcoin with CoinSpot
For Australians looking to buy Bitcoin, we suggest using CoinSpot given that the platform is one of the most trusted currency exchanges in the country when it comes to cryptocurrency.
As CoinSpot is one of Australia’s most popular cryptocurrency exchanges, and is also one of the longest running out there, you can rely on the service to provide easy access when it comes to investing into more than 250 different crypto assets.
You can easily use local currency, like AUD, to invest in cryptocurrency through CoinSpot, and that means there is less confusion when it comes to exchange rates, etc.
When it comes to buying through a Commonwealth Bank Account, you can also use CoinSpot for this too. The fees for CommBank customers with CoinSpot are exceedingly low, and so you’re not going to lose a lot of value in your Bitcoin investment through fees with CoinSpot.
All that said, CoinSpot is the leading way to buy Bitcoin with Commonwealth Bank customers to date, as well as all of the other most popular cryptocurrencies.
Buying Bitcoin in Australia with Commonwealth Bank through CoinSpot
Here are the simple steps to buying Bitcoin with CoinSpot. The process should take no longer than a few minutes, and it will only take up to a day to process your verification request, though this can typically happen instantly.
- Create and Register an Account with CoinSpot
- Set up 2FA or your Two-factor Authentication
- Verify All of Your Personal (or Business) Details with CoinSpot
- Deposit an AUD Amount into Your CoinSpot Account with CommBank
- Navigate to the Trade Page
- Choose Bitcoin
- Choose Your AUD Amount to Buy Bitcoin
- Confirm Your Order and Commit to Buy Bitcoin
With those simple steps you’ll be on your way to buying Bitcoin through Commonwealth Bank in the safest and most straightforward way possible.