Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a crypto trading platform. However, that doesn’t mean you can’t use your AMP Bank account to buy crypto.
All you need is a reliable and trusted crypto trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with AMP Bank
As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with AMP Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto trading platform.
However, there are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a crypto exchange
While there are a lot of cryptocurrency trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your AMP Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About AMP Bank
AMP is a New Zealand and Australia-based financial services company. They offer superannuation products and investment products, as well as financial advice and bank products (through AMP Banking), including home loans, savings accounts, and mortgages. Its headquarters can be found in Sydney, Australia.
The Australian Mutual Provident Society, a non-profit mutual society and life insurer, was founded in 1849. It was demutualized and made into AMP Limited, an Australian public company.
AMP's shareholder list is one of the largest in Australia, with most shareholders residing in Australia and New Zealand. Because all policyholders received shares in the new corporation after the society demutualized, this is why.
The Henderson Group was formed in 2003 when the UK operations of the company were merged.
Craig Meller, CEO, resigned from his position on the 20th April 2018. This was after it became clear in the Royal Commission into the Banking, Superannuation and Financial Services Industry, AMP charged clients for advice that was not given, and misled the Australian Securities & Investments Commission a number of times. AMP shares were stripped of more than $1B in market value after news about the company's failings was revealed by the Royal Commission. Meller resigned as a financial advisor to the Turnbull government following revelations from the banking royal Commission and his resignation at AMP.