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 Bankwest 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 Bankwest
As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with Bankwest 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 cryptocurrency exchange.
However, luckily for us, there are plenty of cryptocurrency exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a crypto trading platform
While there are a lot of crypto exchanges, 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 Bankwest 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!
Bankwest is an Australian bank that provides full-service banking services. It is located in Perth, Western Australia. It was sold to Commonwealth Bank of Australia for A$2.1billion in October 2008.
Bankwest also has branches in Adelaide, Brisbane and Canberra as well as Melbourne and Sydney.
The Agricultural Bank of Western Australia was created by the Government of Western Australia to provide financial support for the State's agriculture industries in 1895. Although it was called the Agricultural Bank of Western Australia, it was not technically a bank. The bank did not accept deposits from the public. Instead, its liabilities were government bonds. It was a government institution that lent only to farmers.
The Agricultural Bank transformed into a full-fledged trading bank in 1945. In the same year, it changed its name to Rural and Industries Bank of Western Australia (also known under the R&I Bank). It was able expand its commercial and retail banking services throughout the state. In 1956, it was converted to a savings bank and the first Sydney branch was opened in 1985.
The bank was founded in 1990 and changed its name to Bank of Western Australia Limited in 1994. It then traded under the Bankwest trading name in preparation for privatisation. Bank of Scotland bought the bank in December 1995. The Bank of Scotland also offered 49 percent of Bankwest shares to the public as part of the agreement. Bankwest shares became listed on the Australian Stock Exchange (ASX) on February 1, 1996.
In 2001, Bank of Scotland and Halifax Group (a large UK bank) merged to form HBOS plc. HBOS purchased all of the Bankwest shares, making Bankwest a wholly owned subsidiary.
Bankwest announced that in 2003 it purchased API Finance (Australian Pharmaceutical Industries Ltd) from API for $300m. This was in line with its growth strategy in the industry segment of the business banking segment.