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 cryptocurrency trading platform. However, that doesn’t mean you can’t use your CommBank account to buy crypto.
All you need is a reliable and trusted cryptocurrency exchange. 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 CommBank
As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with CommBank 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 crypto exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a cryptocurrency exchange
While there are a lot of cryptocurrency 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 CommBank 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!
The Commonwealth Bank of Australia, or CommBank is an Australian multinational bank that has operations in New Zealand and Asia. It offers a wide range of financial services such as retail, institutional, and business banking, funds management and superannuation. As of August 2015, Commonwealth Bank is the largest Australian listed bank on the Australian Securities Exchange.
Its former components were the Commonwealth Savings Bank of Australia (CBA), the Commonwealth Trading Bank of Australia (CTB) and the Commonwealth Development Bank.
The Commonwealth Bank was founded in 1911 by Australia's Government. In 1996 it was fully privatized. The Australian Stock Exchange listed the bank in 1991.
The Commonwealth Trading Bank Building, corner of Pitt Street & Martin Place, Sydney, was once the global headquarters of Commonwealth Bank. In 2012, it was refurbished for retail and commercial purposes. Also, from 1984 to 2012, there was the State Savings Bank Building, Martin Place. Macquarie Bank bought the building in 2012. Tower 1, 201 Sussex Street was the new headquarters. Two nine-storey buildings were also built on the site where the former Sega World Sydney was located, Darling Harbour on Sydney's west side.