How To Buy Crypto with NAB

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

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 exchange. However, that doesn’t mean you can’t use your NAB account to buy crypto.

All you need is a reliable and trusted cryptocurrency 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.

Buy Crypto with eToro

How to buy crypto or bitcoin with NAB

As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with NAB 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 trading platforms 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 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!

etoro crypto

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.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your NAB 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!

Buy Crypto with eToro

 

 

About NAB

NAB (abbreviated NAB) is Australia's largest financial institution. The bank, also known by its acronym, is commonly referred to simply as "The Big Four" in terms of market capitalization, earnings, and customers. NAB was ranked 21st in the world by market capitalisation in 2019 and 52nd in total assets in 2019. NAB served 9 million customers and operated 3,500 Bank@Post branches, with 7,000+ ATMs throughout Australia, New Zealand, Asia.

National Australia Bank was created in 1982 as the National Commercial Banking Corporation of Australia Limited by the merger of the Commercial Banking Company of Sydney and National Bank of Australasia. In the following years, the company was renamed National Australia Bank Limited.

The merged entity had a larger financial base, which led to significant offshore expansion in the following years. Representative offices were established at Beijing (1982), Chicago, Dallas (1983), Seoul (83), Seoul (1883), Kuala Lumpur (1984), Athens (1984), Frankfurt (1985), Closed 1992), Atlanta (1986), Bangkok (1986), Taipei (286 upgraded to branch 1990), Shanghai (1988), Houston (1989), New Delhi (1989).

NAB purchased Clydesdale Bank in Scotland and Northern Bank in Northern Ireland and Republic of Ireland from Midland Bank in 1987. NAB changed the logos of Midland Bank's Midland Bank branches and renamed Northern Bank branches in Republic of Ireland as National Irish Bank. NAB acquired Yorkshire Bank (England, Wales) in 1990.

The Bank of New Zealand was acquired in 1992. It had a 26% marketshare in New Zealand at that time. In 1995, the Michigan National Bank (MNB), also acquired. NAB had already rationalized its US operations in 1991 and closed its San Francisco, Atlanta, Chicago and Dallas offices.

This period of rapid growth through acquisition culminated with the 1997 purchase of HomeSide Lending, a leading US lender and servicer of mortgages, and the 2000 acquisition by MLC Limited (and associated MLC entities) for $4.56bn. It was one of largest corporate mergers in Australian history.

NAB experienced a difficult time between 2000 and 2005. NAB sold Michigan National Bank (NAB) to ABN AMRO in 2000. HomeSide was then sold to Washington Mutual for US$1.9b in 2001. Washington Mutual is the largest US saving and loan company.

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