Buying cryptocurrency with Westpac Bank (2022)

Buying cryptocurrency with Westpac Bank (2022)

Robert McDougall

May 9, 2022

Cryptocurrency

Can you buy crypto on Westpac?

While Commonwealth Bank announced in late 2021 that they would be introducing the ability to buy and sell 10 cryptocurrencies on their CommBank app, Westpac has not made any efforts to introduce crypto trading to their services.

However, you can easily use a crypto exchange to purchase cryptocurrency using money in your Westpac bank account. CoinSpot is our recommended option, as it has been around since 2013 and is trusted by over 2.5 million Australian customers. CoinSpot offers access to more than 370+ cryptocurrecies, and you can stake 21 coins to earn interest on them. 

How can I buy crypto with Westpac bank account?

The best way to buy crypto using AUD in your Westpac account is to set up an account with a crypto exchange that accepts deposits from Westpac Bank. The best Australian crypto exchanges all support Westpac Bank, are registered with AUSTRAC, and are longstanding and legitimate platforms. Below are our top 3 recommendations.

CoinSpot is the #1 option, with industry-leading security, a user-friendly interface, more than 370+ cryptocurrencies, and staking on 21 coins so you can earn interest. There is even Live Chat support, something you would be used to from Westpac, so you know you can access assistance at all times. If you want to read more about CoinSpot before signing up, here is a complete review of CoinSpot.

Top 3 Recommendations

#1

CoinSpot

   Best Overall  

Rating

4.9

#2

Swyftx

Best for Demo Mode

Rating

4.6

#3

Crypto.com

Best App for Beginners

Rating

4.4

How to buy cryptocurrency with Westpac Bank?

There are four simple steps which I will expand on below, to guide you through this process:

Step 1: Compare crypto exchanges

Step 2: Create an account

Step 3: Deposit AUD into your account

Step 4: Buy cryptocurrency

Step 1 - Compare the best crypto exchanges

The first step is to compare Australian crypto exchanges, and choose one that meets your needs. After extensive research on Australia's best exchanges, I would recommend CoinSpot as the #1 choice. In this guide I will include screenshots from my CoinSpot account, so if you want to follow along easily, I suggest you sign up with CoinSpot

If you are still deciding which crypto exchange to use, I would suggest reading my full breakdown of Australian crypto trading platforms, which you can find here. If you want to use your mobile phone to buy crypto on Westpac, you may also like my review of best crypto apps in Australia for iOS and Android.

Step 2 - Create an account

The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.

Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.

Step 3 - Deposit AUD into your account

After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer.

For Westpac users, PayID is an excellent option. It is free of charge, convenient, and instant (although the first deposit may take up to 24 hours). Sign into your Westpac bank account on your computer or mobile app, and select the 'Pay Anyone' option. Input the email address and description/comment that you see in your CoinSpot account, and the desired amount you want to deposit, then make the transfer.

Step 4 - Buy cryptocurrency

When your money has arrived in your CoinSpot account, it's time to buy some crypto. Click on "Buy/Sell" in the menu along the top, then search whichever cryptocurrency you want to buy. Alternatively, you can scroll down the list to choose which coin you like (see screenshot below). Click the buy button next to which crypto you like (In this example, I will buy Solana, so I click "Buy SOL".

You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on the coin, then click the blue "Buy" button.

You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of SOL. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some cryptocurrency!

Frequently Asked Questions:

Where do I store my cryptocurrency after buying with Westpac Bank?

When you buy crypto with any of our recommended brokers you will be automatically given a wallet address where your cryptocurrency will be held. From this wallet you can transfer your crypto to and from any other wallets (fees may apply depending on the exchange).

Is buying crypto in Australia legal using Westpac Bank?

Yes it is legal to buy, sell and trade cryptocurrency in Australia. While you cannot yet purchase crypto directly through Westpac, you can use funds from your Westpac bank account to pay for crypto, and this is perfectly legal.

Is buying crypto using Westpac Bank safe?

If you use a reputable crypto exchange, then buying, selling and trading crypto using funds from your Westpac Bank account is safe. All of the top Aussie exchanges have multi-layered security, and you can buy with peace of mind. Have a look below at my comparison table of the best crypto exchanges for Australian traders.

Does this method work for all cryptocurrencies?

This method will work for almost all cryptocurrencies you have heard of; our recommended exchanges support hundreds of different tokens so its likely you will find the one you're looking for. We actually made a guide specifically for buying Bitcoin if you're interested.

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Binance
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Binance
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, ETH, LTC, XRP, BCH, ADA & 370+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, BNB, XRP, LTC, BCH, XLM & 600+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID/OSKO, Debit/Credit card, SWIFT, Bank transfer (SEPA), Bank transfer (ACH), Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
0.1% (0.075% if you pay with BNB)
0.2% for spot, 0.02%/0.06% for futures

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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