If you are thinking of buying Bitcoin in Australia via the National Australian Bank (NAB) Trade platform using your personal NAB account, then we’ve got some bad news for you; it’s not allowed. Like many other banking solutions such as Commonwealth Bank, NAB also hasn’t started offering native solutions to allow Aussies to purchase cryptocurrency.
However, don’t close this window yet; we’ve got a better option for you that’ll get those BTCs in your wallet instantly. Out of many methods of buying bitcoin using NAB, we highly recommend CoinSpot. It’s an Australian exchange with Bitcoin and 250 more cryptocurrencies, including some of the most exotic coins like DOGE and Shiba Inu.
Let’s Talk About CoinSpot:
Launched in 2013 in Melbourne, Australia, CoinSpot is one of the longest functioning crypto exchange platforms globally and the most trusted one. Besides the big names; Bitcoin, Etherium and Ripple, it has over 250 more cryptocurrencies for you to buy.
The best part is that its interface is very simple and intuitive, allowing less tech-savvy users to navigate through without any problems.
The CoinSpot exchange has quickly gained the trust of many investors and traders in Australia mainly because of its range of crypto assets, instant funds transfer and low fees.
CoinSpot Payment Methods & Fees:
- POLi: Definitely the best way to deposit money into your CoinSpot account. It has instant transfer; a very high deposit limit of $20,000 and is totally free.
- BPAY: It has a small fee of 0.9%, and you can transfer up to $10,000 AUD per day. Plus, the funds will be deposited in your CoinSpot account in 0-2 business days.
- PayID: This is the method to use to deposit AUD from your NAB Trade account and then purchase BTC. PayID is also free, and transfer is instant. However, the daily limit depends on your bank.
- Cash Deposit at Westpac: Charges a 2.5% fee, instant transfer and daily limit is $8,000 AUD.
- Direct Deposit: Also a free method to deposit funds, but the daily limit is not available to the public, and transfer can take 1-3 days.
Pros of CoinSpot:
- You can use a range of Aussie bank accounts to deposit funds in CoinSpot
- It is a regulated and respected broker
- CoinSpot app is easy to use
Cons:
- Fees for some payment methods can range from 1% to 2.5%
Buying Bitcoin in Australia Using NAB Trade
Here are a few steps you need to take to instantly get your hands on some BTCs using your personal NAB Trade account.
- Register your account with CoinSpot (Be sure to choose Australia as your country to use NAB Trade)
- Enable 2-FA via Google Authenticator or SMS for maximum security
- Verify your email address and also personal ID (KYC) information
- Deposit some Australian dollars in your CoinSpot account using NAB Trade account (you can use PayID for this)
- Go to the ‘Trade’ section of CoinSpot and select Bitcoin
- Enter the amount of BTCs you wish to purchase using the AUD funds you just transferred
- Preview your order to ensure everything is correct and buy Bitcoin.
That’s pretty much it. See how easy a
