If you are looking to purchase BTC in Australia with a Commonwealth Bank account on the Commsec app, unfortunately, it’s impossible. Commonwealth Bank does not allow its customers to buy BTC, Etherium, or any other cryptocurrency right from the Commsec app.
However, there are other ways to buy Bitcoin using your Commonwealth Bank account instantly. The safest, fastest, and most reliable way to do so is via CoinSpot. It allows users to instantly deposit and withdraw BTC with very low fees and can be integrated with your Commonwealth Bank account.
Let’s Talk About CoinSpot:
Without a doubt, it’s one of the most trusted cryptocurrency exchanges in Australia that’s also the longest-running. CoinSpot offers exchange services for Bitcoin and over 250 other cryptocurrencies, allowing its users to buy and sell almost any coin.
The best part of using CoinSpot to buy bitcoin in Australia is that it allows users to instantly purchase BTC via their Commonwealth Bank accounts in AUD and at incredibly low fees.
CoinSpot Payment Methods & Fees:
- POLi: It is unequivocally the best way to transfer money into your CoinSpot account. It is almost instant, has a very high deposit limit of 20,000 AUD, and the great thing is, it’s free!
- BPAY: You’ll have to pay a 0.9% fee, can transfer 10,000 AUD daily, and the funds will land in CoinSpot in 0-2 business days.
- PayID: This is what you can use to transfer AUD from your Commonwealth Bank account and buy BTC. PayID is also free, its maximum daily limit varies from bank to bank, and transfer is almost instant.
- Cash Deposit at Westpac: You’ll have to pay a 2.5% fee. Although transfer instant, the daily deposit limit is $8000 AUD.
- Direct Deposit: It is also free, but the daily limit is unknown and can take 1-3 days to transfer.
Pros of CoinSpot:
- The largest crypto exchange in Australia
- Allows instant purchase of Bitcoin in Australia with Commonwealth Bank
- Instant deposits in AUD with low fees
Cons of CoinSpot:
- There’s no leverage trading
Buying Bitcoin in Australia Using Commonwealth Bank Account
Here are a few steps you need to take to instantly get your hands on some BTCs using your personal Commonwealth Bank account.
- Register your account with CoinSpot (Be sure to choose Australia as your country to use Commonwealth Bank account)
- Enable 2-factor authentication via Google Authenticator or SMS for maximum security
- Verify your email address with CoinSpot and also personal ID information
- Deposit some AUD in your CoinSpot account using Commonwealth Bank account (you can use PayID for this)
- Go to the ‘Trade’ section of CoinSpot and select Bitcoin
- Enter the amount of BTCs you want to purchase using the AUD funds you deposited
- Review your order to ensure everything is correct and buy Bitcoin.
That’s pretty much it. See how easy and fast it is to buy bitcoin from CoinSpot using your Commonwealth Bank account.