Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

Commonwealth Bank doesn't facilitate direct cryptocurrency transactions but allows customers to move money to regulated digital asset exchanges. It's vital to choose an Australian exchange approved by AUSTRAC for security.

For CommBank clients looking for diverse investment options, eToro stands out by offering a platform to trade more than 4,500 assets, such as cryptocurrencies, stocks, ETFs, and commodities, within a safe, regulated framework, including staking and social trading features.

Capital at risk. See eToro PDS and TMD. AFSL 491139.
eToro Australia
eToro Australia

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.8

Supported Assets

4,500 Cryptocurrencies, Stocks, ETFs and more.

Trading Fees

0% Fees and Variable Spread (1%).

Can I Invest in Crypto with CommBank?

CommBank does not provide direct trading in cryptocurrencies within its services. The bank’s customers are permitted to send money to accredited digital currency exchanges in Australia. For a secure process, opt for exchanges overseen by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Keep in mind that the CommBank application lacks the functionality of in-built crypto wallets, necessitating the use of external digital currency platforms in Australia for managing your crypto investments.

How to Buy Crypto with Commonwealth Bank

For CommBank users looking to buy and sell cryptocurrencies, the safest method is to transfer their funds to an officially authorised digital currency exchange for direct crypto transactions. eToro stands out as a trusted platform for CommBank customers, offering a trading space regulated by AUSTRAC. It supports swift AUD deposits through various payment methods, including bank transfers, credit cards, debit cards, Skrill, and PayPal.

  1. To start, sign up on eToro and set up a free account by following the registration steps.
  2. Choose 'Deposit Funds,' pick a preferred method, and move funds from CommBank.
  3. Navigate to the search function, locate the cryptocurrency you wish to purchase, and select 'Trade.'
  4. Enter the amount you plan to invest and confirm by selecting 'Open Trade.'
How to Buy Crypto with Commonwealth Bank

Does CBA Block Crypto Transactions?

No, the Commonwealth Bank (CBA) does not restrict crypto transactions. It supports its clients in accessing digital currencies by facilitating the transfer of funds to cryptocurrency exchanges. This initiative is part of CBA's efforts to meet the diverse financial needs of its customers, enabling them to participate in the evolving digital currency landscape while ensuring adherence to the necessary regulatory compliance for security.

It's essential for customers to engage with exchanges that comply with Australia's KYC and AML regulations, which are overseen by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This approach reflects CBA's commitment to providing secure and comprehensive financial services in the digital age.

Digital Asset Investing Fees

Jumping into digital asset trading involves understanding the costs associated with exchange platforms, such as eToro. Here's a breakdown of eToro's fees:

  • Funding Fees: Adding funds to your eToro account may incur charges. Converting currencies like AUD to eToro's base currency incurs a fee ranging from 1.5% to 3%. However, deposits in USD are free of charge.
  • Withdrawal Costs: eToro applies a $5 fee for withdrawing fiat money, which helps offset the platform's operational costs. Cryptocurrency withdrawals are subject to variable fees based on network conditions.
  • Trading Charges: eToro imposes a 1% fee on trades in addition to the asset's buy-sell spread. This spread varies across different cryptocurrencies.

Frequent traders or substantial investors might find value in eToro's tiered membership, which offers reduced fees and additional services like a dedicated account manager.

Closing Thoughts

In conclusion, while CBA does not directly offer cryptocurrency trading, it empowers its customers by facilitating transfers to regulated digital asset exchanges. This approach reflects CommBank's adaptability to the evolving financial landscape and its commitment to providing secure, diverse investment opportunities through platforms like eToro. By adhering to guidelines set by AUSTRAC, CommBank ensures a safe environment for its clients to explore digital currencies.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

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