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

Up Bank facilitates seamless fund transfers to trusted exchanges, aligning with Australian financial regulations enforced by entities like the Australian Transaction Reports and Analysis Centre (AUSTRAC). This compliance ensures adherence to national financial standards and practices.

For Up Bank customers looking to diversify their investment avenues, eToro is a prime choice. It presents a regulated platform for trading various assets such as cryptocurrencies, stocks, ETFs, and commodities. eToro offers a copy trading feature enabling users to emulate the investment strategies of accomplished traders.

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 Up Bank?

Up Bank doesn't offer direct cryptocurrency trading services through its banking app. However, customers can transfer funds to approved exchanges, focusing on those that comply with regulations set by the Australian Transaction Reports and Analysis Centre (AUSTRAC) to protect their investments.

It's vital for Up Bank customers to realise that the bank's digital banking solutions, such as its mobile app and online banking, do not include built-in crypto wallets. For managing their digital currency portfolios, clients are encouraged to utilise certified investment platforms in Australia, ensuring a regulated trading setting.

How to Buy Crypto with Up Bank

Up Bank does not directly facilitate the purchase of cryptocurrencies but allows fund transfers to accredited exchanges. Opting for platforms regulated by authoritative bodies enhances the security of transactions. In Australia, eToro stands out for its compliance with AUSTRAC's regulations, providing transparent options for depositing AUD through bank transfers and credit cards.

  1. Start by creating an eToro account, which involves a simple registration process.
  2. Select 'Deposit Funds,' choose your preferred deposit method, and initiate a transfer from Up Bank.
  3. Use the search function to find the cryptocurrency you're interested in and select 'Trade.'
  4. Specify the investment amount and finalise your purchase by clicking 'Open Trade.'
How to Buy Crypto with Up Bank

Does Up Bank Block Crypto Transactions?

No, Up Bank does not impose limitations on its users when transferring funds to exchanges. The bank supports its customers by facilitating transactions to authorised cryptocurrency trading platforms. This approach highlights Up Bank's desire to broaden its financial services for its clients.

Up Bank advises its users to interact only with exchanges that comply with Australia's KYC and AML regulations, overseen by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This recommendation reflects the bank's dedication to safeguarding financial activities within the modern digital marketplace.

Digital Asset Investing Fees

Stepping into the realm of digital asset trading means getting to grips with the various fees charged by platforms like eToro. Let's delve into the specifics of eToro’s pricing:

  • Deposit Charges: When you top up your eToro account, you could face some fees. For example, changing AUD to eToro's primary currency incurs a conversion fee of 1.5% to 3%. However, USD deposits are exempt from fees.
  • Withdrawal Fees: For fiat currency withdrawals, eToro levies a $5 fee to help with the costs associated with money transfers. Crypto withdrawals incur fees that fluctuate with the network's status.
  • Trading Costs: Trading on eToro attracts a 1% charge plus a spread, which is the difference in asset buying and selling price and varies per cryptocurrency.

eToro's tiered membership scheme offers reduced fees and a personal account manager for top-tier members.

Closing Thoughts

In closing, Up Bank stands as a testament to the evolving landscape of digital banking in Australia, bridging traditional banking services with the dynamic world of cryptocurrency investments. By enabling easy fund transfers to AUSTRAC-compliant exchanges like eToro, the bank empowers its customers to explore a diverse range of investment opportunities while ensuring a secure and regulated trading environment. 

Author

Elena Boyaci is the proactive editor-in-chief of StacksOnChain, bringing her extensive journalism experience to the forefront. She spearheads a committed team, focusing on providing prompt and comprehensible updates on crypto and finance.

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