Cryptocurrency has gained a lot of hype recently. Since the boom in the price of Bitcoin — a major cryptocurrency — people are looking for avenues to invest in the crypto market.
However, investors are often left disappointed when they are told by their banks that they cannot directly buy these digital assets through their bank accounts.
Commonwealth Bank, too, doesn’t allow its users to buy cryptocurrency directly — not even through their specialized stockbroking platform, CommSec.
If this has left you scratching your head when trying to invest in cryptocurrency, here’s some useful information.
How to Buy Cryptocurrency via CommBank
There is really only one way to buy cryptocurrency in Australia at the moment. And that is to register your account with a dedicated cryptocurrency exchange such as Swyftx.
What are cryptocurrency exchanges?
Cryptocurrency exchanges allow investors to buy and sell cryptocurrencies. Users can do both: trade one cryptocurrency for another — for example, trading Bitcoin for Ethereum — and buy a cryptocurrency through fiat currencies like AUD.
These exchanges then make money by charging commission fees on the trades that investors make through their platform.
The Best Cryptocurrency Exchanges in Australia
When looking for a cryptocurrency exchange you should keep these four factors in mind:
- Accessibility: If you live in Australia, then you’d obviously want to look for an exchange that can be accessed within Australia and accepts payments made in AUD.
- Coins offered: There are hundreds of crypto coins available in the market. Different exchanges have different coins listed for trade. It’s possible that the coin you’re looking for might not be available on a certain exchange.
- Fees: There are two forms of charges that you should know about. One is the commission fee that is charged when you make a trade. The other one is in the form of spreads. The larger the spread, the higher that exchange is going to charge you.
- Security: Keeping your funds secure should be your top priority. Look for exchanges that offer general online security measures like Two-Factor authentication and have never been hacked before.
To help you save time and (a lot of) effort, here are the top 3 recommended Australian cryptocurrency exchanges right now:
- Swyftx — the best cryptocurrency exchange in Australia
- Independent Reserve
- CoinSpot
What makes Swyftx an ideal exchange?
Swyftx is the longest-running trading platform in Australia and has managed to attract millions of investors. It’s the most recommended trading platform because it:
- Offers the best value for Australians because of its low fees and small spreads.
- Supports rapid verification of new sign ups, which means you won’t have to wait for days to get your account verified.
- Has over 270 cryptocurrencies that can be traded.
- Allows secure trading by supporting Two-Factor authentication.
- Is highly intuitive and user-friendly, which is great for beginners.
- Assists its users through excellent customer service.
- Supports multiple payment methods.
How CommBank Users Can Instantly Buy Cryptocurrency Using Swyftx
It’s really simple. Here’s what you need to do
- Create your account on Swyftx.
- Provide your personal details and get them verified.
- Set up your Two-Factor authentication.
- Use your CommBank account to deposit AUD in your Swyftx account.
- Look up the cryptocurrency you want to buy.
- Select the amount and confirm your order.
That’s it — you’ve bought your first ever cryptocurrency with Swyftx!