Can you buy Crypto on CommSec in Australia?

Summary: CommSec does not offer cryptocurrency for Australian investors. The best way to buy Crypto through a CommBank account is via CoinSpot who provide instant and free AUD deposits.

By
James Glennon
on
October 18, 2021
CommBank Crypto Guide
Buy Cryptocurrency on CommSec

Can you buy Crypto on CommSec?

If you are an investor in Australia looking to buy Bitcoin on Commsec with your Commonwealth Bank account, unfortunately you are out of luck. The CommSec App does not yet support native buying of crypto assets like Bitcoin and Ethereum on their platform.

However, users can deposit AUD from their Commonwealth Bank account to trusted cryptocurrency exchanges like CoinSpot.

How to Buy Crypto with Commonwealth Bank

If you are a customer of the Commonwealth Bank, you can easily connect your bank account to a trusted exchange like CoinSpot to get started investing.

Below is a simple guide to buy crypto with your Commonwealth Bank account.

  1. Sign up to CoinSpot
  2. Complete your verification and onboarding
  3. Visit the 'Deposit AUD' screen and connect your Commonwealth Bank account
  4. Deposit the amount of AUD you wish to invest
  5. Select the 'Buy' screen in the navigation menu and select the crypto you want to buy
  6. Input the dollar amount you want to purchase and click 'Buy'!

Buy Crypto CommSec with CoinSpot

Once you have completed your crypto purchase with CoinSpot, your cryptocurrency will be held in your CoinSpot managed wallet. From there you can choose to leave it their for safe storage, or withdraw it to a secure crypto wallet.

Commonwealth Bank Crypto Policy

Although the CommSec App does not directly support customers buying and selling digital assets, the Commonwealth Bank has no issue with their customers using cryptocurrency exchanges.

This ultimately means Commbank customers can freely deposit and withdraw Australian Dollars (AUD) into cryptocurrency trading platforms like CoinSpot without any hassle.

Does CommSec Pocket offer Crypto?

The CommSec Pocket app also does not support buying and selling of cryptocurrencies for Australian investors.

buy crypto with commbank
James Glennon

I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.

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