how to buy crypto with westpac

Westpac, Australia's leading financial institution, has partnered with Coinbase to offer customers the ability to buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP (XRP) through its mobile banking app.

Jan 27, 2025 at 06:30 am

Key Points:

• Westpac is Australia's first bank to offer cryptocurrency trading services.
• Customers can buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP (XRP) through Westpac's mobile banking app.
• The bank has partnered with Coinbase to provide the underlying infrastructure for its cryptocurrency trading services.
• The minimum investment amount is $1 AUD.
• There is a flat fee of $2 AUD per trade, regardless of the size of the transaction.

How to Buy Crypto with Westpac

1. Open a Westpac account.

If you don't already have a Westpac account, you will need to open one in order to purchase cryptocurrency. You can do this online or by visiting your local Westpac branch.

2. Download the Westpac mobile banking app.

Once you have a Westpac account, you will need to download the Westpac mobile banking app. This is available for both iOS and Android devices.

3. Register for cryptocurrency trading.

Once you have the Westpac mobile banking app installed, you will need to register for cryptocurrency trading. You can do this by clicking on the "Crypto" tab in the app.

4. Fund your Westpac account.

Before you can purchase cryptocurrency, you will need to fund your Westpac account. You can do this by linking your bank account to the app or by making a deposit at a Westpac branch.

5. Place a buy order.

Once your Westpac account is funded, you can place a buy order for cryptocurrency. To do this, click on the "Buy" tab in the Crypto section of the app. Select the cryptocurrency you wish to purchase and enter the amount you wish to buy.

6. Confirm your purchase.

Once you have entered the details of your purchase, you will need to confirm the transaction. You will be required to enter your PIN or password.

7. Your cryptocurrency will be deposited into your Westpac account.

Once your purchase has been confirmed, your cryptocurrency will be deposited into your Westpac account. You can view your cryptocurrency balance in the Crypto section of the app.

FAQs

Q: What are the fees for buying cryptocurrency with Westpac?

A: There is a flat fee of $2 AUD per trade, regardless of the size of the transaction.

Q: What cryptocurrencies can I buy with Westpac?

A: You can buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP (XRP) with Westpac.

Q: What is the minimum investment amount?

A: The minimum investment amount is $1 AUD.

Q: How long does it take to buy cryptocurrency with Westpac?

A: The process of buying cryptocurrency with Westpac is typically completed within a few minutes. However, the time it takes for the cryptocurrency to be deposited into your account may vary depending on the cryptocurrency and the current blockchain traffic.

Q: Is it safe to buy cryptocurrency with Westpac?

A: Yes, it is safe to buy cryptocurrency with Westpac. The bank has partnered with Coinbase to provide the underlying infrastructure for its cryptocurrency trading services. Coinbase is a reputable and secure cryptocurrency exchange.