How to Buy Crypto with Bankwest
Author: Marco Vela - Fact-checked ✓
Summary: While Bankwest doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto exchange.
There are plenty of Australian crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most Australian banks, Bankwest doesn’t offer cryptocurrency trading directly, as setting up a cryptocurrency exchange is quite complex and comes with regulations and extra requirements for the banks.
Luckily for us, there are plenty of cryptocurrency exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with Bankwest
There are only 4 steps involved, let’s get started!
1. Choose a crypto trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy crypto
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Bankwest.
About Bankwest
Bankwest, an Australian full-service bank with headquarters in Perth, Western Australia is a subsidiary of the Commonwealth Bank of Australia. It was sold to the Commonwealth Bank of Australia in October 2008 for A$2.1billion and is now a division of its parent company.
Bankwest has also established offices in Adelaide and Brisbane, Canberra, Melbourne, Sydney, and Canberra.
The Agricultural Bank of Western Australia was established by the Government of Western Australia in 1895 as a rural lender. Its purpose was to support the state's agricultural industries. It was technically not a bank despite its name. It did not take deposits from the public and its liabilities were government bonds. It was a government instrument that only lent to farmers.
The Agricultural Bank was transformed into a fully trading bank in 1945. Its name was changed to the Rural and Industries Bank of Western Australia (also called R&I Bank). It was able to expand its commercial and retail banking services across the state. It became a savings bank in 1956 and opened its first branch in Sydney in 1985.
In 1990, the bank was established. In 1994, the Bank of Western Australia Limited changed its name to Bank of Western Australia Limited. Bankwest is the trading name. The Bank of Scotland purchased the bank in December 1995 and offered the public 49 percent of its shares in Bankwest as part of the sale agreement. Bankwest shares were listed on the Australian Stock Exchange in February 1996.
The Bank of Scotland and Halifax Group, a large UK financial institution, merged to create HBOS plc in 2001. HBOS acquired all outstanding shares of Bankwest and became HBOS's wholly-owned subsidiary.
Bankwest announced in 2003 that it had purchased API Finance from Australian Pharmaceutical Industries Ltd. (API) in accordance with its strategy to grow industry specialisation in the business banking segment.
Bankwest, a major bank, announced that it was moving from its landmark tower to a new complex in Raine Square in late 2006.
Early June 2008 saw reports circulating that HBOS wanted to sell Bankwest.
In a deal valued at more than PS12.2 billion, Lloyds TSB purchased HBOS in September 2008. The deal was followed by HBOS/Lloyds TSB's October 2008 purchase of HBOS. This transaction, which had significant problems of its own, saw HBOS/Lloyds TSB agree to sell Bankwest and St Andrews Insurances (CBA) at an initial price of A$2.1billion.
The bank relocated their headquarters to Bankwest Place in September 2012 after long delays.
Bankwest offers a wide range of banking products including loans (home loans and car loans), personal loans, credit cards transactions, and savings accounts.
Bankwest introduced the Bankwest Regular Saver account in 2007 for individuals.
Bankwest introduced the Student Edge debit card in 2012 that was linked to their Student account.
2016 saw Bankwest close its share trading platform. All Bankwest online trading accounts were closed on 31/05/2016.
Bankwest announced in February 2022 that it would cease offering services to businesses and shift its existing customers to Commonwealth Bank.
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author Marco Vela
A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.