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Buy Bitcoin and crypto using Commonwealth Bank

Learn how to buy Bitcoin in Australia using Commbank with our 2024 guide
Sign up & buy crypto
bitcoin.com.au app

How to buy Bitcoin with CommBank

  1. Create an account

    To buy Bitcoin using CBA, the first step is to sign up for a free bitcoin.com.au account.

  2. Deposit funds from CBA

    You can use your CommBank credit/debit card, PayID or bank transfer.

  3. Buy Bitcoin

    Once the money has landed from your Commonwealth Bank account, click buy!

Get started

Deposit methods you can use with Commonwealth Bank

PayID

Want to buy Bitcoin instantly? PayID makes it easy and can be done in a few easy steps via NetBank or your Commbank app.

Depositing Australian dollars to the bitcoin.com.au crypto exchange using PayID
EFT bank transfer
Credit/debit card

Want to buy Bitcoin instantly? PayID makes it easy and can be done in a few easy steps via NetBank or your Commbank app.

Depositing Australian dollars to the bitcoin.com.au crypto exchange using PayID

Understanding Commonwealth Bank’s crypto policies

Understanding the bank’s policies is a key aspect of buying Bitcoin through Commonwealth Bank on cryptocurrency transactions. Commonwealth Bank has made a few changes recently to help protect consumers from scams.

Commbank limits on crypto transactions

Commbank may limit the amount you can pay to crypto exchanges to no more than $10,000 for each calendar month across all your accounts.

There are no restrictions to withdrawals from crypto exchanges to your CommBank account.

You can read more about this on the Commbank website.

Commbank limits on crypto transactions

Navigating tax implications

In Australia, as crypto is considered property, transactions are subject to capital gains tax (CGT). Taxpayers are obliged to report their realised gains or losses on their annual tax returns. Keeping records of your holdings and transactions is essential to determining your capital gains or losses.

For more information on taxation of cryptocurrencies in Australia, check out our crypto tax blog.

Learn more
Navigating tax implications

Tips for keeping safe and avoiding scams

Recognising and avoiding scams

Remaining alert and cautious of potential scams is crucial in the crypto space. Common scams associated with cryptocurrency investment include:

  • Bitcoin investment schemes

    Bitcoin investment schemes

  • Rug pull scams

    Rug pull scams

  • Romance scams

    Romance scams

  • Phishing scams

    Phishing scams

  • Man-in-the-middle attacks

    Man-in-the-middle attacks

  • Social media scams

    Social media scams

Bitcoin.com.au takes measures to protect users from potential scams by restricting transactions made to high-risk cryptocurrency exchanges and not taking responsibility for verifying recipient addresses for withdrawals.

To learn more about how to protect yourself, read our scam prevention blog.

Frequently asked questions

How do I create an account on bitcoin.com.au?
What deposit methods are compatible with Commonwealth Bank for purchasing Bitcoin?
What are the tax implications of buying and selling cryptocurrencies in Australia?
How can I stay updated on market trends and news for informed cryptocurrency investment decisions?

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What people are saying

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