Summary
Can I Buy Bitcoin with ubank?
Unfortunately, ubank does not offer a direct method for purchasing Bitcoin or any other cryptocurrency through its website or banking app. This is primarily because cryptocurrency regulations in Australia are stringent. However, if you have a registered account on an AUSTRAC-approved cryptocurrency exchange, you can use your ubank account to buy crypto.
Currently, ubank supports cryptocurrency purchases only through third-party apps or centralized crypto exchanges. If you’re trying to make a PayID payment and the transaction fails, it’s likely because ubank has blocked certain exchanges with less regulation to protect its customers from potential scams.
How to Buy Crypto with ubank on Bybit
Bybit, established in 2018, is registered with AUSTRAC and complies with Australian regulations, enabling users to purchase cryptocurrencies using credit or debit cards, including ubank cards. It has over 5 million followers and is highly rated in terms of safety. The platform requires KYC and supports 871+ cryptocurrencies for spot trading. Additional features include copy trading, bot trading, and options, catering to various trading preferences.
Buy Crypto Using Bybit
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1First, make sure you have created an account on Bybit and completed the KYC process to comply with regulations.
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2Once your Bybit account is ready, visit their website, hover over the Buy Crypto tab on the toolbar, and select the One-Click Buy option.
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3You will be redirected to the buy crypto page. In the Spend field, select AUD as your currency and enter the amount you want to spend.
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4In the Receive field, choose the cryptocurrency you want to purchase. The amount will be displayed based on real-time pricing.
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5To proceed, click the Add Card button and enter your UBank debit or credit card details to complete the purchase.
Why choose Bybit?
Alternatives to Bybit
If, for any reason, you’re unable to access Bybit in Australia to buy crypto using ubank, you can explore alternatives like Bitget and MEXC.
Bitget
Bitget is an AUSTRAC-compliant exchange established in 2018, with over 8 million users. Similar to Bybit, Bitget requires KYC verification and supports 871+ cryptocurrencies and 246+ trading pairs. It ranks very high on the security index, ensuring a safe trading environment. In addition to spot and futures trading, Bitget also offers bot trading and copy trading, making it a versatile choice for users looking to explore different trading strategies.
MEXC
MEXC is another alternative that claims to comply with AUSTRAC regulations. Founded in 2018 by John Chen, MEXC has grown to over 6 million users. While it offers a moderate level of security, MEXC does not require KYC verification for certain features. The exchange is well-regarded for its extensive selection of altcoins, with support for over 2,437 cryptocurrencies. Additionally, MEXC offers 433+ futures contracts with leverage up to 200x, making it a popular choice for those interested in futures trading and high-leverage opportunities.
What are the Fees?
ubank card payments, such as card purchases and ATM withdrawals, are typically free, but certain merchants and ATM operators may impose additional fees. However, Bybit applies fees for card payments: 3.05% for Visa transactions and 2.70% for Mastercard transactions.
ubank Cryptocurrency Policy
ubank allows transfers to AUSTRAC-registered cryptocurrency exchanges, ensuring compliance with Australian regulations. However, to protect against fraud, it restricts transactions to certain platforms, blocking payments to restricted exchanges via PayID. While ubank doesn’t offer direct crypto trading, customers can link their accounts to exchanges like Bybit, Bitget, and MEXC.
Also, transactions are supported through PayID, bank transfers, and BPAY. ubank doesn’t charge fees, but users should be mindful of the fees on third-party exchanges. This policy prioritizes security while enabling crypto engagement through regulated channels.
Bottomline
ubank offers Australians a secure way to buy cryptocurrency through regulated exchanges like Bybit, Bitget, and MEXC. While direct crypto trading isn’t available, customers can link their accounts to trusted third-party platforms. It’s important to engage in crypto activities only through secure exchanges, as digital frauds and scams are common and often go unnoticed. So, when you buy crypto with ubank, always prioritize safety when using third-party exchanges.
FAQs
1. Can I buy Bitcoin directly through ubank’s website or app?
No, ubank does not support direct cryptocurrency purchases. However, you can transfer funds to AUSTRAC-compliant exchanges like Bybit or Bitget to buy Bitcoin or other cryptocurrencies.
2. Are there any transaction limits when buying crypto with ubank?
ubank may impose daily or monthly limits on transactions depending on your account type. Confirm with ubank if you’re planning a large purchase.
3. Can I sell cryptocurrency and withdraw the funds to my ubank account?
Yes, you can sell crypto on regulated exchanges and withdraw fiat directly to your ubank account via PayID or bank transfer.
4. Which payment methods does ubank support for crypto purchases?
ubank supports PayID, bank transfers, and debit/credit card payments for funding cryptocurrency purchases through approved exchanges.
5. How does crypto taxation work in Australia?
In Australia, cryptocurrency is treated as an asset and subject to capital gains tax (CGT). For example, if you sell crypto for a profit, you’ll need to report the gains and pay CGT. Holding crypto for over 12 months may make you eligible for a 50% CGT discount. Always maintain detailed records of your transactions for accurate tax reporting.
