How To Buy Crypto With POLi In Australia

Last Updated on May 1, 2023 by Kevin Groves

POLi is an instant payment method payment that can be used to buy cryptocurrencies on regulated digital asset exchanges. In this article, we look at how you can securely deposit AUD into your exchange wallet to enable you to obtain Bitcoin and other crypto assets.

Quick Guide: How To Buy Crypto With POLi

Buying digital currencies using POLi as the payment method is easy as long as you follow the steps below.

  1. Create a free account with a regulated cryptocurrency exchange that accepts POLi payments. An AUSTRAC-registered example is Swyftx.
  2. Complete the ID verification process using your Australian passport or driver’s licence.
  3. Deposit AUD by selecting ‘Deposit’, select AUD, and POLi as the payment method. Follow the remaining prompts including using your bank login details.
  4. Click on ‘Trade’ and find the crypto asset to buy. Enter the amount and confirm the transaction.

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Can You Buy Crypto With POLi?

Yes, Australians can use POLi to securely and quickly buy cryptocurrencies such as Bitcoin from a crypto trading exchange that is registered with AUSTRAC and licenced with ASIC. Supported by Australia Post, POLi is a fast and convenient payment method that allows you to fund your trading account on an exchange and buy crypto assets.

Buying Crypto With POLi: Full Tutorial For Australians

Step 1 – Create an account with a crypto exchange

Not all of Australia’s best crypto exchanges support POLi deposits. Based on our reviews, Swyftx is the leading crypto exchange in the country which allows POLi deposits of AUD. You can find out more about its features in our Swyftx review.

By using our Swyftx referral code, new customers can obtain $20 worth of Bitcoin. All you will need is a valid email address and password. Once you enter your full name, phone number, and email address, accept the terms and conditions and click “Create Account”.

swyftx create new account

Step 2 – Complete KYC

Digital asset exchanges that allow you to deposit AUD using POLi must be registered with AUSTRAC. This means that you need to verify your identity in order to complete the mandatory Know-Your-Customer (KYC) process.

swyftx ID verification

Before you can use POLi to transfer money into your trading wallet, Swyftx will prompt you to submit copies of either your Australian passport or driver’s licence. This process can be completed within 3 minutes and confirmation will be received from Swyftx within 60 minutes.

Step 3 – Deposit AUD

Depositing money via POLi is easily done on Swyftx. Find and click ‘Deposit‘ on the left-hand navigation panel. This will bring up a window that presents the available payment options. make sure you select Australian Dollars as the asset to deposit into your wallet as well as POLi. Enter the amount of cash to deposit and click ‘Continue‘.

swyftx deposit aud via poli

A new tab on your browser will open when you click “Continue,” allowing you to start a POLi payment. Select your bank or financial institution from the drop-down menu and click ‘Continue‘. Enter your login details for your Internet banking account and you will be able to view the accounts from which to send money to Swyftx. The transfer must be verified as the final step.

swyftx poli payment enter commbank details

Step 4 – Buy cryptocurrency using POLi

You ought to be able to see the AUD dollars in your Swyftx wallet as soon as the POLi payment has been made. You can now buy cryptocurrency assets. Although we are using the purchase of Ethereum (ETH) in this article as an example, the procedure is identical for any other digital assets on Swyftx.

  1. On the left-hand side of the dashboard, under the navigation menu bar, select the “Trade” button.
  2. From the list of digital assets, select the crypto asset you want to buy. You can scroll down or use the search function.
  3. Click the “Buy” button at the top of the real-time charting interface.
  4. Click “Review” to complete the transaction.

Apart from instantly buying crypto, you have the added option during Step 4 to create a trigger order or set up recurring purchases (more commonly known as Dollar-Cost-Averaging).

  • Instant Buy: Exchanges your AUD for the desired crypto with the assets near-instantly transferred into your wallet.
  • Trigger Orders: Enter a price point where you want Swyftx to automatically purchase the crypto. If the real-time market price equals the indicated price then the transaction will be executed.
  • Recurring Orders: Otherwise known as DCA, this will automatically use your money to buy crypto at set amounts and regular timeframes (e.g. daily, weekly, monthly). This is a popular way for beginners to enter investment markets whilst minimising the effects of price volatility.
swyftx how to buy ethereum

Australian Crypto Exchanges That Accept POLi Payments

Swyftx, CoinSpot, eToro Australia, and Easy Crypto are regulated crypto exchanges that accept POLi payments of Australian Dollars. All of these trading platforms are AUSTRAC-registered and ASIC-licenced and charge zero fees for you to transfer money via POLi. Although no fees will be incurred for depositing cash via POLi, Swyftx is cheapest exchange due to its competitive trading fee of 0.6%.

Crypto ExchangeNo. CryptoPOLi FeeTrading Fee
Swyftx320+None0.6%
CoinSpot370+None1% for instant buy & sell, 0.1% for OTC/market orders
eToro Australia90+NoneSpread only
Easy Crypto158+None1.35%

Is POLi Crypto-friendly?

POLi Payments is a crypto-friendly way of depositing AUD into a regulated crypto exchange that is registered with AUSTRAC and licenced with ASIC. When you deposit AUD into your trading wallet, none of your banking information or details is retained which makes it highly secure. As long as you can select your bank or financial institution on the crypto exchange, transfers of money will be instant and have no limitations besides the deposit limits set by the exchange.

Frequently Asked Questions

Can you buy crypto with POLi?

Australians are unable to use POLi Payments to directly purchase cryptocurrencies. However, the payment method can be used to deposit AUD into a regulated crypto exchange where the funds can be used to buy Bitcoin and other crypto assets.

How to buy crypto with POLi Payments?

Using POLi payments to purchase digital currencies such as Bitcoin and Ethereum can be achieved in four steps.

  1. Create a new account on a regulated Australian crypto exchange.
  2. Complete the Know-Your-Customer (LYC) process by verifying your identity.
  3. Select POLi as the wallet funding method and deposit AUD.
  4. Find the crypto to buy and complete the transaction.

Conclusion

POLi deposits are a popular way of funding a digital asset exchange with AUD and using it to buy Bitcoin and altcoins. The method can be used to instantly deposit Australian Dollars from your bank account. Apart from being fast and convenient, the POLi payment option is also secure and free to use on most Australian cryptocurrency exchanges.

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Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.