Quick summary: Even though Bank of Queensland doesn’t offer crypto trading (yet), buying crypto using your Bank of Queensland account is very straightforward.
We recommend using eToro to buy crypto, they’ve been around for a long time, they’re trusted and have over 50 cryptocurrencies to choose from.
To explain further, the reason Bank of Queensland (and most other banks in Australia) doesn’t offer cryptocurrency or bitcoin through its own crypto exchange, is partially because of the extra regulations and requirements that come with setting up a cryptocurrency trading platform.
Once banks see the potential upside of offering digital assets like crypto, we might see them starting to offer those services.
For now, though, we’ll have to do it using third-party cryptocurrency trading platforms. Luckily for us, Australia has a good amount of trusted and AUSTRAC regulated trading platforms we can use.
How to buy crypto or bitcoin with Bank of Queensland
- Choose a cryptocurrency trading platform
- Sign up with the cryptocurrency trading platform
- Fund your account with AUD, or another cryptocurrency
- Buy cryptocurrency
1. Choose a cryptocurrency exchange
There are a few good options to choose from when it comes to cryptocurrency exchanges for Australian traders.
As mentioned before, for this guide we’ll be using eToro as they have most of the popular cryptocurrencies available, have competitive fees, and offer something called social investing or copy trading, which is quite unique in the space.
This feature enables traders to copy or match the moves of other popular traders on the platforms, it’s pretty impressive.
2. Sign up with the cryptocurrency exchange
Let’s start with just signing up with eToro.
The sign-up process is very easy, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your eToro account
Next is funding your account. You have several options when it comes to depositing AUD into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
Calculate how much you’d need depending on which crypto and how much you’re buying, choose a deposit method, and transfer the funds.
4. Buy crypto
Once the funds have landed in your account, it’s as simple as going to their Markets section, searching for the crypto you’re looking for, and buying it.
Congratulations, now you know how to buy bitcoin or crypto with Bank of Queensland.
Frequently Asked Questions
Can I buy crypto with my debit card?
Yes, most cryptocurrency trading platforms in Australia allow you to buy crypto with your debit card.
Where can I buy crypto in Australia?
How can I buy Bitcoin in Australia?
You can buy Bitcoin using a cryptocurrency exchange like eToro, Swyftx, Binance, or Coinspot. We also have this handy guide on how to purchase bitcoin .
More info about Bank of Queensland
The Bank of Queensland, also known as BOQ, is an Australian retail bank headquartered in Brisbane. It is the oldest Queensland financial institution, having been established as a building society. The bank has 160 branches across Australia, including 65 corporate and 95 "owner-managed".
Brisbane Building and Banking Company was renamed Bank of Queensland (BOQ), on May 1, 1970. It was then listed on the Australian Stock Exchange, in 1971. In 1970, it was computerized.
In 1982, Bank of Queensland established Bank of Queensland Savings Bank as its wholly-owned subsidiary. BOQ purchased Stowe Electronic Switching Pty Ltd in 1991 and renamed it Queensland Electronic Switching Pty Ltd.
Bank of Hawaii purchased 5.8 million shares in 1999 (approx. Bank of Queensland, where 10% was purchased in 1999. Bank of Hawaii then sold its 6.2 million shares and 5.4 million convertible notes to Bank of Queensland two years later in order to refocus its operations in Hawaii.
The Bank's 2002 tagline, "bank different", was adopted by their brand until 2011.
BOQ purchased the equipment financing business from UFJ Bank in Australia, New Zealand and Australia in 2003.
In 2006, the bank opened branches in Western Australia and the Northern Territory. It then merged with the Western Australia-based Home Building Society (WA) and Queensland-based Mackay Permanent Building Society (QLD) in 2007.
BOQ joined rediATM in 2010 and bought St Andrew's Insurance. St Andrew's Insurance is an Australian manufacturer and distributor of consumer credit insurance products. CIT Group Inc was a provider of vendor finance to small and medium-sized businesses. It also acquired CIT's Australian and New Zealand divisions. BOQ's new slogan, "Your own personal bank", was launched in that year. It was later replaced by 2013.
Due to the Queensland floods of 2010-11, the bank suffered a loss in 2011 and a slump in profits.
BOQ purchased Virgin Money Australia in 2013 for $40 million. The deal gives BOQ rights to Virgin Money Australia's name for 40 years and pays royalties to Virgin Group. Virgin also has a seat at the BOQ board.
BOQ's 2013 branding was "It is possible to love a Bank". In February 2020, BOQ unveiled a five-year strategy with five pillars that focuses on growth and digitization. To counter underperformance, this strategy included the reduction of some 220 bank products and shorter processing times.
BOQ was inducted into Queensland Business Leaders Hall of Fame 2014 in recognition of its outstanding contribution to Queensland's banking sector for more than a century, and its continued expansion across the country.
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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