How to Buy Crypto with Bank of Queensland

The most trustworthy and straightforward way for Bank of Queensland customers to participate in Bitcoin or alternative digital asset investments is by opening an account with a cryptocurrency exchange registered with AUSTRAC. These platforms offer a secure trading space by permitting AUD transfers from BoQ accounts and facilitating deposits via debit or credit cards.

Here is a brief 4-step guide to using eToro, a platform known for prompt deposits from Bank of Queensland and offering over 3,000 tradeable assets:

  1. Register for a free eToro account and complete the verification process.
  2. Click on the 'Deposit Funds' button located in the bottom left corner of your screen.
  3. Choose 'AUD' as your currency, select a payment method, and transfer funds from your Bank of Queensland account.
  4. Once your deposit is successfully processed, navigate to the search bar and purchase your chosen cryptocurrency.
How to Buy Crypto with Bank of Queensland

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Fees to Buy Crypto

When considering investing in digital currencies via a cryptocurrency exchange in Australia, be aware of the associated costs. Usually, fees for depositing funds, conducting trades, and making withdrawals are levied by a majority of these platforms. Nonetheless, customers of Bank of Queensland enjoy the privilege of no-charge deposits when using eToro. The only cost associated with eToro is the trading fee, which is 1% anytime you buy or sell a token.

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Does BoQ Allow Crypto Purchases?

Indeed, the Bank of Queensland grants its patrons the liberty to shift Australian Dollars to sanctioned digital cryptocurrency exchanges authorised by AUSTRAC. However, Bank of Queensland may impose restrictions on transactions linked with unregulated platforms like KuCoin that fail to meet compliance standards. Consequently, we recommend selecting a trading platform regulated by AUSTRAC for trouble-free and safe transactions.

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About Bank of Queensland (BoQ)

‍The Bank of Queensland (BOQ), established in 1874, is one of Australia's leading regional banks, providing a wide range of financial services and products, including retail banking, business banking, and wealth management services. BOQ operates through a network of over 150 branches nationwide, demonstrating its commitment to building healthy and long-term relationships with customers and stakeholders. 

The bank has positioned itself at the forefront of technological advancements in the banking industry, embracing digital transformations to provide seamless and secure customer banking experiences. Committed to responsible banking, BOQ prioritises transparency, ethical practices, and community involvement, aiming to deliver sustainable value to its shareholders. 

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Conclusion

To recap, BoQ customers must use an AUSTRAC-licensed digital asset exchange to securely buy, sell and hold cryptocurrencies in Australia. As previously mentioned, eToro is the best option for Bank of Queensland customers as it offers free AUD deposits and low trading fees to buy over 3000 assets in a secure environment overseen by AUSTRAC and ASIC.