How Tos

Buy Crypto with ING Bank Australia

Summary: This guide shows Australian investors how to buy cryptocurrencies with an ING Bank account. Get started today and buy crypto within minutes on Australia's largest crypto exchange, CoinSpot.

By 
Serah Huels
 on  
June 13, 2022
Verified Author

ING Bank Australia is a subsidiary of the Dutch ING Group. It offers a range of banking products and services to individuals, small businesses and large corporates in Australia. The bank was founded in 1963 as the Internationale Nederlanden Groep (ING Group). ING Bank is one of the world's largest banks, with over 40 million customers in more than 40 countries.

In 2017, ING Bank was ranked first for customer satisfaction among all major banks in Australia by Canstar Blue. It offers a range of banking products and services, including savings and transaction accounts, home loans, personal loans, credit cards, foreign exchange, insurance and investment products. Although it is yet to offer cryptocurrency trading directly on its banking platform.

Table of Contents

Where to Buy Crypto with ING Online Bank Account

ING Bank regrettably does not allow its users to buy or sell cryptocurrencies directly on its banking platform. However, there are secure alternative ways to investing in cryptocurrencies with an ING Bank account. Simply connect your ING Bank account to a regulated and licensed cryptocurrency exchange like CoinSpot. 

We recommend using CoinSpot as its the only cryptocurrency exchange in Australia that has undergone an SCI Qual International security audit and been awarded the ISO 27001 standard security certification. This certificate confirms and backs the security of CoinSpot. In addition to high security, CoinSpot also offers the lowest trading fees in Australia starting at 0.1%. 

If you’re interested in CoinSpot and want to learn more about its features, you can visit our CoinSpot review page.

CoinSpot Home Page
CoinSpot's Home Page

How to Buy Crypto with ING Bank 

In this example we show Australian investors how to buy cryptocurrencies with an ING Bank account. Follow the below steps to get started. 

Step One: Sign up to CoinSpot and complete your onboarding

Step Two: Go to the account symbol in the top right hand corner of your screen and select ‘Deposit AUD’

Step Three: Find ‘Direct Deposit’ and copy CoinSpots details into your ING Banking app

Step Four: Send the desired amount to your CoinSpot account from your ING Banking app and the funds will be deposited immediately

Deposit Funds Page on CoinSpot

Step Five: Go to the ‘Buy/Sell’ tab, find the cryptocurrency you want to buy and press ‘Buy’ (we use Bitcoin in this example)

Buy/Sell Crypto page on CoinSpot

Step Six: Enter the amount of AUD you want to spend and press ‘Buy’

Buying Bitcoin through CoinSpot
Buying Bitcoin on CoinSpot

Is ING Crypto Friendly?

Yes, ING Bank Australia is crypto-friendly, meaning that its not opposed to cryptocurrency and is currently implementing steps to eventually sell cryptocurrencies on the platform. The only reason you cannot currently purchase cryptocurrencies on ING Bank is because crypto is still considered relatively new. 

Also, the licensing required to operate a cryptocurrency investing platform are significantly harder to obtain than a traditional banking platform. 

About ING Bank 

ING Bank is a licensed deposit-taking institution and is regulated by the Australian Prudential Regulation Authority (APRA). ING Bank is also a member of the Australian Financial Complaints Authority (AFCA) and the Financial Ombudsman Service (FOS).

It has a strong focus on security and has implemented a number of security measures to protect its customers' information and funds. ING Bank is also a member of the Payment Card Industry Data Security Standard (PCI DSS) and adheres to strict data security standards.

Visit CoinSpot

Author Bio

Serah is our Editor in Chief and was the first person to join the Buy Crypto Australia team. She is a digital & crypto native, having been in the space since 2015.

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