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