Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency trading platform. However, that doesn’t mean you can’t use your Bank of Queensland account to buy crypto.
All you need is a reliable and trusted crypto trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Bank of Queensland
As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with Bank of Queensland on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto trading platform.
However, there are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a crypto exchange
While there are a lot of cryptocurrency trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Bank of Queensland account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About Bank of Queensland
The Bank of Queensland (also known as BOQ) is an Australian bank that focuses on retail banking. Its headquarters are located in Brisbane, Queensland. This bank was founded in Brisbane, Queensland as a building society. It is one of Queensland's oldest financial institutions. It has 160 branches in Australia, including 65 corporate branch and 95 "owner managed".
Roy Morgan Research gave a rating of 82.9% for customer satisfaction with BOQ in 2021. The 2007 satisfaction level of customers was 88%.
The Bank of Queensland was created in 1863. In 1866, the Bank of Queensland was closed in severe financial depression. A second bank, with the same name, was established in 1917. However, it was taken over by the National Bank in the year 1922.
The Brisbane Permanent Benefit Building and Investment Society, which was founded 1874, is the origin of today's Bank of Queensland. It was established in 1887. It was merged with City and Suburban Building Society and Queensland Deposit Bank in 1921. It remained a savings and building society bank until 1942, when it was granted a trading license. The name of Brisbane Building and Banking Company was used.
Brisbane Building and Banking Company became Bank of Queensland (BOQ), and was listed on Australia's Stock Exchange in 1971. Its operations were computerized in 1970.
In 1982, Bank of Queensland created Bank of Queensland Savings Bank to be a wholly-owned subsidiary. BOQ bought Stowe Electronic Switching Pty Ltd. It was renamed Queensland Electronic Switching Pty Ltd.