How To Buy Crypto with Suncorp Bank

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

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 crypto exchange. However, that doesn’t mean you can’t use your Suncorp Bank account to buy crypto.

All you need is a reliable and trusted crypto exchange. 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.

Buy Crypto with eToro

How to buy crypto or bitcoin with Suncorp Bank

As stated above, just like with the vast majority of Australian banks, you can’t buy crypto with Suncorp Bank 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 exchange.

However, there are many crypto exchanges that you can use for buying bitcoin and other cryptocurrencies.

1. Choose a cryptocurrency 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!

etoro crypto

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.

Sign Up with eToro

eToro sign up form

3. Transfer funds into the account

Transferring funds from your Suncorp Bank 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!

Buy Crypto with eToro

 

 

About Suncorp Bank

Suncorp Bank, a member of the Suncorp Group, has its head office in Brisbane, Australia. Suncorp Bank began as the Queensland Agricultural Bank in 1902. It has grown to become the sixth largest bank of Australia.

Suncorp Bank began its business in 1916, as the State Accident Insurance Office. Soon after, the name was changed to State Government Insurance Office (SGIO). It expanded its operations to include life insurance, general insurance, and Compulsory 3rd Party. Over the years, financial operations, building society and superannuation were added.

QIDC began operations in 1986. It evolved from the Queensland Agricultural Bank founded in 1902. QIDC was initially a rural finance institution, but it expanded its services to include commercial lending to small and mid-sized businesses.

Suncorp and QIDC, both owned by the Queensland Government, were merged with Metway Bank on the 1st of December 1996 to create Suncorp Metway, an all-finance group. Suncorp and QIDC, both 100% Queensland Government owned at the time of the merger were still in existence. Suncorp had approximately $10 billion of assets and QIDC had $3 billion. Metway Bank was Queensland’s largest locally-based bank, with operations in New South Wales (Victoria) and Queensland. Metway Bank was estimated to have approximately $7.1 trillion in assets at the time the merger took place.

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