Can I Buy Crypto with Bank of Queensland?
The Bank of Queensland does not directly facilitate buying Bitcoin or any other cryptocurrencies via its online banking interface. However, the bank does permit its customers to transfer funds to reputable cryptocurrency exchanges within Australia. To safeguard your investments, it's essential to select a platform regulated by the Australian Securities and Investments Commission (ASIC).
How to Buy Crypto with Bank of Queensland
As stated above, the best way for BOQ customers to buy and sell cryptocurrency is through the eToro exchange. Bank of Queensland clients can deposit Australian dollars to eToro instantly via various payment methods like Bank Transfer, Credit/Debit Card, PayPal, Skrill, Neteller, and POLi.
BOQ customers can get started with this short and simple guide:
- Open a free account on eToro and complete the verification process.
- Click 'Deposit Funds', pick a method, and transfer AUD from Bank of Queensland.
- Go to the search bar, locate the desired token, and click 'Trade'.
- Enter the amount you wish to purchase and click 'Open Trade'.
Bank of Queensland Cryptocurrency Policy
BOQ embraces the potential of cryptocurrencies, adopting a positive stance towards their use and integration into the financial ecosystem. The bank supports its customers by approving transactions to and from regulated digital asset exchanges, enabling them to buy and sell cryptocurrencies with ease. There is nothing highlighted in the banks terms and conditions that would prohibit transactions to AUSTRAC-registered platforms.
Deposit and Trading Fees
For those considering diving into the world of cryptocurrency via BOQ, it's essential to comprehend the potential expenses related to such ventures. Let's examine the usual costs that you might encounter while handling digital assets:
- Transfer Costs: BOQ differs from cryptocurrency exchanges that offer free deposits, by potentially implementing specific transfer fees. It's wise to verify these charges with the bank before depositing. Deposits conducted through a credit card associated with a BOQ account may be subject to a fee exceeding 2%.
- Trading Charges: A majority of cryptocurrency trading platforms typically enforce a spread, which is a minor percentage of each transaction. The extent of this spread fluctuates based on the particular cryptocurrency and the platform, usually around 1%.
Remember, costs can vary across different platforms. Thus, it's advisable to meticulously scrutinise the existing fee details from both your selected cryptocurrency exchange and BOQ.
The Bottom Line
To summarise, although Bank of Queensland customers cannot buy cryptocurrencies directly through the bank's platform, they can still safely invest in digital assets through ASIC-regulated platforms. For BOQ clients seeking a smooth trading experience, eToro is the best option, with over 3000 available assets available to trade, it provides Aussie investors with the opportunity to create a diversified portfolio.