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How to Buy Crypto with Bank of Queensland [2024]

How to Buy Crypto with Bank of Queensland (BOQ) [2023] | Step-by-Step Guide
Diana Paluteder

Summary: To buy crypto with Bank of Queensland, we suggest using a regulated broker platform. After analyzing more than ten crypto brokers, we concluded eToro to be the best choice for BOQ customers, as it offers low fees, a large selection of digital assets, and is regulated by the Australian Securities and Investments Commission (ASIC).

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Can you buy crypto with the Bank of Queensland? 

You can buy crypto with the Bank of Queensland, but you need to link your bank account to a licensed cryptocurrency exchange, as BOQ does not offer cryptocurrency trading services directly through its platform.

How to buy crypto with the Bank of Queensland?

The best way to buy crypto with a Bank of Queensland account in Australia is through an AUSTRAC (Australian Transaction Reports and Analysis Centre)-registered and ASIC (Australian Securities and Investments Commission)-regulated broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Bank of Queensland: Step-by-Step

You can get started in minutes with four simple steps:

  • Step 1: Create an account on eToro and complete your verification (personal or company);
  • Step 2: Enter the AUD amount you want to deposit on the eToro platform;
  • Step 3: Connect your BOQ account to deposit your selected fiat currency;
  • Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
How to Buy Crypto with Bank of Queensland: eToro banner.
Crypto on eToro. Source: eToro.com

About Bank of Queensland

Bank of Queensland, colloquially known as BOQ, is an Australian retail bank headquartered in Brisbane, Queensland. They operate as a franchise, meaning many of the bank’s 160 branches across the country are run by franchisees known as “owner-managers.” BOQ offers its clients a wide selection of services, including business and personal banking, as well as lending, investment, and wealth management products. 

How to Buy Crypto with Bank of Queensland: Homepage screenshot.
Bank of Queensland’s homepage. Source: Boq.com.au

Bank of Queensland crypto policy

BOQ’s online platform does not support the buying, selling, or trading of digital currencies. However, its customers can link their banking accounts to regulated crypto exchanges if they wish to invest in crypto.

It is important to note that even though BOQ customers can use their debit cards to buy crypto, they are prohibited from using their Bank of Queensland credit cards to invest in digital assets. You can find the OQ crypto policy on the BOQ website, which highlights the rules as follows:

Changes to the BOQ Credit Card Terms and Conditions, effective 1 July 2021:

We have included reference to cryptocurrency-related transactions as transactions you cannot make on your credit card. Accordingly, we’ve updated the final bullet of the clause as follows:

Cardholders must not, or won’t be able to: invest in shares or other financial products. In addition, cardholders must not, or won’t be able to: invest in shares or other financial products or for cryptocurrency-related transactions.

How to buy crypto safely

To buy crypto safely in Australia, investors should adhere to the following steps:

  • Choose a reputable exchange: Opt for an AUSTRAC-registered exchange with strong security measures; 
  • Secure your account: Use two-factor authentication and create strong passwords;
  • Educate yourself: Learn about the cryptocurrencies you want to invest in and understand the market;
  • Use secure wallets: Store your crypto in secure crypto wallets
  • Invest wisely: Only invest what you can afford to lose and approach the crypto market conservatively to handle its volatility.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs: 

Can you buy crypto with Bank of Queensland?

While Bank of Queensland doesn’t offer crypto trading directly through its own platform, customers can link their accounts to a regulated crypto broker to buy digital assets.

How to buy crypto with Bank of Queensland?

You can buy crypto with Bank of Queensland by connecting your account to a licensed third-party cryptocurrency platform.

What crypto exchanges does Bank of Queensland allow?

Customers can connect their Bank of Queensland account to a licensed cryptocurrency exchange to buy crypto. 

What is Bank of Queensland’s crypto policy?

Bank of Queensland allows its customers to use their accounts to buy, sell and trade digital assets through regulated exchanges. 

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