![How to Buy Crypto with Bank of Queensland (BOQ) [2023] | Step-by-Step Guide](https://finbold.com/app/uploads/2023/01/Bank-of-Queensland-1024x683.jpg)
Summary: Bank of Queensland (BOQ) doesn’t offer customers the chance to buy cryptocurrencies on its own platform. Instead, BOQ customers can connect their banking accounts to a licensed cryptocurrency broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH).
In short, to buy crypto with Bank of Queensland, investors in Australia will need to sign up with a regulated crypto exchange like eToro and deposit AUD from their BOQ account.
Can you buy crypto with Bank of Queensland?
You can buy crypto with Bank of Queensland, but you need to link your bank account to a licensed cryptocurrency exchange. As mentioned above, this is because BOQ does not offer the buying and selling of cryptocurrency directly through its platform.
How to buy crypto with Bank of Queensland?
The best way to buy Bitcoin or any other cryptocurrency 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.
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.
Services offered by Bank of Queensland include:
- Personal banking: Checking accounts, savings accounts, mortgages, credit cards, loans, home/contents/landlord insurance;
- Business banking: Business checking/saving/investment accounts, loans, merchant and payment solutions;
- Wealth management: Financial advice and educational resources, self-managed superannuation funds (SMSFs), and share trading.
Bank of Queensland’s 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.
How to buy crypto safely
Because cryptocurrencies are speculative and inclined to sudden as well as colossal price swings, they are considered a much riskier investment than traditional asset classes such as stocks or bonds. In addition, the space is teeming with scammers, adding fuel to the crypto fire.
Furthermore, although cryptocurrency broker-dealers in Australia are required to register with AUSTRAC, ensuring anti-money laundering (AML) and counter-terrorism financing (CTF) procedures are in place, digital assets themselves are not regulated in Australia.
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money:
- Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are;
- Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
- Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
- Secure your account: Use two-factor authentication and a strong password to protect your account;
- Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
- Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
- Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy crypto with Bank of Queensland:
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.
