How to Buy Crypto with Bank of Queensland
Summary: While Bank of Queensland doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto trading platform.
There are plenty of Australian crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most Australian banks, Bank of Queensland doesn’t offer cryptocurrency trading directly, as setting up a crypto exchange is quite complex and comes with regulations and extra requirements for the banks.
There are many crypto trading platforms that you can use for buying bitcoin and other cryptocurrencies.
You can sign up for an exchange (we will use eToro as our example because it is a trusted and worldwide exchange) and transfer funds to the exchange to trade crypto.
Table of Contents
How to buy crypto or bitcoin with Bank of Queensland
There are only 4 steps involved, let’s get started!
1. Choose a cryptocurrency trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Bank of Queensland.
About Bank of Queensland
The Bank of Queensland, also known as BOQ, is an Australian retail bank headquartered in Brisbane. It is the oldest Queensland financial institution, having been established as a building society. The bank has 160 branches across Australia, including 65 corporate and 95 "owner-managed" branches.
Roy Morgan Research rated customer satisfaction with BOQ at 82.9% in 2021. Customer satisfaction levels in 2007 were 88%.
In 1863, a Bank of Queensland was founded. In 1866, it was shut down by the severe financial depression known to be the Panic of 1866. In 1917, another bank was named the same but it was absorbed into the National Bank in 1922.
The Brisbane Permanent Benefit Building and Investment Society was the original foundation of the Bank of Queensland. It was founded in 1887. It merged with City and Suburban Building Society, in 1921, and Queensland Deposit Bank a decade later. It was a savings bank and building society until 1942 when it received a trading bank license under the name of Brisbane Building and Banking Company.
Brisbane Building and Banking Company was renamed Bank of Queensland (BOQ), on May 1, 1970. It was then listed on the Australian Stock Exchange, in 1971. In 1970, it was computerized.
In 1982, Bank of Queensland established Bank of Queensland Savings Bank as its wholly-owned subsidiary. BOQ purchased Stowe Electronic Switching Pty Ltd in 1991 and renamed it Queensland Electronic Switching Pty Ltd.
Bank of Hawaii purchased 5.8 million shares in 1999 (approx. Bank of Queensland, where 10% was purchased in 1999. Bank of Hawaii then sold its 6.2 million shares and 5.4 million convertible notes to Bank of Queensland two years later in order to refocus its operations in Hawaii.
The Bank's 2002 tagline, "bank different", was adopted by their brand until 2011.
BOQ purchased the equipment financing business from UFJ Bank in Australia, New Zealand and Australia in 2003.
ATM Solutions was also purchased by the bank.
BOQ opened 55 branches across Queensland between 2001 and 2004. In 2004, the bank also acquired $78 million worth of ORIX Australia's debtor finance division. The bank purchased the Queensland-based Pioneer Permanent Building Society in 2006. Full integration was completed in November 2007.
In 2006, the bank opened branches in Western Australia and the Northern Territory. It then merged with the Western Australia-based Home Building Society (WA) and Queensland-based Mackay Permanent Building Society (QLD) in 2007.
BOQ joined rediATM in 2010 and bought St Andrew's Insurance. St Andrew's Insurance is an Australian manufacturer and distributor of consumer credit insurance products. CIT Group Inc was an Australian and New Zealand supplier of vendor financing to small businesses and middle-market companies. It was also acquired by St Andrew's. BOQ's new slogan, "Your own personal banking", was launched in that year. It was later replaced by 2013.
Due to the Queensland floods of 2010-11, the bank suffered a loss in 2011 and a slump in profits.
BOQ purchased Virgin Money Australia in 2013 for $40 million. The deal gives BOQ rights to Virgin Money Australia's name for 40 years and pays royalties to Virgin Group. Virgin also has a seat at the BOQ board.
BOQ's 2013 branding was "It is possible to love a Bank". In February 2020, BOQ unveiled a five-year strategy with five pillars that focuses on growth and digitization. To counter underperformance, this strategy included the reduction of some 220 bank products and shorter processing times.
BOQ was inducted into Queensland Business Leaders Hall of Fame 2014 in recognition of its outstanding contribution to Queensland's banking sector for more than a century, and its continued expansion across the country.