How to Buy Crypto with ING Bank
Summary: While ING Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto exchange.
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, ING Bank 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.
Luckily for us, there are plenty of crypto trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with ING Bank
There are only 4 steps involved, let’s get started!
1. Choose a cryptocurrency exchange
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 ING Bank.
About ING Bank
The ING Group, a Dutch multinational financial services and banking corporation, is headquartered in Amsterdam. Its main businesses include retail banking and direct banking as well as commercial banking, investment banking. Wholesale banking, private banking. Asset management. It has total assets of US$1.1 billion and is consistently ranked among the top 30 biggest banks worldwide. It ranks among the top ten largest European companies in terms of revenue.
ING is the Dutch member of Inter-Alpha Group of Banks. This cooperative consortium includes 11 European banks. Since its creation in 2012, ING Bank has been a member of the global systemically important bank list.
In 2020, ING served 53.2 million customers in over 40 countries. The company is part of the Euro Stoxx 50 stock exchange index. As of December 2019, the company's long-term debt was EUR150 billion.
ING stands for Internationale Nederlanden Groep. "International Netherlands Group" The logo of ING features an orange lion that refers to its Dutch roots.
The roots of ING Group can be traced back to two Dutch insurance companies and the banking services provided by the Dutch government. In 1991 the insurance branch of Nationale-Nederlanden and the banking branch of "NMB Postbank Groep" merged. NMB stands for "Nederlandsche Middenstands Bank".
1845 saw the founding of the fire insurance company Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845 ("Fire Insurance Company of the Netherlands of 1845"). It became the largest Dutch insurance company, with branches all over the country (139 in total by 1900). Later, it changed its name to "De Nederlanden van 1845". In Rotterdam, two decades later, the Nationale Levensverzekerings Bank ("National Life Insurance Bank"), a life insurance company, was established. These two insurance companies made multiple acquisitions, and in 1963 merged to form the Nationale-Nederlanden insurance company. Nationale-Nederlanden expanded significantly during the 1970s and 1980s.
The Rijkspostspaarbank was a Dutch postal savings system that encouraged workers to save money. It was established by the Dutch government in 1881. They added the Postcheque- and Girodienst services, which allowed working families to pay their bills via post offices four decades later. In 1927, the Dutch government started a reorganization of Dutch banks. This led to the creation of Nederlandsche Middenstandss Bank (NMB). The NMB was primarily focused on retail banking in the Netherlands as well as abroad.
1986 saw the privatization of post office banking services as Postbank N.V. Three years later, it would merge with NMB banks to create NMB Postbank Groep.
In 1991, the banking business of NMB Postbank Groep and the insurance business of Nationale-Nederlanden were merged to create ING Group.
Through the 1990s, ING Group acquired several international businesses including the Belgian bank Banque Bruxelles Lambert in 1998, the US-based insurance company Equitable Of Iowa, and the commercial bank Furman Selz. In 1999, it also purchased Frankfurt-based BHF-Bank. However, this was disposed of later. With the acquisitions of ReliaStar Financial Services and Aetna, it increased its Latin American and Asia Pacific insurance businesses. It also bought Seguros Comercial America, a Mexican insurance company, and the Polish Bank Slaski.
After the bank's dramatic collapse, Barings Bank was purchased in 1995. This led to an increase in investment banking.
ING leveraged the direct banking model it developed with NMB Postbank in order to expand its retail banking business abroad. In 1997, Canada was the first to implement this model. It was quickly followed by several other countries, including the USA, UK, Germany and Spain.
ING Australia was founded in 1999. It is headquartered in Sydney and offers banking online and by telephone. It offers products in Australia such as transaction accounts, savings account, credit card and business accounts.
The Australian Prudential Regulation Authority and Australian Securities and Investments Commission are Federal Government regulators that regulate company operations. ING is a division within ING Bank (Australia Limited).